➥ Why Cash-and-Carry Works Better on HyENA In the current market landscape, yield is often chased at the expense of unnecessary risk. A classic delta-neutral Long Spot and Short Perp cash-and-carry strategy has quietly outperformed similar setups on @hyenatrade. Here is the breakdown of the funding data and mechanics driving this yield. —  —  — ► What is Cash-and-Carry Strategy? Cash-and-carry is a delta-neutral strategy where you long the spot asset and short its perpetual contract. ▸ The short leg earns funding payments, typically ~0.005% to 0.010% per interval on liquid markets ▸ Price exposure is largely offset between the long and short positions ▸ Annualized funding on major venues often compresses to low single-digit APRs This baseline is widely used, but outcomes depend entirely on funding conditions and incentive design. — ► The Key Differentiator: Short-leg Boosted APR Traditionally: ▸ Incentives and boosts favored long positions or liquidity providers ▸ Shorts earned funding but received no additional rewards ▸ Delta-neutral strategies faced persistent yield drag on the short leg HyENA changed this: ▸ Boosted APR now applies directly to the short leg ▸ Funding and Boosted APR stack into a layered yield ▸ Returns remain smoother during periods of funding compression This shifts the short hedge from a cost center into a consistent yield source. — ► What The Numbers Imply Recent snapshots show HyENA’s incentive structure materially improves cash-and-carry returns without increasing risk. ▸ Base funding rates sit around ~0.0100% per interval on $ETH and $HYPE ▸ When annualized and combined with the short-leg Boosted APR, this implies ~10% APR ▸ This applies to the same delta-neutral profile that earns low single-digit returns on major CEXs due to arbitrage These returns come from incentive design, not leverage or additional exposure. — ► HLPe and Market Depth Liquidity determines whether cash-and-carry can be executed at scale, and HLPe (Hyperliquid LP) data confirms sufficient depth. ▸ Total Volume (Non-HLPe): Over $75M recently, indicating active organic trading flow ▸ HLPe Volume: Around $37.5M, reflecting strong participation in the liquidity vault ▸ Open Interest: Steady growth across ETH and HYPE, supporting efficient entry and exit — ► Why this Matters HyENA enables delta-neutral capital to earn around ~10% implied APR without leverage or added directional exposure. By incentivizing the short leg, funding and Boosted APR stack, improving returns without changing risk. Combined with HLPe liquidity depth, this makes cash-and-carry viable for real size deployment.

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