Stock Carry Basket

Thesis

Collect funding spreads across the three strongest stock perp pairs on Lighter and Lighter Robinhood.

Strategy

• Selects leaders: Ranks shared stock perps by annualized funding spread and selects the top three above 5%. • Holds the hedge: Opens equal-dollar long and short legs and does not rebalance routinely. • Replaces slowly: Replaces a weak pair only when its spread falls below 5% and another is 5 points better.

Exposure

• Holds: Three stock carry pairs — Opposite long and short legs for each selected stock. • Venue: Lighter venues — Lighter Mainnet and Lighter Robinhood. • Leverage: Venue maximum — Uses each market's reported maximum cross margin. • Costs: Funding and execution — Funding, trading, gas, and swaps. • Data: Circuit market data — Prices, funding, and stock listings. • On unwind: USDC and USDG — Venue cash after closing.