# Table of Contents - [Agentic Trading | Nunchi Docs](#agentic-trading-nunchi-docs) - [USDYP Trading | Nunchi Docs](#usdyp-trading-nunchi-docs) - [Nunchi Yield Exchange Perps | Nunchi Docs](#nunchi-yield-exchange-perps-nunchi-docs) - [USDE Trading | Nunchi Docs](#usde-trading-nunchi-docs) - [YEX Perps Specifications | Nunchi Docs](#yex-perps-specifications-nunchi-docs) - [Market Mechanics & Parameters | Nunchi Docs](#market-mechanics-parameters-nunchi-docs) - [Volatility Indices | Nunchi Docs](#volatility-indices-nunchi-docs) - [US Treasury Yield Indices | Nunchi Docs](#us-treasury-yield-indices-nunchi-docs) - [Yield Deserves its Own Exchange | Nunchi Docs](#yield-deserves-its-own-exchange-nunchi-docs) - [Agentic Bin Manager | Nunchi Docs](#agentic-bin-manager-nunchi-docs) - [Fees & Incentives | Nunchi Docs](#fees-incentives-nunchi-docs) - [Growth Mode | Nunchi Docs](#growth-mode-nunchi-docs) - [Liquidations | Nunchi Docs](#liquidations-nunchi-docs) - [Auto-Deleveraging (ADL) | Nunchi Docs](#auto-deleveraging-adl-nunchi-docs) - [Oracles: Pyth and SEDA | Nunchi Docs](#oracles-pyth-and-seda-nunchi-docs) - [Developer Integration | Nunchi Docs](#developer-integration-nunchi-docs) - [Pendle nLP LP & YT Multipliers (wNLP) | Nunchi Docs](#pendle-nlp-lp-yt-multipliers-wnlp-nunchi-docs) - [CHIPs (cHIPs) | Nunchi Docs](#chips-chips-nunchi-docs) - [cHIPs Season One Rewards | Nunchi Docs](#chips-season-one-rewards-nunchi-docs) - [ISFR Index | Nunchi Docs](#isfr-index-nunchi-docs) - [cHIPs Pre-Season Rewards | Nunchi Docs](#chips-pre-season-rewards-nunchi-docs) - [Pricing Spreads | Nunchi Docs](#pricing-spreads-nunchi-docs) - [nHYPE Contracts | Nunchi Docs](#nhype-contracts-nunchi-docs) - [Nunchi HIP-3 Liquidity (nLP) | Nunchi Docs](#nunchi-hip-3-liquidity-nlp-nunchi-docs) - [Index Methodology | Nunchi Docs](#index-methodology-nunchi-docs) - [Index API | Nunchi Docs](#index-api-nunchi-docs) - [Batch Clearing | Nunchi Docs](#batch-clearing-nunchi-docs) - [Inventory Skewing | Nunchi Docs](#inventory-skewing-nunchi-docs) - [Agentic Binned-Liquidity | Nunchi Docs](#agentic-binned-liquidity-nunchi-docs) - [Funding Rate Indices | Nunchi Docs](#funding-rate-indices-nunchi-docs) - [Nunchi x Ethena HIP-3 (nHYPE) | Nunchi Docs](#nunchi-x-ethena-hip-3-nhype-nunchi-docs) - [TEE Clearing | Nunchi Docs](#tee-clearing-nunchi-docs) --- # Agentic Trading | Nunchi Docs #### [hashtag](https://docs.nunchi.trade/#nunchi-opens-its-unified-trading-terminal-for-the-future-of-yield) **Nunchi opens its unified trading terminal for the future of yield** **Be the House. Or Beat the Narrative.** **The Yield Exchange introduces a seamless environment to simulate strategies and execute trades against a live, agentic House.** ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252FYytNJi1lx0NBWubOO4BY%252FFrame%25201597882067.png%3Falt%3Dmedia%26token%3D01f2fc74-4adb-4726-9072-41e80fb29ef0&width=768&dpr=3&quality=100&sign=be9a77a4&sv=2) Unified Trading View Nunchi today announced a major update to the Yield Exchange, officially opening **The Arena** to the public. This release introduces a unified terminal that collapses the gap between high‑fidelity strategy sandbox and institutional‑grade execution into a single, elegant interface, so the experience of learning and doing is continuous. But unified trading is only half the story. The House is already live: an agentic maker is quoting USDYP markets. Traders can now compete to beat the House and earn meaningful upside for doing so. #### [hashtag](https://docs.nunchi.trade/#strategy-sandbox) Strategy Sandbox A high-fidelity sandbox. Traders can test strategies against yield volatility, funding rates, and market movements using simulated capital (**USDyp**). This allows for the refinement of strategies in a risk-free environment that mirrors live market conditions perfectly. * USDYP markets are live-quoted by the House * Traders can measure performance under real market dynamics (volatility, spreads, fills) #### [hashtag](https://docs.nunchi.trade/#the-arena) The Arena The live Yield Exchange. With a single toggle, traders deploy real capital (**USDC**, **USDE**, **USDH**) to execute against the order book. This is where strategy meets execution, supported by deep liquidity and multi-margin capabilities on Hyperliquid. * Deep liquidity and multi‑margin support on Hyperliquid * Professional execution primitives across every market * * * ### [hashtag](https://docs.nunchi.trade/#powered-by-agentic-liquidity) Powered by Agentic Liquidity The [Strategy Sandbox](https://docs.nunchi.trade/agentic-trading/usdyp-trading) is underpinned by a global liquidity federation executing on the exchange. The Nunchi [**Agentic Binned-liquidity Manager (ABM)**](https://docs.nunchi.trade/abm/agentic-binned-liquidity) dynamically manages liquidity across the order book, ensuring that whether a trader is hedging rates or speculating on volatility, execution is instant and slippage is minimized. This architecture transforms liquidity provision from a passive activity into an active, algorithmic House that ensures market depth for every Player. * * * ### [hashtag](https://docs.nunchi.trade/#rewarding-the-players-chips) Rewarding the Players: CHIPs To recognize real participation, Nunchi is introducing CHIPs for trading, an incentives program designed for The Arena, and for prelaunch competition performance. To recognize active participation in the ecosystem, Nunchi is introducing **cHIPs for trading**, a new incentives program designed for the Arena. circle-info **Incentive Structure** Starting today, traders earn **cHIPs** for every dollar of volume traded in Live Markets. Designed to reward genuine contribution, the program is capped daily per wallet, ensuring a fair distribution of value to the most dedicated participants in the exchange. * **Earn CHIPs per $ of volume traded** in Live Markets. * Designed to reward genuine contribution, the program is **capped daily per wallet** to keep distribution fair. ### [hashtag](https://docs.nunchi.trade/#availability) Availability > "Yield is the most fundamental asset in finance, yet the experience of trading it has historically felt fragmented and complex. Today marks a defining milestone. With our Unified Trading Update, we’re giving traders a professional command center; one place to refine an edge in the Strategy Sandbox, then toggle into live execution against an active, agentic House without changing tools. The experience is unified, powerful, and respects trader time." > > **John Doherty, Founder of Nunchi** The Nunchi Yield Exchange is available starting today. The Terminal supports major stablecoins including USDC, USDH, and Ethena’s USDE. [**Enter The Arena**arrow-up-right](https://yex.nunchi.trade/) [NextUSDYP Tradingchevron-right](https://docs.nunchi.trade/agentic-trading/usdyp-trading) Last updated 22 days ago Was this helpful? --- # USDYP Trading | Nunchi Docs [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#strategy-sandbox-guide) Strategy Sandbox Guide --------------------------------------------------------------------------------------------------------------------- This guide walks you through your first trade on the Nunchi Yield Exchange (YEX) Strategy Sandbox, from opening the market page to seeing your order live in Open Orders. The Demo environment is designed to feel like production: full charts, order book, and an active order ticket, while you trade with sandbox collateral (USDYP). * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#quickstart) Quickstart You’ll complete these steps in order: 1. Open the YEX Demo trading market 2. **Connect** your wallet and check eligibility 3. **Mint USDYP** (sandbox collateral) 4. **Establish Connection** (Fast Trading) 5. Configure a **Limit** (or Market) order 6. **Approve Builder Fee** 7. Submit the order and verify it in **Open Orders** * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#id-1.-open-the-yex-demo-market) 1\. Open the YEX Demo market When you land on a YEX Demo market, the full trading interface is visible, but trading is disabled until you connect and fund an account. You will typically see: * Market header: **MARK**, **ORACLE**, **24h Volume**, **Open Interest**, and **Funding / Countdown** * Price chart (timeframes + indicators) * Order book (**Book / Trades**) * Order ticket on the right (disabled) * Portfolio tray at the bottom prompting you to connect * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#id-2.-log-in-and-connect-your-wallet) 2\. Log in and connect your wallet Click **Connect** (top right) or **Connect Wallet to Check Eligibility**. ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2Fcolony-recorder.s3.amazonaws.com%2Ffiles%2F2026-02-24%2Fdfa8e40a-e2f1-4628-957c-d561b6ae09ad%2FFile_f7064fe82abb4aef9598cf0b763cd24e_text_export.jpeg&width=768&dpr=3&quality=100&sign=255b057e&sv=2) Click **Connect** You’ll be prompted to log in through a secure authentication flow. Common options include: * Email * Google * Twitter * **Continue with a wallet** (recommended for trading) Choose **Continue with a wallet**, then select your wallet (e.g., MetaMask). #### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#demo-access-and-eligibility) Demo access and eligibility YEX Demo may open with an access modal explaining the product is in beta and access is limited. If you see the Market Access Threshold message, connect your wallet to check eligibility. > Tip: If you’re not eligible yet, you can still explore the UI, but trading actions will remain gated. #### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#approve-the-wallet-connection) Approve the wallet connection ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2Fcolony-recorder.s3.amazonaws.com%2Ffiles%2F2026-02-24%2Ffcc453a1-c11c-4145-9d13-7164b5e4a96d%2FFile_edc7d5cffef94ca6b77e25af7d48fdd8_text_export.jpeg&width=768&dpr=3&quality=100&sign=8e6a8cc2&sv=2) Click "Continue with a wallet" ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2Fcolony-recorder.s3.amazonaws.com%2Ffiles%2F2026-02-24%2Fd9e32721-294f-4844-8284-34bcfa5f81ec%2FFile_f0d57542206c4e5ca66e14f09fe0bd74_text_export.jpeg&width=768&dpr=3&quality=100&sign=621076d2&sv=2) Select wallet provider After selecting a wallet, you may see * a wallet selection list * a “waiting for wallet” screen * your wallet extension prompting you to unlock and approve connection Approve the connection request in your wallet. Once connected, you’re authenticated, but trading will still be disabled until you have sandbox collateral. * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#id-3.-mint-sandbox-collateral-usdyp) 3\. Mint sandbox collateral (USDYP) In the order ticket, you’ll see: * **Available** shows `0.00 USDYP` * a **Mint USDYP** button Click **Mint USDYP** to receive sandbox collateral. #### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#confirm-your-portfolio-and-account-panels-populate) Confirm your portfolio and account panels populate After minting USDYP, several UI panels update immediately: * **Portfolio → Balances** shows USDYP: * Total balance * Available balance * USD value * Top-right header shows your account value (commonly around **$5.00K** in demo) * The **Account** panel appears on the right with: * Account Equity * Spot balance * Perps overview At this stage, the order ticket typically shows **Establish Connection**. * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#id-4.-establish-connection) 4\. Establish Connection Click **Establish Connection** to enable fast, signature‑free trading. The modal explains: * **Fast Trading:** place orders without signing every transaction * **Secure Storage:** a private key is stored locally in your browser * **Account Abstraction:** enables seamless order execution Click **Connect** to proceed. circle-info #### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#fast-trading-is-designed-to-improve-ux-but-it-changes-how-you-authenticate-orders) Fast Trading is designed to improve UX, but it changes how you authenticate orders. * Use Fast Trading only on devices you trust. * Avoid shared/public computers. * If you clear browser storage or switch browsers, you may need to re‑establish the connection. * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#id-5.-configure-your-first-limit-order) 5\. Configure your first Limit order Once Fast Trading is enabled, the order ticket becomes fully active. A common first trade setup looks like: * **Margin Mode:** Isolated * **Leverage:** 3× * **Order Type:** Limit * **Side:** Buy/Long _or_ Sell/Short * **Price:** set your limit price * **Order Size:** set your size * Optional: **Take Profit / Stop Loss** As you configure the order, the preview panel should show key risk and cost info, such as * Liquidation price * Order value * Margin required * Fees > Tip: Treat this preview as your pre‑flight checklist. If liquidation is too close, reduce leverage or size. * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#id-6.-approve-builder-fee) 6\. Approve Builder Fee Before your first trade, YEX requires a one-time Builder Fee approval. ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2Fcolony-recorder.s3.amazonaws.com%2Ffiles%2F2026-02-24%2F2da10b26-3660-40f6-80df-0f1546139735%2FFile_6771356b65274b5c8c93802e771ff01a_text_export.jpeg&width=768&dpr=3&quality=100&sign=82f72873&sv=2) What happens: * Click **Approve Builder Fee** * Your wallet prompts you to approve * **No trade is placed yet** - this is authorization only After approval, the main action button updates (Long Limit, Short Limit, or similar). * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#id-7.-submit-the-order) 7\. Submit the order Click the main action button to submit the order (for example, **Long Limit** or **Short Limit**). Confirmation behavior: * A success notification appears (often in the lower-right) * The order ticket resets * Your order is now live on the platform #### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#view-and-manage-your-order-in-open-orders) View and manage your order in Open Orders Navigate to **Portfolio → Open Orders**. You should see: 1. Your **primary order** (entry) 2. Your **Stop Loss** (Reduce Only — closes the position if price moves against you) 3. Your **Take Profit** (Reduce Only — closes the position if price moves in your favor) Key controls: * **Cancel** — cancel an individual order * **Cancel All** — remove all open orders * **View** — inspect order details * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#what-happens-next) What happens next From here: * When the limit order fills, the position appears in Positions * When TP or SL triggers, the position closes automatically * You can manually exit using Reduce Only + Market * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#troubleshooting) Troubleshooting #### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#trading-is-still-disabled) **Trading is still disabled** * Ensure you’ve connected your wallet * Ensure you’ve minted **USDYP** * Ensure you’ve clicked **Establish Connection** * Ensure the **Builder Fee** is approved (first trade only) #### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#i-submitted-an-order-but-dont-see-it) **I submitted an order but don’t see it** * Check **Portfolio → Open Orders** * Confirm you’re on the correct market (US3M–USDYP) * Try refreshing after a few seconds #### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#my-tp-sl-didnt-attach) **My TP/SL didn’t attach** * Make sure TP/SL is enabled **before** submitting the order * Verify the TP/SL entries appear as separate lines in **Open Orders** * * * ### [hashtag](https://docs.nunchi.trade/agentic-trading/usdyp-trading#sandbox-is-for-optimization) Sandbox is for optimization Sandbox collateral (**USDYP**) is simulated. Use collateral to optimize * sizing and leverage discipline * working limit orders * attaching TP/SL * reading the order book and execution behavior When you’re ready, the same workflow carries over into live markets with real collateral. [PreviousAgentic Tradingchevron-left](https://docs.nunchi.trade/) [NextUSDE Tradingchevron-right](https://docs.nunchi.trade/agentic-trading/usde-trading) Last updated 22 days ago Was this helpful? --- # Nunchi Yield Exchange Perps | Nunchi Docs ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps#be-the-house.