CASHCAT Funding Carry

Thesis

Earns the CASHCAT funding gap between Lighter venues by shorting higher funding and buying lower funding.

Strategy

• Opens on a wide gap: Opens at a 5% annualized funding gap with cash on both venues. • Closes on risk: Closes below 3%, near liquidation, unequal legs, or close now. • Uses venue maximum: Uses 3x per venue with equal dollar legs and volume limits.

Exposure

• Holds: Opposite CASHCAT legs — A short on one venue and an equal long on the other. • Venue: Lighter venues — Lighter and Lighter Robinhood. • Leverage: 3x cross margin — Maximum reported leverage on each venue. • Costs: Funding and execution — Funding, gas, and swaps. • Data: Circuit market data — Prices, funding, and volume from Circuit. • On unwind: USDC and USDG — Venue cash after closing.