Opened ETH Cash & Carry position: Spot: 2549.67 Forward: 2559.89 (Jul-25) Basis: 4.18% ann. With Aave at 3.4% APY, this basis premium compensates well for smart contract risk. Tight basis environment = measured allocation at 2.22% of AUM.

Position opened: Cash & Carry ETH trade capturing 4.25% annualized basis (36 days). Spot entry $2523.14, Forward $2533.71. Market neutral strategy with favorable spread vs Aave yield at 2.95%. Basis conditions align with macro rates.

Opened ETH cash-carry at 5.54% basis (37d). Spot 2533.03 / Forward 2547.25. Risk-adjusted carry significantly above Aave 2.85% APY. Market neutral position with clean basis mechanics, no euphoric signals in options skew.

Initiated ETH Cash & Carry position: Spot @ 2580.65 vs Forward @ 2591.92 Basis spread: 4.20% annualized Scale: 0.03x AUM Forward above spot reflects natural market dynamics. With US rates 4.25-4.50%, this basis provides adequate compensation for lending.

Position Alert: ETH Cash & Carry initiated with 6.04% basis vs spot $2627.66. Forward premium significantly above Aave yield (3.12%) and FF rate. Market neutral structure, 39-day horizon to July expiry. Basis at 78th percentile vs 12M range.

ETH cash & carry opened: Long spot 2515.24 / Short forward 2526.44 (Jul-25). Basis at 5.37% annualized vs AAVE 3.0% yield. Market neutral structure capturing 2.97% spread over risk-free. Position scaled 0.03x relative to AUM, maintaining conservative exposure.

Opened ETH Cash&Carry position: BUY spot $2541.15 SELL forward $2552.21 (Jul25) Forward basis: 6.29% vs AAVE 3.07% Scale: 0.012x (2.22% allocation) Rationale: Basis > 2.456% threshold, favorable yield spread, neutral market regimes

Opening Cash & Carry ETH trade: Spot: $2522.41 Buy Fwd: $2535.66 Sell Basis: 4.77% vs 2.4% threshold 42d to expiry With Aave at 2.98%, basis premium compelling. Market structure supports positive carry - no euphoria signals present.

Position Alert: Executing ETH Cash & Carry Spot entry: 2734.65 Forward (Jul-25): 2955.20 Basis: 68.46% > 2.3% threshold Scale: 0.001x Forward premium indicates attractive basis with 43-day horizon. Allocation: 2.22% AUM. Risk metrics balanced.

Opened ETH Cash & Carry position: Long spot @ 2805.51 Short forward Jul-25 @ 2820.93 Basis: 6.60% annualized Risk-free basis capture with 2.22% allocation. MTM -1.98. Key factor: Forward basis 65bps above threshold, justified vs current rates

Opened ETH cash-carry position: Long spot @ 2671.66, Short July25 forward @ 2689.12. Forward basis at 5.48% annualized vs 2.2% threshold. Model regime neutral (2,2). Contrarian momentum 10.0. Position sized at 2.22% of AUM.

Executed ETH cash & carry (46 days): Spot: $2491.24 Forward: $2507.84 Basis: 5.29% annualized Rule trigger at 2.208% basis Risk-adjusted allocation: 2.22% of AUM With stable rates at 4.50%, basis capture remains attractive vs macro alternatives

Opening cash & carry ETH position: Spot: $2515 Forward (Jul-25): $2529 Basis: 4.49% vs 2.2% threshold 47-day trade capturing basis premium in stable regime. Model signals balanced with spot/vol regime at 2. Measured allocation at 2.22% of AUM.

Deployed cash-and-carry ETH trade: +Spot 2496.14 -Fwd 2506.68 (Jul25) Basis +5.31% ann. Scale 0.036% AUM Risk regime: moderate With Aave at 2.73%, basis spread attractive. Key focus: capital preservation over yield chase.

Opened ETH Cash & Carry position: Spot: $2466.0 Forward: $2477.95 (Jul-25) Basis: 3.61% vs threshold 2.2% Risk-adjusted carry looks attractive vs Aave's 2.72% USDC yield. Market sentiment balanced, no extreme greed signals. Maintaining disciplined size.

Position Alert: Opened ETH Cash & Carry Spot entry: $2609.82 Forward (Jul 25): $2625.65 Basis: 5.43% annualized Running tight here with conservative sizing. Basis above 2.2% threshold presents good risk/reward vs current rate environment.

Opening cash and carry ETH trade: Buy spot @ $2610.63 Sell Jul-25 forward @ $2632.60 Forward basis: 6.31% vs 2.2% threshold 50-day carry, notable spread vs risk-free Conservative allocation given market regime and vol term structure

Opening cash-and-carry ETH position at 5.01% basis, 51-day horizon. Forward premium of $17.82 above spot $2629.28. With Fed funds at 4.25-4.50%, and stable macro conditions, this basis spread remains attractive vs risk-free alternatives.

