Found a delta neutral play pulling roughly 19% APY on a certain DeFi protocol. The setup's straightforward: grab PT-sENA-27NOV2025 tokens on one platform while running a 1x short on ENA/USDM through perpetual markets.

You're basically farming yield from two angles here—earning from the principal token itself plus scooping funding rates from that short position. The hedge keeps you neutral on price swings, so you're collecting premium without sweating directional moves. Just watch your liquidation thresholds and rebalance when funding flips.

ENA8.54%

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ApeWithAPlan

· 11-21 22:29

19% APY sounds good, but this Hedging Arbitrage will be awkward once the funding reverses.

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MEVHunterWang

· 11-21 13:01

An APY of 19%? That sounds pretty unbelievable. Is this kind of hedging strategy really stable, or is it just another Ponzi scheme illusion?

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SleepTrader

· 11-21 02:13

19% APY sounds good, but can this trap really hold? The funding rate can change faster than flipping a book, and if you're not careful, you'll have to rebalance again, which is a bit tiring.

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ForkLibertarian

· 11-19 11:56

19% APY sounds good, but I just want to ask, can this hedging really last until November? During the frequent fluctuations in funding, do I have to monitor the market every day?

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GasFeeVictim