# AlphaShell — Self-hosted delta neutral yield on perp DEXes

> Self-hosted software that earns delta neutral funding yield on perp DEXes. Your keys and your USDC stay in your own accounts. No performance fee, no lock-up.

Published by Alphashell Labs LLC at https://www.alphashell.io. This file holds the full content of the site in one document, for readers and agents that want the whole proposition without crawling it page by page.

## What AlphaShell is

AlphaShell is software that runs delta neutral basis strategies on your own perp DEX accounts. It runs on infrastructure you control and trades through trade-only agent keys generated there. AlphaShell never receives your keys, never holds your funds and has no access to your systems. It is licensed as software: a flat monthly subscription, no performance fee and no share of your returns.

## Who it is for

- Holders of idle USDC who want a market-neutral return without giving up custody.
- DeFi yield farmers tired of rotating between pools, who want the carry captured automatically.
- Perp DEX point farmers who want the volume they generate to pay for itself.
- Traders already running the basis by hand, who want execution, hedging and rebalancing automated.
- Family offices and treasuries that need the strategy to run inside their own security perimeter.

## Where the yield comes from

### Funding payments, not price bets

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 spread between two legs

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.

### Costs priced into the decision

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.

Many perp DEXes also reward trading activity with points. The volume the engine generates is yours, and so are the points: programmes, eligibility and any value of points are set by each venue and can change or end at any time.

## Why AlphaShell

### Non-custodial by design

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 lock-up

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.

### Full auditability

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.

## How it works

### Install and connect

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.

### Configure venues and parameters

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.

### Engine executes

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.

## How it compares with other ways to earn yield in DeFi

Categories, not named products: terms differ between providers, so check the terms of anything you deposit into.

| 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 |

## Supported venues

AlphaShell trades on perp DEXes where you keep custody of your funds and can authorise a trade-only key. You open and fund each account yourself.

| Venue | Architecture | Settlement | Collateral |
| --- | --- | --- | --- |
| Hyperliquid | Fully on-chain order book on its own layer 1 | Hyperliquid L1 | USDC |
| Extended | Off-chain matching, on-chain validation | Starknet | USDC |
| Lighter | ZK rollup with proven matching and liquidations | Ethereum | USDC |
| Lighter on Robinhood Chain | The same ZK rollup, deployed as a separate exchange | Robinhood Chain | USDG |
| Arcus | Off-chain order book re-checked by a permissioned validator chain | Robinhood Chain | USDG |

Through HIP-3, third-party builders deploy their own perp markets on Hyperliquid, including markets on non-crypto assets. AlphaShell calls these Hyperliquid sub-DEXes and trades them through the same agent key; each market's price oracle is set by its deployer, which adds a layer of risk to review.

Lighter on Robinhood Chain is a separate exchange from Lighter: its own accounts, its own API keys and its own markets, with USDG as collateral. It is connected separately in AlphaShell, and a funded account on Robinhood Chain is required.

Arcus is a hybrid DEX from the dYdX team, in partnership with Robinhood: a central order book matched off-chain and re-checked by a permissioned validator chain, with custody and settlement on Robinhood Chain. Beyond crypto it lists perps on equities, index and commodity ETFs, traded around the clock, with USDG as collateral. Arcus applies its own eligibility rules, including by country.

## Deployment options

| Option | Runs on | Who installs | Best for | Plans |
| --- | --- | --- | --- | --- |
| Option 1: Download and install | Your computer or server | You | Private investors | All plans |
| Option 2: Assisted Kubernetes | Your Kubernetes cluster | Your team, with ours on a call | Family offices and companies | Professional and above |
| Option 3: Dedicated hardware | A dedicated device, on your premises | Delivered ready to run | Clients who want a separate, always-on machine | All plans, on request |

## Pricing

Each plan has a fixed monthly price and a capital ceiling, the first month is free on every plan, and prepaying 12 months saves 20%. There is no performance fee. AlphaShell is currently free for selected early users.

| Plan | Monthly | Capital ceiling | Prepaid, per month | Audience |
| --- | --- | --- | --- | --- |
| Starter | $5 | $5K | $4 | For individuals trying AlphaShell. |
| Basic | $25 | $25K | $20 | For individuals getting started. |
| Growth | $100 | $100K | $80 | For private investors scaling up. |
| Advanced | $300 | $300K | $240 | For private investors with larger allocations. |
| Professional | $1,000 | $1M | $800 | For family offices and professional investors. |
| Unlimited | Contact us | None | Contact us | For institutions and larger allocators. |

Capital means the total capital held in the venue accounts connected to AlphaShell. Trading fees and funding are charged and paid by each venue directly on your account; AlphaShell adds no fee on top of the subscription.

