BTC Delta Neutral (BTC DN)
Ithora is software that runs one position inside your own Hyperliquid account. It never holds your funds and never holds a key that can withdraw them. It is not investment advice.
What it is
You put in USDC. Ithora buys BTC on Hyperliquid spot and opens a short of the same size on the BTC perpetual, in your account, at the same moment. The two cancel out: a move in the BTC price gains on one side what it loses on the other. What is left is the funding the perpetual pays to shorts, settled every hour in USDC.
What you earn
Funding is a market rate. Over the last twelve months it has paid a few percent a year on the capital put in; the Earn page shows the current figure, realized on Hyperliquid, on the same base. It changes every hour and can turn negative, in which case the position pays rather than earns. Ithora shows that as plainly as the good weeks.
Every screen uses one equation. Net earned is funding received, less fees paid in USDC, plus the price gap between the spot and the short. Balance is what you deposited plus net earned.
Rising, flat and falling markets
Funding is paid by longs to shorts while the perpetual trades above spot, which happens most when BTC is rising. So the fair question is what it paid in each kind of market, not one average. The landing page shows that as three figures, computed from the BTCUSDT perpetual on Binance: it has settled funding since September 2019 and so holds full cycles, where Hyperliquid's own history starts in 2023. A day counts as rising when BTC is up more than 10% over the previous 30 days, falling when down more than that, flat in between. The figures are annualized on what a 2x carry puts in, with the share of days that paid nothing or less and the worst seven days of each regime. They describe the past. Funding can be negative for weeks in any market, and the position keeps running through it unless you stop it.
What it costs
- Hyperliquid’s own trading fees on the four orders of a round trip (in and out).
- Ithora’s fee: 0.05% of each perpetual order and of the spot sell on exit, through Hyperliquid’s builder code. You approve it once, on the exchange, before it applies. There is no subscription and no fee on funding.
Together a round trip costs about a quarter of a percent of what you put in; the confirmation before you start shows the exact figure and how long the funding takes to pay it back.
How it stays safe
The short is opened at 2x with its own isolated margin, so its liquidation price sits far above where BTC trades on the day you start; the confirmation names the distance. A protection order rests on the exchange from the start: if the price ever gets there, both sides close by the exchange’s own rules, whether or not Ithora is online.
Ithora watches the distance around the clock and acts when its rules say so. When the distance shrinks to 20%, it moves idle USDC from your account into the short's margin to push the distance back to 30%. When no idle USDC is left and the distance reaches 12%, it stops earning and closes both sides. Each time it acts, or tries and fails, you get an alert. It never opens a new position and never re-enters on its own. You can add to the position or stop earning yourself at any time from the dashboard.
Saving funding as BTC
Funding settles in USDC and, by default, stays as USDC in your account. Turn saving on and Ithora buys BTC spot with it instead, in batches of at least the exchange's minimum order. That BTC is yours to keep and is not part of the position: no close sells it, the dashboard shows it on its own line, and it is sold only when you ask. It is also not hedged, so its value moves with the BTC price. Funding lands on the perp side of a standard account and only your wallet can move it to the spot side, so a batch there takes one signature from you before Ithora buys; an account that keeps its USDC in one pot needs no signature, and Ithora buys each batch on its own.
Compounding
With compounding on, funding goes back into the position instead: once at least $50 has gathered, Ithora puts it in at the end of the day (UTC) as a top-up at the same leverage, with the same orders and protection as an entry you place yourself, and writes each one to your activity feed. It needs an account that keeps its USDC in one pot, and it turns saving off, since both spend the same funding. At today's rates the difference it makes is small, a fraction of a percent a year; what it buys is not having to come back and press Add.
What stays yours
- Your funds stay in your own Hyperliquid account. Ithora is not a pool, a token or a deposit.
- Orders are placed by Ithora’s server with a trade-only key it makes for your account and that you approve on Hyperliquid with your own wallet. That key can place and cancel orders, set the short's leverage and move USDC inside your account into the short's margin, and nothing else: it cannot withdraw, and only your wallet can.
- The key is kept encrypted on Ithora’s server and used only for the actions on this page. It is never shown to anyone, you included. Your wallet’s own key never reaches Ithora.
- Revoke the key from the dashboard (the gear, Automation) once no position is open, or on Hyperliquid directly at any time. The funds stay where they are.
Beta
This is a beta run with small amounts on Hyperliquid mainnet, for wallets on the beta list. Please do not trade BTC by hand in the same account while a position is open: a holding that stops matching Ithora’s record pauses automation until you resume it from the dashboard, and the dashboard’s Activity section says what the bot found.
We run it on our own account first. Its results, read from Hyperliquid’s records and refreshed hourly, are on the track record page.