Model yield in the same unit as risk
Staking rewards are often token-denominated. Their fiat value can fall, and they may not remain liquid enough to meet margin. Compare expected rewards with funding, fees, basis, and stress losses.
The reward does not make leveraged exposure self-financing.
LST basis and haircuts
A liquid staking token can trade away from implied redemption value. A derivatives venue can also reduce the collateral factor. Both events shrink usable margin and can occur together during stress.
Read staked assets as derivatives collateral for the full scenario framework.
The shortest clock controls survival
Redemptions can take longer than a margin call. Keep liquid collateral that can move on the derivative venue’s timeline rather than assuming a future redemption will arrive in time.
Restaking adds more protocols, penalties, and withdrawal dependencies to the chain.