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The basis strategy maintains a delta-neutral position by holding spot Bitcoin while simultaneously shorting Bitcoin perpetual futures.
Yield is generated from periodic funding payments paid by perpetual futures traders, which accrue to the strategy.
For additional details, see the USDh yield mechanism documentation.
Hermetica’s liquid yield token, sUSDh, accrues daily yield from funding rate payments sourced from Binance, Bybit, OKX, and Bitget.
Protocol backing assets are custodied with Copper and Ceffu and mirrored to exchanges via off-exchange settlement solutions (ClearLoop and MirrorX). Assets custodied with Copper are held in a bankruptcy-remote English trust structure. Only mainnet BTC is used as collateral asset.

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Custodian Attestations

The protocol publishes monthly custodian attestations detailing backing assets and publicly verifiable liabilities.For additional details, see the USDh backing mechanism documentation.

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Transparency Dashboards

The protocol transparency dashboard provides near real-time visibility into system backing, venue allocation, reserve fund status, and historical performance.For additional details, see the USDh transparency dashboards.