Executive Summary
The global yield landscape faces a structural inflection. Traditional fixed income remains compressed, while a new market of tokenised global assets traded 24/7 on programmable rails generates persistent, harvestable carry that institutions cannot reach through legacy channels. Jetstream bridges that gap. Operating as a "Liquidity Autopilot," the platform delivers institutional allocators delta-neutral, dollar-denominated returns from basis trades on global asset perpetuals and their offchain equivalents, pairing the risk discipline of a regulated fund with the efficiency of algorithmic execution.
Our flagship product, Jetstream Global Basis+, targets a 16% net annualised return by capturing the funding skew that emerges when retail demand for 24/7 leverage on global assets meets thin institutional short-side liquidity. Allocators access it by minting USDJ, the onchain receipt token representing interests in the underlying Cayman fund.
A Pivotal Moment for Onchain Yield
Crypto and global markets are merging. Tokenised equity, index, and commodity perpetuals on Hyperliquid went from near-zero open interest when HIP-3 opened in October 2025 to $2.5B by May 2026, cleared $4B for the first time in early August, and sit at roughly $3.6B today across 100+ live markets turning over about $2.3B a day. The S&P 500 book alone carries $386M of open interest, gold $306M, and the WTI and Brent complex $349M between them.
Traders pay a structural premium for round-the-clock access to assets their brokers only quote for six and a half hours. That premium is harvestable as delta-neutral carry, the way the crypto basis trade was from 2021 to 2024 before capital crowded it out.
We have been measuring it. Across the first 241 days of 2026 we tracked live hourly funding on 205 ticker-venue combinations spanning Hyperliquid, Lighter, Coinbase International and Binance, against tradable spot at Interactive Brokers. Ranking every trade daily and keeping the twenty best, the short-perp / long-stock basis averaged 23.3% a year gross, with a median trade at 15.6% and the best five averaging 50.8%. On an average day 97.5% of those twenty paid the short, and all twenty paid on 94% of days. Cross-venue funding pairs ran wider still, averaging 39.2%.
The comparison that matters is the crypto floor. Over the same 241 days the best cash-and-carry available on BTC, ETH or SOL averaged 4.4%, peaking at 15.7% on its single best day. The tokenised-asset premium is currently paying several multiples of that.
The window is finite. Shorting these markets means underwriting a global asset and an onchain venue at the same time, and few desks are configured to do both. As that capability spreads, short-side capital arrives and funding compresses. The original crypto basis trade took four years to crowd out.
The Jetstream Framework: Institutional-Grade Rails
Traditional allocators cite transparency, custody, and smart contract security as the primary barriers to onchain entry. Jetstream resolves all three.
Enforced Transparency. Deposits enter an onchain ERC-4626 vault and mint a receipt token. Vault TVL, performance, venue allocations, risk-policy compliance and withdrawal status stream to a public dashboard in real time, alongside proof-of-reserves covering Hyperliquid and Lighter positions, IBKR positions, Fireblocks vault balances and bank balances in transit. Those live figures are unaudited. The fund's official valuation is a monthly auditor-certified NAV issued by Rankin Berkower, which prevails wherever the two differ.
Bounded Custody. All capital sits in a Fireblocks MPC vault with Ascent GFS, the fund administrator, holding independent signing authority. The vault contract has exactly one permitted destination. Venue keys can do two things: trade, or return capital to the vault. Withdrawal destinations are pinned at the protocol level, so funds cannot be routed to an external address. Trading keys for Hyperliquid and Lighter exist only inside an attested AWS Nitro enclave, which re-checks leg, side, price and size against a signed parent authorisation before it will sign an order. Emergency functions carry 48-hour timelocks, and an independent watchdog reconciles onchain and venue balances against the signer's own log continuously.
Enforced Execution Discipline. Every venue child order is an immediate-or-cancel limit sitting within 25bps of the live book mid, so nothing rests on the book and nothing walks it. Each leg is pinned to 1x isolated before the first child, making fund-level leverage zero. Per-child delta target is 25bps. Residual past 1% of requested gross parks the position and stops further increases until an operator clears it. On any reduce or close, the engine fills the leader first and sizes the follower to what actually filled.
Some of what a fully automated version of this would do is deliberately still human. Delta rebalancing, adverse-carry rotation and drawdown response are monitored continuously and executed on operator approval rather than fired by the engine. We would rather disclose that than describe automation we have not shipped.