-or-beat-the-narrative) Be the House. Or Beat the Narrative. * **Be the House:** provide inventory and earn what the system earns. * **Beat the Narrative:** trade against the House and prove skill. * * * ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps#deterministic-index-perps) Deterministic Index Perps HIP‑3 works best with index perps because they’re the cleanest instrument for quoting and hedging yield exposure at scale. Index perps are: * **Easy to quote:** one standardized index, tight bps pricing, fewer idiosyncratic wicks. * **Easy to hedge:** inventory can be hedged mechanically with offsets in the underlying/perp complex. * **Built for carry and risk transfer:** the “asset” is the rate regime, not a token narrative. Index perps make HIP‑3 legible, hedgeable, and market‑makable. #### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps#trade-indices-on-hyperliquid) Trade indices on Hyperliquid chevron-rightUS Equity Indices[hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps#us-equity-indices) [Volatility Index (VXX) by Nunchiarrow-up-right](https://yex.nunchi.trade/beta/market/yex%3AVXX) [USTECH by Marketsarrow-up-right](https://app.hyperliquid.xyz/trade/km:USTECH) [USA500 by Casharrow-up-right](https://app.hyperliquid.xyz/trade/cash:USA500) [MAG7 by Ventualsarrow-up-right](https://app.hyperliquid.xyz/trade/vntl:MAG7) [XYZ100 by TradeXYZarrow-up-right](https://app.hyperliquid.xyz/trade/xyz:XYZ100) chevron-rightUS Treasury Yield Indices[hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps#us-treasury-yield-indices) [3-Month TBill Yields (US3M) by Nunchiarrow-up-right](https://yex.nunchi.trade/beta/market/yex%3AUS3M) chevron-rightFunding Rate Indices[hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps#funding-rate-indices) [Bitcoin Cumulative Funding Index (BTCSWP) by Nunchiarrow-up-right](https://yex.nunchi.trade/beta/market/yex%3ABTCSWP) * * * ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps#liquidity-is-agentic) Liquidity Is Agentic Liquidity on YEX is not passive. It’s managed by the Nunchi **Agentic Binned‑liquidity Manager (ABM)**. ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252FmvBRq6updCarnIVXw6bO%252Fpassiveliqudityisdeadmoney.png%3Falt%3Dmedia%26token%3D93155328-fa41-4980-9b0d-43cdd2ee71b6&width=768&dpr=3&quality=100&sign=173ad177&sv=2) ABM posts liquidity across **bins** on the order book and continuously adjusts spread + size based on volatility and order‑flow pressure, so the House behaves like a real risk manager, not a static curve. ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252FdG0lXUWtI47qF32WowqV%252Ftee-enclave.png%3Falt%3Dmedia%26token%3D5da6fef3-aa82-4952-af7c-cf8dcfe25305&width=768&dpr=3&quality=100&sign=b54ec6&sv=2) How ABM differs * **vs AMMs:** AMMs are passive curves with static fee logic, vulnerable to LVR and toxic arbitrage during volatility. **ABM** is inventory‑aware and dynamically reprices to defend the House. * **vs shielded order books:** shielding hides depth to reduce toxicity, but it also weakens price discovery and still doesn’t solve slow, reactive liquidity. **ABM** is explicit, adaptive quoting; depth that moves with risk. * **vs typical execution engines:** most “bots on an order book” run slower, loosely-coupled repricing loops. **ABM runs a ~100ms quote-update loop;** fast enough to reprice ahead of the effective reaction window on Hyperliquid order books for most participants. * * * ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps#agentic-safety-by-design) Agentic Safety, by Design Agentic only matters if it’s safe. The Nunchi ABM operates with hard safety limits * exposure caps and inventory limits * volatility circuit breakers (widen / reduce size / pause) * per‑market kill switches + human override * conservative fallbacks under uncertainty The system is designed to support verifiable execution via a proof stream of attestation-bound logs. * * * The **House is live market‑making sandbox markets**. Traders can compete to beat it. Previous testnet stats are previous competition seasons. Rewards align behavior: traders earn CHIPs, and top performers earn bonus CHIPs + % of deployer share in the HIP‑3 DEX. **Be the House. Or Beat the Narrative.** [PreviousUSDE Tradingchevron-left](https://docs.nunchi.trade/agentic-trading/usde-trading) [NextYEX Perps Specificationschevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications) Last updated 22 days ago Was this helpful? --- # USDE Trading | Nunchi Docs ### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#live-markets-guide) Live Markets Guide This guide walks you through your first trade on the Nunchi Yield Exchange (YEX) using **USDE** as collateral, from opening a live market page to seeing your order appear in **Open Orders**. Unlike the Strategy Sandbox (sandbox collateral), **USDE trading is live**: real capital, real fills, real risk controls. The interface is the same unified terminal: chart, order book, and an active order ticket. * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#quickstart) Quickstart You’ll complete these steps in order: 1. Open a **YEX Live** market that supports **USDE** collateral 2. **Connect** your wallet and check eligibility 3. **Deposit USDE** (fund your trading account) 4. **Establish Connection** (Fast Trading) 5. Configure a **Limit** (or Market) order 6. **Approve Builder Fee** (one-time) 7. Submit the order and verify it in **Open Orders** circle-exclamation **Live funds warning:** USDE trading uses real collateral. Use conservative size and leverage until you’re comfortable with execution and liquidation behavior. * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#id-1.-open-a-yex-live-market-usde) 1\. Open a YEX Live market (USDE) When you land on a YEX Live market, the full trading interface is visible, but trading is disabled until you connect and fund an account. You will typically see: * Market header: **MARK**, **ORACLE**, **24h Volume**, **Open Interest**, and **Funding / Countdown** * Price chart (timeframes + indicators) * Order book (**Book / Trades**) * Order ticket on the right (disabled) * Portfolio tray at the bottom prompting you to connect / deposit > Tip: If you don’t see USDE as an available collateral option, you may be on a demo market or a market configured for a different margin asset. * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#id-2.-log-in-and-connect-your-wallet) 2\. Log in and connect your wallet Click **Connect** (top right) or **Connect Wallet to Check Eligibility**. ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2Fcolony-recorder.s3.amazonaws.com%2Ffiles%2F2026-02-24%2Fdfa8e40a-e2f1-4628-957c-d561b6ae09ad%2FFile_f7064fe82abb4aef9598cf0b763cd24e_text_export.jpeg&width=768&dpr=3&quality=100&sign=255b057e&sv=2) Click Connect You’ll be prompted to log in through a secure authentication flow. Common options include: * Email * **Continue with a wallet** (recommended for trading) Choose **Continue with a wallet**, then select your wallet (e.g., MetaMask). **Live access and eligibility** Live markets may open with an access modal explaining the product is in beta and access is limited. If you see a Market Access Threshold message, connect your wallet to check eligibility. > Tip: If you’re not eligible yet, you can still explore the UI, but trading actions will remain gated. **Approve the wallet connection** ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2Fcolony-recorder.s3.amazonaws.com%2Ffiles%2F2026-02-24%2Ffcc453a1-c11c-4145-9d13-7164b5e4a96d%2FFile_edc7d5cffef94ca6b77e25af7d48fdd8_text_export.jpeg&width=768&dpr=3&quality=100&sign=8e6a8cc2&sv=2) Click "Continue with a wallet" ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2Fcolony-recorder.s3.amazonaws.com%2Ffiles%2F2026-02-24%2Fd9e32721-294f-4844-8284-34bcfa5f81ec%2FFile_f0d57542206c4e5ca66e14f09fe0bd74_text_export.jpeg&width=768&dpr=3&quality=100&sign=621076d2&sv=2) Select wallet provider Approve the connection request in your wallet. Once connected, you’re authenticated, but trading will still be disabled until you’ve funded your account with **USDE**. * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#id-3.-deposit-usde-fund-your-account) 3\. Deposit USDE (fund your account) In the order ticket (or Portfolio tray), you’ll see: * **Available** shows `0.00 USDE` (or equivalent) * a **Deposit** button (or “Add Funds”) Click **Deposit USDE** to fund your trading account. **Before depositing, make sure you have:** * **USDE** in your wallet (or a path to acquire it) * enough gas for the deposit transaction on the selected network > Note: Depending on the environment, the UI may guide you through bridging or swapping into USDE. Follow the on-screen prompts for the cleanest path. **Confirm your portfolio and account panels populate** After depositing USDE, several UI panels update: * **Portfolio → Balances** shows USDE: * Total balance * Available balance * USD value * Top-right header shows your account value * The **Account** panel appears on the right with: * Account Equity * Spot balance * Perps overview At this stage, the order ticket typically shows **Establish Connection**. * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#id-4.-establish-connection) 4\. Establish Connection Click **Establish Connection** to enable fast, signature‑free trading. The modal explains: * **Fast Trading:** place orders without signing every action * **Secure Storage:** a key is stored locally in your browser * **Account Abstraction:** enables seamless order execution Click **Connect** to proceed. circle-info **Fast Trading improves UX, but changes how you authenticate orders.** * Use Fast Trading only on devices you trust. * Avoid shared/public computers. * If you clear browser storage or switch browsers, you may need to re‑establish the connection. * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#id-5.-configure-your-first-limit-order) 5\. Configure your first Limit order Once Fast Trading is enabled, the order ticket becomes fully active. A common first trade setup: * **Margin Mode:** Isolated * **Leverage:** 3× (start low) * **Order Type:** Limit * **Side:** Buy/Long _or_ Sell/Short * **Price:** set your limit price * **Order Size:** set your size * Optional: **Take Profit / Stop Loss** (recommended) As you configure the order, the preview panel should show: * Liquidation price * Order value * Margin required * Fees > Tip: Treat the preview like a pre‑flight checklist. If liquidation is too close, reduce leverage or size. * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#id-6.-approve-builder-fee-one-time) 6\. Approve Builder Fee (one-time) Before your first trade, YEX may require a one-time Builder Fee approval. ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2Fcolony-recorder.s3.amazonaws.com%2Ffiles%2F2026-02-24%2F2da10b26-3660-40f6-80df-0f1546139735%2FFile_6771356b65274b5c8c93802e771ff01a_text_export.jpeg&width=768&dpr=3&quality=100&sign=82f72873&sv=2) What happens: * Click **Approve Builder Fee** * Your wallet prompts you to approve * **No trade is placed yet** — this is authorization only After approval, the main action button updates (Long Limit, Short Limit, etc.). * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#id-7.-submit-the-order) 7\. Submit the order Click the main action button to submit the order (for example, **Long Limit** or **Short Limit**). Confirmation behavior: * A success notification appears (often lower-right) * The order ticket resets * Your order is now live on the platform **View and manage your order in Open Orders** Navigate to **Portfolio → Open Orders**. You should see: 1. Your **primary order** (entry) 2. Your **Stop Loss** (Reduce Only — closes if price moves against you) 3. Your **Take Profit** (Reduce Only — closes if price moves in your favor) Key controls: * **Cancel** — cancel an individual order * **Cancel All** — remove all open orders * **View** — inspect order details * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#what-happens-next) What happens next From here: * When the limit order fills, the position appears in **Positions** * When TP or SL triggers, the position closes automatically * You can manually exit using **Reduce Only + Market** * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#troubleshooting) Troubleshooting **Trading is still disabled** * Ensure you’ve connected your wallet * Ensure you’ve **deposited USDE** * Ensure you’ve clicked **Establish Connection** * Ensure the **Builder Fee** is approved (first trade only) * If access is gated, confirm eligibility status in the access modal **I submitted an order but don’t see it** * Check **Portfolio → Open Orders** * Confirm you’re on the correct market (the one supporting **USDE** collateral) * Refresh after a few seconds **My TP/SL didn’t attach** * Make sure TP/SL is enabled **before** submitting the order * Verify TP/SL appears as separate lines in **Open Orders** * * * #### [hashtag](https://docs.nunchi.trade/agentic-trading/usde-trading#live-trading-is-for-execution) Live trading is for execution USDE collateral is real. Use live markets to practice: * disciplined sizing and leverage * working limit orders vs market orders * attaching TP/SL consistently * reading the order book and execution behavior If you want to test the workflow without risk, use the Strategy Sandbox with demo collateral first—then toggle into live with the same interface. [PreviousUSDYP Tradingchevron-left](https://docs.nunchi.trade/agentic-trading/usdyp-trading) [NextNunchi Yield Exchange Perpschevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps) Last updated 22 days ago Was this helpful? --- # YEX Perps Specifications | Nunchi Docs YEX is deployed as a HIP‑3 DEX with index perpetuals quoted in the sandbox collateral USDYP. