LinenXmito

This week's Variational Point is Out. We now totaled 72,685 points, trading $BTC, $ETH, $HYPE etc. with over $1.3B+ in volume. Read full post: https://x.com/linenmito/status/2067933011874562411?s=20

Why Tokenless Protocols Offer Better Risk/Reward The biggest gains in crypto often happen before a token exists. By the time a token launches and everyone starts talking about it, a large portion of the opportunity has already been captured by early users, e.g $HYPE and $LIT In the end of this post, there is a guide on what Linenmito look out for when picking a protocol to position, and also a list of popular tokenless protocols you can analyze and position for 👉 https://x.com/linenmito/status/2067226616795697284?s=20

This strategy can also be replicated on Binance. Instead of XYZ100, QQQ can be used as the long leg. In fact, Binance has a broader set of cross-margin eligible stocks on the short side, allowing up to 62.6% of the basket to be fully covered. The remaining exposure is hedged by increasing the M7 short notional by around 1.6x to construct the notional value hedging basket. One key difference is that, unlike trade.xyz, Binance does not have a mechanical coefficient that reduces index funding by 1/2. On Binance, the funding strategy works more as a behavioral outcome driven by demand concentration in single-name stocks. Assuming 10x leverage, the funding returns over the past 30 days were: * trade.xyz basket: ~32.8% APR, -16% MDD * Binance basket: ~83% APR, -26.9% MDD Including directional PnL, the one-month return relative to deposited capital was: * trade.xyz: +51.8% * Binance: +19.2% We have been repeatedly entering and exiting this strategy since first introducing it. If our overall portfolio had little to no memory exposure, we probably would have held the position continuously without closing it, and the return would likely have been higher. You can check detail about this strategy in our past post(https://t.me/linenmito/77) ## 3. Korea equity long + Hyperliquid short funding capture The third strategy is a privilege available to Koreans: buying Korean equities, mainly Samsung Electronics and SK Hynix, in the domestic market, while shorting the corresponding perps on Hyperliquid to collect short-side funding. For maximum capital efficiency, we use margin financing in the Korean stock market at around 2.5x leverage, with an annual borrowing rate of approximately 9.5%. On Hyperliquid, we use isolated 3x margin on the short side. Under this structure, the one-month and cumulative funding APRs relative to net capital are approximately: * SK Hynix: 71.2% / 76.7% APR * Samsung Electronics: 40.3% / 40.8% APR Directionally, this strategy is delta neutral. However, there are constraints around capital movement. On the perp side, capital can be withdrawn and moved to the brokerage account relatively quickly. But in the opposite direction, cash from the Korean brokerage account takes two days to become withdrawable. Because of this, if there is not enough excess liquidity, it is safer to use lower leverage on the Hyperliquid side to avoid liquidation risk. ##One more thing to add here — I also recommend the USD1 farming opportunity on Gate that several Telegram room admins have shared. The APR seems higher than on other exchanges. And if you look around for the more favorable funding side, I think there’s room for some extra yield on top. In our case, we currently think long-side funding is generally more favorable on Gate. Good luck to everyone.

