Stake kUSD. Earn the delta-neutral APY.
skUSD is the yield-bearing ERC-4626 wrapper around kUSD. Deposit kUSD, receive skUSD shares. Share price rises as Kerne distributes basis yield from Hyperliquid funding plus a Lido staking baseline. No cooldown, instant redeem.
A model of the deployed book, not a realized distribution: the hedge is sized one for one against spot, so the carry is multiplied by L/(L+1), which is below one, never by the venue leverage itself. The separate 3x target at scale is published at kerne.fi/api/apy under its own label. Our published feasibility analysis caps the sustainable through-cycle rate near 8 to 9.4 percent. For reference, sUSDe, the largest delta-neutral dollar, currently realizes 4.15%, per DefiLlama's published data.
Kerne is pre-audit: on its first external audit (Hexens), fieldwork ran from July 13, 2026 and the initial report landed on July 20, 2026, with remediation underway. The final report is still pending and the code is not yet through a completed external audit. A public bug bounty is live and proof of reserves is signed hourly. Audit status and findings-response protocol. Staking reflects your own diligence.
Live Stats
The APY above is a forward model on the deployed basis, not yield already paid: the hedge is sized one for one against spot, so the carry is multiplied by L/(L+1), which is below one. The separate 3x target at scale is published at kerne.fi/api/apy under its own label. Realized yield shows here as Share Price rising above 1.000000. skUSD shares carry 24 decimals (kUSD's 18 plus skUSD's 6 offset). totalAssets is pinned to an internal ledger so direct kUSD donations cannot inflate the share price (Resolv-class defense).
Trust Receipts
- Admin: Trezor + 2-of-3 Safe co-adminRedeployed 2026-07-03. On 2026-07-08 the 2-of-3 Safe was granted DEFAULT_ADMIN and the bot was granted STRATEGIST; the founder Trezor retains both until a planned renounce after the external audit completes. Hexens delivered its initial report on July 20, 2026 and remediation is underway; the final report is still pending.View →
- Hourly signed PoREOA-signed attestation hash every hour. Verify in three lines of Python.View →
- Source verified on SourcifyVerified on Sourcify and BaseScan (partial match) for skUSD 0x96F5102C.View →
kUSDskUSD is a yield-bearing ERC-4626 wrapper around kUSD. A modeled APY on the deployed basis, where the hedge is sized one for one against spot, is published at kerne.fi/api/apy.
A 1,000 kUSD stake earns roughly $29.50 in a full year at 2.95%. Realized yield depends on the strategist's distribution cadence; share price math compounds.
Don't have kUSD yet? Mint kUSD with USDC or any major token on /mint, then come back to stake.
Why stake kUSD?
Yield-bearing wrapper
skUSD is a standard ERC-4626 vault with kUSD as the underlying asset. The share price climbs as the strategist distributes basis yield. Holding skUSD is mathematically equivalent to holding more kUSD as time passes.
No cooldown, instant redeem
Unlike the WETH vault leg, skUSD has no withdrawal cooldown. Burn shares any time to receive the underlying kUSD pro-rata. Built for institutional flexibility, not lockup friction.
Verifiable admin posture
The skUSD vault was redeployed on 2026-07-03. On 2026-07-08 the 2-of-3 Safe was granted DEFAULT_ADMIN and the bot operator EOA was granted STRATEGIST; the founder Trezor retains both roles until a planned renounce after the external audit completes, mirroring the full rotation completed for the prior vault on 2026-05-18. That audit is in progress: Hexens delivered its initial report on July 20, 2026 and remediation is underway, with the final report still pending.