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications#deployment-status) Deployment status * **YEX DEX:** Deployed * **Volatility Index (VXX‑USDYP):** Deployed * **US 3M TBill Yield Index (US3M‑USDYP):** Deployed * **BTC Funding Rate Index (BTCSWP‑USDYP):** Deployed ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications#technical-notes) Technical notes * **Collateral token (USDYP):** Token ID `1576` Contract: `0xb9c737ff4e40f3ab62deff08d54a6114` * **Oracle updater:** `0x2a1285253678490B28e81988C41147651fB420C3` * **Max leverage (tiered):** * position ≥ $0: **20×** * position ≥ $500,000: **5×** * position ≥ $5,000,000: **2×** * * * YEX perps are designed to make the inaccessible, tradable using perpetual mechanics. * The market references an annualized rate or **index process** `r(t)`. * PnL accrues via a **cumulative index** that integrates that rate over time. A common form is `I(t) = ∫ r(s) / 8760 ds` where `8760` is hours/year (used to convert annualized rates into a continuously accruing stream). Different markets define `r(t)` differently (funding, implied vol roll, Treasury yields), but the goal is consistent: **make time tradeable in an order book**. * * * ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications#risk-note) Risk note Sandbox parameters and mechanics can change. Always validate live settings in the UI and onchain configuration before trading. [PreviousNunchi Yield Exchange Perpschevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps) [NextVolatility Indiceschevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/volatility-indices) Last updated 22 days ago Was this helpful? --- # Market Mechanics & Parameters | Nunchi Docs Nunchi markets are deployed on **Hyperliquid HIP‑3** and inherit the core exchange mechanics * **fee schedules and incentives** * **liquidation engine** * **platform solvency protections** including **Auto‑Deleveraging (ADL)** This section summarizes how those mechanisms apply to Nunchi markets and what differs from validator‑deployed perps. See more info * [**Fees & Incentives**](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/fees-and-incentives) * [**Growth Mode**](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/growth-mode) * [**Liquidations**](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/liquidations) * [**Auto‑Deleveraging (ADL)**](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/auto-deleveraging-adl) [PreviousYield Deserves its Own Exchangechevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/yield-deserves-its-own-exchange) [NextFees & Incentiveschevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/fees-and-incentives) Last updated 22 days ago Was this helpful? --- # Volatility Indices | Nunchi Docs ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/volatility-indices#volatility-index-vxx-usdyp) Volatility Index (VXX‑USDYP) A perpetual contract that tracks short‑term VIX futures roll dynamics—capital‑efficient exposure to U.S. implied volatility. Key Parameters Details Collateral USDYP Initial Oracle Price 25.000 Open Interest Cap $10,000,000 Funding Multiplier 1 ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/volatility-indices#oracle-and-marking) Oracle & marking This market uses session‑aware oracle logic designed to reduce off‑hours noise: * **Open (U.S. equity hours):** 100% weight to Pyth `equity-us-vxx-usd` * **Close (overnight):** blended reference (Pyth + venue mark), plus a small proxy discovery signal * **Weekend:** frozen at last session close The intent: stable marking when the underlying venue is closed, without creating huge gaps at the next open. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/volatility-indices#funding-setup) Funding setup The market includes a **fixed interest‑rate component**: * `setFundingInterestRates: +0.0037 per 8hr` (≈ +40% APY) Mechanically: * **Shorts pay longs the fixed leg** (regardless of premium), * plus normal premium‑based funding (multiplier = 1). ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/volatility-indices#strategies) Strategies * **Go long:** hedge crash risk / express a volatility spike view. * **Go short:** earn volatility risk premium (VRP) and decay in calm regimes. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/volatility-indices#notes-and-risks) Notes & risks Volatility products can gap. Use conservative leverage and respect liquidation mechanics. [See additional market mechanics and parametersarrow-up-right](https://docs.nunchi.trade/market-mechanics-and-parameters#vxx-perp-market-parameters) [PreviousYEX Perps Specificationschevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications) [NextUS Treasury Yield Indiceschevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/us-treasury-yield-indices) Last updated 22 days ago Was this helpful? --- # US Treasury Yield Indices | Nunchi Docs ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/us-treasury-yield-indices#us-3m-tbill-yield-index-us3m-usdyp) US 3M TBill Yield Index (US3M‑USDYP) **What it is:** a perp that tracks the annualized **3‑month U.S. Treasury Bill yield**, enabling directional rates trading and rate hedging in perp form. Key Parameters Details Collateral USDYP Initial Oracle Price 3.500 Open Interest Cap $10,000,000 Funding Multiplier 1 ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/us-treasury-yield-indices#oracle-and-marking) Oracle & marking * **Open (9:30–16:00 ET):** 100% weight to the Pyth US3M rate feed * **Off‑hours:** a conservative blend anchored to the last known yield, with a small nowcast component This approach is designed to avoid erratic off‑hours moves while still allowing minor proxy‑driven adjustments. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/us-treasury-yield-indices#funding-setup) Funding setup Configured with a fixed‑leg component: * `setFundingInterestRates: -0.00046 per 8hr` (≈ 5% APY magnitude) Mechanically (in economic terms): * **Longs receive a “risk‑free” streaming leg** representative of the index, * **Shorts pay the leg** and benefit if short‑rates fall below the fixed component. > Note: sign conventions are engine‑specific. The important property is the **fixed leg magnitude** and which side receives/pays it. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/us-treasury-yield-indices#strategies) Strategies * **Go long:** earn short‑rate exposure without holding bills; express “rates up”. * **Go short:** hedge rate‑sensitive portfolios; express “rates down”. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/us-treasury-yield-indices#notes-and-risks) Notes & risks Rates can gap around macro events. Off‑hours logic reduces noise, not risk. [See additional market mechanics and parametersarrow-up-right](https://docs.nunchi.trade/market-mechanics-and-parameters#t-bill-market-parameters) [PreviousVolatility Indiceschevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/volatility-indices) [NextFunding Rate Indiceschevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/funding-rate-indices) Last updated 22 days ago Was this helpful? --- # Yield Deserves its Own Exchange | Nunchi Docs For a decade, the story of crypto has been written in the language of price. We track the parabolic ascent and gut-wrenching fall of tokens, measuring success and failure in dollars. Price is the visible, visceral, and dominant narrative. But beneath this chaotic surface lies a more powerful, unseen force that governs the entire system: yield. Yield is the silent architecture of finance. It is the funding rate that dictates the cost of leverage, the staking APR that represents the time-value of security, and the T-Bill rate that serves as the global baseline for risk itself. While price is a snapshot in time, yield is a continuous stream—the gravitational pull that shapes every strategy, every portfolio, and every market. And yet, for all its importance, yield remains a fragmented, illiquid, and largely untradable asset class. We can observe it, react to it, and build strategies around it, but we cannot trade it directly. This is the fundamental piece of missing infrastructure in decentralized finance. The time has come to build a dedicated Yield Exchange (YEX). [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/yield-deserves-its-own-exchange#yield-fragments) Yield Fragments -------------------------------------------------------------------------------------------------------------------------------------------------------------- Today, anyone seeking to express a view on yield is forced into a world of immense complexity and capital inefficiency. The landscape is a collection of disconnected silos: * Funding rates live exclusively inside perpetual exchanges, requiring clunky, multi-leg basis trades to hedge or speculate. * Staking APRs are locked within Liquid Staking Tokens (LSTs), forcing users to take on unwanted price risk to get exposure to the yield. * "Risk-free" rates from tokenized T-Bills exist in yet another silo, disconnected from crypto-native rates. This fragmentation forces sophisticated participants to use duct-tape solutions. They are constantly exposed to risks they don’t want (price beta) to get exposure to the factor they do (yield). The market lacks a clean, standardized, and capital-efficient instrument to hedge, speculate, and build with yield itself. [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/yield-deserves-its-own-exchange#a-yield-exchange-yex-to-turn-time-into-an-order-book) A Yield Exchange (YEX) to Turn Time into an Order Book ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ A Yield Exchange is not another DEX for tokens. It is a venue where the underlying asset being traded is the rate of return itself. Its core instrument is the perpetual yield swap, which we call a _yield perpetual_. Think of it like a standard perpetual contract, but instead of tracking the price of Bitcoin, its index tracks a yield—for example, the annualized 8-hour funding rate for BTC-PERP, or the live 3-month U.S. T-Bill yield. The mechanics are elegant and powerful**:** * **Trading a Rate:** The order book is denominated in basis points (bps). You can place a limit order to "buy" the BTC funding rate at a 10% annualized yield or "sell" it at 12%. * **Streaming PnL:** Your profit and loss are calculated based on the change in the yield, measured by the change in a cumulative index. A position is a bet on the direction of the rate, and your PnL streams to you in real-time as the live yield moves. * **No Expiries:** These are perpetual instruments, eliminating the "roll risk" and management headaches associated with traditional futures, allowing for long-term hedging and carry strategies. A YEX consolidates yield discovery from dozens of fragmented sources into a single, unified order book of time. It creates a clean, liquid, and composable primitive for the most important force in finance. [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/yield-deserves-its-own-exchange#a-new-universe-of-strategies-unlocked) A New Universe of Strategies, Unlocked ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- The moment yield becomes a tradable asset, sophisticated strategies become accessible to everyone, not just the most capital-rich funds. * **For DAO Treasuries & Protocols:** A DAO holding a large LST position can short the staking-yield perp to convert its volatile, floating reward stream into a fixed, predictable income. * **For the Basis Trader:** The messy, three-legged basis trade is collapsed into a single instrument. A trader can now go long the spot asset and short the funding-rate perp, creating a clean carry position with dramatically lower capital requirements. * **For the Liquidity Provider:** An LP in an ETH/USDC pool can hedge their implicit yield exposure from impermanent loss by going long an ETH funding-rate perp, creating a more stable return profile. [PreviousFunding Rate Indiceschevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/funding-rate-indices) [NextMarket Mechanics & Parameterschevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters) Last updated 22 days ago Was this helpful? --- # Agentic Bin Manager | Nunchi Docs [Research Post on Automated Liquidityarrow-up-right](https://research.nunchi.trade/t/about-the-automated-liquidity-market-microstructure-category/11/3) The Nunchi Agentic Bin Manager (ABM) is the market-making engine of the Yield Exchange (YEX) - the engine that turns LP capital into tight spreads, high fee capture, and lower inventory risk across our yield perpetuals. At a high level, the ABM combines three pillars: * **Oracle-Bound Bin Geometry** – Liquidity is placed in narrow “bins” around a fair, oracle-derived price, concentrating depth where real flow trades and minimizing bleed in dead zones. * **Deterministic Inventory Policy** – Self-flattening skew, soft/hard caps, and reduce-only clips keep makers from drifting into toxic inventory during trends or volatility spikes. * **Cooperative Batch Clearing** – A novel defensive rebalancing mechanism that nets inventory between makers at fair value, sharply reducing arbitrage leakage to external traders. Instead of paying arbitrageurs to clean up mispriced books, the ABM lets Nunchi LPs keep more of the edge they generate, structurally improving risk-adjusted APY over time. For a full technical walkthrough of the model and math, see [our research post in collaboration with Brown Universityarrow-up-right](https://research.nunchi.trade/t/about-the-automated-liquidity-market-microstructure-category/11/3?u=ss_nunchi) . Where it runs: There is a dedicated ABM instance for each market on the YEX, continuously tuning bins, inventory, and internal netting to current conditions. Active USDYP trading * [Volatility Indicesarrow-up-right](https://app.hyperliquid-testnet.xyz/trade/yex:VXX) * [US Treasuries Indicesarrow-up-right](https://app.hyperliquid-testnet.xyz/trade/yex:US3M) * [Bitcoin Funding Indicesarrow-up-right](https://app.hyperliquid-testnet.xyz/trade/yex:BTCSWP) [PreviousDeveloper Integrationchevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/developer-integration) [NextISFR Indexchevron-right](https://docs.nunchi.trade/abm/isfr-index) Last updated 20 days ago Was this helpful? --- # Fees & Incentives | Nunchi Docs The Nunchi YEX fee structure is designed to reward high‑volume traders, market makers, and HYPE stakers on Hyperliquid. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/fees-and-incentives#base-fees-tiered-by-trailing-14-day-volume) Base fees (tiered by trailing 14‑day volume) Tier 14‑Day Weighted Volume ($) Taker Fee Maker Fee 0 < 5M 0.090% 0.030% 1 \> 5M 0.080% 0.024% 2 \> 25M 0.070% 0.016% 3 \> 100M 0.060% 0.008% 4 \> 500M 0.056% 0.000% 5 \> 2B 0.052% 0.000% 6 \> 7B 0.048% 0.000% > Note: HIP‑3 base fees are set at the protocol level. Deployers may share a common base schedule. * * * ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/fees-and-incentives#high-volume-maker-rebates) High‑volume maker rebates High‑volume makers who contribute a significant % of maker volume can earn rebates. Tier 14‑Day Weighted Maker Volume Maker Fee Rebate 1 \> 0.5% \-0.001% 2 \> 1.5% \-0.002% 3 \> 3.0% \-0.003% * * * ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/fees-and-incentives#hype-staking-discounts) HYPE staking discounts Staking HYPE can reduce trading fees via tiered discounts: Tier HYPE Staked Trading Fee Discount Wood \> 10 5% Bronze \> 100 10% Silver \> 1,000 15% Gold \> 10,000 20% Platinum \> 100,000 30% Diamond \> 500,000 up to 50% > Exact discounts can vary with protocol parameters. Validate current tiers in the UI. * * * ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/fees-and-incentives#fair-use) Fair use Programs are designed to reward genuine participation. Self‑trades, circular volume, and manipulation may be excluded, capped, or clawed back. [PreviousMarket Mechanics & Parameterschevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters) [NextGrowth Modechevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/growth-mode) Last updated 22 days ago Was this helpful? --- # Growth Mode | Nunchi Docs Growth mode is designed to bootstrap novel HIP‑3 markets by dramatically reducing fees. