According to @secondswap_io, ETH is around 3,700 dollars and a hypothetical transferable but locked claim to 1 ETH redeemable in March 2026 at 3,300 dollars implies a 400 dollar discount to spot for this instrument, source: @secondswap_io. That setup equates to a 10.8 percent discount to spot and, if ETH in March 2026 equals today’s 3,700 dollars, a 12.1 percent gross return on 3,300 dollars over roughly four to five months, source: @secondswap_io. Annualizing the spot relative discount over approximately 119 to 149 days from early November 2025 to March 2026 indicates about 26 to 33 percent implied carry using an ACT slash 365 convention, source: @secondswap_io. The breakeven at redemption is an ETH price above 3,300 dollars, while a finish below 3,300 dollars results in a loss in USD terms, source: @secondswap_io. Traders could treat this as a negative forward basis for this specific locked ETH instrument and potentially structure a basis style hedge by shorting offsetting ETH exposure to isolate the implied carry, source: @secondswap_io. Key considerations include March 2026 redemption timing, transferability and secondary market liquidity, and any smart contract or counterparty risk tied to the locked claim, source: @secondswap_io.