Dollar yield that isn't a bet on the Fed.
Solana staking yield, hedged. Deposit USDC, receive ksUSD — a vault share. Its value rises as the yield accrues on-chain.
−0.183%
Max drawdown · 24-mo
0.00%
Net APY · 24-mo backtest
4.6–6.7%
Every rolling 12-mo window
How it works
It earns, or it parks.
Staked SOL, price hedged away. What's left is the staking yield, in dollars.
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. Every number on this page assumes it stays there.
Kamino USDC, when hedging isn't worth it. No performance fee.
Every number here assumes the short earns nothing — that is what Phoenix pays today, and it has never traded a bull market. Anything it earns is upside. 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. The vault is never unhedged, 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 — buy on one system, hedge on another, carrying the move in between.
Backtested performance
Simulated across SOL's worst year: +5.2%.
$100 → $111.58 over 24 months · 5.63% net APY
−0.183% max drawdown · net of all fees · funding at ~0% · SOL −23.9% over the same window
2022SOL's worst
SOL −94%
ksUSD +5.2%
2023
SOL +920%
ksUSD +5.8%
2024
SOL +86%
ksUSD +6.6%
2025
SOL −34%
ksUSD +5.5%
Simulated daily backtest, net of fees. Funding is pinned at Phoenix's ~0% throughout, including bull years it has never traded. Tiles are calendar years; the weakest rolling 12‑month window (Feb 2022 – Jan 2023) returned +4.67%. 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, so 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.