BitEth

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[Vertex Intern 인턴 🌸 @vertexintern]

Farming Sonic For Dummies, Ep.1

With numerous ways to farm yield and Sonic Points on @SonicLabs, this series highlights key opportunities for CT, helping you stack up points while earning yield on the side.

Let’s get into Ep.1, featuring @vertex_protocol.

Here is how you can farm yield while earning Sonic Points & more while staying completely delta-neutral.

TLDR:

• Funding Rate Arb
• Delta-Neutral
• Deposit, Trading Volume & Sustained OI on Vertex

Farming:

• Sonic Points
• Vertex Credits
• $S Trading Rewards on Vertex
• Yield in $USDC

Before we go any further, wtf is a “funding rate arb?” Simply put, it's the action of farming the yield produced by the funding rate of a perpetual contract.

Funding rates are the incentive to trade a given perpetual contract, either long or short, by assigning a positive or negative value to a specific market which is dictated by the deviation of a perp market's mark price from the underlying spot market’s index price.

Positive Funding Rate = Perpetual Mark Price > Spot Index Price

Negative Funding Rate = Perpetual Mark Price < Spot Index Price

This means we can purposefully open positions to farm said funding rates.

Now for the strategy ⤵️

----------------------------

1️⃣ Prep.

We will be depositing $wS onto Vertex for this strategy.

- Load up on $wS (you can borrow via @SiloFinance for extra points, will cover more of this in Ep.2)

- Deposit $wS onto Vertex

You can do this strategy with pretty much any size. If you are a degenerate like me there is a way to increase your capital efficiency and farm roughly 20x the size of your base capital (will go into more detail later).

----------------------------

2️⃣ Execution.

Now that you’ve deposited wS on Vertex, we can begin executing the trade. For this example, we’re going to use 1000 wS.

1) Go to S-PERP and open a short position of the same size (1000 $S).

- You are now delta-neutral and farming the funding rate (below are the funding rate averages over the last 30 days).

- While executing this trade, if classified as a taker order, you will earn $S just by making a trade on Vertex (up-to 100% of the fees paid).

Boom. Step 1 is complete, pretty ez right?

The most important thing to remember is that funding rates fluctuate a lot. Though this process can easily be reversed (Short wS by selling to USDC, go Long S-PERP).

Even if you aren’t making a lot of passive yield from funding fees, you will be farming a LOT of points!

----------------------------

3️⃣ Degening.

You’ve got to admit, that was quite boring huh, let's spice it up a bit - leverage time.

Thanks to Vertex being completely cross-margined, we can actually leverage up our position to really put our capital to work.

1) Go to wS-USDC, turn on “Margin Spot” (looping).

2) Buy X amount of wS (you’ll see that you are borrowing USDC to sell for wS, this happens automatically). Let’s say we buy 1000 $wS.

3) Go to S-PERP and open a short position of the same size (1000 $S).

Our account now has 3 new balances.
• 2,000 $wS
• 2,000 $S-PERP
• ~600 $USDC (negative balance = borrowed)

You can repeat this process comfortably and leverage your account – I took mine up to 20x, though you can go higher.

For example:
• 20,000 $wS
• 20,000 $S-PERP
• ~15,000 $USDC (negative balance = borrowed)

[BitEth @Bit0Eth1]

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[BitEth @Bit0Eth1]

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@AlgodTrading Check $Seer
It's a betting platform. Anyone can create and participate in a bet. Token holders get revenue from the fee generated. It's in very very early stages. Beta version is working. Dev still need to update UI stuff and add more features.

[BitEth @Bit0Eth1]

@Pauly0x 0xBCC2B75b8423D14e6c4580416cdc9e2554f4bE99

[BitEth @Bit0Eth1]

@vangoyaa Me too