Etesia Multistrat
Systematic trend-following across ten sectors of crypto perpetuals and tokenized
real-world assets, executed on Hyperliquid. Deposit USDC, receive etesiaUSDC
shares.
| Curator | Etesia Research |
| Chain | HyperEVM, chain 999 |
| Execution venue | Hyperliquid, perpetuals and spot |
| Deposit asset | USDC |
| Vault standard | Lagoon ERC-7540 |
| Fees | 1% management, 20% performance above high-water mark |
| Redemption cooldown | 7 days |
| Live since | 27 May 2026 |
| Deposit | app.etesiar.com |
Full fee mechanics are on Fees + Redemption Period. Live NAV, share price and TVL cap are in the app and onchain.
Return profile
Return comes from directional positions in perpetual futures, long and short, sized to a volatility target. There is no rate and no yield source.
The payoff shape is many small losses funded by a few large gains. The losing periods come in choppy, trendless markets; that is the cost of the shape, not a malfunction.
What it trades
Ten sectors. Seven crypto-native, three tokenized real-world assets whose drivers are macro rather than crypto.
| Sector | Type |
|---|---|
| DeFi | Crypto |
| Layer-1 | Crypto |
| Infrastructure | Crypto |
| Meme | Crypto |
| Payment | Crypto |
| Store of value | Crypto |
| AI | Crypto |
| Energy | Tokenized RWA |
| Equity indices | Tokenized RWA |
| Metals | Tokenized RWA |
The RWA sleeves are why correlation to crypto is low rather than merely moderate.
How the strategy works
Signal. Fast and slow moving averages of price are compared. When the fast average sits above the slow one the target position is long, below it short. Several comparisons run at different speeds, so the program captures both multi-day and multi-month moves.
Sizing. Position size scales with signal strength, not just its sign. Every instrument is scaled to a common risk unit first, so dollar size follows risk.
Portfolio construction. Weights are set by Equal Risk Contribution: each asset contributes the same share of total portfolio variance. This is the framework behind Bridgewater's All Weather and RPAR. A volatile meme sleeve therefore carries a smaller dollar position than a metals sleeve, sized so both can hurt the portfolio by the same amount.
Volatility targeting. The portfolio targets a fixed annualised volatility. Positions scale down as realised volatility rises and back up as it falls, so the risk profile stays stable across regimes. The program targets roughly 25% annualised, with a variant scaled to 20%.
Reversal and exit. The target position is a continuous function of the signal, so a trend that turns produces a reversal automatically. There is no separate exit rule and no discretionary override.
Cost control. Spread, market impact and funding are modelled per trade. Signals whose expected value sits below their expected cost are trimmed.
We do not publish lookback windows, the number of horizons, the smoothing method or the weights applied to each signal.
How the vault operates
A curator service runs a cycle every 5 minutes: compute NAV from Hyperliquid and HyperEVM state, run sanity guards, and settle if a deposit or redemption is pending or if the daily settlement is due. See How They Work.
The curator reads canonical venue and chain state only. It does not read the trading bot, so a bug in the bot cannot corrupt the vault's NAV.
Performance
Live figures are in the app. Published statistics, with their windows:
| Window | Net return | Sharpe | Notes |
|---|---|---|---|
| Apr 2025 to Apr 2026, simulated | 35.3% | 1.26 | 25% annualised volatility |
| Apr 2025 to Jun 2026, simulated | 35.3% | 1.41 | 9.3% max drawdown over 92 days |
Correlation to BTC is approximately -0.22 and to the S&P 500 approximately -0.39 to -0.40 over those windows.
⚠️ The two Sharpe figures cover different windows. A Sharpe quoted without its window should not be used.
Sector attribution over the Apr 2025 to Apr 2026 simulated window: Metals 37% of PnL at 1.10 Sharpe, Layer-1 25% at 0.90, DeFi 17% at 0.76. Energy detracted. Some sleeves losing while the portfolio gains is the construction working.
⚠️ Everything before 27 May 2026 is a backtest, run on historical execution data net of modelled commission, slippage and funding. Modelled frictions are not real frictions. Live execution has tracked the backtest within approximately 7 basis points per day since inception, on a sample of weeks.
Risk factors
Trend-following loses in choppy, mean-reverting markets: the signal flips, the program pays the spread each time, and no position runs long enough to pay for the ones that did not. Extended flat-to-negative periods are the normal cost of the strategy.
Execution is concentrated on one venue. A halt, exploit, socialised loss event or insolvency at Hyperliquid would affect the portfolio directly.
Full breakdown: Market & Strategy Risk and Venue, Counterparty & Curator Risk.
Trust and security
Assets sit in a Gnosis Safe and a Lagoon ERC-7540 vault, not on our servers. The vault framework is audited by Nethermind Security and Trail of Bits; our own curator code is not audited.
See Vault Protections and Security. Addresses are on Contract Addresses.