1, 080만 XRP의 보관 위치는 97. 5%이며 선물로 상쇄되며 CFTC 범주는 명백한 대답을 복잡하게 만듭니다.
Bitwise는 기관 XRP 캐리 트레이드에 대해 시장에 보기 드문 모습을 보여주었습니다.
Bitwise 암호화폐 Carry Fund(USCC)는 보관 중인 XRP와 9월 Coinbase XRP 선물의 매도 포지션을 거의 동일하게 결합했습니다. 구조는 97이었습니다. 수량에 따라 48% 일치하여 XRP의 병렬 이동에 대한 노출을 제한하면서 선물과 현물 간의 프리미엄을 수집하기 위해 펀드를 배치했습니다.
오후 4시에. 중. 9월 1일 EDT에 Bitwise의 보유 테이블에는 10, 781, 438이 표시되었습니다. 36 XRP가 보관되어 있으며 표시된 선물 수량은 마이너스 10, 510, 000입니다. 선물 행에는 14. 57%의 내재 수익률 라벨이 붙어 있습니다.
이 공개는 한 민간 펀드에 대한 구체적인 결론을 뒷받침합니다. XRP는 시장 중립에 가까운 거래를 위한 재고 역할을 했습니다. Bitwise의 별도 현물 제품에 대한 수요를 포함하여 더 광범위한 기관 XRP 수요는 이 위치의 범위를 벗어납니다.
헤지 커버리지가 먼저입니다. 선물 수량을 보관 수량으로 나누면 97. 48%의 상쇄가 발생하고 잔여 매수 포지션은 271, 438. 36 XRP가 됩니다. 표시된 명목 금액은 $232, 776만큼 다릅니다.
The spread is the second number. Dividing each notional by its displayed quantity produces a spot-equivalent mark of about $1. 3222 and a futures-equivalent mark of $1. 3342. The futures level was therefore roughly 1. 2 cents, or 0. 91%, above spot.
Cash-and-carry strategies seek to monetize that gap. A fund buys the asset and sells a future 거래 above it; convergence at settlement can lock in the premium while much of the asset's directional move cancels between the two legs. Bitwisedescribes USCCas a qualified-purchaser fund built to capture futures premiums over spot across 암호화폐 markets.
Annualization produces the third, and largest, number. Bitwise defines holding-level implied 수익률 as an annualized figure if the position is held to maturity or otherwise not sold. Its 14. 57% label therefore expresses a short-term premium as a yearly rate. The two displayed XRP marks differ by 0. 91%.
Realized investor returns use a separate measure. Bitwise reports the fund's 30-day 수익률 separately and lists a 0. 75% management fee. The public methodology leaves the XRP line's treatment of execution, financing, custody, margin and roll costs unspecified, so 14. 57% is best read as Bitwise's annualized implied rate for the displayed futures holding.
Residual risks remain even with a 97. 48% quantity match. Spot and futures prices can move differently before settlement, the fund must maintain custody and margin, and the cash-settlement benchmark may differ from the price available for its custody inventory. The remaining 271, 438. 36 XRP also retains direct price exposure.
The public table supports the quantity comparison while leaving the contract count unresolved. ACoinbase Derivatives filingspecifies 10, 000 XRP for its standard monthly XRL future. Coinbase lists multiple XRP futures products, however, and Bitwise identifies the venue and month without publishing a product code. Any conversion of the displayed quantity into a number of contracts would therefore be conditional.
원문 제목: Bitwise 14% yield gap in XRP futures shows how institutions are quietly extracting cash from traders
Its 10.8 million-XRP custody position is 97.5% offset by futures, and CFTC categories complicate the obvious answer.
Bitwise has given the market a rare look inside an institutional XRP carry trade.
TheBitwise Crypto Carry Fund, or USCC, paired XRP held in custody with an almost equal short position in September Coinbase XRP futures. The structure was 97.48% matched by quantity, leaving limited exposure to a parallel move in XRP while positioning the fund to collect the premium between futures and spot.
At 4 p.m. EDT on Sept. 1, Bitwise's holdings table showed 10,781,438.36 XRP in custody and a displayed futures quantity of negative 10,510,000. The futures row carried a 14.57% implied-yield label.
The disclosure supports a specific conclusion about one private fund: XRP was serving as inventory for a near-market-neutral basis trade. Broader institutional XRP demand, including demand for Bitwise's separate spot product, remains outside the scope of this position.
The hedge coverage comes first. Dividing the futures quantity by the custody quantity produces a 97.48% offset and a residual long position of 271,438.36 XRP. The displayed notionals differ by $232,776.
The spread is the second number. Dividing each notional by its displayed quantity produces a spot-equivalent mark of about $1.3222 and a futures-equivalent mark of $1.3342. The futures level was therefore roughly 1.2 cents, or 0.91%, above spot.
Cash-and-carry strategies seek to monetize that gap. A fund buys the asset and sells a future trading above it; convergence at settlement can lock in the premium while much of the asset's directional move cancels between the two legs. Bitwisedescribes USCCas a qualified-purchaser fund built to capture futures premiums over spot across crypto markets.
Annualization produces the third, and largest, number. Bitwise defines holding-level implied yield as an annualized figure if the position is held to maturity or otherwise not sold. Its 14.57% label therefore expresses a short-term premium as a yearly rate. The two displayed XRP marks differ by 0.91%.
Realized investor returns use a separate measure. Bitwise reports the fund's 30-day yield separately and lists a 0.75% management fee. The public methodology leaves the XRP line's treatment of execution, financing, custody, margin and roll costs unspecified, so 14.57% is best read as Bitwise's annualized implied rate for the displayed futures holding.
Residual risks remain even with a 97.48% quantity match. Spot and futures prices can move differently before settlement, the fund must maintain custody and margin, and the cash-settlement benchmark may differ from the price available for its custody inventory. The remaining 271,438.36 XRP also retains direct price exposure.
The public table supports the quantity comparison while leaving the contract count unresolved. ACoinbase Derivatives filingspecifies 10,000 XRP for its standard monthly XRL future. Coinbase lists multiple XRP futures products, however, and Bitwise identifies the venue and month without publishing a product code. Any conversion of the displayed quantity into a number of contracts would therefore be conditional.
