$7.08 Dividend Paid | 0.72% Yield | DeFi Income Dividend #35

Our Income Tracks Activity — Not Direction.

Our strategy runs on the Hyperliquid ecosystem — one of the largest decentralized exchanges in crypto. We post bids and offers, collect a fee every time a trader crosses our quote, and hedge the inventory immediately so we stay neutral to price direction.

When trading is busy, cycles run short and dividends come quickly. When it is quieter, they take longer. Cycle #35 ran seventeen sessions with the price above the reset the entire way, and a dividend at the end of it. Either way, the fees accumulate and the dividend gets paid.

Where We Are Now — And What This Cycle Delivered.

Our current annualized run rate is approximately ~16.2% — down from ~16.7% at the last dividend. The reason is worth stating plainly: this cycle took 24 days, a little longer than our 2026 average of about 20. Our income is a function of trading activity, and activity was lighter this cycle than in the seven-day cycle before it.

Thirteen dividends in the first 261 days of 2026 — $11,590 on $100K. Some cycles run a week, some run a month. We do not forecast the pace. We report it, dividend by dividend.

Uncorrelated to Everything Happening in Markets.

No stock exposure. No bond exposure. No inflation exposure. While traditional markets have been whipsawed by tariffs, geopolitics, and rate uncertainty — our income has kept flowing. 35 dividends paid since launch. The source of our income doesn't change with headlines.