## Risks

Delta neutral strategies reduce exposure to price moves but do not remove risk. You can lose money.

- **Funding turns against you.** Rates can fall or flip negative, reducing or reversing income.
- **Liquidation of one leg.** A sharp price move can liquidate the losing leg before it is rebalanced, breaking the hedge.
- **Execution costs.** Trading fees and slippage on entry, exit and rebalancing reduce returns, especially on small or illiquid positions.
- **Venue risk.** Outages, rule changes, smart contract failures or insolvency of a venue.
- **Stablecoin risk.** Collateral is held in stablecoins, USDC on most venues and USDG on the Robinhood Chain ones, which could lose their peg.
- **Operational risk.** The engine only manages positions while it is running: if your machine sleeps or loses connectivity, open positions stay in place unhedged against drift.

## Frequently asked questions

### What yield can I expect?

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.

### What is the minimum amount?

We recommend at least $1,000 of capital in your venue accounts. However, you can run AlphaShell with as little as $50.

### What do I need to hold?

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.

### How is this different from lending or staking?

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.

### How is this different from a delta neutral yield token or a managed vault?

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.

### Do I keep the venue points?

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.

### Does it still work when the market falls?

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.

### How much does it cost?

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.

### Is it fully automated?

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.

### Where does AlphaShell run?

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.

### Can I withdraw at any time?

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.

### Can AlphaShell access my funds?

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.

### What are the risks?

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.

### What happens if AlphaShell disappears?

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.

## Pricing and billing questions

### Do you take a share of my returns?

No. The subscription is the only fee we charge. Everything your capital earns stays in your own perp DEX accounts.

### How do capital ceilings work?

Each plan covers a maximum amount of capital run through AlphaShell: $5K on Starter, $25K on Basic, $100K on Growth, $300K on Advanced and $1M on Professional. Unlimited has no ceiling and is priced for your deployment. The price is fixed and does not depend on your results. Choose the plan that covers the capital you want to deploy.

### What counts as capital?

The total capital held in the venue accounts you connect to AlphaShell.

### What if I grow beyond my plan?

Upgrade at any time to raise your ceiling. Upgrades apply immediately, and a plan change never closes your positions.

### Can I cancel?

Yes, at any time. Subscriptions are monthly and cancellation takes effect at the end of the month you have paid for. If you prepaid 12 months, we refund the unused months, recalculated at the monthly price. Your funds are never affected, since they sit in your own accounts.

### Is there a free trial?

Yes. The first month is free on every plan. Billing starts at the end of that month, and you can cancel before then at no cost.

### How does prepaying work?

You can pay 12 months upfront and save 20% on any plan. It is optional, and you can still cancel at any time.

### What is the minimum amount?

We recommend at least $1,000 of capital in your venue accounts. However, you can run AlphaShell with as little as $50.

### Are venue and trading fees included?

No. Trading fees and funding are charged and paid by each venue directly on your account. AlphaShell adds no fee on top of your subscription.

## Pages

- [Overview](https://www.alphashell.io): What AlphaShell is, where the delta neutral yield comes from, how it compares with other ways to earn yield in DeFi, and the live market opportunity the engine measures.
- [Documentation](https://www.alphashell.io/docs): Basis trading explained from scratch, the supported venues, the three deployment options, how to approve trade-only agent keys and how to stop and withdraw.
- [Pricing](https://www.alphashell.io/pricing): Flat monthly software plans from $5, each with a capital ceiling, first month free on every plan and no performance fee.
- [Transparency](https://www.alphashell.io/transparency): Wallets run by AlphaShell with their risk limits, every execution and fill, the funding collected and all capital movements, verifiable on-chain.
- [Terms and Conditions](https://www.alphashell.io/terms): Licence terms, what AlphaShell is and is not, and the full risk disclosure.

## Live data

- [/api/public/wallet-metrics](https://www.alphashell.io/api/public/wallet-metrics): Equity and trailing 7-day delta neutral APR of the public reference wallet.
- [/api/public/delta-neutral-capacity](https://www.alphashell.io/api/public/delta-neutral-capacity): Total depth currently available in delta neutral spreads above the engine's APR threshold, with the number of qualifying pairs.
- [/api/public/showcase/wallets](https://www.alphashell.io/api/public/showcase/wallets): Wallets published on the transparency page, each with its address, equity and trailing 7-day delta neutral APR.

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AlphaShell is software published by Alphashell Labs LLC. It is not a fund, a vault, a custodian or an investment adviser, and nothing here is investment advice. Trading perpetual futures involves risk, including the loss of your capital. Past performance does not indicate future results.