The work, done for you
Most people who would like this position never take it, because of everything it takes to keep it.
By hand
- 1BridgeMove stablecoins between Robinhood Chain and Hyperliquid, and back.
- 2Buy the stock tokenBuy the Robinhood Stock Token through a Metric pool at a fair price.
- 3Size the shortOpen the matching trade[XYZ] perpetual, sized in share-equivalents (tokens carry a split and dividend multiplier).
- 4Watch fundingFunding is paid every hour and can turn negative. Someone has to decide when to stay and when to leave.
- 5RebalancePrices move the two sides apart. Bring the hedge back into its band without over-trading.
- 6Manage marginKeep enough collateral behind the short so a rally never liquidates it.
- 7Handle the restStock splits, token upgrades, venue outages, and recovering when one side fills and the other does not.
With Cleat
Deposit once.
The vault manages every position, every rebalance and every risk check. You can see what it holds and what it did.
How it works
- 1DepositDeposit USDG into the vault on Robinhood Chain. Requests settle once per epoch at one attested price, so nobody trades against a stale one.
- 2Two sides, equal sizeThe vault buys Robinhood Stock Tokens through Metric pools and shorts the matching trade[XYZ] perpetuals on Hyperliquid for the same exposure.
- 3Held in the bandA keeper targets a hedge ratio of 1.00 and rebalances when it leaves 0.98–1.02. Outside 0.90–1.10 it deleverages.
Robinhood Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited. They are not shares, and holders are not shareholders.
Where the yield comes from
Honestly: expect a low base return. Here is every source and every cost.
Funding
When funding is positive, perpetual longs pay shorts every hour. This is the main source, and it can turn negative.
Basis
The perpetual and the token can drift apart and come back together. Smaller and less reliable than funding.
Costs
Trading fees, spread and slippage on both sides, gas, and rebalancing. They come out before anything is reported as yield.
Estimates · 2026-11-10
- At the funding floor (≈ 5.5% APR to shorts)
- ≈ 1.3–1.8% a year
- At the 30-day average funding (≈ 9.3% APR)
- ≈ 4% a year
Net return on vault NAV for the core pairs (GOOGL, META), after fees, slippage and gas. Estimates, not results. Several cost inputs are still simulated. Source: Team estimate on live funding data (CLAUDE.md, economics finding).
Paper trading so far · 2026-11-11T23:13Z
1.46 days, 36 hourly ticks, $100,000 USDG (paper). NAV change −$100.26 (−0.10%).
| Funding received | +$3.34 |
|---|---|
| Basis and price drift | −$41.72 |
| Slippage (both sides) | −$56.18 |
| Trading fees | −$4.49 |
| Gas (simulated) | −$1.20 |
Too early to mean anything: under 7 days, mostly the cost of entering two positions. The report says so too. Source: research/paper/REPORT.md (branch paper-data). Live quotes and funding, simulated fills.
- Only part of the vault is invested: at most 25% of NAV per stock, 10% kept as a reserve, and nothing new while markets are closed.
- Each dollar of short also needs collateral at the perpetual venue, so the funding rate is earned on less than the whole deposit.
- Every cost is subtracted first. Points and third-party rewards are never added.
Risk controls
Delta-neutral is not risk-free. These controls limit the damage; they do not remove it.
Circuit breakers
Per pair and vault-wide. Stale prices, a venue outage, basis above 5%, margin health below 1.35, a stock-token upgrade or a blocked swap stop new risk. Two pairs tripping together latch the whole vault until an operator reviews it.
Depeg pause
If USDG moves more than 0.5% from $1, deposits and new risk pause automatically. A missing price counts as a depeg: it fails closed. The live USDG price feed is not wired yet.
Slow exit, fast exit
Core pairs leave when 7-day funding, net of costs, has been below zero for 3 days in a row (after a 7-day minimum hold). If the 24-hour average falls below -15% a year, they leave at once.
Hedge first
Both sides are sized together. If one side fills and the other does not, the vault hedges or unwinds the filled side straight away. Every swap is simulated from the vault address before it is sent.
No one can take the funds
No admin function can send vault assets to an arbitrary address. The guardian can pause, never move funds; unpausing and every setting change wait out a timelock.
Multisig custody, and its limits
- The short and its collateral sit in a Hyperliquid account controlled by a 3-of-5 multisig, with keys on five different devices.
- The keeper uses a trade-only agent wallet: it can place orders, not withdraw.
- Upgrades need the same 3-of-5 and wait 48 hours behind a timelock. The guardian can only pause.
Limits you should know
- This custody setup is decided but not implemented in code yet.