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/growth-mode#what-growth-mode-does) What growth mode does * ≥90% reduction in all‑in fees * rebates and volume contributions are also ≥90% lower * applies on top of other multipliers (aligned collateral, staking discounts) ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/growth-mode#conditions-to-enable-growth-mode) Conditions to enable growth mode 1. Deployer fee scale must be set between 0 and 1 (amount deployer keeps as a % of fees before other discounts). 2. Markets must be disjoint from existing validator‑operated perps to prevent parasitic volume. Examples that are typically not eligible: * crypto perps against any collateral * perps on crypto indexes/ETFs/baskets * perps on combinations including crypto assets * wrappers primarily holding crypto assets * duplicates of existing validator markets (e.g., gold if already tracked elsewhere) Growth mode has a **30‑day cooldown per asset**. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/growth-mode#fee-ranges) Fee ranges Under growth mode, baseline taker fees can be roughly **5–10× lower** than validator‑operated perps, depending on collateral alignment and volume tiers. > Ultimately, eligibility disputes may be resolved by onchain validator vote. [PreviousFees & Incentiveschevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/fees-and-incentives) [NextLiquidationschevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/liquidations) Last updated 22 days ago Was this helpful? --- # Liquidations | Nunchi Docs Nunchi markets use the **Hyperliquid core liquidation engine**. A position is liquidated if its margin falls below the maintenance requirement based on the **mark price**. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/liquidations#the-liquidation-process) The liquidation process When maintenance margin is breached, the system sends market orders to reduce or close the position until the account’s equity is back above maintenance. If liquidation succeeds: * remaining collateral stays in the user’s account. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/liquidations#partial-liquidations) Partial liquidations To reduce market impact: * for positions **\> $100,000 notional**, the engine first liquidates **20%**, * then enforces a **30‑second cooldown** for that account, * if still under‑margined during the cooldown, subsequent liquidation targets the remaining size. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/liquidations#no-liquidator-vault) No liquidator vault Unlike some validator‑deployed perps, Nunchi HIP‑3 markets do not use a liquidator vault backstop mechanism. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/liquidations#estimating-liquidation-price) Estimating liquidation price The UI typically shows: 1. **Pre‑trade estimate** (guide, may differ at fill) 2. **Post‑fill estimate** (changes with funding, cross‑margin equity) #### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/liquidations#margin-modes) Margin modes * **Isolated margin:** leverage directly affects liquidation price. * **Cross margin:** liquidation depends on total account equity and all positions. > Nunchi HIP‑3 markets use **isolated margin by default**. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/liquidations#formula-reference) Formula (reference) A commonly used form is: `liq_price = price - side * (margin_available / position_size) / (1 - l * side)` Where: * `side = +1` for long, `-1` for short * `l = 1 / maintenance_leverage` * `margin_available = isolated_margin - maintenance_margin_required` Always validate current maintenance/leverage parameters in the UI. [PreviousGrowth Modechevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/growth-mode) [NextAuto-Deleveraging (ADL)chevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/auto-deleveraging-adl) Last updated 22 days ago Was this helpful? --- # Auto-Deleveraging (ADL) | Nunchi Docs ADL is the final solvency mechanism. If a position becomes bankrupt, the system will deleverage a profitable, opposing position from another trader, ranked by profitability and leverage. ADL never affects a user's idle capital; it only applies to open, profitable positions. Nunchi's markets are built on Hyperliquid's powerful HIP-3 framework and, as such, are protected by the same core solvency mechanisms, including Auto-Deleveraging (ADL). [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/auto-deleveraging-adl#what-is-adl) What is ADL? ---------------------------------------------------------------------------------------------------------------------------------------------------- Auto-Deleveraging is the final safety mechanism that guarantees the solvency of the trading platform. Its sole purpose is to resolve bankrupt positions—accounts whose value has fallen below zero—without creating socialized losses or bad debt for the system. ADL is a rare event, only triggered as a last resort when a position cannot be liquidated in the open market and the insurance fund is insufficient to cover the loss. [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/auto-deleveraging-adl#how-does-adl-work) How Does ADL Work? ---------------------------------------------------------------------------------------------------------------------------------------------------------------- When ADL is triggered for a bankrupt position, the system automatically deleverages an opposing profitable position from another trader. Here is the process: 1. **Identifying Counterparties:** The system targets traders who hold profitable positions on the opposite side of the bankrupt account. For example, if a bankrupt position is a long, ADL will select from traders who are in profit on a short position. 2. **Ranking by Profit and Leverage:** Profitable traders are not chosen randomly. They are ranked based on a combination of their profitability and the amount of leverage they are using. The system prioritizes deleveraging the traders with the highest profit margins relative to their collateral. This ensures that the most successful and highly-leveraged traders are the first to be selected. 3. **Position Closing:** The position of the highest-ranked profitable trader is then deleveraged (partially or fully closed) at the price of the bankruptcy event. The bankrupt user's position is effectively transferred to the profitable trader to close out the bad debt, making the platform whole. [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/auto-deleveraging-adl#a-critical-safeguard-for-funds) A Critical Safeguard for Funds ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- It is crucial to understand that ADL only affects traders with open, profitable positions. A user's idle capital held in their account is never at risk of being used to cover another trader's losses. If a user have no open positions, they cannot be selected for ADL. This is a fundamental guarantee that prevents the socialization of losses and protects all users' un-invested capital on the platform. [PreviousLiquidationschevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/liquidations) [NextOracles: Pyth and SEDAchevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/oracles-pyth-and-seda) Last updated 1 month ago Was this helpful? --- # Oracles: Pyth and SEDA | Nunchi Docs On YEX Perps markets, **oracles are the safety boundary**. They define what the system considers “true” for **marking**, **risk**, and **settlement,** so neither traders nor the House can win by manipulating a single venue. This is especially important for **HIP‑3 index perps**: they’re easy to quote and hedge at scale _only if the index is robust_. * * * ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/oracles-pyth-and-seda#architecture) Architecture Component Role Responsibility **Pyth** Data source High‑quality real‑time feeds **SEDA** Aggregator Combines Pyth + other sources into a composite rate **Pyth Relayers** Relayer Listens to SEDA output and updates HIP‑3 oracles **Oracle Updater** Executor Calls `SetOracle` with the composite rate 1. **Raw sources:** Pyth publishes onchain feeds; additional venue signals (e.g., mark prices) can be included. 2. **Aggregation:** SEDA computes a robust **composite rate** (weighted blend + guardrails). 3. **Relay:** decentralized relayers push the composite rate to HIP‑3. 4. **SetOracle:** the oracle updater commits the value used for OraclePx/MarkPx/ExternalPerpPx. * * * ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/oracles-pyth-and-seda#design-principles) Design principles #### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/oracles-pyth-and-seda#fast-path-safe-path) Fast path // safe path * **Fast path:** low‑latency reference for quoting and UX. * **Safe path:** conservative reference for liquidation triggers and settlement. #### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/oracles-pyth-and-seda#safety) Safety Oracle inputs are wrapped with * outlier filtering * staleness checks * confidence/uncertainty handling * circuit breakers / safe‑degrade behavior #### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/oracles-pyth-and-seda#why-this-matters-to-the-house) Why this matters to the House The **Agentic Binned‑liquidity Manager (ABM)** uses oracle context to * tighten spreads when safe, * widen and reduce size when risk rises, * avoid being run over by adverse selection. * * * ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/oracles-pyth-and-seda#practical-note) Practical note Oracles are **risk references**, not guaranteed executable prices. In extreme volatility, markets may trade away from oracle marks; safety systems respond accordingly. [PreviousAuto-Deleveraging (ADL)chevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/market-mechanics-and-parameters/auto-deleveraging-adl) [NextDeveloper Integrationchevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/developer-integration) Last updated 22 days ago Was this helpful? --- # Developer Integration | Nunchi Docs All Nunchi markets are accessible through the standard Hyperliquid API endpoints and are compatible with official and community-developed SDKs (Python, Typescript) as well as the CCXT library. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/developer-integration#developer-resources) Developer Resources To begin interacting with Nunchi's markets programmatically, please use the following official and community-supported resources. For detailed information on REST and WebSocket endpoints, including data structures and authentication, please refer to the official Hyperliquid API documentation: * **Hyperliquid API Docs:** [https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/apiarrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api) To facilitate development, several Software Development Kits (SDKs) and libraries are available: * **Official Python SDK:** Maintained by the Hyperliquid team, this is the recommended SDK for developers working in Python. * [https://github.com/hyperliquid-dex/hyperliquid-python-sdkarrow-up-right](https://github.com/hyperliquid-dex/hyperliquid-python-sdk) * **Community Typescript SDKs:** Several powerful Typescript libraries have been developed and are maintained by members of the community. * [https://github.com/nktkas/hyperliquidarrow-up-right](https://github.com/nktkas/hyperliquid) * [https://github.com/nomeida/hyperliquidarrow-up-right](https://github.com/nomeida/hyperliquid) * **Rust SDK (Note: Not actively maintained):** An SDK for Rust is available but is not actively maintained by the core team. * [https://github.com/hyperliquid-dex/hyperliquid-rust-sdkarrow-up-right](https://github.com/hyperliquid-dex/hyperliquid-rust-sdk) * **CCXT Library (Multi-Language):** For developers working in various languages (including Javascript, PHP, and others), the CCXT library provides a standardized integration for Hyperliquid. This is often the fastest way to get started if a developer is already familiar with the CCXT framework. * [https://docs.ccxt.com/#/exchanges/hyperliquidarrow-up-right](https://docs.ccxt.com/#/exchanges/hyperliquid) * **Nunchi CCXT Endpoint:** [https://github.com/Nunchi-trade/CCXTarrow-up-right](https://github.com/Nunchi-trade/CCXT) [PreviousOracles: Pyth and SEDAchevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/oracles-pyth-and-seda) [NextAgentic Bin Managerchevron-right](https://docs.nunchi.trade/abm) Last updated 1 month ago Was this helpful? --- # Pendle nLP LP & YT Multipliers (wNLP) | Nunchi Docs ![Page cover](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252FiBf0TffvySYN3OkATqiF%252FWnlpwhite.png%3Falt%3Dmedia%26token%3D64728e92-0eb8-4a38-8151-6f13f2302749&width=1248&dpr=3&quality=100&sign=4fcbcc33&sv=2)![Page cover](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252Fjjq58ZKp6fxP36wZ8XKv%252Fwnlp-gitbook.png%3Falt%3Dmedia%26token%3D02af696c-e81a-4401-b298-a97f51a2cb23&width=1248&dpr=3&quality=100&sign=7f651d70&sv=2) [LP on Pendle (15x cHIPs) arrow-up-right](https://app.pendle.finance/trade/pools/0x07a50aec9b49cd605e66b0ca7e39d781e6ae0b79/zap/in?chain=hyperevm) [Get cHIPs on Pendle (25x cHIPs) arrow-up-right](https://app.pendle.finance/trade/markets/0x07a50aec9b49cd605e66b0ca7e39d781e6ae0b79/swap?view=yt&chain=hyperevm) [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#how-it-works) How it Works --------------------------------------------------------------------------------------------------------------------- * HyperEVM – via Hyperbeat * USDT → nLP exposure → Pendle SY * This extends the nLP program with explicit cHIPs rewards for YT and LP positions. [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#policy) Policy --------------------------------------------------------------------------------------------------------- * Base Rates * 1$ USDC/T in nLP = 1 Epoch Share / day * Multipliers * YT Multiplier = 25x * PT/USDT LP Multiplier = 15x [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#flow) Flow ----------------------------------------------------------------------------------------------------- 1. Deposit USDT via SY on the chosen chain. 2. SY acquires the underlying exposure (nLP series) and mints Pendle PT/YT. 3. You can hold YT or supply PT/USDT liquidity in the Pendle market (LP token). 4. Your cHIPs accrue off these positions under the rules below (and show in the Points page). 