ENA Issuance

Thesis

Holds long ENA perpetuals on Hyperliquid with exposure driven by USDe net issuance, a $1.10 take-profit and a trailing 20-day average stop.

Strategy

• Issuance sizing: USDe supply growth from zero to 1% over seven days linearly targets zero to 5% of allocated equity; no growth targets none. • Daily adjustment: It adjusts at most once per UTC-aligned 24-hour period when drift exceeds 0.5% of allocation and venue minimums. • Exits: Take-profit ends new entries permanently, while stops on the ratcheting 20-day average impose a seven-day cooldown.

Exposure

• Holds: Long ENA perp — Allocated HyperCore USDC backing a long ENA perpetual of up to 5% of allocated equity. • Venue: Hyperliquid — Hyperliquid perpetuals; fund and activate it in Terminal. • Leverage: Max 5% of equity — Exposure targets at most 5% of current allocated equity; the notional cap is not a guaranteed maximum loss. • Costs: Fees and funding — Fees, hourly funding, slippage and price gaps can cause losses. • Data: Circuit — Vendor USDe supply changes and ENA candles come through Circuit; it calls no outside service. • On unwind: Position closes — Stopping the agent closes its remaining positions.