Top 10 DeFi

Thesis

A passive index that holds the 10 biggest Hyperliquid perps by open interest in a weighted long basket, taking the broad move up and the full move down.

Strategy

• Ranking: Ranks every liquid Hyperliquid market trading at least $2M/day by dollar open interest and holds the top 10, stablecoins excluded. • Weighting: Weights are proportional to size by default, or equal if you prefer, with a 30% per-name cap. • Rebalancing: Rebalances once a holding drifts more than 5% from target, at most once per 24 hours, and stops buying in a 25% drawdown without force-selling.

Exposure

• Holds: Long perp basket — Long positions in the top 10 markets of the chosen theme: all, majors, L1, DeFi, AI or memes. • Venue: Hyperliquid perpetuals — Funds sit on Hyperliquid while the session runs. • Leverage: 1x by default — Unlevered by default, like an index fund; above 1 amplifies gains and losses and adds liquidation risk. • Costs: Funding and fees — Long perp positions pay funding when funding is positive, and it rebalances only when drift is worth the fees. • Data: api.hyperliquid.xyz — Reads live mid prices and size decimals for orders. • On unwind: Positions closed — Closes every perpetual position in the session.