October 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 October 2026, mBASIS's AUM decreased from $5.31M to $5.23M. The inception-to-date return (net of fees) now amounts to 9.80% annualized.
Other relevant indicators can be seen in Table 1 below:
Sep 2026 | Oct 2026 (Δ) | |
|---|---|---|
Avg. NAV | $5.25M | $5.28M (0.72%) |
Avg. APY | 5.07% | 3.61% (-1.46 p.p.) |
Avg. Leverage | 1.00x | 1.00x (0.00%) |
Net Deposits | $41.08K | -$89.50K (N/A) |
Performance
mBASIS reached a price of $1.2221 in its latest oracle update, reflecting a 0.27% return for the month of October. The trailing (7 days minimum) APY peaked at 7.10% during this period, with a minimum of 0.80%.
Table 2displays the vault's performance against other comparable yield strategies:
Sep 2026 | Oct 2026 | |
|---|---|---|
mBASIS sUSDe | mBASIS sUSDe | |
Avg. APY | 5.10% 4.79% | 3.61% 4.95% |
Std. Dev. APY | 1.92% 0.15% | 1.66% 0.12% |
Sharpe Ratio 1 | 1.00 7.67 | -0.27 9.29 |
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 ($1.62M or 30.55%), (Re)Staking ($658.48K or 12.45%) and Perps ($442.60K or 8.37%).
As of the reporting date, the vault's capital is deployed across 12 blockchains and 4 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 ($2.36M or 44.72%), USDC ($2.04M or 38.49%) and LIT ($603.75K or 11.42%), which have, on average, collectively represented 94.63%of the vault's total assets.
Other relevant indicators can be seen in Table 3 below:
30th Sep 2026 | 31st Oct 2026 | |
|---|---|---|
Assets | ||
USDC | $1.99M 37.48% | $2.22M 42.38% |
LIT | $775.91K 14.61% | $593.74K 11.35% |
LINK | $142.94K 2.69% | $113.34K 2.17% |
HYPE | $96.30K 1.81% | $82.30K 1.57% |
LDO | $0.00 0.00% | $29.41K 0.56% |
Unclassified | $2.26M 42.63% | $2.19M 41.89% |
Others | $40.94K 0.77% | $4.25K 0.08% |
Total Assets | $5.31M 100.00% | $5.23M 100.00% |
Activity
During October 2026, the vault processed $3.18K in deposits and $92.68K in withdrawals, resulting in -$89.50K of net deposits over a total of 108 transactions.
As of period end, the mBASIS vault had 5748 holder addresses, representing a decrease of 1.61% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Sep 2026 | Oct 2026 (Δ) | |
|---|---|---|
Deposits | $153.86K | $3.18K (-97.94%) |
Withdrawals | $112.78K | $92.68K (-17.82%) |
Net Deposits | $41.08K | -$89.50K (N/A) |
Avg. Holders NAV | $891.32 | $913.67 (2.51%) |
Median Holders NAV | $0.12 | $0.12 (0.00%) |
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.