Introduction

On-Chain Analog of a Multi-Strategy Hedge Fund

Keystone is a permissionless, multi-strategy hedge fund implemented as Solana programs. Three sleeves — directional, market-neutral, and dislocation — operated by code, not desks. No discretionary managers, no off-chain execution; allocations, rebalances, and fees are enforced by the programs themselves. Deposit once, pick a risk profile, hold ksCORE.

Capital is allocated across three strategies. Each runs its own on-chain logic and adapts to market conditions independently.

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The three strategies

Keystone Alpha — Directional

Accumulates SOL exposure through ATH-relative bands. When SOL is far below its all-time high, the fund holds more jitoSOL. As price recovers toward ATH, it rotates back into USDC and deploys idle capital to Marginfi lending. Rebalances are permissionless, cooldown-gated, and capped per interval — no single transaction can move too much.

• Target APY: 4–5.5%

• SOL exposure: 20–80%, ATH-relative

• Strategy →

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Keystone Neutral — Carry

Runs a delta-neutral basis trade on Jupiter Perps: long jitoSOL spot, short SOL-PERP, earning the spread. When funding turns negative (shorts pay longs), the fund flips to a reverse-basis position to collect the inverted premium. Idle capital parks in Marginfi or jitoSOL between positions. Net SOL exposure is zero in all configurations.

• Target APY: 11–21%

• SOL exposure: 0% (delta-neutral)

• Strategy →

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Keystone Defense — Dislocations & Stress

Holds JupSOL as its baseline (passive staking yield). When specific on-chain conditions are met — negative funding, liquidation cascades, distressed LST collateral — the fund deploys into the opportunity and exits cleanly when conditions normalize. Most of the time it earns staking yield while waiting.

• Target APY: 5–8% baseline + episodic upside

• SOL exposure: Variable (low by default)

• Strategy →

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Keystone Core

Core is the entry and exit point. It routes capital across Keystone Alpha, Keystone Neutral, and Keystone Defense per the risk profile you select, holds fund shares, and mints ksCORE representing your position. The keeper rebalances allocations back to profile targets when drift exceeds the threshold — permissionless, so anyone can crank it.

Portfolio ID	Profile	Alpha	Neutral	Defense
1	Conservative	10%	60%	30%
2	Balanced	20%	55%	25%
3	Growth	35%	40%	25%

Illustrated metrics (not live): Historical simulation · npm run fund:simulate

What is Keystone Core?

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How it works

deposit / deposit_jupsol / deposit_with_swap → ksCORE minted → routed to Alpha, Neutral, Defense
withdraw / withdraw_with_swap → burn ksCORE → redeem from funds
migrate_portfolio → move ksCORE between portfolio IDs in one transaction

Share price reflects portfolio NAV. Performance fees apply above the high-water mark at the fund level. Fee structure →

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Doc map

Users: Deposit · Withdraw · Check position · Rebalance & ops

Builders: Quick start · Instructions · Accounts · Events · Errors

Operators: Admin ops · Keeper bot · Monitoring

Reference: Fees · NAV & pricing · Security · Protocols · Deployment

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Program IDs

Program	Devnet ID
Keystone Core	rDd3hjjEdH2xJWH9RnQupX7ZTPxrzmBZhL76eS8dW8c
Keystone Alpha	2JTb5UiM6mAYDUmnSiTgZXTTEJAJs98YRDcKLU6AGeZN
Keystone Neutral	BxKFa6GRKYgNKxRzJ4kXCHiDo2PodpNtKVWhJTZMtAXR
Keystone Defense	FKtpFEd4B5jGRkgLf5AN2eZMikmkEJYf59XzR6YbTxPA

Mainnet deployment pending security audit.