Last week I made a note about how I'd created my Synthetic High Interest Thing. Recently I closed the deal and now it's time to look at the outcomes.
So, at Sept 21 I put 1.1 EOS into Coral.Finance minig pool. At the same time I shorted 1.1 EOS/USDT futures at USDT 2.59 with a 10x margin, the maintenance took about 0.4 USDT.
At Sept 26 I withdrew my 1.1 EOS plus 0.000531 CRL tokens from Coral.Finance and covered my short at the same 2.59 USDT.
The total capital invested for 5 days was 2.59 + 0.4 = 3 USDT. I paid some fees for futures, but also I received the "funding fee" (or the "swap rate"), so for simplicity I will not calculate my commissions.
Unfortunately, the amount of CRL was so small that it was impossible to sell it at Newdex. But on the 26th of September CRL/EOS was about 3 (Low) at Newdex and EOS/USDT was about 2.55 at BINANCE (High+Low)/2. So we can pretend that after swapping CRL into EOS into USDT I earned (0.000531 x 3) x 2.55 = 0.004 USDT for 5 days, which makes about (0.004/5) x 365 = 0.292/3x100 = 9.7% APY.
Well, not that brilliant. I could simply put my 3 USDT into Celsius at 15% APY at that time.
However, we must note that the rate offered by Coral for staking EOS wasn't that brilliant either -- it was about 13-15% APY. Normally, I wouldn't go such cumbersome way for only a 15% APY. But when a token has a triple-digit staking APY (which Coral was offering when their EOS staking scheme just started) -- the things run much better.
Thanks for reading, folks.
