{"seq":68,"kind":"thesis","session_id":"cb85ae28f5d34b60bed678ae","payload_json":"{\"at\":1789896958209,\"session\":\"cb85ae28f5d34b60bed678ae\",\"t\":\"thesis\",\"target\":{\"asset\":\"ETH\",\"constraints\":{\"defined_risk\":false,\"delta_neutral\":true,\"hands_off\":false,\"keep_dry_powder\":false,\"no_cex\":false,\"no_sell_holdings\":false},\"horizon\":\"months\",\"injection\":0.02,\"side\":\"long\",\"view\":\"range\"},\"text_chars\":102,\"thesis_sha256\":\"74faf20f178948eaff208c8738ff8311a6e34674ed859039ebb02375a36733d7\",\"ticket\":{\"legs\":[{\"coin\":\"ETH\",\"entry\":{\"px\":2580.8,\"type\":\"market\"},\"kind\":\"spot\",\"note\":\"Collateral: 1.9373 ETH ($5,000 at 2,581), assumed - no wallet is attached, so this is 50.0% of the nominal $10,000 book. It is pledged, not sold: the loan below is drawn against it.\",\"notionalUsd\":5000,\"qty\":1.9373,\"side\":\"buy\"},{\"carryPerDayUsd\":-0.29,\"coin\":\"USDC\",\"kind\":\"borrow\",\"loan\":{\"borrowApy\":6.74,\"collateralCoin\":\"ETH\",\"collateralPx\":2580.8,\"collateralUsd\":5000,\"costPerDayUsd\":0.29,\"liqPx\":1290.4,\"ltvMax\":0.62,\"ltvUsed\":0.31,\"rateAsOf\":1789896948378,\"thresholdIsLtv\":true,\"thresholdPct\":0.62,\"venue\":\"hyperlend-pooled\"},\"note\":\"$1,550 of USDC borrowed on hyperlend-pooled against $5,000 of ETH: 31.0% loan-to-value, which is 50.0% of the 62.0% maximum the pool publishes. 6.74% borrow APR on hyperlend-pooled, $20.5M supplied, 62% maximum loan-to-value (rate as published by DefiLlama, 0 min old). $21.7M of USDC in it is unborrowed. Interest is $0.29 a day on this principal. Liquidation at 1,290 (50.0% below 2,581): DefiLlama publishes no separate liquidation threshold for this pool, so the pool's own 62.0% maximum loan-to-value is used as one, and that is an assumption this ticket is making out loud.\",\"notionalUsd\":1550,\"side\":\"borrow\"},{\"carryPerDayUsd\":1.5,\"coin\":\"ETH\",\"entry\":{\"px\":2573.1,\"type\":\"market\"},\"hedgeOf\":0,\"kind\":\"perp\",\"leverage\":2,\"marginMode\":\"cross\",\"note\":\"Hedge: with no liquidity leg on this ticket, the only ETH delta here is the collateral, so the short is sized to it - $5,000 at 2x. No stop: it is a hedge, not a bet. The collateral is still what the loan is secured against, so hedging it does not remove the liquidation price above.\",\"notionalUsd\":4999.79,\"qty\":1.9431,\"side\":\"short\"}],\"riskUsd\":7499.9,\"template\":\"loan_lp_hedge\"},\"ticket_sha256\":\"cec6c896f573bfedaeb9e5ac7f3a14c4f3372816b7a8ab63b5be94b3b67bb36a\",\"v\":1,\"wallet_bound\":false}","hash":"49bb9c2a38603dbce8a3834f946d6885cd6a104643196dbdf0804ffb2e423c81","prev_hash":"9daab669db32aa6955c9e878a40605ce4738b350264fbf72d0696c8109ee32b6","sig":"855a0bd7d9d1446c738cc525fd0457aa666776123fd40ef701096bcb4f87b278369e005d3166afa21a4f92dc90d882b5df96e8c86350754d181d914c7da1b908","pubkey":"f25f03fbc22533bc1b707bdcd9a452968c8724afa039cebd6d485dc741f63975","created_ms":1789896958209,"payload":{"at":1789896958209,"session":"cb85ae28f5d34b60bed678ae","t":"thesis","target":{"asset":"ETH","constraints":{"defined_risk":false,"delta_neutral":true,"hands_off":false,"keep_dry_powder":false,"no_cex":false,"no_sell_holdings":false},"horizon":"months","injection":0.02,"side":"long","view":"range"},"text_chars":102,"thesis_sha256":"74faf20f178948eaff208c8738ff8311a6e34674ed859039ebb02375a36733d7","ticket":{"legs":[{"coin":"ETH","entry":{"px":2580.8,"type":"market"},"kind":"spot","note":"Collateral: 1.9373 ETH ($5,000 at 2,581), assumed - no wallet is attached, so this is 50.0% of the nominal $10,000 book. It is pledged, not sold: the loan below is drawn against it.","notionalUsd":5000,"qty":1.9373,"side":"buy"},{"carryPerDayUsd":-0.29,"coin":"USDC","kind":"borrow","loan":{"borrowApy":6.74,"collateralCoin":"ETH","collateralPx":2580.8,"collateralUsd":5000,"costPerDayUsd":0.29,"liqPx":1290.4,"ltvMax":0.62,"ltvUsed":0.31,"rateAsOf":1789896948378,"thresholdIsLtv":true,"thresholdPct":0.62,"venue":"hyperlend-pooled"},"note":"$1,550 of USDC borrowed on hyperlend-pooled against $5,000 of ETH: 31.0% loan-to-value, which is 50.0% of the 62.0% maximum the pool publishes. 6.74% borrow APR on hyperlend-pooled, $20.5M supplied, 62% maximum loan-to-value (rate as published by DefiLlama, 0 min old). $21.7M of USDC in it is unborrowed. Interest is $0.29 a day on this principal. Liquidation at 1,290 (50.0% below 2,581): DefiLlama publishes no separate liquidation threshold for this pool, so the pool's own 62.0% maximum loan-to-value is used as one, and that is an assumption this ticket is making out loud.","notionalUsd":1550,"side":"borrow"},{"carryPerDayUsd":1.5,"coin":"ETH","entry":{"px":2573.1,"type":"market"},"hedgeOf":0,"kind":"perp","leverage":2,"marginMode":"cross","note":"Hedge: with no liquidity leg on this ticket, the only ETH delta here is the collateral, so the short is sized to it - $5,000 at 2x. No stop: it is a hedge, not a bet. The collateral is still what the loan is secured against, so hedging it does not remove the liquidation price above.","notionalUsd":4999.79,"qty":1.9431,"side":"short"}],"riskUsd":7499.9,"template":"loan_lp_hedge"},"ticket_sha256":"cec6c896f573bfedaeb9e5ac7f3a14c4f3372816b7a8ab63b5be94b3b67bb36a","v":1,"wallet_bound":false}}