APY depends on arbitrage opportunities in the market. Historical range is 8-15% APY. Returns are variable — when sUSDe discounts are larger and more frequent, yields are higher.

Important: Past performance doesn't guarantee future results. APY is calculated based on vault share price growth.

Profits come from the spread between discounted sUSDe purchase price and full redemption value. Example:

• Buy 100 sUSDe at 0.97 = 97 USDe spent
• After 7 days, redeem for 100 USDe
• Profit = 3 USDe (minus 10% performance fee = 2.7 USDe to vault)

Your share of profits is proportional to your avUSDe holdings.

No lock-up period. You can request withdrawal anytime. However, withdrawals are queue-based — you'll receive funds when liquidity is available in the vault.

• Deposit fee: None
• Withdrawal fee: None
• Performance fee: 10% on realized profits only

The protocol only earns when you earn. No hidden fees.

Most vault liquidity is actively deployed in arbitrage positions (sUSDe unstaking takes 7 days). The queue ensures:

• Fairness: First come, first served
• No bank runs: Orderly withdrawals prevent panic
• Transparency: You can see your position in queue

When positions mature or new deposits arrive, queued withdrawals are processed.

Depends on vault liquidity and queue length. Could be instant (if liquidity available) or up to 7+ days (if all funds are in active positions). You can monitor queue status in the app.

Yes, you can cancel a pending withdrawal request anytime before it's processed. Your avUSDe tokens will be returned to your balance.

You receive USDe based on current vault share price. If the vault has grown 10% since your deposit, your avUSDe is worth 10% more in USDe terms.

No. Keepers can only execute trades that pass on-chain validation. The contract checks:

• Trade must be profitable for the vault
• sUSDe must be purchased at a discount
• Funds can only go to Ethena for unstaking

Even malicious keepers cannot extract funds — the contract enforces all rules.

Main risks to consider:

• Smart contract risk: Despite audits, bugs are possible
• Ethena protocol risk: Dependency on Ethena's sUSDe/USDe
• Market risk: If sUSDe discounts disappear, yields decrease
• Liquidity risk: Withdrawals may be delayed if funds are deployed

Only invest what you can afford to lose.

Yes. Once deployed, contracts are immutable. The owner can only:

• Add/remove keepers (operational role)
• Adjust performance fee (within limits)
• Cannot access funds, pause withdrawals, or change core logic

All Ethereum-compatible wallets: MetaMask, WalletConnect, Coinbase Wallet, Rainbow, Ledger, Trezor, and more.