The Strategy

One position follows the market. The other aims to offset it. The work happens in the space between.

Long spot / short perps

One view of the whole position

Two coordinated legs

Long spot

The first leg holds tokenized stock on Robinhood Chain. A real asset balance, counted as part of the whole position.

Features

  • Tokenized stock exposure

  • Spot balance reconciliation

  • Capital deployed by an operator

  • Reserved deposit accounting

  • Included in reported vault value

Read the mechanics

Short perps

The second leg targets an offsetting perpetual short on Lighter. Separate execution, coordinated through the keeper.

Features

  • Targeted offsetting exposure

  • Independent venue account

  • Margin and funding monitoring

  • Asynchronous hedge execution

  • Position reconciliation

Read the mechanics

The whole position matters

Spot and perpetual markets do not always agree on price. Funding payments move between the two sides of a perpetual market. SPREADWORK pairs a spot holding with an offsetting short to aim for less outright price exposure while working that relationship.

The match is a target, not a guarantee. Funding can turn negative, spreads can widen, and execution takes time. Margin, custody, trading costs and the quality of each value report all shape the result. A basis position can lose money.

The operating model

Coordinated positions

02 legs

Directional exposure

Offset target

Deposit and redemption flow

Queued

Our Working Rules

A vault should show its working

  1. Your place in the queue

    Pending deposits stay reserved until acceptance. Withdrawals settle when cash is available and the requested minimum output can be met.

  2. The value behind a share

    Liquid assets and reported strategy assets feed vault accounting. A fresh value report is required for settlement; it is not proof of off-venue custody.

  3. The people operating it

    An operator moves capital and coordinates positions. A separate reporter updates strategy value. Those responsibilities stay visible.

  4. The path from earned fees

    The proposed token mechanism allocates realized performance fees to buybacks and burns. User deposits and pending withdrawals are not buyback capital.