5. Any nLP emissions on the delegated amount pause, so there's no double-counting between base nLP and Pendle lanes. (Delegation rule mirrors our nLP→Pendle design.) [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#chips-points-pendle-specific-rules) cHIPs (points) — Pendle-specific rules --------------------------------------------------------------------------------------------------------------------------------------------------------------------- ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252F2EhxeXTDWKYFpZyF7SE2%252Fearnchips.png%3Falt%3Dmedia%26token%3D00d4e462-5f09-428d-816b-669426d23034&width=768&dpr=3&quality=100&sign=d183e20&sv=2) [See Pendle intern on wNLP marketsarrow-up-right](https://x.com/PendleIntern/status/1992895513541406805) We use a simple, Pendle-only accrual rule to keep UX clear: * **Base:** 1$ USDC/T in nLP = 1 Epoch Share / day * **Multipliers:** * **YT:** × 25x * **nLP-PT/USDT LP token:** × 15x * **No double-count:** When nLP is delegated to Pendle (minting LP/YT), we pause base nLP cHIPs on that notional and credit only the Pendle lane (YT or LP token) for the duration. circle-info Note: These multipliers apply only to Pendle positions. nLP's own TVL-day rules, lock multipliers, and early-exit discipline remain unchanged. [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#faq) FAQ --------------------------------------------------------------------------------------------------- ### [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#does-this-change-the-base-nlp-formula) Does this change the base nLP formula? No. The 1$ USDC/T in nLP = 1 Epoch Share / day base applies to Pendle YT and PT/USDT LP positions. ### [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#where-can-i-see-my-pendle-chips) Where can I see my Pendle cHIPs? On the Points page under "Pendle YT" and "Pendle LP". ### [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#what-is-the-pendle-pool-migration) What is the Pendle Pool Migration? On 15 January 2026, the current Pendle pool that our integration uses is expiring. To ensure the continuity of yield markets, we are immediately rolling over to a new Pendle pool with the exact same mechanics, reward structure, and integration with nLP. #### [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#what-do-i-need-to-do) What do I need to do? That depends on how you are participating: * If you are an nLP user (i.e., you do not use Pendle directly): You don't need to do anything. Your nLP balance, points, and milestone progress will all migrate seamlessly and automatically to the new pool. From your perspective, nothing changes. * If you use Pendle directly: You will need to manually move your position. Simply withdraw your assets from the old, "Archived" Pendle pool and deposit them into the new Pendle pool to continue earning rewards. #### [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#what-happens-to-the-old-pendle-pool) What happens to the old Pendle pool? The old pool will be marked as archived. It is not shut down. * Rewards will stop accruing in the old pool. * Withdrawals will remain open indefinitely. * There are absolutely no penalties and no deadlines for withdrawing. #### [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#will-my-milestone-progress-be-reset) Will my milestone progress be reset? No. We are not resetting milestones. The USD value from your positions in both the new (active) and old (archived) pools will continue to count toward your milestone progress. This ensures there is no artificial drop in progress and no incentive for mass selling. #### [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#what-is-the-leverage-multiplier) What is the "Leverage Multiplier"? This is a new, important update to how points are calculated in the new Pendle pool. Previously, the time decay of Yield Tokens (YT) meant that earlier participants were unintentionally penalized, as $1 spent later was more effective than $1 spent earlier. The Leverage Multiplier fixes this. It tracks the real value of the YT, increasing to compensate as the YT price decays. This ensures that, under constant pool conditions, $1 always buys the same value of cHIPs, regardless of when you participate. This makes the rewards system fairer over time and aligns with our principle that yield should be priced and traded fairly. [hashtag](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp#additional-pendle-resources) Additional Pendle Resources --------------------------------------------------------------------------------------------------------------------------------------------------- [Pendle wNLP Market Info arrow-up-right](https://app.pendle.finance/trade/markets/0x07a50aec9b49cd605e66b0ca7e39d781e6ae0b79/swap?view=yt&chain=hyperevm&tab=info) [Pendle LP Info arrow-up-right](https://app.pendle.finance/trade/pools/0x07a50aec9b49cd605e66b0ca7e39d781e6ae0b79/zap/in?chain=hyperevm) [Provide LP on Pendle (15x cHIPs) arrow-up-right](https://app.pendle.finance/trade/pools/0x07a50aec9b49cd605e66b0ca7e39d781e6ae0b79/zap/in?chain=hyperevm) [Get cHIPs on Pendle (25x cHIPs) arrow-up-right](https://app.pendle.finance/trade/markets/0x07a50aec9b49cd605e66b0ca7e39d781e6ae0b79/swap?view=yt&chain=hyperevm) [PreviousCHIPs (cHIPs)chevron-left](https://docs.nunchi.trade/chips-chips) [NextNunchi HIP-3 Liquidity (nLP)chevron-right](https://docs.nunchi.trade/chips-chips/nunchi-hip-3-liquidity-nlp) Last updated 2 months ago Was this helpful? --- # CHIPs (cHIPs) | Nunchi Docs **cHIPs** are Nunchi non‑transferable points that recognize real contribution to the exchange. They are used to * reward participation (liquidity, staking, trading), * gate early access where needed, * measure contribution across seasons. ### [hashtag](https://docs.nunchi.trade/chips-chips#two-roles-in-the-game) Two roles in the game #### [hashtag](https://docs.nunchi.trade/chips-chips#id-1.-hype-staking) 1\. HYPE Staking **Action:** stake HYPE to mint **nHYPE.** **Goal:** help secure the HIP‑3 deployer stake requirement. Early participation is rewarded via tiered multipliers (example schedule): Total HYPE Staked (all users) Multiplier 0–100k 18× 100–200k 16× 200–300k 14× 300–400k 12× 400–500k 10× 500–600k 8× 600–700k 6× 700–800k 4× 800–900k 3× 900k–1M 2× \>1M 1× #### [hashtag](https://docs.nunchi.trade/chips-chips#id-2.-liquidity-provider) 2\. Liquidity Provider **Action:** deposit stablecoins into **nLP** (liquidity vault). **Goal:** deepen market depth for tight spreads and stable execution. Pendle integrations can add additional multipliers (see Pendle page). * * * ### [hashtag](https://docs.nunchi.trade/chips-chips#epochs-and-distribution) Epochs & distribution CHIPs are distributed in fixed cycles (epochs). Your share is based on your **time‑weighted contribution** relative to others in your lane. * * * ### [hashtag](https://docs.nunchi.trade/chips-chips#fair-use) Fair use CHIPs are designed to reward real participation, not mechanical farming. Self‑trades, wash trading, and manipulation may be filtered, capped, or clawed back. [PreviousInventory Skewingchevron-left](https://docs.nunchi.trade/abm/agentic-binned-liquidity/inventory-skewing) [NextPendle nLP LP & YT Multipliers (wNLP)chevron-right](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp) Last updated 22 days ago Was this helpful? --- # cHIPs Season One Rewards | Nunchi Docs Welcome, Yield Trader. The cHIPs program is a cooperative capital strategy game, designed to launch and grow the Nunchi exchange. Your strategic decisions are recognized with cHIPs, non-transferable points that represent your contribution to building the future of on-chain yield. This is a game of timing and collective action. There are two distinct roles you can play to help build the ecosystem. circle-info Note: cHIPs are a distinct reward layer. The mechanics described here are in addition to other methods of earning cHIPs on the Nunchi platform. [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#chips) cHIPs ------------------------------------------------------------------------------------------ cHIPs are Nunchi's non-transferable points that recognize real contribution to the protocol. [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#per-epoch-chips-distribution) Per Epoch cHIPs Distribution ---------------------------------------------------------------------------------------------------------------------------------------- The Strategy Game operates in 7-day cycles/epochs. * During each epoch, a fixed amount of cHIPs (e.g., 1,000,000 cHIPs) is designated for distribution. This is the Epoch Budget. * This budget is split between the nHYPE staker pool and the nLP liquidity provider pool according to the current game phase. Your share of your pool's cHIPs is based on your proportional contribution (time-weighted TVL) during that epoch. [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#epoch-share) Epoch Share ------------------------------------------------------------------------------------------------------ Your Epoch Share is the fundamental unit that will determine how many cHIPs you will earn per epoch. As Epochs are fixed cHIPs rewards, the Epoch Share determines your % of the total reward earned. It is relative to other members in the Epoch. For example if 1000 Epoch Shares have been earned in the Epoch in total, and you have earned 10, you will earn 1% of the overall cHIPS reward for that period. [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#base-yield-and-bonus-multipliers) Base Yield & Bonus Multipliers ---------------------------------------------------------------------------------------------------------------------------------------------- For each lane there is a core mechanism to earn Epoch Shares, and then multipliers. For the nLP Lane the base yield is minting nLP, for the nHYPE lane it’s minting nHYPE. There are then bonus multipliers that sit on top of this core mechanism, which combine with the base yield to give you your total Epoch Share. [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#the-strategies) The Strategies ------------------------------------------------------------------------------------------------------------ You can contribute to the protocol's growth in two fundamental ways. Your choice and timing will define your cHIPs efficiency. ### [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#id-1.-core-staker-nhype) 1\. Core Staker (nHYPE) [See more info on nHYPE ↗](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype) As a Core Staker, your mission is to provide the foundational strength for the entire Nunchi ecosystem. **Your Action:** Stake HYPE to mint nHYPE, Nunchi's liquid staking token. **Your Goal:** Help the community build the 500,000 HYPE Core Stake required to activate HIP-3 perpetual markets. **Ethena Rewards:** Stakers into Nunchi's HYPE LST nHYPE will be eligible for 20x Ethena rewards, to help support the bootstrapping of the exchange. **nHYPE Multipliers:** Multipliers on HYPE stake are designed to incentivize early participation. The highest multiplier (18x) is awarded to those contributing towards the first 100k HYPE staked. Once 100k HYPE is staked, the next 100k HYPE staked receives a multiplier of 16x. As more HYPE is staked, the multiplier continues to decrease, as shown in the table below: Deposit Range (total for all participants) Multiplier 0-100k HYPE 18x 100-200k HYPE 16x 200-300k HYPE 14x 300-400k HYPE 12x 400-500k HYPE 10x 500-600k HYPE 8x 600-700k HYPE 6x 700-800k HYPE 4x 800-900k HYPE 3x 900k-1M HYPE 2x \>1M HYPE 1x circle-info ### [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#note-that-these-multipliers-are-based-on-the-total-amount-of-hype-that-has-been-staked-across-all-pa) Note that these multipliers are based on the total amount of HYPE that has been staked across all participants. ### [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#id-2.-liquidity-strategist-nlp) 2\. Liquidity Strategist (nLP) [See more info on nLP ↗](https://docs.nunchi.trade/chips-chips/nunchi-hip-3-liquidity-nlp) [See more info on Pendle wNLP ↗](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp) As a Liquidity Strategist, your mission is to provide the vital market depth that powers the exchange. **Your Action:** Deposit USDT0 or USDC into the nLP (Nunchi Liquidity Provider) vault. **Your Goal:** Deepen the liquidity layer for Nunchi's perpetuals markets, ensuring tight spreads and a stable trading environment once they are live. [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#pendle-boosts) Pendle Boosts ---------------------------------------------------------------------------------------------------------- Additional multipliers on nLP can be created through [Pendlearrow-up-right](https://www.pendle.finance/) : Pendle PTs/YTs can be minted as well off the nLP. These will receive multipliers as follows: * **Yield Token (YT) Boost** – 25x per YT token * **Principal LP Token (PT-LP) Boost –** 15x circle-info Pendle Boosts only available for Liquidity Strategists (nLP Lane). [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#game-phases) Game Phases ------------------------------------------------------------------------------------------------------ The game rewards understanding ecosystem milestones and how cHIPs are distributed. The flow of cHIPs dynamically shifts to reward the actions the ecosystem needs most at each stage. ### [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#milestone-or-core-lock) Milestone | Core Lock * **Goal:** Reach 500,000 HYPE staked. * **cHIPs Focus:** Heavily tilted towards Core Stakers (80%), and less towards Liquid Strategists (20%). * **Strategic Note:** This is the early phase of the exchange. As a result, this is the most crucial phase for Core Stakers. Staking HYPE now provides the greatest impact and earns the highest share of cHIPs. ### [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#milestone-or-liquid-capacity) Milestone | Liquid Capacity * **Goal:** Sustain deep, healthy liquidity for all active markets. * **cHIPs Focus:** Tilted heavily towards Liquid Strategists (70%), and less towards Core Stakers (30%). * **Strategic Note:** The exchange is live and running with baseline tickers online. The highest priority is now deep liquidity, making this the most rewarding phase for Liquidity Strategists. [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#milestones-and-special-boosts) Milestones & Special Boosts ---------------------------------------------------------------------------------------------------------------------------------------- Reaching collective goals unlocks special, timed rewards that amplify cHIPs earnings for strategic actions. These boosts temporarily re-weight the distribution of the Epoch Budget to further incentivize a specific action. **Milestone** **Description** **cHIPs Boost** **Duration** **500,000 HYPE Staked** Core Stake secured. HIP-3 perps are ready, with the first unlock achieved. +50% to nLP 7 days **nHYPE Utilization for Lending, Borrowing Protocols** HYPE over 500k begins to contribute to this milestone. nHYPE swap market is activated. +20% for all 24 hours **How Boosts Work:** A boost increases the number of cHIPs earned for a particular strategic lane for a particular period of time. [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#strategies) Strategies ---------------------------------------------------------------------------------------------------- **Strategy** **What You’re Doing** **Best Timing** **Key Rewards** **Core (nHYPE)** Staking HYPE to mint nHYPE and grow the network’s core stake. Phase A, before 500k HYPE is staked. Highest cHIPs multipliers pre-launch; Genesis Badge. **Liquidity (nLP)** Minting nLP with USDT/USDC to power the perpetuals markets. Phase B & C, especially during the 7-day "Activation Week" boost after 500k HYPE is hit. High, sustained cHIPs yield plus potential trading fee revenue once markets are live. [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#stake-withdrawal-limitations) Stake Withdrawal Limitations ---------------------------------------------------------------------------------------------------------------------------------------- Per