---
hedgefund: 1
name: Example digital assets book
currency: USD
nav: 100000000
updated: 2026-11-01
---

# Example digital assets book

A made-up digital asset book: cash-and-carry basis, a token's reserves and a token trading away from its NAV. The basis sleeve looks flat on net and large on gross, and its margin leaves the least room when moves are largest. Every number is made up.

The numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms

## Limits

```json
{
  "max_gross_pct": 175,
  "max_net_pct": 50,
  "max_vol_pct": 15,
  "max_tail_sum_pct": 25,
  "min_liquid_7d_pct": 50,
  "max_adv_participation_pct": 10,
  "needs_yes_over_pct_nav": 2
}
```

## Correlation

```json
0.35
```

## Sleeves

### basis

```json
{
  "model": "basis_carry",
  "capital_pct": 50,
  "assumed": { "vol_pct": 5, "tail_loss_pct": 20, "liquidity_days": 3 },
  "inputs": {
    "instrument": "perp",
    "spot_price": 1000,
    "derivative_price": 1002,
    "funding_bps_per_8h": 1,
    "notional": 1000000,
    "short_leverage": 4,
    "maintenance_margin_pct": 2,
    "fees_bps_round_trip": 12,
    "borrow_rate_pct": 8,
    "financed_share_pct": 50,
    "collateral_haircut_pct": 15,
    "holding_days": 90
  }
}
```

### reserves

```json
{
  "model": "reserve_coverage",
  "capital_pct": 25,
  "assumed": { "vol_pct": 2, "net_pct": 100 },
  "inputs": {
    "tokens_outstanding": 100000000,
    "reserves": [
      { "name": "Bank cash", "amount": 10000000, "haircut_pct": 0, "days_to_cash": 0 },
      { "name": "Bill 30d", "amount": 30000000, "haircut_pct": 0.5, "days_to_cash": 3 },
      { "name": "Bill 90d", "amount": 30000000, "haircut_pct": 1, "days_to_cash": 5 },
      { "name": "Loan note", "amount": 25000000, "haircut_pct": 5, "days_to_cash": 30 },
      { "name": "Property note", "amount": 10000000, "haircut_pct": 15, "days_to_cash": 120 }
    ],
    "daily_redemption_pct": 5,
    "horizon_days": 60,
    "reserve_yield_pct": 4,
    "fee_bps": 30
  }
}
```

### nav_gap

```json
{
  "model": "token_nav_gap",
  "capital_pct": 20,
  "assumed": { "tail_loss_pct": 15, "carry_pct": 0 },
  "inputs": {
    "token_prices": [
      99.9, 99.85, 99.95, 100.05, 99.95, 99.9, 99.85, 100, 100.05, 99.95, 100, 100.1, 100.05, 99.95, 100.1, 100.15,
      100.05, 100.1, 100, 100.1, 100.05, 100.2, 100.1, 99.5, 98.8, 98.2, 97.9, 98, 98.2, 98, 97.8, 97.9,
      98, 98.1, 98.05, 98, 98.1, 98.2, 98.25, 98.2, 98.1, 98.15, 98.3, 98.35, 98.3, 98.4, 98.35, 98.3,
      98.25, 98.4, 98.5, 98.45, 98.5, 98.45, 98.4, 98.45, 98.55, 98.5, 98.55, 98.4
    ],
    "nav_values": [
      100, 100, 100, 100, 100, 100, 100, 100.1, 100.1, 100.1, 100.1, 100.1, 100.1, 100.1, 100.2, 100.2,
      100.2, 100.2, 100.2, 100.2, 100.2, 100.3, 100.3, 100.3, 100.3, 100.3, 100.3, 100.3, 98.5, 98.5, 98.5, 98.5,
      98.5, 98.5, 98.5, 98.4, 98.4, 98.4, 98.4, 98.4, 98.4, 98.4, 98.5, 98.5, 98.5, 98.5, 98.5, 98.5,
      98.5, 98.6, 98.6, 98.6, 98.6, 98.6, 98.6, 98.6, 98.7, 98.7, 98.7, 98.7
    ],
    "asset_vol_pct": 10,
    "days_between_strikes": 7,
    "pool_token_depth": 100000,
    "pool_cash_depth": 9840000,
    "position_tokens": 5000,
    "redeem_fee_bps": 100,
    "mint_fee_bps": 50,
    "pool_fee_bps": 10,
    "settle_days": 10,
    "cash_rate_pct": 5
  }
}
```