Backtesting Appendix (SFN)

Dual Currency

The legend below indicates the historical incidence expiring in-fin (expiring with option in-the-money) during a 27 day period.

1. Dark green: Probability of earning 12%+ APY.

2. Medium green: Probability of earning 9.6%-12% APY.

3. Light green: Probability of earning 9.6% APY.

The median P&L impact due to diluted upside is calculated and noted beside the red boxes above the probability bar chart. The median P&L gain can be found next to the green boxes above the bar chart.

Bull Shark (BTC/USD) - stablecoin deposit

Bull Shark (BTC/USD) has a 19% probability of expiring in-fin (backtesting data Jan 2022 - June 2024). Note: APYs are a function of the underlying asset(s) tracked, the deposit asset, and market conditions.

Bull Shark (ETH/USD) - stablecoin deposit

Bull Shark (ETH/USD) has a 19% probability of expiring in-fin (backtesting data Jan 2022 - June 2024). Note: APYs are a function of the underlying asset(s) tracked, the deposit asset, and market conditions.