Trade how much it moves. Not which way.
Take a position on the volatility of NVDA, TSLA, AAPL and the rest of the tokenized equity book. Settlement measures the size of the week's moves, so a stock that finishes exactly where it started can still pay you.
Pick a side of the noise.
A contract is two people disagreeing about how loud the next week will be. One takes the over, one takes the under, and both put their worst case in escrow before anything opens.
Long volatility
For a week with a catalyst in it. Earnings, a ruling, a launch, or a tape that has been coiling for a month. The moves have to come in bigger than the strike. Which way the news breaks is somebody else's problem.
Short volatility
The other end of the same ticket. You collect what the market will pay for protection and keep it if the week turns out ordinary. Boring is the position.
Settlement
At expiry the contract reads the hourly marks it has been collecting from the pool, computes realized volatility, and moves the difference between the two escrows. The number comes out of marks anyone could have taken themselves, so there is nothing to appeal to.
Realized volatility, against your strike, in vol points.
Size the position in USDG per vol point. The band caps both ends, so what a side escrows at open is exactly what it stands to lose.
A week of NVDA, priced two ways.
Strike vol points, sized at USDG per point, with a point band. Each side escrows USDG and cannot lose more than that.
| Realized volatility settles at | Long vol | Short vol | What happened |
|---|
Arithmetic on the inputs above, not a forecast. A real strike is whatever the other side will take.
A market exists where a funded pool does.
Volatility has to be measured off something. Tynex only lists a name that has a Uniswap v4 pool deep enough to mark hourly without the mark being an accident.
| Ticker | Name | Spot | Pool depth |
|---|
The parts people ask about first.
If the stock rips 30%, do I win?
If you are long volatility, yes, and a 30% fall would have paid you the same. Settlement squares every hourly return before adding them up, which throws the sign away. Your exposure is how big the moves were and how many of them there were.
How is this different from buying a straddle?
A straddle pays on where the price finishes. Get a violent week that ends flat and the straddle expires worthless even though you were right about the violence. Tynex settles on the path itself, which is the thing you were actually trading.
Can I lose more than I put in?
No. The band caps the transfer at both ends and each side escrows that cap at open, so the contract never has to reach for money it is not already holding. Missing a margin call is not one of the ways this position can hurt you.
What stops someone pushing the pool around at settlement?
Volatility built from squared returns punishes a manipulator twice. Shoving the price costs money and it raises realized volatility, which helps whoever is long. Marks are taken once an hour from a pool with a depth floor, and a thin or stale hour carries the previous mark forward rather than printing a fake one.
Is any of this live?
The prices are, read straight from the pool slots in the Uniswap v4 singleton on Robinhood Chain. The contract is too: it went up on 9 September 2026 with five markets listed on it. What is not live is this desk's order path, so a position has to be opened against the contract directly for now.