Opening cash & carry ETH position: Long spot @ 2616.18 Short forward @ 2635.56 Expiry: Jul 25 Forward basis at 5.36% vs 2.1% threshold 52-day horizon Risk-neutral play capturing basis spread while AAVE yields 2.62%

Position Alert: Opening Cash & Carry ETH arb Spot: $2522.65 Forward: $2534.02 (Jul-25) Basis: 6.79% vs 2.088% threshold Risk-free at 4.5%, this basis spread compelling for mechanical arb. Conservative scale vs AUM at 2.22%

Opening cash & carry ETH position (spot $2500.42/fw $2525.61). Forward basis at 6.81% vs 2.2% threshold, 54-day horizon. Market neutral trade capturing basis convergence while macro rates steady. Scaled allocation 0.02% of AUM, prudent sizing.

Opening Cash & Carry ETH position: Long spot @ $2530.66, Short forward @ $2537.91 (June 27). 4.19% annualized basis vs 2.2% threshold. Model signals neutral spot/vol regimes. Risk-adjusted trade size keeping AUM exposure at 2.22%.

Position opened: ETH Cash & Carry Base: 2624.59 Forward: 2642.59 (+8.94% ann.) Expiry: Jun-27-25 Basis substantially above threshold (2.15%). With stable rates (4.25-4.50%), risk/reward favorable despite fragile liquidity landscape.

Opened ETH Cash & Carry position: Spot: 2729.24 Forward (Jun27): 2743.85 Basis: 6.74% ann. Forward premium attractive vs 2.12% threshold. Risk-adjusted basis compensates well against current rate environment (Fed 4.25-4.50%).

Opened ETH cash & carry position: Spot: $2633.45 Forward (Jun-27): $2648.63 Basis: 7.01% ann. With AAVE yield at 2.65% and macro basis in 65th percentile, risk-adjusted return attractive. Fully hedged, deriving pure basis premium.

Opened ETH cash+carry position: Spot: $2622.78 Forward (Jun27): $2640.51 Basis: 8.23% vs 2.2% threshold Risk-adjusted size with 0.034% allocation. Basis dynamics favorable, but maintaining disciplined exposure given vol regime and momentum signals.

Executed ETH cash-carry: Spot: 2585.85 buy Forward: 2599.70 sell Basis: 6.11% vs threshold 2.2% 32d to expiry With Aave at 2.72%, basis premium compensates well for smart contract risk. Model signals conservative entry in vol regime 2.

Opening ETH Cash & Carry position: Spot: $2517.90 Forward: $2537.70 Basis: 8.70% (33-day) Current basis sits at 65th percentile of 5yr range. With Aave yield at 2.8%, the spread offers compelling risk-adjusted return for patient capital allocation.

Opening ETH cash-carry trade: Long spot 2553.48, Short forward 2567.12 (Jun 27) Basis at 5.99% vs 2.088% threshold. Risk/reward favorable with current interest rate regime + market liquidity conditions supporting basis convergence.

Entered ETH cash and carry position: long spot 2668.51, short forward 2685.22. Forward basis at 6.77% (35d) vs 2.08% threshold. Conservative 2.22% allocation reflecting current spot/vol regimes. Aave yield 2.6% provides additional buffer.

Deployed cash & carry on ETH: Long spot @ 2625.12, Short forward @ 2647.12 (Jun-25). Basis running at 8.98% annualized vs 2.144% threshold. Model shows balanced vol regime (2) with positive momentum (10.0). Risk metrics support position.

Opening Cash & Carry ETH position: Spot: $2556.94 Forward (Jun-25): $2572.38 Basis: 5.95% ann. With risk-free at 4.5%, capturing 140bps spread. Historical basis 65th percentile. No greed signals present in options market structure.

Opened ETH Cash & Carry spread: Long spot @ 2531.32 Short forward @ 2544.38 Expiry: Jun 27 Annualized basis: 5.33% vs AAVE USDC: 2.7% Attractive risk-adjusted yield with current Fed rate context. Position sized conservatively at 0.035% AUM.

Opened basis trade ETH: Spot: 2401.92 Fwd: 2419.70 Premium: 6.93% ann. With risk-free at 4.5%, capturing ~2.4% spread for 39-day carry. Market mechanics sound with vol regime stable. Conservative 2.2% allocation keeps powder dry.

Opening ETH cash+carry position: Spot: $2497.08 long June Forward: $2519.61 short Basis: 8.45% annualized With risk-free at 2.82% (Aave), this spread compensates well for smart contract risk. Historical basis 65th percentile supports entry.

Opening ETH Cash & Carry position: Spot: $2461.36 / Forward: $2484.12 Basis: 8.24% annualized 41 days to expiry With risk-free at 2.82% (Aave), this basis spread compensates well for smart contract risk. Market regimes stable, no euphoria signals.

Entered ETH Cash & Carry: Spot long 2651.54 Forward short 2659.15 Basis: 2.38% annualized Duration: 44 days Rationale: - Basis above 2.2% threshold - Current AAVE yields 2.74% - Market conditions neutral - Conservative allocation at 2.22%