Per-strategy mandate · ETH
alt-L1 sleeve

ETH long-short basis.

The published mandate behind the alt-L1 sleeve. Asset universe, exposure bands, hard risk limits, and rebalancing cadence — written down, audited, and enforceable against the daily PnL the desk signs.

Why this page

The alt-L1 sleeve carries the directional ETH view off the LST-vs-perp basis (stETH/ETH) and validator-flow overlays. Position sizing reads the staking term structure and ETF flow tape so the sleeve stays inside its drawdown, leverage, and single-trade VaR caps. The live status block below reflects the sleeve’s current mode and rebalance timestamp.

Status unavailable
Mandate status

Mandate status is unavailable right now.

Mandate source · published, not negotiated
Mandate thesis

ETH long-short carries the alt-L1 directional exposure budget, expressed off the LST-vs-perp basis (stETH/ETH) and validator-flow overlays. Sized off realised volatility and the staking term structure so the sleeve stays inside its drawdown and leverage caps while expressing a deliberate, audited view on ETH.

Asset universe
What this sleeve trades
  • ETH spot
  • ETH perpetual futures (cross-margin)
  • LST basis (stETH/ETH)
  • ETH validator-queue overlay
  • ETF flow tape (ETHE / EETH)
Exposure bands (NAV multiples)
Target bands

Gross

1.21.8×

Net

0.00.4×

Risk limits
Hard limits · enforced by the desk

Max drawdown · cumulative

6.00%

Leverage cap · gross

2.00×

Single-trade VaR · 1d, 95%

0.60%

Rebalancing cadence
Twice-daily inventory pass

00:30 and 12:30 UTC, plus an intraday risk pass whenever realised 1-day VaR breaches 60% of the single-trade cap or the alt-L1 sleeve approaches 60% of its drawdown slot.

Next step

Read the live PnL this mandate drives.

Each daily row on the PnL dashboard belongs to a sleeve that traces back to this mandate, and each row is reproducible from the seeded snapshot recipe — an allocator can re-derive it.