Bi-Weekly Report #2

4 min readApr 2, 2025

Welcome to the 2nd edition of our Bi-Weekly Report!

At Neutral Trade, we believe in transparency, and this report is our way of keeping you informed. We’ll break down the performance of almost each strategy over the past two weeks and share insights on recent and upcoming upgrades.

USDC Staking (JLP Delta Neutral)

Return: 0.085% (2025/03/15–2025/03/31) (90 day APY: 22.86%)

Trading Volume (Summarized): $18.43M (30-day)

Total Fuel (Summarized): 68,505,095

Despite a relatively low return in late March, the total average return across V1-V5 vaults remains around 1%, making this month solid in terms of yield.
Funding rates on Drift for SOL/ETH/BTC perps have stabilized from deep negative to moderately negative, benefiting JLPDN.
March’s total volume on Jupiter Perps was $25.4B, an 11.7% decrease from February’s $28.7B, but lower AUM means less dilution in fees also.
Compared to AAVE’s 2.9% APY and other competitors averaging 3–4%, USDC Staking (JLP DN) still offers superior yield — even in bearish conditions.

USDC Basis (Sanctum-Inf)

Return: 0.53% (2025/03/15–2025/03/31) (90-day APY: 9.05%) 🔥

Trading Volume: $936K (30-day)

Total Fuel: 4,460,451

Sanctum-Inf continues to deliver strong yield by arbitraging SOL Perp funding, with optimizations reducing borrowing costs.
Work is underway to improve Perps Basket — adding more assets, enhancing yield consistency, and refining execution logic.

JLP Neutralized

Return: 4.58% (2025/03/15–2025/03/31) (30-day APY: 703%) 🔥

Trading Volume: $2.46M (30-day)

Total Fuel: 4,586,569

Strong performance over the past two weeks — $JLP holders who used the Neutralized JLP vault successfully hedged recent dips, accumulated more JLP, and earned solid yield coming from Jupiter Perps.

SOL/ETH/BTC Super Stakings

Sol Super Staking:

Return: 0.56% (2025/03/15–2025/03/31) (90-day APY: 12.02%)

Trading Volume: $468K (30-day)

Total Fuel: 532,533,705 🔥

ETH Super Staking

Return: 0.37% (2025/03/15–2025/03/31) (90-day APY: 12.73%)

Trading Volume: $283K (30-day)

Total Fuel: 1,982,452

BTC Super Staking

Return: -0.05% (2025/03/15–2025/03/31) (90-day APY: 1.82%)

Trading Volume: $169K (30-day)

Total Fuel: 893,271

High funding and USDC borrowing rates have hit returns, but ETH/SOL Super Staking stays strong. BTC Super Staking could improve as Drift perp funding rates recover.
SOL Super Staking is accumulating massive amounts of FUEL, positioning users well for the up-coming $Drift airdrop — on top of yield from dSOL and JLPDN.

Traders REKT

Return: 1.28% (2025/03/15–2025/03/31) (90-day APY: 31.04%) 🔥

Trading Volume: $373K (30-day)

Total Fuel: 1,446,232

Traders keep losing on Jupiter Perps, making the last two weeks solid for returns.
A quick look at the chart shows traders getting ultra rekt in recent dumps on Jupiter Perps.

Long SOL/Short ETH (Solana Flippening)

Return: 1.1% (2025/03/15–2025/03/31) (90-day APY: -45.19%)

Trading Volume (Last 30 Days): $59K

Total Fuel: 59,734 FUEL

Sol/ETH Flippening has delivered solid returns over the past month, with ETH showing weakness.

SOL Momentum (CTA-SOL; By Marco)

Return: -0.43% (2025/03/15–2025/03/31) (90-day APY: 59.64%)

Trading Volume (Last 30 Days): $55.3M

Total Fuel: 188,939,138 🔥

Swift gasless market orders are coming soon to this vault (and all vaults), improving liquidity and performance.
We’re also working on an even better solution for high-turnover strategies requiring deep liquidity — stay tuned!
Meanwhile, CTA-SOL is earning a massive amount of FUEL thanks to high turnover.