Hyperliquid's protocol rules, HIP-3 deployers like Nunchi must maintain a minimum stake of 500,000 HYPE to operate their markets. Nunchi has thus implemented an nHYPE LST for securing the HIP-3 bond. Find more details on this [here](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype) . Because of this, 500,000 HYPE is the minimum staking requirement and only stake above this can be withdrawn. Further, there is a 7-day countdown on withdrawal, meaning that if you withdraw stake, you will not have access to it until this period is over. Moreover, there may be more withdrawals ahead of yours in the queue. If these withdrawals bring the total stake down to its floor of 500,000 HYPE, then no further withdrawals will be processed until the total stake raises above the floor again. [hashtag](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards#early-exit-policy) Early Exit Policy ------------------------------------------------------------------------------------------------------------------ nLP and nHYPE favors committed liquidity. Early withdrawal from the nLP vault or nHYPE bond results in a proportional reduction of cHIPs. Withdraw early and your cHIPs scale back accordingly. Commitment is rewarded. Ex. If you withdraw 50% at any given time during the campaign before the mainnet of HIP-3, you will lose 50% of your earned cHIPs. circle-info Note: withdrawing out of Pendle alone does not have any early exit penalties, as you would still hold nLP. To preserve integrity, anti-gaming protections exclude self-trades, circular volume, and other manipulative patterns; per-account caps and post-distribution reviews may apply. Nunchi may refine parameters, apply filters, or claw back awards to ensure the program continues to favor genuine usage as market conditions evolve. [PreviousnHYPE Contractschevron-left](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype/nhype-contracts) [NextcHIPs Pre-Season Rewardschevron-right](https://docs.nunchi.trade/chips-chips/chips-pre-season-rewards) Last updated 1 month ago Was this helpful? --- # ISFR Index | Nunchi Docs [ISFR Dashboard: Benchmark of Internet Riskarrow-up-right](https://isfr.nunchi.trade/) In traditional finance, trillion-dollar credit markets rely on sovereign benchmarks like SOFR or LIBOR to price the true cost of capital and risk. In decentralized finance, pricing has historically been fragmented across siloed lending pools and volatile derivatives exchanges. The Implied Secured Funding Rate (ISFR) Dashboard provides a live, transparent feed of DeFi's benchmark rate. It aggregates the deepest yield primitives in crypto into a single, robust index, serving as the "Risk-Free Rate" of the decentralized economy. The ISFR is the heartbeat of the Sovereign Liquidity Agents, called The House which utilizes this benchmark to price yield perpetuals, spread targets, and ensure that Nunchi House Liquidity Providers are always capturing the optimal yield of the internet. ### [hashtag](https://docs.nunchi.trade/abm/isfr-index#dashboard-guide) Dashboard Guide You are looking at the real-time cost of capital across the DeFi ecosystem. Here is how to interpret the data: #### [hashtag](https://docs.nunchi.trade/abm/isfr-index#id-1.-current-isfr-rate) 1\. Current ISFR Rate The primary metric displayed on the dashboard is the current annualized ISFR. This number represents the baseline yield a liquidity provider should expect to earn on dollar-pegged assets, adjusted for current market demand and leverage. If the ISFR is spiking, it indicates high demand for leverage (a bull market). If it is dropping, it indicates risk-off behavior. #### [hashtag](https://docs.nunchi.trade/abm/isfr-index#id-2.-component-breakdown) 2\. Component Breakdown The ISFR is a composite index. On the dashboard, you will see the individual rates that feed into the final calculation. **Component Sources & Weights:** Source Measured Weight Notes Aave V3 USDC Supply APY (Ethereum) 25% Represents baseline, over-collateralized lending demand. Compound V3 USDC Supply APY (Ethereum) 25% Adds redundancy and depth to the lending baseline. Ethena sUSDe 7-Day Rolling Yield 25% Represents delta-neutral basis trade capacity and institutional yield demand. Hyperliquid ETH-PERP Funding Rate (Annualized) 25% Represents the real-time, high-frequency cost of directional leverage. #### [hashtag](https://docs.nunchi.trade/abm/isfr-index#id-3.-historical-chart) 3\. Historical Chart The line graph tracks the ISFR over time against its underlying components. By observing the historical curve, quantitative traders can identify "regime shifts" in the market. Professional market makers use this chart to identify when specific protocols (like Aave) are lagging behind the true market rate (Hyperliquid funding), creating lucrative basis arbitrage opportunities. * * * ### [hashtag](https://docs.nunchi.trade/abm/isfr-index#methodology) Methodology To ensure the ISFR cannot be manipulated by a single whale or a flash crash on a single venue, the engine uses a robust aggregation formula. * * * ### [hashtag](https://docs.nunchi.trade/abm/isfr-index#developer-api-integration) Developer API Integration The ISFR is designed to be consumed. Ecosystem partners, automated trading agents, and institutional risk desks can pull the ISFR directly into their models to price derivatives, set dynamic margin requirements, or benchmark their own LP performance. **Public API Endpoints:** The service exposes a REST API updating on a strict 1-hour schedule. * **Latest Rate:** Fetch the current, live ISFR. `GET /v1/isfr/current` * **Historical Data:** Fetch a time-series array of past rates (useful for charting and backtesting). `GET /v1/isfr/history?days=30` * **System Status:** Verify the engine is actively scraping and calculating. `GET /health` _(Note: Rate limits may apply to public endpoints.)_ [PreviousAgentic Bin Managerchevron-left](https://docs.nunchi.trade/abm) [NextIndex APIchevron-right](https://docs.nunchi.trade/abm/isfr-index/index-api) Last updated 20 days ago Was this helpful? --- # cHIPs Pre-Season Rewards | Nunchi Docs ![Page cover](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252FKXgcGY3QNiInM1E5NqJ0%252Fchipsszn0white.png%3Falt%3Dmedia%26token%3D0471a462-189b-45ca-9001-a5a107019dd8&width=1248&dpr=3&quality=100&sign=4ffc163f&sv=2)![Page cover](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252F8Mva10JXiTI212yV1mmX%252Fchipssz0.png%3Falt%3Dmedia%26token%3De6d965fe-2cfe-4df3-ada4-acf8f73740d9&width=1248&dpr=3&quality=100&sign=a67e2f0&sv=2) ### [hashtag](https://docs.nunchi.trade/chips-chips/chips-pre-season-rewards#summary) Summary * Nunchi points are called **cHIPs** * Earn cHIPs by depositing into nLP vaults * First vault is live: Hyperbeat nLP on HyperEVM * Multipliers can be earned on Pendle nLP LP & YT tokens * Testnet and simulator users already earned retroactive cHIPs #### [hashtag](https://docs.nunchi.trade/chips-chips/chips-pre-season-rewards#what-are-chips) What are cHIPs? cHIPs are Nunchi's non-transferable points that recognize real contribution to the protocol. #### [hashtag](https://docs.nunchi.trade/chips-chips/chips-pre-season-rewards#how-to-earn-today) How to Earn Today **Deposit into nLP vaults** Currently live: Hyperbeat nLP vault on HyperEVM The Nunchi LP vaults (nLP) pre-fund liquidity. Before mainnet, deposits earn yield in conservative venues. At launch, assets are used as liquidity in Nunchi's nCLOB/HIP-3 markets. cHIPs stream continuously while you're deposited. The HyperEVM vault currently earns APY from Hyperbeat managed vaults. **Points calculation:** 1000 points per $1,000 TVL per day base earning. There was a 5x multiplier on this base, up to a $10m cap, for the first week. This multiplier is now 4.5x. The TVL day is a full 24H day from the time of deposit. **Pendle tokens** Base rates: * 1$ USDC/T in nLP = 1 Epoch Share / day Multipliers: * YT Multiplier = 25x * PT/USDT LP Multiplier = 15x #### [hashtag](https://docs.nunchi.trade/chips-chips/chips-pre-season-rewards#retroactive-rewards) Retroactive Rewards **Simulator and Testnet 1** If you used the testnet and simulator, you've already banked a retro balance that counts as cHIPs at mainnet. These totals will appear in your Points (cHIPs) dashboard. If you continue to use Testnet 1, you will be eligible for future retroactive drops. #### [hashtag](https://docs.nunchi.trade/chips-chips/chips-pre-season-rewards#early-exit-policy) Early Exit Policy nLP favors committed liquidity. Early withdrawal from the vault results in a proportional reduction of cHIPs. Withdraw early and your cHIPs scale back accordingly. Commitment is rewarded. Ex. If you withdraw 50% at any given time during the campaign before the mainnet of HIP-3, you will lose 50% of your earned cHIPs. [PreviouscHIPs Season One Rewardschevron-left](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards) Last updated 1 month ago Was this helpful? --- # Pricing Spreads | Nunchi Docs The ABM uses a Multi-Layer Adaptive Spread Framework to dynamically price risk. As market danger increases, the ABM automatically widens the spread it charges to traders. This protection scales dynamically based on real-time data: * **Real-Time Volatility Scaling:** The ABM constantly monitors short-term market volatility. As volatility rises, the base spread charged to traders scales super-linearly. You earn more when the market moves faster. * **Market Regime Binning:** To protect against flash crashes, the ABM classifies the market into discrete volatility states (Normal, Stressed, Extreme). When volatility crosses critical thresholds, sharp multipliers are instantly applied to the spread. * **Drawdown Protection:** Volatility doesn't always equal loss, so the ABM ties its pricing directly to the actual real-time PnL of the LP Vault. If the pool experiences a drawdown, the ABM enters Defensive Modes; widening spreads further, shifting to Reduce-Only trading, and ultimately triggering a hard circuit breaker if strict safety thresholds are breached. [PreviousBatch Clearingchevron-left](https://docs.nunchi.trade/abm/agentic-binned-liquidity/batch-clearing) [NextInventory Skewingchevron-right](https://docs.nunchi.trade/abm/agentic-binned-liquidity/inventory-skewing) Last updated 22 days ago Was this helpful? --- # nHYPE Contracts | Nunchi Docs Contract addresses for nHYPE are provided below: [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype/nhype-contracts#mainnet-deployments) Mainnet Deployments ----------------------------------------------------------------------------------------------------------------------------------------- Contract Address `RoleRegistry` `0x8888888C0B673E9A1123F015c04F0FC34Ed77E33` `nHYPE` `0x88888884cdc539d00dfb9C9e2Af81baA65fDA356` `StakingVault` `0x88888884fc6e3f18F6eD7621748a2B50B192A35D` `StakingVaultManager` `0x8888888a5a9d5fA76A3cC0C7E3A79CBa34D5f7Db` [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype/nhype-contracts#testnet-deployments) Testnet Deployments ----------------------------------------------------------------------------------------------------------------------------------------- Contract Address `RoleRegistry` `0x8888888D73f1aAeE78659dd5314BE165e57b5FC3` `nHYPE` `0x888888874492582EB3cd8a19e8BB52300d0F2159` `StakingVault` `0x88888882eEeD7E369A91E7B27aD488566f363484` `StakingVaultManager` `0x88888884A62Ee45Fe28AAdD470628ce3418959B9` [PreviousNunchi x Ethena HIP-3 (nHYPE)chevron-left](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype) [NextcHIPs Season One Rewardschevron-right](https://docs.nunchi.trade/chips-chips/chips-season-one-rewards) Last updated 1 month ago Was this helpful? --- # Nunchi HIP-3 Liquidity (nLP) | Nunchi Docs ![Page cover](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252FlCyctuThuPqNURF5eVib%252Fnlpwhite.png%3Falt%3Dmedia%26token%3D65407dfa-47a0-4e64-9c9b-2654225668e3&width=1248&dpr=3&quality=100&sign=4be8fd65&sv=2)![Page cover](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252FwuHgq3YFbCTMfs5mQowa%252Fnlp-gitbook.png%3Falt%3Dmedia%26token%3D67666020-6898-48d2-99e7-660dc4bf2f80&width=1248&dpr=3&quality=100&sign=5fa8fe3d&sv=2) [Mint HIP-3 Liquidityarrow-up-right](https://app.hyperbeat.org/vaults/nlp) #### [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-hip-3-liquidity-nlp#how-it-earns-and-what-you-earn) How it earns & what you earn **Yield source:** Initially liquidity is routed to Hyperbeat vaults and yield venues on Hyperliquid, curated by Hyperbeat. Performance accrues in the nLP share price. All onchain. **cHIPs accrual:** Credited by TVL-days in line with the nLP program (1000 pt / 1,000 USD TVL-day). **Other rewards:** Funding-rate yield (when applicable) and Hyperbeat Hearts (per Hyperbeat). \[[Hearts completed.arrow-up-right](https://app.hyperbeat.org/dapp/hearts)\ The final Hearts distribution was completed on November 4th, 2025.\] #### [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-hip-3-liquidity-nlp#network-assets-and-contracts) Network, assets & contracts **Network:** HyperEVM **Deposit asset:** * USDT on Hyperevm (USDT0; 18 decimals). * USDC on HyperEVM (8 decimals). _Note: USDT0 uses its native decimals; the flow scales inputs appropriately when needed._ **nLP share token** (18 decimals): 0x4Cc221cf1444333510a634CE0D8209D2D11B9bbA **Initial caps:** • Vault cap $10,000,000 **Builder note:** Example deposit flow: approve USDT0 to the Deposits contract, then call `depositInstant(tokenIn, amountToken, minReceiveAmount)`. Instant path uses available vault liquidity. Classic redemptions queue and settle in ~72h. #### [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-hip-3-liquidity-nlp#withdrawals-and-fees) Withdrawals & fees **Duration:** * **2 day withdrawal** **Vault fee:** The nLP vault itself charges 0% on yield. #### [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-hip-3-liquidity-nlp#security-and-risks) Security & risks Built on Hyperbeat Earn infrastructure with external audit coverage. Review Hyperbeat resources for reports. Standard smart-contract, oracle/data-feed, market/liquidity, and integration risks apply. Deposit only what you can afford to risk. circle-info You can find the Hyperbeat nLP vault on [https://app.hyperbeat.org/vaults/nlparrow-up-right](https://app.hyperbeat.org/vaults/nlp) [nLP, managed by Hyperbeat arrow-up-right](https://www.hyperbeat.org/) [Risk Oversight by RockawayX arrow-up-right](https://rockawayx.com/) [Hyperbeat Proof of Solvency arrow-up-right](https://accountable.hyperbeat.org/wNLP) [PreviousPendle nLP LP & YT Multipliers (wNLP)chevron-left](https://docs.nunchi.trade/chips-chips/pendle-nlp-lp-and-yt-multipliers-wnlp) [NextNunchi x Ethena HIP-3 (nHYPE)chevron-right](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype) Last updated 1 month ago Was this helpful? --- # Index Methodology | Nunchi Docs [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-methodology#methodology-and-derivation) Methodology & Derivation ------------------------------------------------------------------------------------------------------------------------------ The ISFR is the foundational benchmark for onchain risk, designed to function as the Risk-Free Rate of the agentic economy. DeFi yields are driven by two distinct forces: the cost of _spot borrowing_ (hard capital) and the cost of _secured leverage_ (derivatives). ISFR formally separates these forces, calculating a solid Base Rate and adjusting it dynamically using a dampened Risk Premium. The result is a highly robust, manipulation-resistant benchmark that captures real-time market sentiment without being broken by short-term noise. * * * ### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-methodology#id-1.