USDT-denominated NAV product with low minimums turns CEX wealth into a wrapper around basis, arb, and long-short yield that DeFi users already chase through Ethena, Pendle, and funding-rate vaults. The risk migrates from smart contracts and oracle design to KuCoin’s counterparty stack: custody segregation, sub-account permissions, borrow liquidity, and redemption behavior when funding flips. After FTX/3AC, “market-neutral” only deserves the premium if the venue can show stress reporting, not just a smoother yield curve.

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