thesis terminal

{
  "structure": "funding harvest",
  "title": "Harvest MON funding (short perp + spot)",
  "legs": [
    {
      "kind": "perp",
      "coin": "MON",
      "side": "short",
      "notionalUsd": 999.98,
      "qty": 40956,
      "leverage": 2,
      "marginMode": "cross",
      "entry": {
        "type": "market",
        "px": 0.024416
      },
      "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 $0.30/day on this notional."
    },
    {
      "kind": "spot",
      "coin": "MON",
      "side": "buy",
      "notionalUsd": 999.98,
      "qty": 40712.48,
      "entry": {
        "type": "market",
        "px": 0.024562
      },
      "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": 1499.97,
  "riskKind": "capital_deployed",
  "horizon": "days",
  "fundingPerDayUsd": 0.3,
  "warnings": [
    "A stop is not a guarantee. Crypto gaps through levels on weekends and around news; the fill can be far worse than the price shown.",
    "The legs do not land at the same instant. Between the first fill and the last, the position is exposed to price in a way the thesis did not ask for.",
    "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": 0.024489,
        "atrPct1h": 1.8683,
        "fundingApr": 10.95,
        "ret24hPct": 0.05,
        "ret7dPct": 5.47,
        "rangePos48h": 0.472,
        "betaToBtc30d": 0.6138
      }
    },
    {
      "type": "market_strip",
      "props": {
        "coin": "BTC",
        "mid": 81115,
        "atrPct1h": 0.3357,
        "fundingApr": 10.95,
        "ret24hPct": -0.25,
        "ret7dPct": 4.96,
        "rangePos48h": 0.8365,
        "betaToBtc30d": 1
      }
    },
    {
      "type": "event_anchor",
      "props": {
        "label": "Fed at 52",
        "note": "Code found this catalyst in your sentence. It does not know what the event contains - it only shortens the horizon and argues for defined risk."
      }
    },
    {
      "type": "leg_row",
      "props": {
        "index": 0,
        "kind": "perp",
        "coin": "MON",
        "side": "short",
        "notionalUsd": 999.98,
        "qty": 40956,
        "leverage": 2,
        "marginMode": "cross",
        "entryType": "market",
        "entryPx": 0.024416,
        "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 $0.30/day on this notional."
      }
    },
    {
      "type": "leg_row",
      "props": {
        "index": 1,
        "kind": "spot",
        "coin": "MON",
        "side": "buy",
        "notionalUsd": 999.98,
        "qty": 40712.48,
        "entryType": "market",
        "entryPx": 0.024562,
        "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": "$499.99 here pays about $2.10 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": 1499.97,
        "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: $999.98 of spot bought plus $499.99 of margin posted at 2x. A spike with the spot leg not yet filled, or funding flipping negative, is what costs money here.",
        "fundingPerDayUsd": 0.3
      }
    },
    {
      "type": "compare_hold",
      "props": {
        "note": "Versus just holding USDC: this deploys $1,500 (15.00% of a nominal. The same $499.99 of USDC lent instead pays about $2.10 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": "gap_risk_stops",
        "text": "A stop is not a guarantee. Crypto gaps through levels on weekends and around news; the fill can be far worse than the price shown.",
        "severity": "warn"
      }
    },
    {
      "type": "warning",
      "props": {
        "key": "unhedged_window",
        "text": "The legs do not land at the same instant. Between the first fill and the last, the position is exposed to price in a way the thesis did not ask for.",
        "severity": "warn"
      }
    },
    {
      "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": 0.024489,
      "markPx": 0.024489,
      "fundingApr": 10.950000000000001,
      "oiUsd": 31801848.022674,
      "vol24hUsd": 11120887.791304,
      "maxLeverage": 5,
      "szDecimals": 0,
      "atrPct1h": 1.8683336247595712,
      "ret24hPct": 0.049025615884312757,
      "ret7dPct": 5.474201050908789,
      "rangePos48h": 0.4720321931589537,
      "hi30d": 0.032839,
      "lo30d": 0.020853,
      "betaToBtc30d": 0.6137934147246448,
      "asOf": 1789869638896,
      "dex": null
    },
    "BTC": {
      "coin": "BTC",
      "mid": 81115,
      "markPx": 81115,
      "fundingApr": 10.950000000000001,
      "oiUsd": 3429222861.6011,
      "vol24hUsd": 1176109354.5515382,
      "maxLeverage": 40,
      "szDecimals": 5,
      "atrPct1h": 0.33572529165749504,
      "ret24hPct": -0.2520905066404344,
      "ret7dPct": 4.957041560995812,
      "rangePos48h": 0.8365491651205937,
      "hi30d": 82268,
      "lo30d": 68898,
      "betaToBtc30d": 1,
      "asOf": 1789869638896,
      "dex": null
    }
  },
  "reader": {
    "structureConfidence": -1,
    "alternatives": [],
    "trace": {
      "ms": 181,
      "input_tokens": 912,
      "answers": {
        "warn_low_liquidity": {
          "value": 0.57,
          "confidence": 0.57
        },
        "warn_gap_risk_stops": {
          "value": 0.67,
          "confidence": 0.67
        },
        "warn_unhedged_window": {
          "value": 0.76,
          "confidence": 0.76
        }
      }
    }
  },
  "numbersBy": "code",
  "compare": {
    "holdUsdcNote": "Versus just holding USDC: this deploys $1,500 (15.00% of a nominal. The same $499.99 of USDC lent instead pays about $2.10 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)"
  }
}