Long the cheapest perp on MCAP/Revenue (crypto price-to-sales) in each sector, short the dearest peer. Dollar- & sector-neutral.
L1: CC 14x vs TON 2474x | DEX: JUP 5x vs RUNE 13x | Lend: AAVE 10x vs RSR 96x | Consumer: VIRTUAL 19x vs ENS 168x.
Walk-forward (17 liquid HL names, 2023-12->2026-05, net): +29%/yr, Sharpe 1.26, market beta -0.07. Neutral, so board P&L = the cheap-minus-dear spread. Kills: a narrative bid keeps zero-revenue L1s rich. Rebalance weekly.
CC
JUP
AAVE
VIRTUAL
TON
RUNE
RSR
ENS