Charm 2025 performance review

This is the 2025 year end performance summary of the Charm managed vaults on Katana from 10th July to 20th December 2025. It's the actual performance after incentives for all the vaults' depositors, after accounting for capital losses* and management fees**. The performance was weighted by each depositors' PnL, after accounting for the size and duration of their deposits.

The full performance report is in the attached.

The performances and incentives can be independently verified on charm's web app, and at Merkl.

Performance summary

Charm.fi is one of the most profitable apps on Katana.

In 2025, Charm generated Net Profit of $554,301 (55.55% APY) for LPs over 151 days. This is 4.33x better than Yearn.

Charm.fi is the most productive liquidity manager on Katana

Charm generated 118x more fees per TVL, and 28x more volume per TVL than Steer, making it the most productive liquidity manager on Katana.

Charm.fi is the best performing liquidity manager on Katana

Charm generated $311M in trading volume and $130K in LP fees over 151 days — representing 9.34% of Katana’s total DEX volume and 8.41% of its total DEX fees. It generated 5.5x more fees and 34% more volume than Steer.

Performance Commentary

The vaults' strong performance were driven by their disciplined and transparent approach to earn swap fees, collect incentives, and reduce capital loss. For all vaults, a tight range strategy was used to used to earn fees and collect rewords, and a swapless rebalancing strategy to avoid price impact and paying swap fees. New positions are chosen between 6 hours and 24 hours, so that the vaults can earn yields when the price changes. The variation in performance was due to the amount of incentives offered to the pool by Katana, the price volatility in the underlying assets being managed, and the amount of liquidity created by the vault.

Compared to Q3 2025, there were higher capital losses in Q4 2025 due to higher price volatility for all the managed assets. In addition, there were lower incentives emission for WBTC, SOL, POL, and SOL, and BTCK, resulting in lower Net APR in Q4 2025 for all the vaults containing these assets.