Weekly Report 5
Understand what changed so you can position yourself before everyone else! Here is a breakdown of the key market shifts that shaped last week's P0 returns and what they could mean going forward.
The Trends Driving P0 Strategies Right Now
corvusSOL/SOL moved back to the best emission strategy with 40% APY.
Users can now use HYPE as collateral and borrow against it, meaning users can keep HYPE exposure while unlocking stablecoin liquidity against it
STKESOL continued to gain momentum, reaching 9% yield, adding more Kamino pairs, and increasing total available capacity above $2M.
USD* became more attractive as its lend rate rose to 8% APY, improving the full stablecoin strategy set.
Two new SOL-based strategies launched: picoSOL/SOL and INF/SOL, both around 14% APY.
Best Opportunities Right Now
High Yield
corvusSOL/SOL: 40% APY, highest yield
YIELD/SOL: 26% APY, strong high-yield alternative
Medium Leverage
STKESOL/SOL: 14% APY, $609K capacity, third week rising
corvusSOL/cgntSOL: 15% APY, $335K capacity
Stablecoin Strategies
USD*/USDG: 11% APY, cheapest borrow
USD*/USDS: 11% APY, $166K capacity, no directional exposure
Directional Shorts
BTC Short: 10% APY, ~$1M capacity
SOL Short: 9% APY, ~$2M capacity
Snapshot
This is a quick metric overview on P0 strategies update.
Rate Snapshot
This chart compares the key lending, borrowing, and campaign-token rates between Weeks 22 and 23.
The table below compares the variation in rates between week 22 & week 23.
SOL Strategies are Boosted
Cheaper borrowing made it easier to build leveraged SOL strategies, pushing several opportunities higher across the rankings. corvusSOL/SOL reclaimed the top spot at 40% APY , while STKESOL/SOL climbed to 14% APY. Two new SOL-based strategies also appeared for the first time, giving users more ways to benefit from lower borrowing costs.
If borrowing demand returns in the coming weeks, some of these gains could moderate.
Why unified-margin is game changer
In isolated margin, an asset like HYPE is not very useful on its own, it may only give limited borrow power and does not help the rest of your portfolio.
With unified margin, that changes.
HYPE becomes part of your full collateral pool. It adds extra borrowing power alongside assets like cbBTC and USDC but also across venues like Kamino and Jupiter Lend, instead of sitting in a separate account.
Example:
You deposit:
• $50K HYPE
• $50K cbBTC
• $50K USDC (on Kamino)
Under unified margin, all three assets work together as one portfolio.
That means HYPE does not need to be the “best” collateral asset to be useful. Even with a lower collateral weight, it still adds incremental borrow capacity to the whole account.
The key difference is flexibility.
In isolated margin, each asset sits in its own box. You borrow against each one separately. In unified margin, your portfolio works as one pool, so stronger assets and weaker assets combine into a single risk view.
Stablecoin Strategies Get Stronger
Higher USD* yields and lower borrowing costs helped create a new group of strategies generating between 9% and 11% APY. Several new pairs launched this week, increasing both returns and available capacity.
For users looking for more predictable returns without direct crypto market exposure, stablecoin strategies are currently among the most attractive options on the platform.
This table compares each stablecoin arb strategy’s rates, leverage, APY, and deployable capacity.
This chart visualizes APY across the five stablecoin arb strategies and their available capacities.
Campaign Strategies Diverges
corvusSOL remained stable around 10% and continues to offer the highest overall campaign returns. $YIELD remained active but continued its gradual decline. STKESOL was once again the standout performer, rising for a third consecutive week while adding new strategy pairs and increasing available capacity.
Among campaign assets, STKESOL currently has the strongest momentum heading into Week 24.
This chart tracks weekly effective APYs for corvusSOL, YIELD, and STKESOL, showing convergence with STKESOL as the only token on an upward trajectory.
This chart ranks all 17 campaign-token pair strategies by APY, showing corvusSOL/SOL and YIELD/SOL at the top followed by a dense cluster of eMode and Kamino pairs.
This chart compares deployable capacity across STKESOL pairs between Weeks 22 and 23, showing total capacity growth driven by expanded pairs and higher per-pair limits.
Directional Opportunities Emerge
Both long and short strategies improved this week.
On the long side, JLP Long remained one of the strongest opportunities on the platform at 37% APY, while new SOL-based strategies benefited from cheaper borrowing costs.
On the short side, lower borrowing costs and stronger stablecoin yields improved returns across the board. BTC Short, ETH Short, SOL Short, and JLP Short all moved higher, giving users more ways to position for different market views.
What the Data Is Telling Us
Borrowing demand for SOL has cooled, helping keep borrowing costs low and supporting higher returns for SOL-based strategies. Stablecoin markets also remain healthy, with new deposits entering the platform and borrowing costs generally moving lower.
Overall, the data suggests that recent improvements are being driven by real changes in supply and demand rather than short-term incentives.
This table shows P0 bank-level data for Jun 6 to Jun 15.
Full APY Ranking
This chart ranks every strategy by APY for Week 23.
This chart shows how deployable capital is distributed across strategy categories.
This chart compares the number of active strategies by category across Weeks 22 and 23.
Top Opportunities This Week
The highest-yielding opportunities currently available are:
corvusSOL/SOL: 40% APY
JLP Long: 37% APY
YIELD/SOL: 26% APY
STKESOL/SOL: 14% APY
BTC Long: 14% APY
The middle of the ranking remains packed with strategies generating between 10% and 15% APY, providing a broad range of options for different risk profiles.
This chart shows the full week-over-week APY change leaderboard.
What We’re Watching Next
Two trends will likely shape Week 24:
Whether SOL borrowing costs remain low
Whether stablecoin yields continue improving
If both conditions hold, many of the platform’s highest-ranked strategies could remain attractive heading into next week.
Final Take
Week 23 was driven by lower borrowing costs and stronger stablecoin yields.
SOL-based strategies benefited the most, with corvusSOL/SOL taking the top spot and STKESOL continuing its upward trend. Stablecoin opportunities also strengthened, offering some of the best risk-adjusted returns seen in recent weeks.
The platform continues to diversify, with more strategies above 10% APY and a broader mix of yield, stablecoin, and directional opportunities than at any point in this dataset.