@Dolomite_io The "Cyclic Warehouse" of Cross-Market Basis and the Same Caliber NAV
In the past, making basis through "Hailie" relied on assembling several agreements: borrowing spot, selling perpetual, re-mortgaging, and re-borrowing. Any delay in any link would turn the PnL into a "blurred picture." After integrating Dolomite, they structured the "Cyclic Warehouse" into processes: the bottom warehouse continuously accrues, the hedge cabin monitors net exposure, and the acceptance cabin is responsible for rolling subscriptions and redemptions; the price hook refreshes adaptively according to thresholds, and during extreme periods, the valuation lag is compressed to within 30 seconds.
Before the Spring Festival, during a crowded window, the team released subscriptions and redemptions in three batches over 40 minutes, maintaining the acceptance cabin's failure retry rate below 0.7%; the same caliber NAV automatically incorporates fees and slippage, and the roadshow only needs to show the unified curve of "position leg income + hedge leg profit and loss," rather than cross-platform screenshots.
More detailed changes are in capital turnover: they set the "target volatility maintenance" as a gate, automatically lowering the leverage of the hedge cabin if it exceeds 95%, and relaxing the limit if it falls below 85%; quarterly reviews show that the unit capital output of the cyclic warehouse is 11% higher than the old stack, and intra-day variance converges.
@Dolomite_io transforms "cross-market basis" from assembly techniques to assembly lines, no longer betting on speed, but managing exposure according to the "window - limit - replay" trio, clearly explaining subscriptions, valuations, and settlements in one table.
