Etesia Multistrat
Etesia Multistrat is a quantitative investment vehicle, leveraging multiple
different strategies to provide return on investment that is not correlated to
existing benchmarks or indices. It runs five strategies side by side, executed on
Hyperliquid, settling into a single NAV. 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 |
| Withdrawals | Paid once per day, at 12:00 UTC |
| Volatility target | 15% annualised, portfolio level |
| Strategies | Flagship live since 27 May 2026; all five live since 9 September 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.
The strategies
| Strategy | Style | What it does |
|---|---|---|
| Trend following | Directional, always in market | Multi-horizon directional signals across crypto sectors and tokenized RWA, long and short. |
| Momentum ignition | Directional, episodic | Trades trend ignitions rather than standing trends; in the market only a small fraction of the time, flat otherwise. |
| Over-extension fade | Contrarian | A fast trend engine run against the move: it fades over-extended moves, and is negatively correlated to trend following by construction. |
| Statistical arbitrage | Market-neutral | Cross-sectional mean reversion on factor-model residuals across the most liquid majors, long/short balanced. |
| Liquidation reversion | Event-driven | Systematically buys downside liquidation cascades, holding for minutes under a strict time stop, on a deliberately small risk budget. |
The strategies are essentially uncorrelated with one another, and that is the point of the construction: the directional engines earn in trending markets, while the fade, market-neutral and event-driven engines earn in the conditions where trend following pays its costs.
The flagship trend-following strategy went live on 27 May 2026. The book was then expanded strategy by strategy, and all five have been live in production, inside the shared risk and execution infrastructure, since 9 September 2026.
How the portfolio is assembled
Risk budgets. Each strategy's budget is set by a quarterly equal risk contribution allocation targeting a fixed portfolio volatility of 15% annualised. Positions are scaled continuously between resets, so the risk profile stays stable across market regimes.
Universe. The platform trades ten sectors. Seven are crypto-native, three are tokenized real-world assets whose drivers are macro rather than crypto, which is what gives the book structural decorrelation from crypto-native risk.
| Sector | Type |
|---|---|
| DeFi | Crypto |
| Layer-1 | Crypto |
| Infrastructure | Crypto |
| Meme | Crypto |
| Payment | Crypto |
| Proof of work | Crypto |
| AI | Crypto |
| Energy | Tokenized RWA |
| Equity indices | Tokenized RWA |
| Metals | Tokenized RWA |
Idle margin. Margin not allocated to the strategies is deployed in yield optimisation, onchain lending, basis and funding, without adding directional risk.
We do not publish parameters, lookback windows, signal weights or per-strategy allocations.
The trend-following sleeve
The anchor strategy, and the one with a published record.
Signal. Fast and slow moving averages of price are compared across several horizons, so the program captures both multi-day and multi-month moves. When the fast average sits above the slow one the target position is long, below it short.
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, and within the sleeve each sector contributes an equal share of variance. This is the Equal Risk Contribution framework behind Bridgewater's All Weather and RPAR.
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.
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 engine, so a bug in the engine cannot corrupt the vault's NAV.
Performance
Live figures are in the app. The published statistics are the trend-following sleeve's simulated record, 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 |
On that sleeve, rolling 1-year correlation is approximately -0.22 to BTC and -0.39 to the S&P 500. Sector attribution over the first window: Metals 37% of PnL at 1.10 Sharpe, Layer-1 25% at 0.90, DeFi 17% at 0.76. Energy detracted; some sectors losing while the book gains is the construction working.
⚠️ The two Sharpe figures cover different windows. A Sharpe quoted without its window should not be used.
⚠️ 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 a few basis points per day since inception. Live performance since inception is published on app.etesiar.com.
Risk factors
The directional engines lose in choppy, trendless 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. The market-neutral and event-driven engines carry their own failure modes, including spread blowouts and crowded exits. Extended flat-to-negative periods are normal for the composite.
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.
See Vault Protections and Security. Addresses are on Contract Addresses.