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A GLOBAL PERSPECTIVE ON DIGITAL ASSET STRATEGIES

Digital asset yield
Beyond price

Yeap Capital focuses on digital asset yield strategies, connecting DeFi and centralised markets. We assess return sources, risk constraints and execution costs to explore opportunities with less reliance on market direction.

Explore our strategiesHow we make decisions
Less speculation and more substance

AN OPEN VIEW OF THE DEFI ECOSYSTEM

Selected protocols from our broader research universe

01　SELECTED APPROACHES

Different sources
One risk framework

We look for what drives a return, understand what could erode it, and build a strategy around the difference.

DEFI YIELD01

Understand the yield

Study how lending and yield markets generate returns, and how protocol design and collateral affect the risks.

Lending marketsYield positioning
Explore DeFi yield

01　DEFI YIELD

DeFi yield

Explore lending and yield markets through protocols such as Aave, Morpho, Spark and Pendle. These are examples within a broader research universe. Evaluate collateral, market liquidity, maturity and the underlying source of yield before allocating.

RETURN SOURCEBorrower interest & yield markets

HOW IT WORKS

01

Allocate capital

02

Lending and yield markets

03

Accrue underlying yield

Risk discipline

Protocol and asset selection, position limits, liquidity assessment and maturity planning.

WHAT WE ASSESS

Smart contract vulnerabilities, collateral and oracle risk, stablecoin depegging, liquidity constraints, and maturity or underlying-asset risk. Returns vary; principal can be lost.

An illustrative research framework, not a product offering or personal recommendation. The examples are not exhaustive and imply no target or guaranteed return.

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MARKET-NEUTRAL ARBITRAGE02

Study the spread

Examine pricing and funding differences across spot and derivatives markets, on decentralised and centralised venues.

Spot and derivativesDEX and CEX
Explore neutral strategies

02　MARKET-NEUTRAL ARBITRAGE

Market-neutral arbitrage

Pair spot and derivative positions to reduce directional exposure. Assess basis, funding and differences between venues after execution costs, with attention to collateral and the ability to close both legs.

RETURN SOURCEBasis, funding & price differences

HOW IT WORKS

01

Identify a spread

02

Build offsetting positions

03

Manage convergence & costs

Hedge construction

Offset directional positions and reassess hedge size, margin, funding costs and venue exposure.

WHAT WE ASSESS

Funding reversals, basis widening, execution slippage, liquidation, collateral fragmentation, exchange counterparty risk and incomplete hedging. Market neutrality does not remove loss risk.

An illustrative research framework, not a product offering or personal recommendation. The examples are not exhaustive and imply no target or guaranteed return.

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HEDGED PROTOCOL INCOME03

Examine the income

Explore how protocol distributions and a corresponding hedge interact, including the costs and limits of reducing token price exposure.

Staking incomeDelta hedging
Explore hedged income

03　HEDGED PROTOCOL INCOME

Hedged protocol income

Combine a distribution-bearing token position with a corresponding derivative hedge. The objective is to retain protocol income after hedging, trading and custody costs, while reducing sensitivity to the token price.

RETURN SOURCEEligible token distributions

HOW IT WORKS

01

Stake eligible tokens

02

Hedge token price exposure

03

Evaluate net distributions

Net income matters

Evaluate distributions after funding and execution costs, and align staking liquidity with hedge obligations.

WHAT WE ASSESS

Variable or discontinued distributions, token and contract risk, staking lockups, slashing where applicable, funding costs, liquidation and hedge mismatch. Net income may be negative.

An illustrative research framework, not a product offering or personal recommendation. The examples are not exhaustive and imply no target or guaranteed return.

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An evolving opportunity set

These approaches are a starting point. We continue to research protocols, markets and tools, guided by the same risk discipline rather than a fixed list of strategies.

02　THE YEAP METHOD

Understand the source
Test the conditions

Our assessment covers four areas, from the economics of an opportunity to the conditions that would change our view.

Understand the risk behind every return
01Trace the economicsThe payer and the economic source

WHAT WE EXAMINE

Assess borrowing demand, market structure and protocol activity as sources of income. Separate temporary incentives from underlying returns and account for funding, fees and execution costs.

WHAT THE REVIEW SHOULD ESTABLISH

A clear explanation of the return source, its dependencies and the costs that can erode it.

02Map the dependenciesThe conditions a strategy depends on

WHAT WE EXAMINE

Map the contracts, collateral assets, oracles and counterparties involved. Identify shared exposures and assess the effects of stress on a stablecoin or venue.

WHAT THE REVIEW SHOULD ESTABLISH

A view of the material risks and shared dependencies, including those a directional hedge does not remove.

