Opencurve Capital is a liquidity fund. We allocate stablecoin capital on-chain and we allocate nothing on the strength of an advertised number. Each position is priced from chain state before capital moves, and re-priced every day it stays open.
A published rate is a marketing artefact. It can be a single day annualised from a pool too small to hold a real position. It can count incentives that end next month. It can describe a vault you cannot withdraw from. None of those are lies. They are numbers answering a different question than the one an allocator is asking.
We answer the allocator's question directly: what did a dollar in this position actually become? For a vault that means reading share price at historical blocks. For lending it means the liquidity index. For fixed-rate credit it means the discount implied by the oracle. Each figure carries the block it was read at.
Range orders in pools where the fee tier more than covers the volatility cost. We size bands to the tick grid rather than to a round percentage, and we decline the pools where the arithmetic loses, which is most of them.
Principal tokens bought at a discount and redeemed at par on a known date. The rate is locked at entry and reconciled against the oracle before purchase. A maturity ladder keeps capital returning every few weeks rather than in one block.
Auto-compounding vaults whose share price we can read at historical blocks, in venues whose withdrawal liquidity we have measured. Incentives count only when they arrive in an asset we would hold anyway.
Large, illiquid positions worked out over time: measuring real venue depth, sizing against daily volume, and using passive liquidity where it beats crossing the spread. Mandated separately from the yield books.
| Book | Indicative range | Character |
|---|---|---|
| Concentrated liquidity | 10 – 16% | stable-stable pools only |
| Fixed-rate credit | 11 – 18% | locked at entry, 6–12 week ladder |
| Curated vaults | 4 – 9% | the liquid base of the book |
| Money-market floor | 3.7 – 4.1% | where capital sits when nothing clears |
Ranges reflect rates measured in live venues, not a forecast and not a promise. Blend and allocation are set per mandate. Capital is at risk; on-chain strategies carry smart-contract, depeg, credit and liquidity risk, and losses can exceed yield earned. Nothing here is an offer or a solicitation.
Every underlying is watched against its own NAV: yield-bearing wrappers against share price, plain stables against par. Positions are exited on peg deterioration, not on a rate that has stopped looking attractive.
Withdrawal liquidity is measured before a position is opened. A venue whose redeemable assets are a rounding error against deposits is not a liquid position at any rate, and we do not hold one.
Positions are decomposed to the underlying token. Two holdings sharing one issuer are reported as one exposure, because that is what they are.
Opencurve runs separately managed accounts. Capital stays in your custody; we hold a scoped key and you watch every position from the same dashboard we do.
Request access