Holder Revenue Value

Thesis

Tokens returning more revenue to holders per dollar of market value can rise as their prices catch up.

Strategy

• Buys revenue value: Daily, buy the top three of seven tokens by annualized 30-day holder revenue divided by circulating market value, requiring positive revenue. • Rotates the basket: Sell names that leave the top three and hold those that remain, without price stops or profit targets. • Splits new entries: Target equal shares of allocated equity for new positions, limited by existing exposure, with a $10 venue minimum and 1% order price limit.

Exposure

• Holds: Three token longs — Long perpetuals on up to three of HYPE, PUMP, PONS, UNI, LIT, NEAR and VVV, plus USDC collateral. • Venue: Hyperliquid — Starts from at least 40 USDC on HyperCore, where collateral stays. • Leverage: 1x target — Combined exposure targets allocated equity on entry; retained positions drift with prices and minimum orders can increase exposure. • Costs: Fees and funding — Pays Hyperliquid trading fees and ongoing funding payments or receives funding credits. • Data: Circuit — Supplies 30-day holder revenue, circulating market values and Hyperliquid prices. • On unwind: USDC — Perpetuals close and the remaining balance is USDC on HyperCore.