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Step-by-step for beginners: from funding your wallet to going live, every click walked through
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Papertrade 机制更新：稀释存量价值，收益分配向未来参与者倾斜Papertrade
新机制按总供应量的固定比例增发 $PAPER，供应量按复利增长。本文测算存量价值的稀释幅度、挖矿成本先升后降的路径，以及不同活跃度下的回本时间与 IRR。
OCTOBER 20, 2026 · 6 min read
$PAPER 的低成本获取：对冲策略、成本构成与开源工具Papertrade
Paper 上每亏 1 USDC 铸出 0.98 × r 个 PAPER。本文拆解一多一空对冲的原理、成本构成和参数选择，附托管版用户与 PaperStrategy 的同日实测成本；执行工具 paper-farm-local 已开源。
OCTOBER 18, 2026 · 7 min read
持有 HYPE 现货的增值策略：从 2% 到 60%Hyperliquid
不卖出 HYPE 现货，叠加资金费策略每年约多赚 4%，再叠加 PURR mNAV 策略，实盘超额年化约 60%。本文介绍两种策略的机制、加回递延税的 mNAV 口径、持有周期和执行要点。
OCTOBER 17, 2026 · 9 min read
What Is $PAPER Worth?Papertrade
Papertrade traders now lose more than $20M a day, which drives $PAPER emissions and funds staking dividends. We value one staked $PAPER across daily loss levels and house insolvency scenarios: mining costs below $0.015 are likely profitable.
OCTOBER 14, 2026 · 5 min read
Handing a Funding-Rate Strategy to Code: How Our Open-Source Bot Enters, Hedges and Manages RiskHyperliquid
Execution cost is fees plus the spread between the two legs. We walk through how the open-source code decides when to post, hedges each partial fill, rebalances within a band, reduces on rising PMR and recovers after a restart, and how to deploy it with an AI agent.
OCTOBER 14, 2026 · 10 min read
Behind Stablecoin Yields: Some Strategies You Can Run YourselfHyperliquid
Hold HYPE spot and short an equal perp on Hyperliquid to collect funding: our live account returned 12%+ annualized. We break down where the yield comes from, Portfolio Margin, costs and risks, and open-source our live Rust code and AI skill.
OCTOBER 13, 2026 · 12 min read
Understanding sUSDat Tranches: How srUSDat and jrUSDat Split Yield and RiskSaturn
jrUSDat is essentially a leveraged position in STRC. We break down Strata's senior/junior tranches on Saturn's sUSDat: where the yield comes from, how leverage shifts, exit mechanics, and the cost of hedging with the STRC perpetual.
AUGUST 25, 2026 · 9 min read
Deep Dive into savUSD/avUSDx: Anatomy of a 10/11 "Survivor" — It Was the Oracle, Not the Buffer, That Saved AvantAvant
Avant's tranche structure promises risk isolation, but on-chain data reveals 80%+ concentration in leveraged Ethena carry. During the Oct/Nov 2025 crisis, the buffer drained precisely when protection was needed most. We dissect what really saved the protocol.
APRIL 8, 2026 · 20 min read
Too Good To Be True? — A Deep Dive into sUSDu Yield SourcesUnitas
sUSDu posted gains for 19 straight months while JLP DN peers swung wildly. We decompose USD1 campaign income, compare Drift vaults, and ask why the curve is so smooth.
MARCH 31, 2026 · 18 min read