Parameters
Five values define a contract. They are fixed at open and none of them can be changed afterwards.
| Field | Symbol | Unit | Meaning |
|---|---|---|---|
| Market | — | token | The tokenized equity whose pool is marked. |
| Term | T | days | How long marks are collected before settlement. |
| Strike | K | vol points | The annualised volatility the two sides disagree about. |
| Size | N | USDG per point | What one vol point of difference is worth. |
| Band | W | vol points | The cap on the transfer, and the escrow each side posts. |
Reading a quote
A ticket of NVDA · 7d · K 52 · N 25 · W 20 reads as: over the next seven days,
one side thinks NVDA settles above 52 annualised vol points and the other thinks below.
Every point of difference is worth 25 USDG, capped at 20 points, so each side escrows 500
USDG and that is the most either can lose.
To translate a strike into something a chart shows you, divide by the square root of 365. A strike of 52 asks for an average day of roughly 2.7%.
Marking rules
- At most one mark per hour, per market. The call is permissionless.
- The price is the pool's own price, derived from
sqrtPriceX96in the Uniswap v4 singleton, quoted in USDG. - A pool whose in-range liquidity is under the depth floor is not marked. The previous mark carries forward.
- A skipped hour carries forward. Carried hours contribute a zero return and are excluded from the observation count.
- Settlement needs a minimum number of observed returns. A term that never got marked does not settle at zero volatility, it voids and returns both escrows.
Chain
Everything the site reads comes from one place, and these values are the ones it is reading with right now.
| loading | ····· |
Connecting a wallet asks it to switch to that chain, and to add it if it has never seen it before. Tynex asks for an account and a network. It never asks for a seed phrase, and there is no server here that could receive one.
Listed markets
A name is listed when it has a Uniswap v4 pool in USDG deep enough to mark hourly. The depth column is a snapshot from when the market file was built, not a live reading.
| Ticker | Name | Token | Depth at build |
|---|---|---|---|
| loading |
Fees
There is no fee schedule yet, and inventing one before the contracts exist would be decoration. The design does assume settlement itself is free: the transfer is one arithmetic step on data the contract already holds, and whoever pokes an hourly mark pays the gas for it.
Status
- Live. The contract, with five markets listed on it. Price reads against the Uniswap v4 singleton, the desk's pricing, and wallet connection.
- Not wired. The order path in this interface. Offers, fills and settlements have to be sent to the contract directly until it is.
- Not done. An audit. The listing power has not been frozen yet either, so the owner can still add a sixth market.
- Undecided. Fees, whether a position can change hands mid-term, and whether strikes are quoted by a maker or discovered in a book.
Glossary
Vol point. One percentage point of annualised volatility. A market at 52 points is expected to have days of about 2.7%.
Realized volatility. What actually happened, measured from the marks. The opposite of implied volatility, which is what a price says people expect.
Band. The cap on how far the settlement can travel from the strike, and therefore the escrow.
Mark. One hourly price observation taken from the pool.
Carry forward. Reusing the previous mark when an hour cannot be observed honestly.