03Examine the exitLiquidity and timing at exit

WHAT WE EXAMINE

Examine how position liquidity, staking locks and derivative maturities interact. Assess margin needs, slippage and exit liquidity under less favourable conditions.

WHAT THE REVIEW SHOULD ESTABLISH

An assessment of liquidity and execution constraints, including timing mismatches across positions.

04Define reasons to reconsiderChanges that challenge the original thesis

WHAT WE EXAMINE

Monitor changes in net income, funding, liquidity and protocol conditions. Reassess whether the opportunity still meets the original research assumptions.

WHAT THE REVIEW SHOULD ESTABLISH

Explicit assumptions and conditions for revisiting a position, rather than relying on the original yield alone.

MECHANISM NOTE　001

Income and hedging
Two sides, one assessment

An illustrative view of hedged protocol income. Follow the income leg, the hedge and the costs that connect them.

01　INCOME LEG

An eligible token position

Holding or staking an eligible token may entitle the position to protocol distributions, under that protocol’s rules.

02　HEDGE LEG

An opposing derivative position

A short position aims to reduce sensitivity to token price changes. It needs margin and ongoing adjustment.

The hedge targets price exposure. It does not secure the distribution.

READ THE WHOLE RESULT

  • Protocol distributions
  • ± Combined position P&L
  • ± Funding cash flows
  • − Trading & other costs

This is a conceptual breakdown, not a return forecast. Hedging can be imperfect and the overall result can be negative.

CHANGE A CONDITION

Income remains conditional

Even when distributions continue and a hedge is available, costs, margin and exit liquidity still matter.

WHAT TO REASSESS

Assess net cash flows and the residual exposure across both positions.

The hedge can become more costly

For a perpetual short, negative funding means paying the long side. A distribution can be outweighed by the cost of carrying the hedge.

WHAT TO REASSESS

Reassess funding payments, net income and the cost of resizing or exiting.

The income thesis may change

Protocol distributions can shrink or stop while the hedge still requires margin and may incur costs. Locked tokens may not be immediately available to exit.

WHAT TO REASSESS

Revisit the income assumptions and the exit path for both legs.

Mechanism illustration only. No live position, historical performance or investable product is shown.

Read about perpetual funding payments ↗
CONNECTED BY OPPORTUNITY

03　ABOUT YEAP

A global perspective
An onchain focus

Yeap Capital connects onchain opportunities with a global perspective on digital asset markets. Our ambition is to help more people understand and access digital asset yield opportunities through in-depth research.

Our work brings together strategy research, execution and client communication. Clear records support that conversation, while individual account information stays private.

HOW THE WORK CONNECTS

01

Research

Explain the mechanism and the assumptions behind a strategy.

02

Execution

Connect those assumptions to positions, hedges and liquidity.

03

Communication

Bring records and context together for a clear private discussion.

RECORDS & COMMUNICATION

A clearer view
A private conversation

Onchain records and periodic exchange statements provide different views of activity. We use these materials to support private communication.

  1. 01

    Onchain activity

    Wallet records show onchain transfers and protocol interactions. They cover the onchain part of the picture.

  2. 02

    Exchange statements

    Periodic CEX statements provide a view of activity held within exchange accounts, alongside onchain records.

  3. 03

    Private communication

    Relevant materials and explanations are shared privately. Scope and timing depend on the specific arrangement.

Wallet records alone do not show all liabilities or offchain exposures. These materials are not, by themselves, an independent audit or proof of total assets.

A LITTLE MORE CLARITY

Good questions
Thoughtful answers

Are these your only strategies and protocols?

No. The approaches and protocols shown are representative research examples. We consider a broader, evolving set of opportunities through their return sources, risks, liquidity and net economics.

Does market-neutral mean risk-free?

No. Offsetting long and short positions can reduce directional price exposure, but contract, counterparty, funding, liquidity, execution and liquidation risks remain. Capital preservation is an objective, not a guarantee.

Do you publish performance or account information?

We do not publish specific investment performance, holdings, wallet addresses or exchange account information on this website.

Are the strategies shown investment products?

The descriptions explain mechanisms and research questions. They do not provide product terms, a subscription facility or a personal recommendation.

How can I get to know Yeap?

Email business@yeap.finance or contact @yeap_capital on Telegram for company enquiries, business conversations or research exchange.

CONTACT YEAP

Get to know Yeap
Start a conversation

Company enquiries, business conversations and research perspectives are all welcome.

EMAILbusiness@yeap.finance
Send an email
TELEGRAM@yeap_capitalTalk on Telegram

Choose the channel that works for you. Email opens your email app; Telegram opens a direct conversation.