Neutrl's been running 16-17% APY on ~$136M TVL via discounted VC token OTC buys hedged with perp shorts — but only ~10% of reserves are ever actively deployed in arb, with the rest parked in stablecoins. Wrapping this into a Credit Vault on Monad with AUSD as the deposit asset and sNUSD + ecosystem incentives as the yield stack gives them access to Monad's launch liquidity wave, but those incentive-layer returns have an expiration date. The delta-neutral framing is clean marketing — the actual risk is OTC counterparty exposure and deal flow concentration that doesn't show up in any on-chain metric.

Top comment by @Benthic