현재 하고 있는 전략들과 자본 배치에 대해서 글을 써봅니다. 크게 3가지 전략으로 적당한 APR을 쌀먹하고 있습니다. ## 1. Variational OI 유지 포인트작 첫 번째는 Variational OI 유지를 통한 포인트작입니다. 저희는 현재 15배 정도의 레버리지 수준을 유지하면서 포지션을 조절하고 있고, 추후 TGE 가격에 따라서 대략 아래 정도로 계산하고 있습니다. * $10 / point → 약 42% APR * $20 / point → 약 84% APR * $30 / point → 약 126% APR (15% 부스트 코드를 사용했을 경우 기준입니다.) 가장 높은 APR을 기대하고 있는 전략이긴 하지만, 혹시나 발생할지 모를 counterparty risk를 고려해서 크립토 운용 자산의 20% 이하만 노출시키고 있습니다. ## 2. trade.xyz / Binance 노셔널 헷징 전략 두 번째는 trade.xyz에서 10배 레버리지를 활용하여 XYZ100을 롱치면서, 크로스마진이 가능한 M7 주식들과 최근에 cross margin이 허용된 MU, 즉 Micron까지 포함해서 노셔널 헷징 바스킷을 구성하는 전략입니다. 펀딩을 얻기 위한 자본 효율성을 극대화할 수 있어서 여전히 매력적이고, 방향성도 아직까지는 잘 맞고 있습니다. 다만 크립토 외의 자산에서 메모리 쪽 노출이 이미 많아서, Micron은 cross margin이 허용되는 시점에 헷징 자산군에 포함시켰습니다. 현재 구조는 대략 이렇습니다. * M7 주식: 약 1.88배 숏 * MU: 약 1배 숏 그래서 전체적인 방향성은 기존과 동일합니다. 이 전략은 추가적으로 Binance에서도 실행하고 있습니다. 다만, trade.xyz에서는 XYZ100을 사용하지만, Binance에서는 이를 QQQ로 대체합니다. Binance의 경우에는 숏 커버리지가 더 넓다는 장점이 있는데, cross margin을 포함하는 주식이 더 많기 때문에, 약 62.6%까지는 완전한 커버가 가능합니다. 나머지는 동일하게 M7 숏을 약 1.6배 더 늘려서 노셔널 밸류 헷징 바스킷을 구성합니다. Binance는 trade.xyz와 다르게 지수 펀딩이 산술적으로 1/2만큼 낮춰지는 계수는 존재하지 않습니다. 현재는 단일 종목에 대한 수요 쏠림에 따른 행동적인 결과로 펀딩 전략이 동작한다고 보고 있고, 추후 주식 시장이 식게되면 아마 매력적인 펀딩을 얻기는 힘들걸로 예상합니다. 10배 레버리지를 사용했을 경우, 최근 30일간 펀딩 수익은 대략 아래와 같습니다. * trade.xyz 바스킷: APR 32.8%, MDD -16% * Binance 바스킷: APR 83%, MDD -26.9% 방향성 수익까지 고려하면, 한 달간 예치금 대비 수익률은 아래와 같았습니다. * trade.xyz: +51.8% * Binance: +19.2% 이 전략은 처음 소개한 이후로 계속 진입과 청산을 반복하고 있습니다. 만약 전체 포트폴리오에서 메모리 자산군 노출이 거의 없었다면, 아마 청산 없이 쭉 가져갔을 것 같고, 수익률도 더 높았을 것 같네요. 해당 전략에 대한 좀 더 자세한 소개는 이전에 올린 글에서 확인할 수 있습니다. (https://t.me/linenmito/77) ## 3. 국장 매수 + Hyperliquid 숏펀딩 전략 세 번째는 한국인의 특권이라고 볼 수 있는 전략입니다. 국장에서 삼성전자나 SK하이닉스를 매수하고, 동시에 Hyperliquid에서 해당 종목 perp를 공매도해서 숏펀딩을 받는 구조입니다. 최고의 자본 효율을 위해서 국장에서는 신용매수를 통해 약 2.5배 레버리지를 사용하고 있습니다. (연이자는 약 9.5%) Hyperliquid 쪽에서는 isolated 3배 마진을 사용합니다. 이 구조에서 순자본 대비 1개월 / 누적 펀딩 APR은 대략 아래와 같습니다. * SK하이닉스: 71.2% / 76.7% APR * 삼성전자: 40.3% / 40.8% APR 해당 전략은 방향성에 대해서는 델타 뉴트럴하지만, 자본의 움직임에 있어서는 제약이 있습니다. 퍼프쪽에서는 언제든 돈을 인출하여 증권 거래소로 입금할 수 있지만, 반대의 경우에는 예수금이 인출 가능해지는데 2일의 시간이 필요합니다. 따라서 여유 자금이 충분치 않을 경우, 하이퍼리퀴드의 청산을 고려하여 더 낮은 배율의 레버리지를 사용하는 것을 추천합니다. ## 추가로, 여러 텔레그램 방장님들이 소개해준 usd1 게이트 쌀먹도 추천합니다. apr이 타 거래소보다 높더라고요. 아마 펀딩도 유리한 쪽을 잘 찾아보시면 +@ 수익도 가능해보입니다. (저흰 게이트에서 주로 롱포지션 펀딩이 유리한 걸로 판단하고 있습니다.) 다들 화이팅입니다. ——————————————————————————————————————————————- I wanted to write a quick overview of the strategies we're currently running and how capital is allocated. Broadly speaking, we're farming a decent amount of APR across three main strategies. ## 1. Variational OI maintenance / points farming The first strategy is maintaining OI on Variational to farm points. We are currently managing positions at around 15x leverage, adjusting exposure as needed. Depending on the eventual TGE price, we estimate the following APRs: * $10 / point → ~42% APR * $20 / point → ~84% APR * $30 / point → ~126% APR This assumes the use of a 15% boost code. (code : OMNIDAE) This is the strategy where we expect the highest APR. However, considering the possibility of counterparty risk, we are keeping the exposure below 20% of total crypto AUM. ## 2. trade.xyz: XYZ100 long + M7/MU notional hedging basket The second strategy is on trade.xyz. We are long 10xleverage XYZ100 and maintaining a notional hedging basket using cross-margin eligible M7 stocks, along with MU, which was recently added to the cross-margin universe. The strategy remains attractive because it maximizes capital efficiency. Directionally, it has also worked well so far. That said, since we already have significant memory exposure outside of crypto, we included Micron in the hedging basket as soon as MU became cross-margin eligible. The current structure is roughly: * M7 stocks: ~1.88x short * MU: ~1x short So the overall directionality of the strategy remains the same as before.

