Optimal controls for Ethena's delta-neutral yield strategy are derived explicitly in both infinite-horizon discounted and finite-horizon settings, accounting for permanent basis-compressing impact and temporary execution slippage.
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Optimal Control of the Ethena Yield-Bearing Stablecoin
Optimal controls for Ethena's delta-neutral yield strategy are derived explicitly in both infinite-horizon discounted and finite-horizon settings, accounting for permanent basis-compressing impact and temporary execution slippage.