June 2026
mBASIS Transparency Report
By Delta Y
Highlights
mBASIS is a USD-denominated Liquid Yield Token tracking the performance of crypto funding rates through perpetual futures strategies across multiple exchanges, managed by Edge Capital. The vault was deployed on August 21, 2024, with regular price updates beginning on September 6, 2024, and data on protocols' allocations available since August 9, 2025.
During June 2026, mBASIS's AUM increased from $3.57M to $3.94M. The inception-to-date return (net of fees) now amounts to 10.34% annualized.
Other relevant indicators can be seen in Table 1 below:
May 2026 | Jun 2026 (Δ) | |
|---|---|---|
Avg. NAV | $3.51M | $3.62M (3.07%) |
Avg. APY | 5.61% | 5.78% (0.18 p.p.) |
Avg. Leverage | 1.00x | 1.00x (0.00%) |
Net Deposits | $164.70K | $348.01K (111.30%) |
Performance
mBASIS reached a price of $1.1950 in its latest oracle update, reflecting a 0.34% return for the month of June. The trailing (7 days minimum) APY peaked at 7.97% during this period, with a minimum of 3.47%.
Table 2displays the vault's performance against other comparable yield strategies:
May 2026 | Jun 2026 | |
|---|---|---|
mBASIS sUSDe | mBASIS sUSDe | |
Avg. APY | 5.37% 3.92% | 5.72% 3.86% |
Std. Dev. APY | 2.75% 0.38% | 1.50% 0.30% |
Sharpe Ratio 1 | 0.70 0.77 | 1.54 0.84 |
1 Considered the 30D Avg. Secured Overnight Financing Rate (SOFR) as the risk-free rate for calculation purposes.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Unallocated ($796.12K or 22.00%), Perps ($564.45K or 15.60%) and (Re)Staking ($441.16K or 12.19%).
As of the reporting date, the vault's capital is deployed across 12 blockchains and 6 protocols, with exposure over the past month ranging between 3-12 blockchains and 5-7 protocols.
More notably, mBASIS's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mBASIS to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were Unclassified ($1.51M or 41.60%), USDC ($1.36M or 37.60%) and LIT ($612.88K or 16.94%), which have, on average, collectively represented 96.14%of the vault's total assets.
Other relevant indicators can be seen in Table 3 below:
31st May 2026 | 30th Jun 2026 | |
|---|---|---|
Assets | ||
USDC | $1.22M 34.06% | $1.26M 32.02% |
LIT | $648.87K 18.15% | $825.31K 20.95% |
HYPE | $76.12K 2.13% | $68.10K 1.73% |
ETH | $0.00 0.00% | $2.81K 0.07% |
UFART | $118.85K 3.32% | $0.00 0.00% |
Unclassified | $1.51M 42.21% | $1.78M 45.22% |
Others | $4.30K 0.12% | $536.80 0.01% |
Total Assets | $3.57M 100.00% | $3.94M 100.00% |
Activity
During June 2026, the vault processed $382.29K in deposits and $34.27K in withdrawals, resulting in $348.01K of net deposits over a total of 120 transactions.
As of period end, the mBASIS vault had 6102 holder addresses, representing a decrease of 1.80% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
May 2026 | Jun 2026 (Δ) | |
|---|---|---|
Deposits | $185.21K | $382.29K (106.41%) |
Withdrawals | $20.51K | $34.27K (67.15%) |
Net Deposits | $164.70K | $348.01K (111.30%) |
Avg. Holders NAV | $554.91 | $586.90 (5.76%) |
Median Holders NAV | $0.23 | $0.18 (-21.74%) |
Disclosures
Security: Midas smart contracts have been audited by Sherlock and Côme du Crest. Onchain transactions are secured via multi-sig / MPC wallets (e.g., Fordefi, Fireblocks).
Fees: Midas vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: mBASIS's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including mBASIS, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.