Bastion Trading Group Borrowing Request



Bastion Group is a group engaged in proprietary trading in cryptocurrencies and is led by well experienced traders who moved over from traditional finance including the Twitter handle owner @theskyhopper. We have been in the crypto space since 2017 and we concentrate our trading strategies on mainly on arbitrage, some quant signal trading, and some market making.

We would like to increase our standing and further our credibility with the Truefi community and demonstrate our credibility. We would like to start by requesting TUSD 1,000,000 for a 30 days loan at a rate of 14.5% annualized. We hope we can cultivate a relationship where we can borrow more funds in the future.

About Us / Our Vision

Our trading volume is ranked here at 24th in January under the pseudonym, the Skyhopper. Please check out this Twitter handle as well!

Bastion came together in 2015 trading equities in Asia by a group of traders who recently left their day jobs and realized that there was a decent chance to be successful outside the traditional finance rat-race. After a couple decent years trading, in late 2017, we started to transition to cryptocurrencies after discovering significant discrepancies in prices between exchanges. For example, we found that prices in JPY in Liquid (then Quoine) was at times 8-10% different from US Dollar prices in Bitstamp or Gemini for example.

Those days of such fat margins are over, but there are plenty of opportunities to scalp, and arbitrage. We are excited to see all the opportunities in DeFi whether it is Uniswap, Sushiswap, Aave and many other platforms. We are also excited to see an advent of cover markets for these protocols and also for Cefi protocols as well. With all these tools, we feel more comfortable today to deploy risk capital than three years ago.

We have come a long way in building our equity (we originally funded ourselves with our own money and nearly all of it is still our own equity), and the overall profit ranking in the Bitfinex leaderboard is a testament/evidence of the capital base that we have collectively, which is well over 50 million USD dollars.

Our volumes by no means are the largest in the market, but we can say we are not tiny either. Risk management, as boring or uncool as it sounds as I write this, is a key component of managing our capital. This is an area of knowledge we were able to extract – despite all the odds seemingly against this – from cutting our teeth on the trading floors of some major investment banks and trading houses including those like Optiver, JP Morgan, HSBC, and UBS.

We have solid risk management systems and efficient execution systems as well. Some of which we are even forking our system that can used by the general public

Our plan for the borrowed funds (if approved) is to deploy the capital to enhance our own trading returns, whether it is through deployment in defi, market making, or arbitrage trading.

Interest rate proposal: our proposal reflects a rate we believe is competitive to other unsecured lending protocols such as Celsius (average of in-kind rate and in CEL reward rate is about 14.52%.) Further, we believe in current market conditions a material spread such as +3% to +5% should be paid over say Curve Y pool. With the current Y pool paying an annualized 10% APY (without the CRV reward), we figure that a 14.5% rate would be reasonable using both metrics.

Currently, we see significant opportunity to pay a healthy interest rate that would reward your risk, and we are excited for this opportunity to work with TrueFi and present ourselves to your community.

Bastion Trading Group

Company Linkedin:

Our Trader’s Twitter: @theskyhopper


Bastion Trade Borrower Request
  • Yes - Approve Request as is
  • Yes - But limit credit to 500,000
  • No - Do not add this borrower to the platform at this time

0 voters


One comment from me… I’ve gotten to know some of the Bastion team, specifically Wei pretty well over the past 2-3 years. They were historically very active users of TUSD as well.


I think there is good synergy for uncollateralized lending and prop trading groups. Look forward to growing the community

1 Like

Great post Bastion Trading! I love that you included your rationale behind your proposed interest rate.

Who at Trufi is tallying the vote? How is a decision made?

When do TrustCoin holders commit funds to the project?

An official vote is tallyed at

Forum is used first as a temperature check and to provide time for questions and comments.

@BastionTradingGroup If we approve this would your firm be able to endorse our platform and our $TRU coin on your 1)Twitter account and other Social Media 2) issue a joint press release. Are there any other ways Bastion could help our marketing/bizdev efforts or help create more price action for our $TRU coin? Thanks guys

  1. Twitter / Social Media: We have our Twitter account and Linked-in account and we would be delighted to endorse your platform.
  2. Happy to do so as well - just if we can coordinate on how to do this? Admittedly, we haven’t worked with press releases.

First, the TRU price action has been quite strong, and listed on premier exchanges like Binance, FTX, Poloniex, Gate… - so its going well! We’re not quite sure how to help something that seems determined as of now to go higher.

On marketing and business development efforts: we can write some research on the token, ecosystem, lending market - which would be a bit more in depth that say your average tweet for example. Of course, commenting on the lending market, as having a few ex convertible bond traders around (pricing credit like every day in our past life) could risk getting a little feisty (ngl)!

Lets give some Twitter endorsement a go anyway. Its a way for me to dump on traditional finance.

1 Like

@BastionTradingGroup Awesome guys, way to take the initiative and absolutely let’s dump on traditional finance! @rafaelcosman @MG-TT Guys @ryan.rodenbaugh this is what we should look for in client / partners. Should our TVL ever be limited we need to prioritize and give funds to those who endorse us and think out-of-the-box. Just like an ICO, we have limited allocation and that allocation should be reserved for clients who can add tangible value to our efforts. Also, as we grow, we should tweet, and issue press about them, in order to help their efforts, make introductions etc. We are a very connected team due to our roots with TrueUSD.


While, we are waiting on a whitelist process/approval to be completed, I will post here just for record some update on our thoughts on the interest rate at this point. The summary is unless there is a significant market change - we will need to apply with a higher rate than proposed (probably a “duh” statement). Personally, I have always been fascinated with the process of price discovery. We are juggling number internally.

Some data points:

AAVE rates:

The average of the current rates across the stable coins, USDT, USDC, TUSD, and BUSD is around 13.5% on the margin (in time). Longer term for the two largest stablecoins USDT and USDC is 10.75% over 30 days. Similarly, Y Curve has exhibited similar rates, where the current rate is 16% vs. longer rates I would guess is around 10-12% before CRV rewards. Other protocols are offering even higher yields.

So, the “overnight rate” we then estimate 14.75% - and longer term is 10.5% at least looking back 30 days. By depositing in these, likely, a lender still takes hold of collateral. So how much is uncollateralized lending worth? Materially more.

Lets consider the reference simply to be the average of the two rates 14.75% and 10.5% which by no means in scientific - but this is 12.625%.

What is the traditional finance ratio for secured and unsecured finance?
LQD (Unsecured Mostly Corporate Debt) Dividend Yield: 2.67%
MBB (Agency Mortgage Backed - Collateralized and Gteed) Dividend Yield: 2.05%
HYG (High Yield Corproate Debt): 4.80%

Clearly, there should be a premium to unsecured loans.

Here are some data points above to consider - but really leave the stakers to decide of course.