Strategy & Performance: Jetstream Global Basis+
Global Basis+ runs two delta-neutral sleeves across global asset perpetuals and their offchain equivalents. Allocations are dynamic and rebalanced systematically against a proprietary model, targeting 16%+ net while holding zero directional exposure.
The trades that recur are the ones the strategy is built around. SK Hynix short on Hyperliquid entered a daily top twenty on 119 of 241 days at an average 55%, paying the short in 68% of hours. MU on Hyperliquid made 101 days at 17% and 85% of hours. By venue, the median share of hours the short got paid was 96% on Lighter, 82% on Hyperliquid, 75% on Coinbase, and 18% on Binance, which is why Binance appears as a cross-venue counterweight rather than a home for the basis leg.
By harvesting funding across venues and eliminating the 20 to 50bps drag of manual rebalancing and custodial fees, Global Basis+ targets a return profile comparable to high-yield corporates and private credit, with zero directional exposure, zero leverage, and daily liquidity in the underlying instruments.
Risk Management & Mitigation
Jetstream treats onchain risk with institutional rigour. The governing parameters are published below.
Delta & Position Risk. Target net delta is zero, with legs matched in USD notional. Residual past 1% of requested gross parks the position for operator resolution. No single trade may exceed 35% of the book. The fund should never be a material fraction of a ticker's open interest or visible depth; if the eligible universe shrinks, deployment is reduced rather than concentrated.
Drawdown Backstop. A 3% drawdown from high-water mark triggers the risk-off band: new risk halts and the weakest pairs are cut. An 8% drawdown is a hard stop and full unwind, with immediate investor notification. Redeployment after either requires CIO and risk review. Both bands are executed by an operator under policy rather than by an automatic engine trip.
Smart Contract & Venue Risk. Pashov Audit Group, who have secured $100B+ TVL across 400+ audits for Aave, Ethena, Euler and Uniswap among others, returned 25 findings on Jetstream including two criticals in accounting and yield-fee calculation. All 25 were resolved and the fixes re-audited. Neither critical would at any point have allowed user funds to leave Jetstream. Hyperliquid HIP-3 markets are listed by third-party deployers, so we monitor deployer stake, oracle latency, funding caps and market-closed oracle behaviour as named venue risks, cap single-trade exposure, and keep Lighter, Coinbase and Binance in the mix so no one venue is structural.
Liquidity & Counterparty Risk. Cash equities at IBKR trade on exchange hours while perpetuals trade continuously, so no new cash-leg pair is opened outside market hours. Orders that cannot cross inside 25bps of mid are not sent. The fund is a Cayman-domiciled, CIMA-licensed private fund, managed by Jetstream Capital Partners, a BVI Approved Investment Manager and SEC Exempt Reporting Adviser, with Rankin Berkower as auditor and Ascent GFS as administrator.
Stablecoin & Transfer Risk. USDC over Circle CCTP is the funding rail between IBKR and the perpetual venues. A sustained move off peg, a delayed mint or redeem, or action against the issuer pauses the rail and exits to cash or an alternative stablecoin under risk assessment.
Deployment & Access
Jetstream operates across Ethereum, Arbitrum, Hyperliquid L1 and Lighter L2, executing on Hyperliquid, Lighter, Coinbase and Binance for the perpetual leg and Interactive Brokers for the cash leg. This multi-chain, multi-venue footprint lets institutional-sized positions scale without the slippage or gas costs of legacy networks.
Global Basis+ is capped at $30M for its initial cohort. Subscriptions are open on a rolling basis and swept into strategy weekly, with monthly withdrawal epochs. Fees are 2% on AUM and a tiered performance fee of 15% on gross returns up to 16% and 25% above it. KYC, KYB and accreditation are processed through Ascent GFS, and the structure is open to U.S. and global professional, accredited and institutional investors.
The result is a yield instrument that is programmable, transparent, and built for the next generation of capital allocation. It combines the carry of a tokenisation-era basis trade with the discipline of a regulated fund.
Contact Us
Interested in next-generation yield allocation? Get in touch.
Institutional enquiries: institutional@jetstream.markets
For professional and accredited investors only. Access is subject to KYC, accreditation and jurisdictional eligibility determined by the Fund and its administrator; subscriptions from OFAC-sanctioned and other restricted jurisdictions are prohibited. Not SFC-authorised; in Hong Kong this material is for professional investors within Schedule 1 of the SFO (Cap. 571) only. Strictly private and confidential. This is not an offer or solicitation. Any investment is made solely on the basis of the Fund's offering documents, which prevail over anything stated here. Targets are not guarantees, funding figures shown are gross and historical, and past performance is not indicative of future results.