Dollar yield that isn't a bet on the Fed.
Solana staking yield, hedged. Deposit USDC, receive ksUSD — a vault share whose price rises as the yield accrues.
−0.392%
Max drawdown · 286-day backtest
0.00%
Net APY · measured on Phoenix
How it works
It earns, or it parks.
Deposit
Add USDC, get ksUSD.
It earns
Yield accrues into the price.
Redeem
Swap back anytime.
Where the yield comes from
jitoSOL staking. Most of the return.
The short collects when traders are long.
Kamino USDC, when hedging isn't worth it. No performance fee.
Staking is the engine; funding is the kicker — and that average has whole negative months inside it. Why →
Atomic Hedging
It hedges, or it doesn't trade.
Atomic
The Jupiter swap and the Phoenix short land in one transaction, or neither does — never one leg without the other, not even for a block.
Self-correcting
The hedge drifts because staking is working — jitoSOL grows against SOL. Every 25 bps of drift, about fortnightly, the program resizes the short back to neutral.
Bounded
A keeper bot picks when to trade, and nothing else. Size, margin, and the price it may accept are checked on-chain against limits it cannot raise.
One transaction for both legs is the innovation; only an on-chain order book allows it. Hedge off-chain and you leg in across two systems, carrying the move in between.
Backtested performance
Simulated while SOL fell 27%: +3.9%.
$100 → $103.93 over 286 days · 5.04% net APY
−0.392% max drawdown · after all fees · funding measured on Phoenix
Feb '26funding's worst
Funding APR −14.1%
ksUSD +0.03%
Aug '26funding's best
Funding APR +13.5%
ksUSD +1.21%
Simulated daily backtest, net of fees. Funding is Phoenix's own hourly record, unscaled — not a proxy. The window is 286 days — every day Phoenix has quoted a SOL perp, from its opening on 18 November 2025: a young venue's record, not a market cycle. Methodology and risks in the whitepaper. Past performance does not guarantee future results. Not financial advice.
Why ksUSD
Every dollar yield is a bet on something.
A bet on the rate cycle. Earns what T-bills earn, so the yield falls when the Fed cuts. Settled off-chain.
A bet on the leverage cycle. Hedged on centralized exchanges — custody and execution sit where you cannot check them. When funding turns negative, the yield follows.
A bet on Solana network activity. Earns mostly from Solana staking, hedged on-chain in a single transaction. When funding stops paying, it parks in lending rather than bleeding.
Own Solana's yield, not its volatility.
Nothing to stake, nothing to claim, nothing to time. Redeemable to USDC anytime.