Solana's staking rate, without Solana's price.
Deposit USDC, receive ksUSD — a vault share whose price rises as the yield accrues.
- −0.314%
- Max drawdown · 316-day backtest
- 0.00%
- Net APY · measured on Phoenix
How it works
Solana staking yield, hedged. Both legs settle on-chain in one transaction.
- Hedge
- Buy jitoSOL on Jupiter, short SOL on Phoenix. One transaction, or neither.
- Earn4.9% + 3.5%
- Staking is the engine, funding the kicker. Both accrue to the ksUSD price.
- Rebalance25 bps
- jitoSOL grows against SOL. At 25 bps of drift, the short resizes to neutral.
- Park~4.5%
- When funding stops paying, unwind into Kamino USDC lending.
A keeper picks when to trade. Size, margin, and price are checked on-chain against limits it cannot raise.
Simulated while SOL fell 16%: +6.2%.
$100 → $106.19 over 316 days · −0.314% max drawdown · after all fees · funding measured on Phoenix
Daily backtest, net of fees. Funding is Phoenix's own hourly record, unscaled — not a proxy. The window is every day Phoenix has quoted a SOL perp since it opened on 18 November 2025: a young venue's record, not a market cycle. Past performance does not guarantee future results.
Every dollar yield is a bet on something.
| ksUSD | T-bill dollars | CEX-hedged synthetics | |
|---|---|---|---|
| Earns from | Solana staking | T-bills | Perp funding |
| Bet on | Solana activity | The rate cycle | The leverage cycle |
| Hedge | On-chain, one tx | None | Off-chain, unverifiable |
| When it turns | Parks in lending | Falls with Fed cuts | Falls with funding |
Nothing to stake, claim, or time. Non-custodial, no lockups, redeem to USDC anytime.
Devnet is live; mainnet follows the audit. Read the whitepaper · Docs