-base-rate-spot-lending) 1\. Base Rate (Spot Lending) The foundation of the ISFR is the **Base Rate ($R\_{base}$)**. This represents the absolute floor cost of capital - what a user can earn by lending stablecoins to over-collateralized, blue-chip smart contracts with zero directional market exposure. We derive the Base Rate by taking a weighted average of the deepest spot lending markets in DeFi (the **Lending Tier**): Rbase\=∑i∈L(wi⋅ri)R\_{base} = \\sum\_{i \\in L} (w\_i \\cdot r\_i)Rbase​\=∑i∈L​(wi​⋅ri​) * _L_ - The set of approved Lending Tier sources (e.g., Aave V3, Compound V3). * _r__i_ - The current annualized supply APY for USDC on source $i$. * _w__i_ \- The governed weight of source $i$ based on total liquidity depth (\\sum _w__i_ \= 1). _Example:_ If Aave is yielding 1.97% (60% weight) and Compound is yielding 2.56% (40% weight), the Base Rate is established at **2.20%**. * * * ### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-methodology#id-2.-deriv-spread-market-sentiment) 2\. Deriv Spread (Market Sentiment) While the Base Rate moves slowly, the demand for leverage moves in milliseconds. To capture this, we measure the **Deriv Spread ($S\_{deriv}$)**. The system analyzes the **Derivatives Tier** (e.g., Hyperliquid funding rates, Ethena basis yields) to calculate the aggregate secured yield ($R\_{deriv}$). The Deriv Spread is simply the difference between the fast-moving synthetic rate and the slow-moving spot rate: Sderiv\=Rderiv−RbaseS\_{deriv} = R\_{deriv} - R\_{base}Sderiv​\=Rderiv​−Rbase​ **Interpreting the Spread:** * **Positive Spread ($S\_{deriv} > 0$):** The market is "Risk-On" (Greedy). Traders are willing to pay massive funding rates to maintain leveraged long positions. The cost of synthetic leverage exceeds the cost of spot borrowing. * **Negative Spread ($S\_{deriv} < 0$):** The market is "Risk-Off" (Fear/Neutral). Demand for long leverage has collapsed, or shorts are aggressively paying longs. * * * ### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-methodology#id-3.-risk-premium) 3\. Risk Premium If we added the raw Deriv Spread directly to the Base Rate, the ISFR would be too volatile to serve as a reliable benchmark. A 10-minute flash crash on a single exchange could distort the rate by 50%. To solve this, ISFR v2 introduces the **Risk Premium (**`**P**``_**risk**_`**)**, utilizing an alpha scalar to dampen extreme noise. Prisk\=Sderiv⋅αP\_{risk} = S\_{deriv} \\cdot \\alphaPrisk​\=Sderiv​⋅α * Alpha scalar: A governed parameter (currently set to `0.25`). This acts as a shock absorber. It ensures that the ISFR captures the _trend_ of the derivative market without being hijacked by short-term _wicks_. _Example:_ If the Deriv Spread is aggressively negative at -86.9 bps, applying the 0.25 alpha dampens the shock, resulting in a calculated Risk Premium of **\-21.7 bps**. * * * ### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-methodology#id-4.-final-isfr-calculation) 4\. Final ISFR Calculation The final ISFR v2 is computed by combining the slow-moving Base Rate with the real-time, dampened Risk Premium. ISFR\=Rbase+Prisk\\text{ISFR} = R\_{base} + P\_{risk}ISFR\=Rbase​+Prisk​ Or, fully expanded: ISFR\=Rbase+α(Rderiv−Rbase)\\text{ISFR} = R\_{base} + \\alpha(R\_{deriv} - R\_{base})ISFR\=Rbase​+α(Rderiv​−Rbase​) #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-methodology#live-example-calculation) **Live Example Calculation** Based on the live dashboard parameters: 1. **Base Rate (R**_**base**_**):** 1.97% (Anchored by Aave/Compound) 2. **Deriv Spread (S**_**deriv**_**):** -86.9 bps (Derivatives are cheaper than spot) 3. **Risk Premium (P**_**risk**_**):** -21.7 bps (Dampened by alpha = 0.25) **Final ISFR:** `1.97% + (-0.217%)` = **1.75%** * * * ### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-methodology#index-goals) Index Goals 1. **Manipulation Resistance:** To manipulate the ISFR, an attacker cannot just spoof a single orderbook. They would have to simultaneously manipulate billions of dollars in Aave spot liquidity _and_ the funding rates across major perpetual exchanges. 2. **TradFi Compatibility:** By separating the "Risk-Free" component from the "Credit Spread" component, the ISFR structurally mirrors how traditional finance calculates SOFR and LIBOR. 3. **Mean-Reversion:** Because the alpha scalar dampens extreme volatility, the ISFR naturally mean-reverts, making it the perfect benchmark for pricing fixed-rate loans and yield swaps within the Nunchi ecosystem. [PreviousIndex APIchevron-left](https://docs.nunchi.trade/abm/isfr-index/index-api) [NextTEE Clearingchevron-right](https://docs.nunchi.trade/abm/tee-clearing) Last updated 20 days ago Was this helpful? --- # Index API | Nunchi Docs The ISFR Index API provides free access to the public-facing ISFR surface for health monitoring, rate display, and visual exploration. ### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#base-url) Base URL Copy http://{host}:{port} ### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#public-endpoints-overview) Public Endpoints Overview The following endpoints are available in the public/free tier: * **Health check**: `GET /isfr/health` * **Simple current rate**: `GET /isfr/v1/isfr/rate` * **Interactive dashboard (HTML)**: `GET /isfr` or `GET /isfr/` * * * ### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#get-isfr-health) `GET /isfr/health` Returns a quick service and database health check with basic metadata. #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#use-cases) Use cases * Confirm the API is online * Check whether the service currently has data * Inspect last update time for monitoring or status pages #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#example-request) Example request Copy curl http://{host}:{port}/isfr/health #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#response-200) Response `200` Copy { "status": "ok", "version": "0.1.0", "has_data": true, "last_update": "2026-01-01T12:00:00+00:00", "server_time": "2026-01-01T12:05:00+00:00", "database": { "total_entries": 168, "oldest_entry": "2025-12-25T00:00:00+00:00", "newest_entry": "2026-01-01T12:00:00+00:00", "storage": "sqlite", "db_path": "/app/data/isfr.db" } } #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#response-fields) Response fields Field Type Description `status` string Service health status `version` string API/service version `has_data` boolean Whether the database currently contains ISFR observations `last_update` string (ISO 8601) Timestamp of the latest stored ISFR snapshot `server_time` string (ISO 8601) Current server time `database.total_entries` integer Number of stored entries `database.oldest_entry` string (ISO 8601) Oldest stored entry `database.newest_entry` string (ISO 8601) Most recent stored entry `database.storage` string Backing storage engine `database.db_path` string Internal database path > `db_path` is primarily operational metadata and may be omitted or redacted in production deployments. * * * ### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#get-isfr-v1-isfr-rate) `GET /isfr/v1/isfr/rate` Returns the current ISFR value in a minimal format for simple integrations and UI display. #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#use-cases-1) Use cases * Display the latest ISFR value in an app or website * Embed the rate in a widget, terminal, or status card * Use as a lightweight public reference feed #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#example-request-1) Example request Copy curl http://{host}:{port}/isfr/v1/isfr/rate #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#response-200-1) Response `200` Copy { "rate": "1.84%", "timestamp": "2026-01-01T12:00:00+00:00" } #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#response-503) Response `503` Returned when no data is available yet. #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#response-fields-1) Response fields Field Type Description `rate` string Human-readable current ISFR value `timestamp` string (ISO 8601) Timestamp of the underlying ISFR observation #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#example-usage) Example usage Copy const res = await fetch('http://{host}:{port}/isfr/v1/isfr/rate'); const data = await res.json(); console.log(data.rate); console.log(data.timestamp); * * * [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#get-isfr-and-get-isfr) `GET /isfr` and `GET /isfr/` --------------------------------------------------------------------------------------------------------------------- Serves the public HTML dashboard for visually exploring the ISFR index for quick visual inspection of ISFR behavior and for public-facing charts or internal monitoring pages. #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#example-request-2) Example request Open in a browser: Copy http://{host}:{port}/isfr or Copy http://{host}:{port}/isfr/ * * * [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#quickstart) Quickstart ---------------------------------------------------------------------------------------- 1 #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#check-service-health) Check service health Copy curl http://{host}:{port}/isfr/health 2 #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#fetch-the-latest-public-rate) Fetch the latest public rate Copy curl http://{host}:{port}/isfr/v1/isfr/rate 3 #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#open-the-dashboard) Open the dashboard Visit: Copy http://{host}:{port}/isfr The ISFR index API is designed for service discovery, public display, lightweight integrations, and exploratory usage. #### [hashtag](https://docs.nunchi.trade/abm/isfr-index/index-api#versioning) Versioning The simple public rate endpoint is namespaced under `v1`: * `GET /isfr/v1/isfr/rate` Health and dashboard routes remain outside the versioned data namespace: * `GET /isfr/health` * `GET /isfr` * `GET /isfr/` [PreviousISFR Indexchevron-left](https://docs.nunchi.trade/abm/isfr-index) [NextIndex Methodologychevron-right](https://docs.nunchi.trade/abm/isfr-index/index-methodology) Last updated 13 days ago Was this helpful? --- # Batch Clearing | Nunchi Docs Before the ABM decides what price to quote, it fundamentally changes how trades are executed. Instead of continuous block-by-block trading, where latency compeition is dominated by MEV bots, the ABM operates in discrete clearing batches. 1. The ABM calculates the fair market price. 2. It generates a series of discrete limit orders (liquidity bins) around that price. 3. Traders submit sealed, encrypted orders. 4. At the end of the batch window, the TEE decrypts the orders and clears them simultaneously at a single, mathematically optimal uniform price. By freezing time into discrete batches, the ABM mathematically eliminates LVR (Loss Versus Rebalancing). Arbitrageurs cannot "snipe" stale quotes between price ticks. The ABM dictates the terms of engagement, keeping the value inside the LP vault. [PreviousAgentic Binned-Liquiditychevron-left](https://docs.nunchi.trade/abm/agentic-binned-liquidity) [NextPricing Spreadschevron-right](https://docs.nunchi.trade/abm/agentic-binned-liquidity/pricing-spreads) Last updated 22 days ago Was this helpful? --- # Inventory Skewing | Nunchi Docs What happens if the market drops aggressively and the ABM accidentally buys too much of an asset, becoming dangerously Long? In a standard AMM, the LP just holds the underwater bag. The ABM uses Inventory Skewing to shed risk profitably. If the House Vault becomes over-exposed in one direction: 1. The ABM automatically shifts its "Reservation Price" (the center point of its quotes). 2. It aggressively adjusts its Bid and Ask prices to heavily favor the opposite side of the market. 3. This signals the open market: "We will offer you a premium price to take this risk off our hands." 4. Independent traders and arbitrageurs take the trade, flattening the House's inventory back to a safe, neutral state. Instead of paying high fees to hedge risk externally, the ABM skews its prices so the market naturally hedges risk for LPs. [PreviousPricing Spreadschevron-left](https://docs.nunchi.trade/abm/agentic-binned-liquidity/pricing-spreads) [NextCHIPs (cHIPs)chevron-right](https://docs.nunchi.trade/chips-chips) Last updated 22 days ago Was this helpful? --- # Agentic Binned-Liquidity | Nunchi Docs The Agentic Binned-Liquidity Manager (ABM) is the Brain behind the Nunchi House Vault. In standard DeFi, liquidity is managed by naive AMM bonding curves that passively bleed money to arbitrage bots every time the market moves. Standard AMMs charge LPs a structural tax that grows with market volatility. The Nunchi ABM turns volatility into returns. During a market crash, the ABM widens spreads, restricts toxic flow, and earns significantly more premium per fill than during calm conditions; all while operating under strict, mathematically bounded risk limits. The Nunchi ABM replaces the static bonding curve with an autonomous pricing agent running inside a hardware-secured Trusted Execution Environment (TEE). Instead of providing continuous, passive liquidity, the ABM acts like an institutional market-making desk: it analyzes market microstructure in real-time, calculates optimal risk limits, and actively deploys discrete bins of liquidity to protect LP capital and maximize yield. Besides enhancing yield on liquidity, here is how the ABM protects LP capital. [Batch Clearing to mitigate LVR](https://docs.nunchi.trade/abm/agentic-binned-liquidity/batch-clearing) [Pricing Spreads Methodology](https://docs.nunchi.trade/abm/agentic-binned-liquidity/pricing-spreads) [Inventory Skewing Logic](https://docs.nunchi.trade/abm/agentic-binned-liquidity/inventory-skewing) [PreviousTEE Clearingchevron-left](https://docs.nunchi.trade/abm/tee-clearing) [NextBatch Clearingchevron-right](https://docs.nunchi.trade/abm/agentic-binned-liquidity/batch-clearing) Last updated 22 days ago Was this helpful? --- # Funding Rate Indices | Nunchi Docs ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/funding-rate-indices#btc-funding-rate-perpetual-btcswp-usdyp) BTC Funding Rate Perpetual (BTCSWP‑USDYP) A tradable swap index on the **Hyperliquid BTC funding rate**. It tracks _excess funding;_ the difference between realized BTC funding and a trailing average reference (K1). This creates a two‑sided instrument to: * hedge funding costs, * speculate on regime shifts, * and trade deviations from medium‑term funding trends. Key Parameters Details Collateral USDYP Initial Oracle Price 50,000.00 Open Interest Cap $10,000,000 Funding Multiplier 1 ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/funding-rate-indices#oracle-model) Oracle model During the hour, the oracle **nowcasts** the pending rate using a premium‑based model. At the hourly boundary, it ingests the **final realized funding rate** from Hyperliquid and **true‑ups** the cumulative index for accuracy. Additional constraints: * wire price moves are clamped (±1% per update), * quantized to 6 decimals. Because this is a synthetic index, **MarkPx is designed to track OraclePx closely**. