Return sources and costs

Potential gross return sources include:

• PAXGy yield: yield associated with the underlying gold-lending product.
• Trading fees: fees earned by the liquidity position when the market is active.
• Perpetual funding: funding received by the short hedge in some conditions. Funding can also be negative and become a cost.

Net results also reflect hedge rebalancing, execution costs, slippage, protocol fees, and any losses on the liquidity or hedge positions. Costs can outweigh gross income. No APY or return is guaranteed, and a strategy may lose value.

Any figures in a demo or testnet interface are simulated or illustrative unless explicitly identified and sourced as live external data.