SKAITO JAN2026 Delta-Neutral Backtest
Period: 2025-07-21 → 2026-01-28 (192 days) | Market: 0x53fb20ff03ef94ef224557cc6262e0f11c20f718 | Long PT + KAITO perp short on Hyperliquid
$100,000
15%
Portfolio Equity (capital + net PnL)
Hourly Funding Income & Cumulative
Cumulative Fees Paid
PT/Wrapper Ratio (hedge coverage — converges to 1 at maturity)
PT Price vs KAITO Price liq price overlaid on KAITO
HL Short Position KAITO shorted & USD notional
HL Margin Utilization health % (100% = liq) & account equity
☰ Deployment Chunks (max $20,000 per chunk — HL depth management, 1-hour intervals)
△ DN Spread & Delta Drift hedge fixed at entry — as PT converges and the wrapper ratio accrues, effective long KAITO exposure drifts vs the short
PT Basis vs Maturity Value PT market value − redemption value at today's KAITO price; negative = PT at discount = over-hedged; converges to 0
Hedge Integrity short KAITO held — drops to 0 if liquidated
Margin Runway days until maintenance hit at current funding — capped at 365
PT Implied APY vs HL Funding APR (the DN spread — gap = strategy alpha)
📈 What If: Reserve → Stablecoin @ 4% APY
Strategy Comparison