Charm Q3 2025 performance review

This is a quarterly performance summary of the Charm managed vaults on Katana from 10th July to 10th October 2025. It's the actual performance after incentives for test deposits from charmmanager.eth, after accounting for capital losses and management fees.

The deposits was placed at the inception of the vault, and the incentives include KAT, SUSHI, ETH, and USDC. The performances and incentives can be independently verified on charm's web app, and at Merkl.

The full performance report is in the attached.

Summary

Vault

Pool

Net APY*

USDCETH

WETH/vbUSDC 0.05%

89.45%

WBTCUSDC5

vbWBTC/vbUSDC 0.05%

55.21%

WBTCETH30

vbWBTC/WETH 0.3%

63.27%

POLETH30

POL/WETH 0.05%

121.8%

SOLETH30

uSOL/WETH 0.3%

109.28%

AUSDBTCK30

AUSD/BTCK 0.3%

126.81%

*After capital loss, impermanent loss, and management fees

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.

Performance Chart

USDCETH5