> For the complete documentation index, see [llms.txt](https://docs.axis.to/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.axis.to/susdx-the-rewards-vault/how-axis-earns-yield/historical-track-record.md).

# Track Record

{% hint style="warning" %}
**These are the results of prior trading businesses, not of USDx or sUSDx.** Those businesses were not open to the public, and nothing on this page is a quote or forecast of sUSDx yield. Past performance does not guarantee future results.
{% endhint %}

The strategy behind Axis is not new. The same core team has run the same market-neutral book since 2018, through every market cycle since.

![Cumulative return since July 2018](https://2477139792-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F1qpxd00p4nKGSXWm7QiH%2Fuploads%2Fgit-blob-6af67cbf5f7c95f0d11ca7f9276d32731bf1917c%2Fcumulative-return.svg?alt=media)

**360.7% cumulative since July 2018**, gross of fees, across 77 months.

## Through every cycle

Market-neutral means the book does not need the market to go up. What it needs is fragmentation and volume, and both tend to arrive when markets move, in either direction.

| Cycle     | What happened                                 | Result                            |
| --------- | --------------------------------------------- | --------------------------------- |
| 2018–2019 | Post-peak contraction, thin liquidity         | Profitable in every month of 2019 |
| 2020      | March dislocation, then recovery              | 39.2%                             |
| 2021      | Expansion, peak fragmentation across venues   | 37.5%                             |
| 2022      | Industry-wide contraction and venue failures  | −7.0%, the only negative year     |
| 2023–2024 | Recovery, tightening spreads, growth in scale | 17.9%, then 27.0%                 |

![Annual return](https://2477139792-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F1qpxd00p4nKGSXWm7QiH%2Fuploads%2Fgit-blob-cace23514d7fb5b081f3a5551760120f5075eec7%2Fannual-returns.svg?alt=media)

Positive in six of seven years, including the year the market lost roughly two thirds of its value. The worst full year was −7.0%.

## Scale in the market

This is not a small book capturing a rounding error. It is consistently responsible for a measurable share of global spot trading.

![Share of global centralized spot volume](https://2477139792-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F1qpxd00p4nKGSXWm7QiH%2Fuploads%2Fgit-blob-67092f2bba23114264420f45c73cb9d9de82bc6f%2Fvolume-share.svg?alt=media)

* **0.2% to 0.5%+ of global centralized spot volume**, month after month, rising with volatility.
* **14 to 64 basis points of volume on Binance, OKX and Bybit**, and materially higher on regional venues.
* **Billions of dollars of stablecoin transfers per month**, rebalancing inventory across venues.

## Operating record

For anyone holding a synthetic dollar, the more useful question than return is whether the book absorbs stress.

* **Absorbed a redemption of more than 20% of AUM without a liquidity crunch.** No gating, no suspension, no forced unwind at adverse prices.
* **Best month +16.4%. Worst month −10.3%**, in May 2022, alongside the industry-wide contraction of that period. The book recovered without gating.

## One team, three capital structures

| Period    | Structure           | Capital                                               |
| --------- | ------------------- | ----------------------------------------------------- |
| 2018–2021 | Proprietary trading | Own capital, plus lenders at fixed and variable rates |
| 2022–2025 | Licensed fund       | External investor capital alongside partners' capital |
| 2026–     | Axis                | Protocol-sourced capital via USDx                     |

The 2022 move into a fund structure was a **licensing decision, not a change of strategy**. Same book, same venues, same risk limits, same people. The continuity is the team: the same capital managers, risk managers, quantitative researchers, traders and engineers have run it throughout.

## Methodology

Every figure on this page is computed from the monthly return series published on the [2018–2025 Historical Composite](/susdx-the-rewards-vault/how-axis-earns-yield/historical-track-record/long-run-composite.md), so the record reconciles against itself.

* **Return basis.** Gross, before fees. No net-of-fees figure is published, because that requires a stated fee schedule matched to the period and none is reconcilable to this series.
* **Period.** July 2018 to December 2024 for the return series. Volume and market-share figures run to July 2025.
* **Compounding.** Annual and cumulative figures are compounded from the monthly series, not annualized from a mean.
* **Drawdown basis.** Monthly. A monthly figure does not establish the maximum intraday, daily, or position-level loss, and can conceal losses that recovered before month end.
* **Realization.** Historical realized results, not simulated, and not a live onchain protocol result.
* **Comparability.** Compare against another record only when period, compounding convention, gross-versus-net treatment and risk-free-rate convention all match.

## Read next

* [2018–2025 Historical Composite](/susdx-the-rewards-vault/how-axis-earns-yield/historical-track-record/long-run-composite.md): the full series, month by month.
* [Trading Strategy Overview](/susdx-the-rewards-vault/how-axis-earns-yield/trading-strategies.md): what the book actually does.
* [How Axis Earns Yield](/susdx-the-rewards-vault/how-axis-earns-yield.md): where sUSDx yield comes from today.


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