Is it too late to position For Variational? A question we’ve been seeing a lot: Here’s LinenMito’s honest opinion: https://x.com/linenmito/status/2066553323872727096?s=20

This week’s Variational Points are out. We have now successfully crossed 70K points, total points now 71K+ with 1,300+ new points this week, we are still maintaining the #2 spot on the leaderboard This week, only 27K+ accounts were given points, making it slightly lower than last week. Our total traded volume still sits at $1.3B+ in total volume. You can join Variational with our link for a point boost: http://omni.variational.io/?ref=OMNIDAE Our core strategy is highlighted here: https://x.com/linenmito/status/2065364182254428334?s=20

In 2020, $20K spread equally across the top 20 crypto, $1,000 each. Here's what that portfolio will look like today. 👇 https://x.com/linenmito/status/2064695104246251572?s=20

How We Reached Top Rankings on Variational Most people think leaderboard rankings come entirely from luck or insider information, Our journey on Variational was none of those. Here is how we got to the top ranking on Variational 👇👇 https://x.com/linenmito/status/2064342466963149096?s=20

Addressing Common Questions & Misconceptions About Variational Most people are still looking at Variational the wrong way, I have seen this play out with Hyperliquid during $HYPE airdrop. Here's what people keep getting wrong about Variational and the 👉 https://x.com/linenmito/status/2063951150097777125?s=20

This week’s @variational_io Points are out! This wee, we closed with 1,200+ points. It is becoming difficult to earn points, maybe due to the high competition now, but we continue to maintain our core strategy. Read the complete post here: https://x.com/linenmito/status/2062833348557377864?s=20

How I Evaluate Tokenless Protocols For Airdrop For someone who has made solid Figures across tokenless PerDexs ( $HYPE, $ASTER, $EDGE, $LIT, etc), before I farm a tokenless protocol, I ask these 5 questions because I want to identify protocols with huge potential. Here's my framework: 👇 https://x.com/linenmito/status/2062189198577119571?s=20

Basic Trading Concepts Every Perp Trader Should Know With perpetual DEXs like @variational_io, @HyperliquidX ( $HYPE), etc. becoming a major part of crypto trading, understanding the fundamentals is no longer optional. These essential trading concepts will help you trade perp DEXs more effectively 👇👇👇 https://x.com/linenmito/status/2061780271137992729?s=20

바낸 삼전 숏 펀딩 미쳤네요, 한국인이라서 서러워 근데 그거 아세요? 어차피 베리나가 바낸 호가랑 펀딩 가져올거임 🤣😂

June Projects Update Here’s a full update on the projects Linenmito is actively interacting with and our current rankings. 👇👇 https://x.com/linenmito/status/2061461875758395691?s=20

If Binance can bring in a comparable level of liquidity, it might end up being better than trade.xyz given its cross-margin support. I’d be willing to pay 5x higher taker fees for better capital efficiency. The RWA market is heating up even more. At this point, it’s becoming crystal clear that CEXs are dead if they fail to bring RWAs on board.

A top Variational Chad just built a dashboard to track social contributions across the @variational_io ecosystem, and guess what? 👀 Check yours and share your rank to the post: 👇 https://x.com/linenmito/status/2061409270730457148?s=20

Update on Linenmito’s Previous @variational_io Points Model Analysis. For a while now, a lot of traders have been asking about Variational Core Metric, especially towards point accumulation and reward. Previously, we did some research from traders data and arrived at some conclusions about the core metric. However, that metric seemed to change abit, and we are happy to announce that after careful research, we arrived at a more improved POSSIBLE conclusion again. Please check the possible model on the tweet below. You can also share your honest opinion https://x.com/linenmito/status/2060341450861052286?s=20

Top DeFi Tools Every On-chain Analyst Should Know I used these DeFi tools to spot projects before they came to the limelight, spot trends, usage and decide if they are worth interacting with or not. I did that with $ASTER, $LIT, $HYPE, Variational, and more. With the right DeFi tools, you can see alpha early, and make better decisions on which to interact with. Here are the tools, and what each one is used for 👇👇 https://x.com/linenmito/status/2059982456497856750?s=20

The 3 Important Tips for Interacting with Perp-Dexs Airdrops Most people farm Perp DEX airdrops the wrong way, These 3 Tips will get you ahead of the curve 👇👇 https://x.com/linenmito/status/2059369036421411145?s=20