DeFi

Is it realistic to calculate with an APY of 5% for portfolio mixed with ETH, USD and BTC?

With the mix of ETH and BTC I'm not sure how you would hedge downside and still hit 5%.

I assume you mean 5% with no downside risk, but you want upside exposure to ETH, but then the question becomes how much exposure do you want.

Also a note, the option could be worthless. The strategy of guaranteeing 5% is so rigid, which means your options strategy would be limited.

If crypto crashes then starts recovering around November, its likely your option would be worthless or you'd lose some money there. You'd definitely have to be on top of it and the moment its in the money take some profits.

To do some math here and give you an actual strategy, if you have $100K you can deposit in Pendle and the USDe pools are at 7.5% locked until Sept. Assuming that stays constant and you can roll again, you would need to buy $97.6K (also assumes no slippage) to guarantee a 5% return until at least September. The issue here is you cannot guarantee you can roll a fixed yield contract after Sept. Its likely but not guaranteed, so you won't hit 5% if yields crash (likely) and bitcoin crashes.

Now you have $2.4K to buy options on BTC and ETH (Derive or whatever platform, but buy European options). Probably the best exposure is skipping ETH entirely and buying a December contract for Bitcoin at $115K.

I think this strategy would make sense but you have a bit of a floating rate since there aren't any Pendle markets open past September on dollar markets you should want. My only opinion is why even do this. Its probably more lucrative to allow for some downside losses because the upside right now is probably high.