AKASHI

Hyperliquid Funding Arb

Neutral TradeNeutral TradePoints

11.19%

Self-reported APY

—

7D avg

—

30D avg

$1.2M

TVL

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High risk · Grade E

100/100

  • Funds held on centralized exchanges
  • The strategy runs off-chain — external managers trade your deposit at their own discretion.
  • Control over the protocol's code matters — upgradeable behind a multisig (threshold undisclosed).

Strategy

risk 54/100
  • Strategy type80

    Off-chain trading vault

  • Leverage0

    No leverage.

  • Yield source85

    Yield comes from trading on centralized exchanges (custodial).

  • Pool usage20

    Utilization unknown for a pool-based product.

  • Pool size38

    ~$1.2M pool.

  • Lock-up & yield stability0

    30d APR volatility 0.9pp.

What can go wrong

  • Leverage amplifies losses as well as gains, and an adverse move can put the position near liquidation.
  • If the looped asset depegs, the vault's effective risk rises sharply.
  • Returns depend on the spread between the earned yield and the borrowing cost, which can compress.

The assets

risk 9/100

What your deposit is held in, and how steady its value is.

USDC
CGCMC
  • Backing model10

    USDC: fiat-backed.

  • Peg history6

    USDC: worst recorded peg deviation informs this score (12 recorded event(s)).

  • Issuer size0

    USDC: ~$70.1B market cap.

  • Exit liquidity0

    USDC: ~$381.8M DEX depth.

  • Token age0

    USDC: live since 2018.

  • Freeze authority35

    USDC: issuer can freeze token accounts.

About USDC

Each asset in this position — what it is, how reliable it is, and any past depegs.

USDCUSD CoinStablecoin
Low Risk
CGCMC

By Circle. Backed 1:1 by cash and short-term US Treasuries held in regulated reserves. · Live since 2018

  • ·Worst deviation from $1 peg: 0.17% (tracked window).
  • ·Held its peg 99.8% of the time.
Peg adherence (7d): 100.0%Worst deviation (7d): 0.065%DEX liquidity: $381.8M
Audited: Yes — Deloitte (monthly attestations)

Past depeg events

  • ▼ $0.88 · 2023-03-11 — 12.11% below peg, recovered source
  • ▼ $0.96 · 2021-01-05 — 3.69% below peg, recovered source
Show all 5
  • ▼ $1.04 · 2021-05-19 — 3.62% above peg, recovered source
  • ▼ $0.97 · 2020-06-02 — 3.46% below peg, recovered source
  • ▼ $1.03 · 2021-03-17 — 2.72% above peg, recovered source
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Token notes & warnings

  • Freezable — The authority's owner has the ability to freeze your token account, preventing you from further trading
  • Mintable — The authority's owner has the ability to mint more tokens

Who runs it

Neutral TradeNeutral TradeXDocsDefiLlama
risk 34/100

The team and protocol behind this, and their track record.

  • Admin controls45

    Upgradeable behind a multisig (threshold undisclosed).

  • Exploit history0

    No known exploits.

  • Track record37

    Live for ~29 months.

  • Price feeds · no data55

    Oracle setup unknown.

  • Scale35

    $22.0M TVL — limited adoption so far.

  • Safety reserves · no data40

    No disclosed treasury/insurance backstop.

  • Bug bounty · no data30

    No bug bounty on record.

  • Audits0

    Audited (Halborn, Quantstamp, Offside Labs).

How we rate risk

Stablecoin strategies get a 0–100 risk score (lower is safer) built from three areas — Protocol (audits, incident history, track record and admin controls), Strategy (leverage, lock-ups, pool size and yield source) and Asset (the token's peg record, backing, and exit liquidity) — weighted by strategy type — and the weakest area can push the overall number higher (riskier) on its own. The score maps to a grade: A ≤ 22, B ≤ 35, C ≤ 50, D ≤ 70, E above. Grades compare opportunities within our stablecoin catalog — an A is the strongest thing we list (blue-chip stablecoin lending), not a promise of safety. Live events (an active depeg, a reported exploit, a sharp deposit outflow) override the score immediately. Where we lack data, the factor says so and scores cautiously. Non-stablecoin opportunities are not rated. A comparison aid, not advice.

Risk levels are Akashi's own assessment to help you compare opportunities — not financial advice or a safety guarantee. Every DeFi position carries smart-contract and market risk.

Non-custodial · Akashi never holds your funds