Ithora

Carry, without custody. Coming to Hyperliquid.

[Ithora @ithora_io]

Built a trading system 4 years ago.
Ran it alone for 3 years — Donchian trend-following, real money, good results.

The lesson: no market-timing strategy lasts forever. Every right call is a loan the market eventually collects.

So I'm building one that doesn't need to be right.

[Ithora @ithora_io]

btc dropped about 7% this week. leveraged longs got liquidated across the board.

running the Ithora delta-neutral strategy, i didn’t even notice. same as when it ran from 64k to 86k before that. didn’t notice that either.

spot down, short up, funding lands every hour.

carry is a boring, common strategy. no thrill. but it’s one of the few ways to keep money neutral and non-custodial and still earn something. that’s why it’s the first thing Ithora runs.

not a trade. a position that doesn’t care where price goes.

the philosophy behind all of it: don’t stress.

[Ithora @ithora_io]

@DaFeenom How much does it cost to dispatch them? Haha.

[Ithora @ithora_io]

@realIAITR @boatwts Best

[Ithora @ithora_io]

Testing Ithora with my own small stack.

funding lands every hour. the chart is earnings only — flat where i had no position, rising where i did.

$0.54 this month. the position card shows −$0.04 because entry fees take about a week to pay back. that's what carry actually looks like.

[Ithora @ithora_io]

@Xanderwow_A What did I just see? 🤪

[Ithora @ithora_io]

@SoyAmanii The more you trade, the more the vast majority whether human or fly will end up losing. Haha.

[Ithora @ithora_io]

i thought the calculator was the hard part. it wasn’t.

connecting a real account, moving USDC, and making the first carry entry feel safe took a lot longer.

that’s what i’ve been working on.

[Ithora @ithora_io]

@franpradasAI That is really true.

[Ithora @ithora_io]

landing's up: https://t.co/Hq5ynAJ6gb

the mark assembles on the wordmark line, then gets out of the way.

two doors underneath. the calculator's live, the bot behind the other one is still being built.

[Ithora @ithora_io]

doesn't count basis moving against you, or getting liquidated. funding vs cost only.

and it predicts nothing on purpose. annualizing the current rate missed the realized 30-day number by ~5 apr points last year. so i measure instead.

https://t.co/lsd6W3U7WR

[Ithora @ithora_io]

ran every 90-day btc carry hold that's actually settled.

went badly: +0.9%
typical: +5.4%
went well: +14.9%
ended at a loss: 2.2% of them

that last line is the number i'd want before putting money in.

[Ithora @ithora_io]

and it depends entirely on how long you hold.

7 days: 75% of windows lose to fees
30 days: 12.8%
90 days: 2.1%

the cost is fixed, the funding isn't. breakeven sits around 8 days right now.

[Ithora @ithora_io]

Making the landing page
weirdly the most fun part of building 🏗️

[Ithora @ithora_io]

built a carry calculator, turns out i use it for one thing: round trip cost. fees + slippage, all four legs, before i'm in

skipped this math for years bc tedious. it decides everything

https://t.co/lsd6W3U7WR

[Ithora @ithora_io]

no signup, no email wall. the bot is next and it runs on the same formulas.

[Ithora @ithora_io]

calculator is up: https://t.co/M1ePdLKpR5
got tired of funding sites showing raw APR like fees don't exist. carry is 4 fills in and out, each with its own fee and slippage.
so I just subtract all of it. on short holds the number often comes out negative. that's kind of the point.

[Ithora @ithora_io]

the useful number is breakeven time: how long funding has to run just to pay back your entry + exit. hold shorter than that and you paid to trade.

[Ithora @ithora_io]

no signup, no email wall. the bot is next and it runs on the same formulas.