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/funding-rate-indices#funding-setup) Funding setup Configured with a fixed‑leg component: * `setFundingInterestRates: -0.000097232 per 8hr` (≈ 2.54% APY magnitude) Economic interpretation: * **Longs receive the fixed leg** as compensation for what the cumulative index subtracts, * the combined return is designed to track the underlying funding stream more directly. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/funding-rate-indices#strategies) Strategies * **Hedge (long BTC perp):** go long BTCSWP for a portion of notional to stabilize funding costs. * **Speculate:** long if you expect funding to exceed its trailing average; short for the opposite. ### [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/funding-rate-indices#notes-and-risks) Notes & risks Funding is regime‑dependent and can spike. Use conservative leverage and understand liquidation behavior. [See more information on market mechanics and parametersarrow-up-right](https://docs.nunchi.trade/market-mechanics-and-parameters#funding-rate-perp-market-parameters) [hashtag](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/funding-rate-indices#additional-resources) Additional Resources ------------------------------------------------------------------------------------------------------------------------------------------------------------- [Hyperliquid Funding Comparisonsarrow-up-right](https://app.hyperliquid.xyz/fundingComparison) [Trading Market Sentiment Articlearrow-up-right](https://x.com/Matt_Peters92/status/1988929691399393629) [HIP-3 Funding Rate Perpetuals / Boros Funding Rate Swapsarrow-up-right](https://x.com/PendleIntern/status/1992895540011696631) [PreviousUS Treasury Yield Indiceschevron-left](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/us-treasury-yield-indices) [NextYield Deserves its Own Exchangechevron-right](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications/yield-deserves-its-own-exchange) Last updated 22 days ago Was this helpful? --- # Nunchi x Ethena HIP-3 (nHYPE) | Nunchi Docs ![Page cover](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252F8TKX4NXXREX51WUSuF2l%252Fnwhite-hype.png%3Falt%3Dmedia%26token%3Db79f6871-bcaf-483b-ad6d-892a6b1ca4bc&width=1248&dpr=3&quality=100&sign=990d2f0d&sv=2)![Page cover](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252FnI8fIF3dhoZvLfu8WHdl%252Fnhypegitbok.png%3Falt%3Dmedia%26token%3D73d3b3d5-dc74-4da2-99df-631689db1dc7&width=1248&dpr=3&quality=100&sign=84d8b31f&sv=2) [Stake HYPE to mint nHYPE arrow-up-right](https://app.nunchi.trade/chips?tab=nhype) [See announcement from Ethena arrow-up-right](https://x.com/ethena_labs/status/1991883683956170810?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1991883683956170810%7Ctwgr%5E1db9a657635fa5acc49c525df3958109805d1eee%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcdn.iframe.ly%2F2JKk4oDr%3Fapp%3D1) Nunchi's Liquid Staking Token (LST), nHYPE, facilitates trading fee discounts on [nLP](https://docs.nunchi.trade/chips-chips/nunchi-hip-3-liquidity-nlp) and facilitates additional [HIP-3 exchange](https://docs.nunchi.trade/nunchi-yield-exchange-perps/yex-perps-specifications) deployment. [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#staking-milestone-unlocks) Staking Milestone Unlocks ------------------------------------------------------------------------------------------------------------------------------------- Tier HYPE Staked Trading fee discount Wood \>10 5% Bronze \>100 10% Silver \>1,000 15% Gold \>10,000 20% Platinum \>100,000 30% Diamond \>500,000 40% * **LST:** HYPE depositors receive nHYPE, a liquid receipt token that represents their claim on the underlying HYPE principal. nHYPE is a fully transferable ERC-20 token. * **Withdrawals:** nHYPE holders may redeem their HYPE at any time, as long as the total HYPE in the bond contract remains above the minimum HIP-3 stake requirement (500,000 HYPE). * **Incentives:** nHYPE holders earn cHIPs based on their deposit time, duration, and participation in other ecosystem activities. This is the primary way for strategic partners to signal long-term conviction. Moreover, stakers into Nunchi's HYPE LST nHYPE will be eligible for 20x Ethena rewards, to help support the bootstrapping of the exchange. Find details on this partnership between Ethena and Nunchi [herearrow-up-right](https://x.com/ethena_labs/status/1991883683956170810) . ![](https://docs.nunchi.trade/~gitbook/image?url=https%3A%2F%2F788773440-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FAZF2BfymkD55xR0Nid8e%252Fuploads%252FbwoyKZuVctweKKCPihh5%252Fnhype-20xethena.png%3Falt%3Dmedia%26token%3Dbf7f6d5d-5ffb-42c1-9624-36358eea6d49&width=768&dpr=3&quality=100&sign=877bc755&sv=2) [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#deposit) Deposit ------------------------------------------------------------------------------------------------- Deposits must be in native HYPE. The process is straightforward: 1. Visit the official Nunchi bonding page and connect a wallet. 2. Enter the amount of HYPE to deposit and confirm the transaction. 3. Receive nHYPE tokens in the connected wallet, representing a respective share of the bond. The amount of nHYPE a user receives is based on the current exchange rate, calculated as total HYPE in vault / total nHYPE supply. The minimum deposit amount is 1 HYPE. [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#background) Background ------------------------------------------------------------------------------------------------------- Per Hyperliquid's protocol rules, HIP-3 deployers like Nunchi must maintain a minimum stake of 500,000 HYPE to operate their markets. Nunchi is launching its own HYPE LST (nHYPE) to meet this requirement in a decentralized, community-driven manner. By contributing to the bond, users are directly funding the ignition of Nunchi's on-chain yield and rates markets. [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#delegation) Delegation ------------------------------------------------------------------------------------------------------- The HYPE in the vault is delegated to a selection of trusted, high-performance validators. [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#withdrawal-process-queued-and-batched) Withdrawal Process (Queued & Batched) ------------------------------------------------------------------------------------------------------------------------------------------------------------- nHYPE holders can initiate a redemption for their underlying HYPE at any time. The process is designed to be orderly and secure, operating through a daily batch system. * The user calls withdraw to submit a redemption request. * The user's nHYPE is escrowed, and the request is added to a global, first-come, first-served queue. * Once per day (the Withdrawal Batch Cadence), the system processes as many queued withdrawals as possible. * This process is subject to the core security rule: the vault's total HYPE balance must always remain ≥ 500,000 HYPE after the batch is processed. If the request cannot be processed without violating this rule, it remains in the queue for the next batch. * Once a withdrawal is processed in a batch, it enters the native ~7-day Hyperliquid unstaking period (the Withdrawal Claim Delay). * After this delay, a user can claim their HYPE. The HYPE will be transferred directly to their HyperCore spot account. [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#key-operational-parameters) Key Operational Parameters --------------------------------------------------------------------------------------------------------------------------------------- * **Minimum Stake Balance:** 500,000 HYPE * **Withdrawal Batch Cadence:** 1 day * **Withdrawal Claim Delay:** 7 days [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#faqs) FAQs ------------------------------------------------------------------------------------------- ### [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#what-is-this-for) **What is this for?** Nunchi is syndicating a HYPE bond to meet the stake requirement for launching a HIP-3 perpetual markets DEX. Community contributors deposit HYPE and receive nHYPE (a liquid receipt) plus cHIPs (Nunchi points) in return. Stakers are also eligible for 20x Ethena rewards. [See announcement from Ethena ↗arrow-up-right](https://x.com/ethena_labs/status/1991883683956170810?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1991883683956170810%7Ctwgr%5E1db9a657635fa5acc49c525df3958109805d1eee%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcdn.iframe.ly%2F2JKk4oDr%3Fapp%3D1) ### [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#what-is-nhype) What is nHYPE? nHYPE is a liquid receipt token that can be minted by depositing HYPE into the bond. It represents a user's share of the bond and accrues cHIPs over time. ### [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#when-can-i-exit) When can I exit? A user can redeem their HYPE at any time, as long as the bond balance is above the 500,000 HYPE minimum stake requirement. If the balance is at or below this level, withdrawals are temporarily paused but can be queued. Deposits will be unlocked after a few months if bond is not filled. ### [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#how-do-i-withdraw) How do I withdraw? The process is two steps: 1) Request a withdrawal to enter the daily processing queue. 2) Claim HYPE after the request has been processed and the ~7-day unstaking period is complete. ### [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#is-nhype-audited) Is nHYPE audited? nHYPE is a direct fork of Ventuals’ vHYPE contract, which has been audited. Find the audit reports here: [https://docs.ventuals.com/vhype/auditsarrow-up-right](https://docs.ventuals.com/vhype/audits) ### [hashtag](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype#what-are-the-risks) What are the risks? All HYPE deposited through nHYPE remains subject to the standard HIP-3 staking and slashing parameters defined by Hyperliquid. Additionally, if the bond’s total HYPE balance reaches the minimum stake threshold, withdrawals will pause automatically until the balance increases. [PreviousNunchi HIP-3 Liquidity (nLP)chevron-left](https://docs.nunchi.trade/chips-chips/nunchi-hip-3-liquidity-nlp) [NextnHYPE Contractschevron-right](https://docs.nunchi.trade/chips-chips/nunchi-x-ethena-hip-3-nhype/nhype-contracts) Last updated 1 month ago Was this helpful? --- # TEE Clearing | Nunchi Docs [Live Attestation arrow-up-right](https://house.nunchi.trade/) What you are looking at is a live, real-time feed of Sovereign Liquidity Agents executing Cooperative Batch Clearing inside a hardware-secured Trusted Execution Environment on the Hyperliquid Testnet. This dashboard provides a transparent window into the Grey Box of agentic trading. It proves mathematically and cryptographically that our matching engine is fair, tamper-proof, and immune to Maximal Extractable Value (MEV) and toxic latency arbitrage (LVR). * * * ### [hashtag](https://docs.nunchi.trade/abm/tee-clearing#how-to-read-the-dashboard) How to Read the Dashboard As you watch the dashboard update, you will see discrete Clearing Rounds occurring (typically every few seconds). For every round, the system generates verifiable cryptographic artifacts. Here is how to interpret the data streaming on your screen: #### [hashtag](https://docs.nunchi.trade/abm/tee-clearing#id-1.-clearing-envelope) 1\. Clearing Envelope Every time a batch clears, the Enclave produces a **Clearing Envelope**. This represents a sealed batch of trades that were matched simultaneously at a single, mathematically optimal uniform price ($p^\*$). * **Instrument:** The market being traded (`ETH-PERP`). * **Volume & Fills:** The total amount of liquidity matched between the agents and the market. * **Clearing Price:** The single fair price at which all buys and sells in that specific batch were executed. #### [hashtag](https://docs.nunchi.trade/abm/tee-clearing#id-2.-attestation-stream) 2\. Attestation Stream Next to the trade data, you will see a scrolling feed of cryptographic strings. This is the Proof of Execution. * **Agent Signature:** Every decision is cryptographically signed by the Enclave’s internal private key. This key _never leaves the hardware_. * **Attestation Document:** A raw `COSE_Sign1` binary blob generated directly by the Secure Module. It proves that the trade was executed by our specific algorithm, running in a secure enclave, with zero human interference. #### [hashtag](https://docs.nunchi.trade/abm/tee-clearing#id-3.-hash-chain) 3\. Hash Chain You will notice a `prev_envelope_hash` attached to the rounds. Each clearing round cryptographically locks into the hash of the round before it. This creates a tamper-evident chain. If anyone attempted to alter a past trade, the entire chain would instantly break and invalidate. * * * ### [hashtag](https://docs.nunchi.trade/abm/tee-clearing#id-9-step-verification-protocol) 9-Step Verification Protocol Before any matched order from the Enclave is allowed to actually execute on the Hyperliquid blockchain, the Nunchi Parent Gateway runs a strict **9-Step Verification Protocol**. If you look at the dashboard logs, you will see a checklist of `[+] PASS` marks for every single round. Here is what the system is verifying in milliseconds: Step Verification Check What it proves to the user **1-2** **Payload Integrity & Signature** The trade data wasn't intercepted or modified in transit. **3-4** **Attestation Cert Chain** The trade actually originated from a genuine AWS Nitro hardware chip, not a spoofed server. **5** **PCR Values** The "DNA" of the code. Proves the algorithm running is the exact, audited Nunchi code we published. **6-7** **Market Clearing & Fills** Zero-sum validation. Proves the system didn't invent phantom liquidity (Buys perfectly equal Sells). **8** **KKT Certificate** **The Math Proof.** Verifies the Karush-Kuhn-Tucker conditions, proving the clearing price was mathematically optimal for all participants. **9** **Round Integrity** Proves no orders were selectively censored or dropped from the batch (Anti-MEV). * * * ### [hashtag](https://docs.nunchi.trade/abm/tee-clearing#terms) Terms * **PCR (Platform Configuration Register):** A set of cryptographic hashes that act as the fingerprint of the Enclave's environment. If a hacker alters even one line of the trading algorithm, the PCR hash changes, and the network automatically rejects the trades. * **KKT Certificate:** Named after the Karush-Kuhn-Tucker optimization conditions. Because running heavy convex optimization on-chain is too slow, our Enclave solves the matching off-chain and generates this "certificate." The blockchain uses this certificate to verify the math is perfect in $O(n^2)$ time. * **Avellaneda-Stoikov MM:** One of the Sovereign Agents operating in the current sandbox session. You will see it actively managing spreads and inventory dynamically based on the market volatility. [PreviousIndex Methodologychevron-left](https://docs.nunchi.trade/abm/isfr-index/index-methodology) [NextAgentic Binned-Liquiditychevron-right](https://docs.nunchi.trade/abm/agentic-binned-liquidity) Last updated 20 days ago Was this helpful? ---