PiggyBank’s LAB hedge backfires as USDC vault NAV drops 15%
PiggyBank has closed a hedge tied to LAB after sharp price swings and deeply negative funding rates made the trade too costly to maintain. Summary PiggyBank closed the LAB short after volatility and negative funding breached its internal risk limits. The USDC vault faces a 15% drawdown, while SPYx and JitoSOL show smaller reported declines….


