Morini FXArbUSDTRY

Delta-neutral USD/TRY arbitrage

This vault provides tokenized access to Balsa Market Making Fund (BMMF), a delta-neutral market-making fund in the Turkish crypto market. The strategy captures spreads between USD/TRY rates on Turkish crypto exchanges (Binance TR, OKX TR) and fiat banking rails, executing T+0 arbitrage on intra-day price discrepancies and T+1 carry on overnight FX forwards with institutional Turkish commercial banks. TRY positions are continuously hedged, so returns come from spread capture rather than directional exposure. The strategy has been running since October 2023 with net returns of 72.1% in 2024, 17.5% in 2025, and 15.0% YTD 2026 (net of underlying fund fees). Trading operates 24/7. Redemptions are processed at least once per business day. Business days follow the Turkish calendar — exceptions may apply on public holidays.

DELTA NEUTRALYIELDPERMISSIONLESS

APY

19.12%

Price

Integrations

TVL

$ 2,151,265

Next redemption date -

Vault Info

Chain

Ethereum

Vault Address

Strategy Address

Vault Manager Address

Borrower Address

Max Capacity

30,000,000 USDC

Deposit Tokens

...

Share Token

...

Curator

Morini Capital

Performance Fee

3.00%

Management Fee

0.00%

Redemption Fee

0.00%

Redemption Period

1 days

Rewards

PIKU

Strategy Details

T+0 intra-day arbitrage and T+1 carry on USD/TRY spreads between Turkish crypto exchanges (Binance TR, OKX TR) and fiat banking rails, with all TRY exposure hedged via FX forwards with institutional Turkish commercial banks.

Redemption Details

Daily processing on Turkish business days with T+0 settlement at the fund level, subject to local public holidays

Transferability

Fully transferable token, no restrictions.

Custody & Security

All operational flows pass through Fireblocks, where MPC-based key management, automated policy controls, whitelisting, and multi-approver rules minimize risk.