Revenue Index

Thesis

Holds the crypto tokens whose protocols pay real money to their holders, each weighted by how much it pays.

Strategy

• Six rules: Once a day it checks every candidate token against six rules and holds the ones that pass, with no fixed list of names. • Weights: Each share is proportional to what it paid holders over the last 90 days, with a 25% cap when at least four names qualify. • When it trades: A name must pass for 7 straight days before it is bought and fail for 7 straight days before it is sold.

Exposure

• Holds: Long perpetuals — Long Hyperliquid perpetual positions in qualifying tokens; allocation that cannot fund an eligible position stays in USDC. • Venue: Hyperliquid — Funds sit on Hyperliquid while the session runs. • Leverage: None — Long-only, no leverage. • Costs: Funding and fees — Long perpetuals pay funding when the rate is positive; turnover is capped at 15% of the basket in any 30 days. • Data: DeFiLlama via Circuit — Holder revenue figures come from DeFiLlama and venue metrics from Hyperliquid. • On unwind: USDC — Every holding is sold and your allocation returns as USDC.