Historical Performance

Note: Backtest results are not a guarantee of future returns.

Our backtests from January 2021 to February 2025 show an average APY of 11.47% for sUSDh from the short futures position.

This Bitcoin-native yield fluctuates with the market’s demand for long leverage: In the 2022 bull market the annual return was 25.03% while the 2023 bear saw a 1.83% return. Only 5.9% of days in the backtest period had negative funding.

sUSDh Historical Performance

Since 100% of USDh generates yield but only a subset of USDh is staked and accrues the yield, the real return to stakers can be higher than the backtest results.