- The short side lives off-chain, outside the vault contract. You are trusting the signers, not only the code.
- The prototype has one operator. Keys are split across devices, not across independent people.
- NAV is attested off-chain within on-chain bounds; bounds limit a wrong NAV, they cannot make it right.
Cleat Points
Cleat Points track participation. They have no promised value and are not a token or a claim on one.
- Points count from day one of the guarded launch, for settled vault shares held over time.
- Testnet points are for the demo only. They are flagged non-counting and never convert.
- Queued deposits and shares waiting to be redeemed earn nothing. Moving in and out fast gives points back.
- Any early-depositor or referral rules are proposals until they are published with fixed dates.
Potential ecosystem rewards
The vault trades on Metric and trade[XYZ] on Hyperliquid for its own economic reasons. Those projects may run reward programs. If any of that activity ever counts, it is a by-product, not the goal.
Hyperliquid, Metric and trade[XYZ] rewards are potential only, decided solely by those third parties, not guaranteed, and may never happen. They have no value in our NAV or APY, and the vault never trades to farm them.
No wash or artificial trading, ever: volume comes only from trades the strategy makes for economic reasons. Robinhood, Metric, Hyperliquid and trade[XYZ] are independent third parties. They do not endorse, sponsor or partner with us.
Transparency
Live
Paper trading
Running every hour since 10 Nov 2026 on live quotes and funding, with simulated fills. Every fill, cost and breaker is logged in the paper-trading report.
Not yet booked
Audit
An audit is being arranged. No firm, scope or date is confirmed, and no part of the system has been audited. Tests are not an audit.
Published
Incidents
On 11 Nov a vault-wide breaker latched after the US close because a price feed went quiet off-hours. It blocked new risk as designed; we fixed the cause and wrote it up.
Planned
Testnet demo
A wallet demo on Robinhood Chain Testnet comes before any real deposit. Mainnet is not selectable in this build.
Questions
Why would I use this instead of doing it myself?
Because of the workload: bridging, buying the token, sizing the short, watching funding, rebalancing, managing margin and handling splits and upgrades. The vault does it for you. It does not promise a better return than doing it yourself.
Where does the yield come from?
Mainly perpetual funding paid to shorts, plus a smaller and less reliable basis component. Fees, spread, slippage, gas and rebalancing come out first. Rewards and points are never counted as yield.
How much can I expect to earn?
Less than you might hope. Team estimates (10 Nov 2026): about 1.3–1.8% a year net at the funding floor, about 4% at the 30-day average. The core entry hurdle is 1%. Paper trading has too little data to confirm either number.
Which stocks does it trade?
At launch the plan is GOOGL and META as core pairs, and SPCX only during funding spikes. The list is configuration and can change.
How long does a withdrawal take?
You request in one epoch and are paid when it settles. If free cash is not enough, settlement waits until positions are unwound, so large exits depend on pool depth, market hours and breaker state. There is no instant withdrawal.
What if funding turns negative?
The short pays instead of earning. Core pairs exit when 7-day net funding has been below zero for 3 days in a row, and at once if the 24-hour average falls below -15% a year. The slow rule can cost money for a week or more.
Can the short get liquidated?
It can in principle. The vault enters only with healthy margin, uses isolated margin per pair and deleverages when margin health falls below 1.35. A sharp rally, a venue outage or a stuck bridge could still cause one.
What happens if USDG loses its peg?
NAV is counted in USDG. Deposits and new risk pause automatically beyond ±0.5%, and a missing price fails closed. The live price feed is not wired yet, and a depeg would still lower the dollar value of your holding.
Is this an airdrop farm?
No. The vault never trades to create volume or points. Any Hyperliquid, trade[XYZ] or Metric reward is potential, unconfirmed and unvalued, and never part of APY or NAV.
What are Cleat Points?
A participation-tracking program: settled shares held over time. They have no promised value, are not a token or a claim on one, and are never part of NAV or APY. Testnet points don't count.
Is the code audited?
No. An audit is not yet booked: no firm or date is confirmed. The code has extensive automated tests, including fuzz and invariant tests. Tests are not an audit.
Which countries can use it?
It is not available to US persons or in jurisdictions on Robinhood's Stock Token restricted list, which includes Canada, the United Kingdom and Switzerland, among others. The final list is still being confirmed.
When does it launch?
Targets, not promises: waitlist in December, testnet demo in January, a guarded launch with the team's own capital around 1 March, public launch in Q2.
Hold the line with us.
Join the waitlist for the testnet demo and the guarded launch. We store your email only, and only with your consent.
You will be asked to confirm you are not a US person or in a restricted jurisdiction.