Delta-neutral USD/TRY arbitrage
This vault provides access to FXArbUSDTRY, a delta-neutral fund capturing USD/TRY spreads on Turkish crypto exchanges. TRY exposure fully hedged; returns come from spread capture, not direction.
APY
17.26%
Price
$
Integrations
TVL
$ 2,718,820
Next redemption date -
Chain
Ethereum
Max Capacity
30,000,000 USDC
Deposit Tokens
...
Share Token
...
Performance Fee
3.00%
Management Fee
0.00%
Redemption Fee
0.00%
Redemption Period
1 days
Rewards
PIKU
Strategy Details
This vault provides tokenized access to FXArbUSDTRY, a delta-neutral market-making fund in the Turkish crypto market. The strategy captures spreads between USD/TRY rates on Turkish crypto exchanges (Binance TR, OKX TR) and fiat banking rails, executing T+0 arbitrage on intra-day price discrepancies and T+1 carry on overnight FX forwards with institutional Turkish commercial banks. TRY positions are continuously hedged, so returns come from spread capture rather than directional exposure. The strategy has been running since October 2023 with net returns of 72.1% in 2024, 17.5% in 2025, and 15.0% YTD 2026 (net of underlying fund fees). Trading operates 24/7. Redemptions are processed at least once per business day. Business days follow the Turkish calendar — exceptions may apply on public holidays. Minimum deposit amount is 1,000 USDC and redemption amount is 1,000 FXArbUSDTRY.
Redemption Details
Daily processing on Turkish business days with T+0 settlement at the fund level, subject to local public holidays.
Transferability
Fully transferable token, no restrictions.
Custody & Security
All operational flows pass through Fireblocks, where MPC-based key management, automated policy controls, whitelisting, and multi-approver rules minimize risk.
Morini Capital