Counterparty Overview

Perena is committed to maintaining the highest standards of risk management. We actively assess counterparty exposure across all yield strategies to minimize systemic risks and ensure capital safety for USD* holders. Every counterparty goes through a tiered approval process before capital is deployed. CeFi counterparties must provide audited financial statements, quarterly proof of reserves, documented asset segregation, and clear rehypothecation policies. DeFi protocols require at least two independent audits from recognized firms, minimum $100M TVL, and at least 12 months of operational history. The Investment Committee reviews and approves all new allocations. View our Live dashboard for the latest values.

This section outlines the current venues and protocols we interact with to deploy capital, categorized by yield strategy:

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Delta-Neutral Strategy

Venue	Type	Use Case
Binance	Centralized CEX	Spot and perpetuals
Hyperliquid	Decentralized DEX	Spot and perpetuals
Lighter	Decentralized CEX	Perpetuals

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On-Chain Borrow-Lend Strategy

Protocol	Type	Use Case
Project0	DeFi Lending	Stablecoin lending
Drift	DeFi Lending	Stablecoin lending

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Tokenized Asset Holdings

Asset	Type	Use Case
USDC	Tokenized Fiat	Treasury and liquidity buffer
Legacy USD* ( Perena Seedpool )	Tokenized Fiat	Treasury and liquidity buffer