July 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 July 2026, mBASIS's AUM increased from $3.96M to $5.08M. The inception-to-date return (net of fees) now amounts to 10.22% annualized.
Other relevant indicators can be seen in Table 1 below:
Jun 2026 | Jul 2026 (Δ) | |
|---|---|---|
Avg. NAV | $3.62M | $4.59M (26.94%) |
Avg. APY | 5.78% | 7.70% (1.92 p.p.) |
Avg. Leverage | 1.00x | 1.00x (0.00%) |
Net Deposits | $348.01K | $1.11M (219.34%) |
Performance
mBASIS reached a price of $1.2028 in its latest oracle update, reflecting a 0.60% return for the month of July. The trailing (7 days minimum) APY peaked at 11.00% during this period, with a minimum of 3.47%.
Table 2displays the vault's performance against other comparable yield strategies:
Jun 2026 | Jul 2026 | |
|---|---|---|
mBASIS sUSDe | mBASIS sUSDe | |
Avg. APY | 5.72% 3.86% | 7.66% 3.94% |
Std. Dev. APY | 1.50% 0.30% | 1.69% 0.11% |
Sharpe Ratio 1 | 1.54 0.84 | 2.80 3.01 |
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 ($908.46K or 19.78%), Perps ($758.54K or 16.52%) and (Re)Staking ($624.42K or 13.60%).
As of the reporting date, the vault's capital is deployed across 12 blockchains and 5 protocols, with exposure over the past month ranging between 5-6 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 ($1.96M or 42.64%), USDC ($1.67M or 36.26%) and LIT ($897.46K or 19.54%), which have, on average, collectively represented 98.44%of the vault's total assets.
Other relevant indicators can be seen in Table 3 below:
30th Jun 2026 | 31st Jul 2026 | |
|---|---|---|
Assets | ||
USDC | $1.26M 32.02% | $1.91M 37.59% |
LIT | $827.03K 21.00% | $973.75K 19.17% |
HYPE | $68.24K 1.73% | $55.46K 1.09% |
ETH | $2.81K 0.07% | $3.31K 0.07% |
USDT | $0.00 0.00% | $0.91 0.00% |
Unclassified | $1.78M 45.17% | $2.14M 42.08% |
Others | $536.80 0.01% | $518.23 0.01% |
Total Assets | $3.94M 100.00% | $5.08M 100.00% |
Activity
During July 2026, the vault processed $1.14M in deposits and $24.21K in withdrawals, resulting in $1.11M of net deposits over a total of 124 transactions.
As of period end, the mBASIS vault had 6030 holder addresses, representing a decrease of 1.08% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Jun 2026 | Jul 2026 (Δ) | |
|---|---|---|
Deposits | $382.29K | $1.14M (197.04%) |
Withdrawals | $34.27K | $24.21K (-29.36%) |
Net Deposits | $348.01K | $1.11M (219.34%) |
Avg. Holders NAV | $586.90 | $754.92 (28.63%) |
Median Holders NAV | $0.18 | $0.15 (-16.67%) |
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.