A productive dollar powered by Solana's DeFi ecosystem.
Collateralized by carry from perpetual futures, liquid staking, and lending markets.
~11%
Net APY · 4-yr daily backtest
Delta-neutral
Structural hedge
Anytime
USDC redemption
What ksUSD is
A bidirectional-carry dollar, built on Solana's DeFi.
Three carry sources: perp funding, liquid staking, USDC lending. The basis flips on deep negative funding, so ksUSD earns in either regime. Share price tracks realized carry, net of fees.
Token
ksUSD
SPL token on Solana
Mint
1 USDC → 1 ksUSD
Initial parity at issue
Accrual
Share price
Non-rebasing · NAV grows
Redemption
Anytime
Instant from buffer · queued beyond
Share price, not rebase
Carry accrues to NAV. Your balance stays flat; each ksUSD is worth more.
One token, not strategies
The vault routes between regimes on-chain by rule. One balance, one price, one risk surface.
How it earns
Three modes. One token.
Drift SOL-PERP funding picks the regime. SOL delta is ≈ 0 in every state — PnL is carry, not price.
01
Normal basis
Positive funding
Trigger
f ≥ +2%
Position
Long N jitoSOL on Drift as cross-margin · short N SOL-PERP at 1× notional.
Carry
jitoSOL staking + funding paid by leveraged longs
02
Reverse basis
Deep negative funding
Trigger
f ≤ −12%
Position
USDC on Kamino · borrow N·L jitoSOL and sell · long N·L SOL-PERP.
Carry
USDC lending + funding paid by leveraged shorts − jitoSOL borrow cost
03
Parked
Dead zone
Trigger
otherwise
Position
No perp position. All capital in USDC lending (Marginfi · Kamino).
Carry
USDC lending only (~4–5% APR floor)
The +2% and −12% triggers are break-evens — between them, Drift fees and mode-switch costs would eat the marginal carry, so capital parks in USDC. Thresholds and a 12-hour min-dwell are enforced on-chain. A 51-month daily backtest targets ~11% net APY, after the 20% performance fee, jitoSOL's ~80% Drift collateral haircut, and rebalance slippage.
Backtested performance
One token. Full market cycle.
Feb 2022 – Apr 2026, net of fees, daily resolution on real Drift funding. Through FTX, the 2023–24 bull, the Jan 2025 high, and the 2026 drawdown.
$100 USDC → ksUSD — net wealth over 51 months
Targets ~11% net APY after fees, collateral haircut, and slippage · USDC lending benchmark
Chart series is net of fees. The ~11% target APY further deducts jitoSOL's ~80% Drift collateral weight and rebalance slippage the model doesn't capture. SOL fell −64% from its Jan 2025 ATH to ~$83 by Apr 2026; ksUSD kept climbing because share price tracks carry, not spot.
Methodology. Simulated backtest, Feb 2022 – Apr 2026 (current 2026-05-15), daily resolution. Funding from Drift's public S3 archive for Nov 2022 – Jan 2025 (793 of 1550 days, on-venue); Binance SOL-USDT × empirical 2.37× / 0.10× ratio elsewhere (calibrated on 22 overlap months). Per-side perp fee 5 bps + 10 bps slippage; tiered 20–40 bps mode-switch cost; mode classified on 7-day rolling funding mean. USDC benchmark: 4% APY.
Risk. Modeled max DD ≈ −0.6% (funding-only); realistic worst month is −2% to −5% once perp-leg price impact on rebalances is included. Past performance does not guarantee future results. Not financial advice.
Mechanics
One vault. One token. One decision.
Holders only hold. Regime selection, hedging, rebalancing, and reserves run on-chain.
Deposit USDC
Receive ksUSD at the current share price — 1:1 at launch, fractional as NAV grows.
Hold ksUSD
No staking, claiming, or rebasing. Vault routes between modes by rule; carry accrues to share price.
Redeem anytime
Burn ksUSD for USDC at the current share price. Instant from the buffer; large redemptions queue while the hedge unwinds.
Trust surface
Verifiable. Hedged. Non-custodial.
Non-custodial
Capital held by the on-chain program. No off-chain custodian, no signer privilege over user funds.
Audit in progress
Anchor program under independent review prior to mainnet. Source public on GitHub.
Fully verifiable
Every position and hedge is a Solana transaction. NAV and supply are reconstructable from chain state.
Delta-neutral by construction
SOL exposure hedged 1×. P&L is carry, not spot. Worst month: −0.4% in the funding-only model; −2% to −5% once rebalance slippage is included.
Hold the dollar that earns.
Deposit USDC. Redeem anytime. No lockups, no directional risk — fully collateralized, on-chain, transparent.