> For the complete documentation index, see [llms.txt](https://perena.gitbook.io/perena/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://perena.gitbook.io/perena/products/yield-bearing-risk-assets/yield-carry.md).

# Yield Carry

Keep risk-asset exposure while accessing managed delta-neutral carry yield.

Yield Carry lets you hold a risk asset, such as SOL, while seeking delta-neutral carry yield.

You keep exposure to the deposited asset. Perena runs a carry trade against it.

### In one sentence

Deposit a risk asset, keep its price exposure, and earn the spread between delta-neutral yield and borrowing costs.

Strategy value accrues into the token's redemption price.

### The idea

Carry is the difference between what a position earns and what it costs to hold.

Delta-neutral describes a position designed to avoid direct exposure to one asset's price movements.

Yield Carry uses deposited SOL as collateral. It borrows against the collateral and deploys borrowed capital into a delta-neutral, stable-yielding venue.

You remain long SOL. The strategy attaches a managed yield engine to that exposure.

### The three moving parts

#### Collateral

Your risk asset is supplied to a lending market as collateral.

This preserves your exposure to the deposited asset. It may also earn supply yield.

#### Debt

The strategy borrows a debt asset against the collateral within a conservative LTV target.

Borrowing has an ongoing cost.

#### Carry

The borrowed capital is deployed into a delta-neutral, stable-yielding venue.

This leg generates the carry. Its value is designed not to move directly with SOL.

The token detail page shows the live lending market, yield venue, allocation, LTV, and fees.

### Position management

Perena monitors the position and can rebalance it as prices move.

If collateral or debt prices shift, the strategy can deleverage to maintain its configured safety margin. Assets remain in Perena's on-chain smart contracts throughout this process.

{% hint style="warning" %}
Rebalancing reduces liquidation risk but does not eliminate it. Smart contract, market, venue, and liquidity risks remain.
{% endhint %}

### How value accrues

Yield Carry tokens do not pay separate rewards. Your token balance does not increase.

Instead, the strategy folds earned carry into the position. When the strategy performs positively after fees, each token becomes redeemable for more of its underlying asset.

### Where yield comes from

Net yield is approximately:

$$
\text{collateral supply yield} + \text{delta-neutral venue yield} - \text{borrowing cost} - \text{performance fee}
$$

The displayed APY is an estimate based on trailing performance, net of performance fees. Rates float and are not promised.

### The carry can shrink or invert

The carry depends on yield remaining above borrowing costs.

If borrowing costs rise or venue yield falls, the carry compresses. If borrowing costs exceed venue yield, carry can turn negative and the token price can decline.

### Risks specific to this strategy

Read the general [Risks](/perena/legal/risks.md) disclosure before participating.

* **Smart contract risk.** Bugs or exploits in Perena or integrated venues can cause losses.
* **Venue risk.** Lending markets and yield venues can experience losses, delays, or operational failures.
* **Depeg risk.** Stable or pegged assets in the carry leg can lose value.
* **Rate risk.** Borrow costs or venue yields can change quickly.
* **Liquidity risk.** Redemptions can be delayed while the strategy frees deployed capital.

### SOL\*

SOL\* uses the Yield Carry strategy with SOL as the deposited asset.

Its current price, net APY, allocation, LTV, and fees are available on the token detail page.