Automated basis trading software installed on your own infrastructure. Collect the funding spread on market-neutral positions while your capital stays in your own venue accounts: no performance fee, no lock-up, no deposit into anyone else's contract. Running live on Hyperliquid, its sub-DEXes, Extended, Lighter, Lighter Robinhood and Arcus, with more venues to follow.
Free and public. Releases, venue integrations and early-access spots are announced there first.
The strategy
Perpetual futures pay a funding rate between longs and shorts. AlphaShell earns that payment instead of betting on prices, and keeps the two sides of each position matched so the direction of the market stops mattering.
Perp DEXes pay a funding rate between longs and shorts. AlphaShell holds matched long and short positions of the same size, so a price move gains on one leg what it loses on the other, and the funding collected is what remains.
The engine scans every venue and pair you enable, scores each opportunity on its funding history, and only opens a position when the spread between the two legs clears the minimum you set.
Entry, exit and rebalancing cost fees and slippage. The engine subtracts them before acting, so it does not rotate into a spread that cannot pay for its own execution.
Delta neutral reduces exposure to price moves but does not remove risk: funding can turn negative and a leg can be liquidated. See the strategy explained and the risk disclosure.
Fit
Design principles
AlphaShell runs on your own infrastructure. Trade-only agent wallets are generated and stored there, and AlphaShell never sees them. They can place and cancel orders but cannot withdraw, transfer, or move funds. Funds remain in your own perp DEX account at all times.
No notice period and no withdrawal queue. Positions can be unwound at any time, and you withdraw directly through the perp DEX, without any involvement from AlphaShell.
Every order, fill and position change is logged by the engine and can be checked against your own venue account history. Nothing runs through AlphaShell servers.
Many perp DEXes reward trading activity with points. Your capital works twice, with no extra capital and no extra step.
Available on venues that run reward programmes. Programmes, eligibility and any value of points are set by each venue and can change or end at any time.
Workflow
Download and install AlphaShell on your own machine, run it on dedicated hardware, or let us help you deploy it on your infrastructure. Generate a trade-only agent wallet, connect and deposit USDC to your perp DEX accounts. The agent wallet key stays on your machine and is capable of placing and canceling orders, but cannot withdraw or transfer funds.
Select which perp DEXes and trading pairs to target. Define position limits, leverage bounds, and minimum funding rate thresholds, or use the default configuration for a balanced approach.
The engine, running on your infrastructure, monitors funding rates and basis spreads across configured venues, opening and managing delta neutral positions automatically within your limits. Every order is placed through your agent wallet and recorded on your venue account.
Alternatives
Most ways to earn yield in DeFi ask you to hand your capital to someone else and to share what it earns. AlphaShell is the other shape: the strategy runs on your side, and so does the money.
| Criterion | AlphaShell | Lending markets | Delta neutral yield tokens | Managed vaults and funds | Running the basis by hand |
|---|---|---|---|---|---|
| Custody of your capital | Your own perp DEX account, your own keys | Pooled in a lending contract | The issuer's accounts; you hold a token | The manager's accounts or a vault contract | Your own account |
| Exposure to price moves | Hedged: matched long and short, rebalanced automatically | You keep full exposure to the asset you deposit | Hedged by the issuer, on terms you do not control | Whatever the mandate allows | Hedged only while you keep both legs matched |
| Where the yield comes from | Funding spreads your own positions collect | Borrowing demand for the asset you lent | Funding collected by the issuer and shared with holders | The manager's strategy | Funding spreads your own positions collect |
| Who keeps the upside | You. A flat subscription, no performance fee | You, minus the protocol's reserve factor | Split with the issuer | Management and performance fees first | You |
| Venue points | Earned on your own account | Not applicable | Kept by the issuer | Usually kept by the vault | Earned on your own account |
| Exit | Unwind and withdraw yourself, at any time | Subject to pool utilisation | Redemption rules, often with a cooldown | Notice periods or withdrawal queues | At any time |
| What you can audit | Every order, fill and funding payment on your own account | The pool, on-chain | Attestations published by the issuer | Periodic reporting | Your own account |
| What it asks of you | Set your limits once; the engine runs around the clock | Deposit, then watch rates | Deposit and hold | Deposit and hold | Constant monitoring and manual rebalancing |
Categories, not named products: terms differ between providers and change over time. Check the terms of anything you deposit into, including the venues AlphaShell trades on.
Questions
It depends on funding rates, which change constantly from one venue and pair to another. AlphaShell promises no rate: it opens a position only when the spread clears the minimum you set, and closes or rotates it when the spread no longer pays. The reference wallet we run publishes its trailing 7-day APR, with every execution behind it, on the transparency page. Funding can also turn negative, so returns vary and losses are possible.
We recommend at least $1,000 of capital in your venue accounts. However, you can run AlphaShell with as little as $50.
Stablecoin collateral in your own account on each venue you enable: USDC on Hyperliquid, Extended and Lighter, USDG on the Robinhood Chain venues. AlphaShell does not ask you to buy, bridge, wrap or stake anything else, and it never moves your collateral off the venue.
Lending pays you for someone else's borrowing demand; staking pays you for securing a network. Both usually mean depositing into a contract and keeping full exposure to the price of the asset you deposited. AlphaShell holds matched long and short perp positions in your own venue accounts: the income is the funding spread between the two legs, price moves cancel out, and nothing is lent out or deposited anywhere else.
They run a comparable strategy, but with your capital on their side of the fence: the issuer or manager holds the positions, sets the terms, keeps part of the carry and the venue points, and decides when you can redeem. AlphaShell hands you the engine instead of a share of theirs. See how it compares.
Yes. The volume is generated by your own account, so any points or rewards a venue grants for it are credited to you. Programmes, eligibility and any value of points are set by each venue and can change or end at any time.
A delta neutral position is built to be indifferent to direction: the long leg loses what the short leg gains. What matters is funding. Demand for leveraged long exposure usually keeps funding positive in crypto, but it can fall or flip negative, and the engine then closes or rotates the position rather than paying to hold it.
AlphaShell is licensed as a monthly software subscription, with 20% off if you prepay 12 months. There is no performance fee. It is currently free for early users. See pricing for plans.
Yes. Once you set your parameters, AlphaShell monitors the markets and trades automatically around the clock, as long as it is running. We still recommend checking your positions regularly.
On infrastructure you control. You can download and install AlphaShell on your own computer or server, run it on a dedicated hardware device, or we help you deploy it on your own Kubernetes cluster. Your keys are created there and never sent to us.
Yes. Your funds are never locked. There is no notice period and no withdrawal queue. You retain full control and can withdraw at any time directly through the perp DEX.
No. AlphaShell is software that runs on your infrastructure. The agent wallet key is generated and kept there, and it can only place and cancel orders. It has no permission to withdraw, transfer, or otherwise move funds. These restrictions are enforced at the perp DEX level.
Delta neutral strategies reduce exposure to price moves but do not remove risk. Funding rates can turn negative, sharp moves can force a position to be liquidated, and venues can fail or change their rules. AlphaShell works within the limits you set and rebalances automatically, but you can lose money. See the risk section of our Terms and Conditions.
Your funds remain exactly where they are, in your own account on the perp DEX. You can close any open positions and withdraw everything directly through the perp DEX interface, without any involvement from AlphaShell. We do not have the ability to move your funds.
Talk to the team and to other operators on Telegram. Ask how the strategy behaves, follow each venue integration, and hear first when an early-access spot opens.
