thesis terminal

{
  "structure": "funding harvest",
  "title": "Harvest MON funding (short perp + spot)",
  "legs": [
    {
      "kind": "perp",
      "coin": "MON",
      "side": "short",
      "notionalUsd": 2000,
      "qty": 81900,
      "leverage": 2,
      "marginMode": "cross",
      "entry": {
        "type": "market",
        "px": 0.02442
      },
      "note": "Short leg of the carry at 2x cross. No stop: the spot leg is the hedge. Funding at today's 10.9% APR pays $0.60/day on this notional."
    },
    {
      "kind": "spot",
      "coin": "MON",
      "side": "buy",
      "notionalUsd": 2000,
      "qty": 81413.33,
      "entry": {
        "type": "market",
        "px": 0.024566
      },
      "hedgeOf": 0,
      "note": "Spot hedge on pair @129 (index 129), sized to the short. The spot price in v0 is the perp mid plus the same 30 bp of slippage the perp leg pays, and the quantity is this leg's notional at that price."
    }
  ],
  "riskUsd": 3000,
  "riskKind": "capital_deployed",
  "horizon": "days",
  "fundingPerDayUsd": 0.6,
  "warnings": [
    "No wallet was supplied, so every dollar figure is scaled to a nominal. Connect a wallet to size this for real. (a clause naming what the wallet holds was cut)"
  ],
  "components": [
    {
      "type": "ticket_header",
      "props": {
        "title": "Harvest MON funding (short perp + spot)",
        "structure": "funding harvest",
        "view": "carry",
        "horizon": "days",
        "structureFit": null
      }
    },
    {
      "type": "market_strip",
      "props": {
        "coin": "MON",
        "mid": 0.024493,
        "atrPct1h": 1.8027,
        "fundingApr": 10.95,
        "ret24hPct": -1.34,
        "ret7dPct": 6.04,
        "rangePos48h": 0.5112,
        "betaToBtc30d": 0.3554
      }
    },
    {
      "type": "leg_row",
      "props": {
        "index": 0,
        "kind": "perp",
        "coin": "MON",
        "side": "short",
        "notionalUsd": 2000,
        "qty": 81900,
        "leverage": 2,
        "marginMode": "cross",
        "entryType": "market",
        "entryPx": 0.02442,
        "note": "Short leg of the carry at 2x cross. No stop: the spot leg is the hedge. Funding at today's 10.9% APR pays $0.60/day on this notional."
      }
    },
    {
      "type": "leg_row",
      "props": {
        "index": 1,
        "kind": "spot",
        "coin": "MON",
        "side": "buy",
        "notionalUsd": 2000,
        "qty": 81413.33,
        "entryType": "market",
        "entryPx": 0.024566,
        "note": "Spot hedge on pair @129 (index 129), sized to the short. The spot price in v0 is the perp mid plus the same 30 bp of slippage the perp leg pays, and the quantity is this leg's notional at that price."
      }
    },
    {
      "type": "yield_quote",
      "props": {
        "project": "hyperlend-pooled",
        "symbol": "USDC",
        "apy": 5.11,
        "tvlUsd": 19538349,
        "url": "https://defillama.com/yields/pool/9d21c8a0-4ea9-4585-81a7-e3d09ab24a45",
        "note": "$1,000 here pays about $4.20 over 30 days at today's APY (not a promise; the rate moves). Of that, 5.11% is base yield and none reported is reward emissions, which stop when the programme does."
      }
    },
    {
      "type": "risk_box",
      "props": {
        "riskUsd": 3000,
        "riskKind": "capital_deployed",
        "riskLabel": "capital deployed",
        "maxLossNote": "The two legs cancel on price, so the exposure is the basis, not the direction. There is no stop, so this figure is capital deployed, not a maximum loss: $2,000 of spot bought plus $1,000 of margin posted at 2x. A spike with the spot leg not yet filled, or funding flipping negative, is what costs money here.",
        "fundingPerDayUsd": 0.6
      }
    },
    {
      "type": "compare_hold",
      "props": {
        "note": "Versus just holding USDC: this deploys $3,000 (30.00% of a nominal. The same $1,000 of USDC lent instead pays about $4.20 over 30 days at APY 5.11% at $19.5M TVL on hyperlend-pooled (DefiLlama, today) - that is the opportunity cost of the margin, at today's APY. (a clause naming what the wallet holds was cut)"
      }
    },
    {
      "type": "warning",
      "props": {
        "key": "nominal_account_assumed",
        "text": "No wallet was supplied, so every dollar figure is scaled to a nominal. Connect a wallet to size this for real. (a clause naming what the wallet holds was cut)",
        "severity": "info"
      }
    },
    {
      "type": "hl_link",
      "props": {
        "coin": "MON",
        "url": "https://app.hyperliquid.xyz/trade/MON"
      }
    }
  ],
  "market": {
    "MON": {
      "coin": "MON",
      "mid": 0.024493,
      "markPx": 0.024493,
      "fundingApr": 10.950000000000001,
      "oiUsd": 31807019.176002,
      "vol24hUsd": 11120332.217261989,
      "maxLeverage": 5,
      "szDecimals": 0,
      "atrPct1h": 1.802663633020774,
      "ret24hPct": -1.3413356964472767,
      "ret7dPct": 6.044074988093695,
      "rangePos48h": 0.5112107623318387,
      "hi30d": 0.032839,
      "lo30d": 0.020853,
      "betaToBtc30d": 0.3554380593749293,
      "asOf": 1789869591683,
      "dex": null
    },
    "BTC": {
      "coin": "BTC",
      "mid": 81120,
      "markPx": 81120,
      "fundingApr": 10.950000000000001,
      "oiUsd": 3429366970.7231917,
      "vol24hUsd": 1175992037.8902123,
      "maxLeverage": 40,
      "szDecimals": 5,
      "atrPct1h": 0.32460346735521944,
      "ret24hPct": -0.7463599657408504,
      "ret7dPct": 5.019225043045972,
      "rangePos48h": 0.841016333938294,
      "hi30d": 82268,
      "lo30d": 68898,
      "betaToBtc30d": 1,
      "asOf": 1789869591683,
      "dex": null
    }
  },
  "reader": {
    "structureConfidence": -1,
    "alternatives": [],
    "trace": {
      "ms": 96,
      "input_tokens": 691,
      "answers": {
        "warn_low_liquidity": {
          "value": 0.47,
          "confidence": 0.47
        },
        "warn_unhedged_window": {
          "value": 0.06,
          "confidence": 0.06
        }
      }
    }
  },
  "numbersBy": "code",
  "compare": {
    "holdUsdcNote": "Versus just holding USDC: this deploys $3,000 (30.00% of a nominal. The same $1,000 of USDC lent instead pays about $4.20 over 30 days at APY 5.11% at $19.5M TVL on hyperlend-pooled (DefiLlama, today) - that is the opportunity cost of the margin, at today's APY. (a clause naming what the wallet holds was cut)"
  }
}