By Keel Research Team · Updated May 12, 2026
Equal-weighted basket of the 10 largest cryptocurrencies — BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOT, LINK, TRX. The passive large-cap baseline. Currently down 29% YTD; underperforming BTC alone, illustrating the cost of broad diversification in a leadership-driven year.
Window: Jan 1 — May 1, 2026 (YTD). Equal-weight, vol-targeted sizing. $10,000 start → $7,142 end.
Verified 2026-05-12 against the live Keel backtest engine on Hyperliquid price data. Past backtest performance is not indicative of future returns.
Bring this index live on Hyperliquid via Keel, or open the Index Builder to tweak weighting, add a short side, or change the asset list.
Opens the Keel strategy editor with the index pre-built. New users sign in first; the config persists through sign-up.
| Ticker | Category | YTD return | Target weight |
|---|---|---|---|
| TRX | L1 | +13.5% | 10.0% |
| BTC | L1 | -12.0% | 10.0% |
| ETH | L1 | -23.2% | 10.0% |
| XRP | L1 | -25.9% | 10.0% |
| LINK | Infrastructure | -26.9% | 10.0% |
| BNB | L1 | -28.2% | 10.0% |
| ADA | L1 | -29.8% | 10.0% |
| AVAX | L1 | -32.2% | 10.0% |
| SOL | L1 | -33.7% | 10.0% |
| DOT | L1 | -39.3% | 10.0% |
Diversification baseline: 9 of 10 names are negative YTD. Equal weight gives DOT (−39%) the same vote as BTC (−12%) — when the largest asset outperforms its peers, equal weight underperforms BTC-only.
The pipeline loads 15-minute price data for the 10 large-cap perps, resamples to daily bars, applies equal-weight allocation with buffered execution to minimize turnover. 13 total trades over 4 months — the lowest turnover of any index in the series, reflecting the lower asset-level dispersion.
This is the most boring index in the series, and that’s the feature. Most narrative baskets compare against BTC or some equally arbitrary anchor; this gives you a real on-chain passive large-cap to benchmark against. If your narrative bet beats Top 10 EW, you actually have alpha.
Variants worth building in the Index Builder: market-cap- weighted (when we have the data), top-5 vs top-10 (more concentration), or BTC + ETH (the two-asset baseline).
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The 10 largest cryptocurrencies by market cap, each held at 1/10 of the portfolio — the on-chain equivalent of Bitwise BITW. Equal weight means a small-cap rally and a large-cap rally both move the index equally; it’s the simplest passive crypto benchmark and a useful reference for whether narrative baskets are actually outperforming.
9 of 10 names are down YTD — TRX is the only positive (+13.5%). BTC dominance has compressed and ETH continues underperforming, dragging the whole basket. This is the bear case for passive large-cap exposure in a narrative-driven year: when leadership rotates to niche sectors, broad diversification underperforms.
BTC is down 12% YTD; the basket is down 29%. The 17-point gap is diversification cost when the largest asset outperforms its peers. In 2024 the relationship was reversed (smaller large-caps led). This index is appropriate when you don’t have a strong sector or single-name view and want broad large-cap crypto beta.
The list reflects long-standing top-10 large caps and ignores recent additions to keep the index stable. HYPE, SUI, MNT, ASTER are in newer/sector baskets (HL Ecosystem, L1 Majors, L2 Scaling). For a "current top 10 by market cap" view, the Index Builder lets you swap in any HL perp universe.
Buffered execution that skips trading on small drift — 13 trades over the 4-month backtest. Lower turnover than the AI Compute basket because large-caps don’t disperse as much as narrative names. Tune execution behavior in the Keel editor after deploy.