Performance
22 completed daily closes since 2026-08-17, time-weighted so a deposit could never read as a return. Every figure is measured from the book the chain reports — none is projected from an advertised APY.
Since inception
+7.1 bps
The positions earned $0.3357 of realized yield over 22 closes and gave back $0.2617 executing 3 rebalances — a net +$0.0740. At this size the cost of trading dominates the yield, and that is the finding, not a rendering artefact.
Realized yield
$0.3357
gross, attributed to positions
Execution cost
$0.2617
gas, bridge fees, swap spread
Net
+$0.0740
what the book is actually up
Unexplained days
0
every close reconciles
Cumulative return since inception
2026-09-10 +7.1 bpsHollow markers are days the book traded — every dip in this line is execution cost, not a change in what the vaults pay. One point per measured close, never interpolated.
Yield earned vs execution cost
Realized yield by protocol
Every close
The table the charts are drawn from. `Yield` is net of execution cost; `gross` is what the positions earned before it.
| Close | NAV | Flow | Gross | Cost | Yield (net) | Day | Cumulative |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | $104.89 | — | — | — | baseline | — | 0.0 bps |
| 2026-08-18 | $104.91 | — | $0.0169 | — | +$0.0169 | +1.6 bps | +1.6 bps |
| 2026-08-19 | $104.92 | — | $0.0105 | — | +$0.0105 | +1.0 bps | +2.6 bps |
| 2026-08-20 | $104.93 | — | $0.0111 | — | +$0.0111 | +1.1 bps | +3.7 bps |
| 2026-08-21 | $104.79 | — | $0.0125 | $0.1520 | −$0.1395 | −13.3 bps | −9.6 bps |
| 2026-08-24 | $104.81 | — | $0.0400 | $0.0197 | +$0.0203 | +1.9 bps | −7.7 bps |
| 2026-08-26 | $104.82 | — | $0.0111 | — | +$0.0111 | +1.1 bps | −6.6 bps |
| 2026-08-27 | $104.75 | — | $0.0152 | $0.0900 | −$0.0748 | −7.1 bps | −13.8 bps |
| 2026-08-28 | $104.76 | — | $0.0087 | — | +$0.0087 | +0.8 bps | −12.9 bps |
| 2026-08-29 | $104.77 | — | $0.0183 | — | +$0.0183 | +1.8 bps | −11.2 bps |
| 2026-08-30 | $104.79 | — | $0.0209 | — | +$0.0209 | +2.0 bps | −9.2 bps |
| 2026-08-31 | $104.81 | — | $0.0192 | — | +$0.0192 | +1.8 bps | −7.4 bps |
| 2026-09-01 | $104.83 | — | $0.0142 | — | +$0.0142 | +1.4 bps | −6.0 bps |
| 2026-09-02 | $104.84 | — | $0.0124 | — | +$0.0124 | +1.2 bps | −4.8 bps |
| 2026-09-03 | $104.85 | — | $0.0130 | — | +$0.0130 | +1.2 bps | −3.6 bps |
| 2026-09-04 | $104.87 | — | $0.0210 | — | +$0.0210 | +2.0 bps | −1.6 bps |
| 2026-09-05 | $104.89 | — | $0.0185 | — | +$0.0185 | +1.8 bps | +0.2 bps |
| 2026-09-06 | $104.91 | — | $0.0123 | — | +$0.0123 | +1.2 bps | +1.3 bps |
| 2026-09-07 | $104.92 | — | $0.0152 | — | +$0.0152 | +1.5 bps | +2.8 bps |
| 2026-09-08 | $104.93 | — | $0.0143 | — | +$0.0143 | +1.4 bps | +4.2 bps |
| 2026-09-09 | $104.95 | — | $0.0172 | — | +$0.0172 | +1.6 bps | +5.8 bps |
| 2026-09-10 | $104.97 | — | $0.0132 | — | +$0.0132 | +1.3 bps | +7.1 bps |
Attribution groups by protocol, not by mandate sleeve: the ingest records a null sleeve on every position today, and a chart of one unlabelled band would claim structure the data does not carry. The book shows what is held and at what rate; activity shows every transaction behind the cost column.