🗣️Introduction
OpenTrade Stablecoin Staking Yield Vault, powered by Figment
Summary
The OpenTrade SOL Staking Yield Vault powered by Figment provides investors excellent risk adjusted returns generated from Solana (SOL) staking rewards and SOL perp future funding rates. The strategy is a delta-neutral strategy, meaning investors are protected from SOL price volatility.
Yield is derived from a delta-neutral portfolio of staked SOL and offsetting future positions.
Invest stablecoins, begin earning interest immediately and withdraw any amount, anytime.
All accessible via the Figment platform and APIs, and powered by a Figment run Solana validator.
Leveraging bankruptcy remote SPV, regulated asset managers, and Tier 1 financial counterparties.
The product is made available via both OpenTrade and Figment's APIs and web application, meaning OpenTrade and Figment customers can access a stablecoin yield product providing excellent risk adjusted returns through the same trusted infrastructure they depend on today for protocol staking.
Benefits
Earn excellent risk-adjusted returns on stablecoins (7-30% APY, 15% APY on average).
No exposure to SOL price volatility.
Easy to integrate and white-label the product; composable, automate-able, embeddable.
Key Details
Vault Name
SOL Staking Yield Vault
Token Symbol
xFIGSOL
Eligible Collateral
USDC, SOL, Staked SOL (Figment Validator), SOL Perp Futures
Stablecoins Accepted
USDC
Networks Supported
Ethereum
Investments
Anytime, vault tokens minted immediately
Withdrawals
Anytime, repaid T+3
Minimum Investment
1000 USDC
Term / Lockup
None
Fees
Advisor Fee = 60 bps per annum; Platform Fee = 50 bps per annum. Fees are deducted from the gross yield generated on the underlying collateral.
Interest Accrual
Interest accrues daily.
Indicative Interest Rate
15% trailing 12-month performance of the strategy, daily yields ranging from 7-30% APY. Past results are not indicative of future returns.
Exchange Rate Setting
Set by Investment Advisor each business day at 9.30am GMT based on the value of the underlying collateral at closing for the prior business day.
Legal Structure
Leverages the same institutional grade legal framework, bankruptcy remote structure, and regulated service providers and counter-parties as our other OpenTrade Treasury Management & Yield Products.
Yield Strategy Details
The strategy is a delta-neutral SOL carry trade designed to generate stable USD-based yield by staking SOL while fully hedging out price risk.
Core Structure
Buy SOL spot on an exchange.
Stake SOL to earn rewards (~6–8% APY).
Use the same staked SOL as 1:1 collateral for an equal-size short SOL perpetual futures position on the same exchange.
This ensures that the collateral automatically offsets mark-to-market risk on the short position.
Collateral & Staking Allocation
Approx 80% of the SOL purchased is staked with a dedicated Figment validator, the remaining is held in USDC in secure custody.
The staked SOL is recognized by the exchange as eligible collateral for the short perp positions.
100% of staked SOL is used as collateral which maximizes yield.
Yield Drivers
Primary return driver is SOL staking rewards. SOL staking rewards are hedged as they are earned.
Additional returns provided by funding rate on short SOL perp futures.
Perp funding rates may slightly increase or decrease yield, but are expected to remain low single digits annualized.
Net expected returns are ~7–40% APY, with 15% on average.
Risk Management
The short perp fully hedges SOL price risk, making the position market neutral.
Because collateral is in staked SOL, the exchange has “right-way risk”: if SOL rises and the short position loses, the collateral (staked SOL) gains USD value proportionally.
This structure minimizes liquidation risk and maximizes staking efficiency.
Execution is optimized by market-making/legging into the long + short simultaneously to avoid slippage and excess delta exposure.
Only Tier 1 financial counterparties are utilised (Circle, Crypto.com).
Investments are made through a bankruptcy remote SPV which is operated by FCA regulated asset manager and overseen by independent directors and trustee (learn more here).
Trading is conducted programatically by quant hedge fund with long track record operating the strategy successfully.
Last updated