Derivatives 11
Calibrated launch value from the rulebook. This basket carries no order panel today.
Why this basket exists
What the construction is trying to capture, who it is built for, and how it is meant to be sized inside a wider allocation.
Eleven perpetuals and DEX venues. HYPE (Hyperliquid) anchors at 22% as the category volume leader, JUP covers Solana DEX flow, DYDX and GMX cover Ethereum perps, AERO leads Base DEX, DRIFT leads Solana perps, UNI is the canonical DEX anchor, SNX and GNS bring structured products, AEVO and INJ round out perp coverage. Aggressive tier because the category trades on funding-rate flips and venue volume cycles. Designed for thematic conviction on the derivatives venue category, BTC-correlated by design. Diversification benefit is intra-sector. Ticker stays ODER8 for backwards compat but the basket carries 11 names after the 2026-05 expansion.
- Sector family · Aggressive risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet, so the catalogue description above stands in until one is written.
10 holdings, drawn to scale
Each tile's area is its weight in the basket, so the picture and the table below it are the same data read two ways.
| Holding | Share | Weight | |
|---|---|---|---|
| 01HYPE | 28% | ||
| 02JUP | 18% | ||
| 03UNI | 12% | ||
| 04AERO | 8% | ||
| 05DRIFT | 8% | ||
| 06INJ | 8% | ||
| 07AEVO | 6% | ||
| 08DYDX | 4% | ||
| 09GMX | 4% | ||
| 10GNS | 4% | ||
| Total | 100% |
Why each name earned its seat
Research notes per constituent: the case for the asset, the regime that suits it, and the risk the seat carries.
- HYPE28%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- JUP18%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- UNI12%Yield
Uniswap is the largest DEX by spot volume and the canonical on-chain trading-fee asset. The fee switch in v4 routes a share of trading fees to UNI holders.
Performs in retail-trading cycles. Underperforms when volume shifts to centralized venues or to perpetuals.
fee-switch governance risk - AERO8%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- DRIFT8%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
Show the remaining 5 holdings
- INJ8%Infrastructure
Injective is the Cosmos-based L1 specialised for on-chain derivatives and the iAssets framework for tokenized equities.
Performs in derivatives and RWA narrative phases. Sensitive to Cosmos ecosystem health and to iAssets adoption.
narrow product surface - AEVO6%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- DYDX4%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- GMX4%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- GNS4%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
What the numbers say
Simulated on historical constituent prices. A Sharpe is only published once the measured window clears 90 days, and drawdowns keep their sign.
Every figure above is simulated on historical constituent prices for a basket that has not traded. It describes how the rules would have behaved, not how they will behave. ODER8 is part of a public preview.
Max expected loss over the horizon · 95% confidence · historical distribution. There is a 5% chance the actual loss is larger.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | +15.3% | Not graded | · |
| 1 year | +15.3% | Not graded | · |
| 6 months | +15.3% | Not graded | · |
| 3 months | +15.3% | Not graded | · |
| 1 month | +17.6% | Not graded | · |
Returns are simulated over each window. A Sharpe is published only once that window clears 90 days, so the shorter rows read Not graded and carry no comparison with bitcoin. Short windows flatter and punish at random; read the full window first and treat the rest as texture.
What could go wrong
Priced off this basket's own weights rather than off a generic disclaimer, so every figure below can be checked against the table above.
Highly volatile. Expect 50% or deeper drawdowns. Position size proportional to conviction; this is a tactical sleeve, not a buy-and-hold position.
- Top-name weightLow
HYPE is the largest position at 28%. Capped by methodology but still drives index direction.
- Short price historyMedium
JUP, INJ have under a year of usable history. Backtest metrics carry wider error bars.
- Deep historical drawdownHigh
Max drawdown reached −76% in the backtest window. Size accordingly.
- Pre-live statusLow
Second Wave index. NAV is computed but the basket isn't yet open for live allocation.
| Scenario | Loss on net asset value |
|---|---|
| HYPE loses half its valueLargest holding, 28.0% of the basket | −14.0%Mechanical |
| The three largest holdings fall 30%HYPE, JUP, UNI · 58.0% of the basket together | −17.4%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 228 days to recover | −75.5%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −32.8%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.77 correlation to bitcoin over its window, so its holdings tend to fall together rather than one at a time. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
Worth a second look later
ODER8 is under methodology review, so it carries no buy action today. The weights and the cadence are still being settled, and an order panel over rules that are about to move would put a commitment on the page the research has not earned. Everything above stays visible and updates with the study, so you can follow the work as it lands.