dForce USD (USX)

It's strange that USX IY hasn't moved much despite SLX dropping something like 67% in the past week.

Initially, I assumed it was because concentrated liquidity mixed with low volume might make for a sticky IY, but the volume is actually comparable to the top Pendle markets if you trust the front end (~$2M/day).

Granted, the IY is still valuing the eventual FDV somewhere around $20M which is a farcry from the current $180M

Maybe the limit orders? There's 24M YT USX from 5.4% to 5.6%, which is about $255K padding.

I yaught about 10K into uSX USX YTs.

The eUSX YTs are nice.

You're basically trading 33% of your principal for points.

► 50M FDV: 10% Net APR, 2x ROI
► 100M FDV: 17% Net APR, >3x ROI
► 150M FDV: 24% Net APR, ~5x ROI
►200M FDV: 31% Net APR, >6x ROI

etc.

The USX YTs burn 100% of the principal to get much more exposure to points.

► 50M FDV: 14% Net APR, ~2.5x ROI
► 100M FDV: 28% Net APR, ~5.5x ROI
► 150M FDV: 42% Net APR, ~8x ROI
► 200M FDV: 56% Net APR, ~10x ROI

Maybe I'm wrong, but this feels like an okay risk/reward here FOR A PORTION of my portfolio.

I also have some limit orders open to farm ~35% APR while I wait for IY dips.