How it works
Each token is an ordinary SPL token. Holding it gives you a fixed multiple of an underlying’s daily return: u-tokens are long, d-tokens are short. You never open a margin account and you are never liquidated. The protocol runs the position for everyone at once.
- 1Vault
A Voltr vault holds USDC and mints the token as its LP share. Voltr does the share accounting, the fees and the withdrawal queue. Audited by Sec3, FYEO and Certora.
- 2Adaptor
Our adaptor program is the only thing allowed to move vault funds, and only into one place: a Phoenix Perpetuals trader account owned by the vault's strategy authority. No human key holds the position.
- 3Phoenix
The adaptor keeps a perpetual position sized to the target leverage. Collateral is posted from the vault; the rest stays idle in USDC so redemptions and Jupiter sells are instant.
A keeper cranks the vault’s NAV every 20–30 seconds during exchange hours, keeps the leverage inside its band, keeps the margin between floor and ceiling, and refreshes an on-chain stop so the position is protected even if every keeper is down. Everything it does is written to a database that this site reads directly; see any token’s Transparency page.
NAV and fees
NAV per token = (vault idle USDC + collateral at Phoenix + unrealised PnL − accrued fees) ÷ token supply. Tokens launch at 1.00 USDC and there are no reverse splits, so the price drifts away from 1.00 in both directions over time. You mint by depositing USDC at NAV and redeem by burning tokens at NAV, instantly from idle USDC or through a short request when the amount exceeds it.
- Issuance
- 0.05%
- Redemption
- 0.05%
- Management
- 1.00% / yr
- Performance
- 0%
Issuance and redemption fees cover the position change your mint or redeem forces on Phoenix; they may rise to 15–25 bps once organic volume exists. Profit from a crank is released over 24 hours (Voltr’s locked-profit decay) so a stale NAV cannot be arbitraged. Jupiter quotes the last cranked NAV; anyone can crank.
Rebalancing policy
Target leverage is 3x. Realised leverage (notional ÷ NAV) drifts as the price moves; the keeper only trades when it leaves the band.
- Band 2.7x–3.3x
- Inside: nothing happens. Above the top: reduce to target at any hour. Below the bottom: add exposure, but only while the external index is live.
- Hard delever 4.0x
- Market order back to target whatever the session. Slices are capped at 20% of visible depth within 0.5%.
- Margin 12.5–22.5% of notional
- Venue equity (collateral plus unrealised PnL) is held at 17.5% of the position's notional, which is 52.5% of NAV at 3x. Sizing to notional keeps the distance to the floor and to liquidation the same at every leverage. Below the floor the keeper tops up from idle; above the ceiling it withdraws to idle. A Phoenix conditional stop sits at the floor price as a keeper-independent backstop.
Weekends and impact pricing
Stocks and metals have exchange hours; the tokens do not. While the underlying’s exchange is open (external), Phoenix marks track the external index and everything runs normally. When it is closed (impact), Phoenix prices the market from its own order flow, bounded to 1/max-leverage away from the last external print. NAV marks to that price, the keeper cranks less often, and only defensive rebalances run, so a weekend gap can move the token before the exchange reopens. The session is shown on every token page.
Decay
A constant-leverage product compounds daily. In a trending market it beats 3× the period return; in a choppy market it loses to it, because every rebalance buys after a rise and sells after a fall. Add fees and funding and the token bleeds relative to the underlying when the price goes nowhere. This is a trading instrument, not a long-term holding.
| Token | Lev | Decay 1 wk | 4 wks | 1 yr | Worst yr | Funding ±10%/yr, per wk |
|---|---|---|---|---|---|---|
| uAAPL | 3x | 0.62% | 2.5% | 32.2% | 103% | ±0.58% |
| dAAPL | 3x | 1.16% | 4.6% | 60.4% | 221% | ±0.58% |
| uCOIN | 3x | 4.25% | 17.0% | 221.2% | 417% | ±0.58% |
| dCOIN | 3x | 7.99% | 31.9% | 415.3% | 837% | ±0.58% |
| uGOLD | 3x | 0.21% | 0.9% | 11.1% | 31% | ±0.58% |
| dGOLD | 3x | 0.41% | 1.6% | 21.1% | 73% | ±0.58% |
| uHOOD | 3x | 2.97% | 11.9% | 154.6% | 231% | ±0.58% |
| dHOOD | 3x | 5.18% | 20.7% | 269.3% | 422% | ±0.58% |
| uMSTR | 3x | 1.91% | 7.6% | 99.1% | 377% | ±0.58% |
| dMSTR | 3x | 3.92% | 15.7% | 203.9% | 732% | ±0.58% |
| uNVDA | 3x | 1.34% | 5.3% | 69.5% | 204% | ±0.58% |
| dNVDA | 3x | 2.61% | 10.5% | 135.9% | 394% | ±0.58% |
| uSILVER | 3x | 0.63% | 2.5% | 32.6% | 85% | ±0.58% |
| dSILVER | 3x | 1.13% | 4.5% | 58.6% | 150% | ±0.58% |
| uTSLA | 3x | 1.85% | 7.4% | 96.4% | 179% | ±0.58% |
| dTSLA | 3x | 3.57% | 14.3% | 185.9% | 321% | ±0.58% |
| uUS100 | 3x | 0.29% | 1.2% | 15.0% | 53% | ±0.58% |
| dUS100 | 3x | 0.57% | 2.3% | 29.6% | 100% | ±0.58% |
| uUS500 | 3x | 0.22% | 0.9% | 11.4% | 56% | ±0.58% |
| dUS500 | 3x | 0.43% | 1.7% | 22.3% | 97% | ±0.58% |
| uWTIOIL | 3x | 0.75% | 3.0% | 39.0% | 120% | ±0.58% |
| dWTIOIL | 3x | 1.49% | 6.0% | 77.6% | 216% | ±0.58% |
Decay is the simulated cost of holding for an average week, four weeks and a year (volatility drag plus fees, slippage and management), with the worst simulated year alongside, from the risk sheet §3b. Funding is not in those numbers: at ±10%/yr it costs the paying side about 0.58% a week at 3x (rate × leverage ÷ 52), paid by longs when the rate is positive and by shorts when it is negative. For index and gold holders at a days-to-weeks horizon, funding is the larger cost, and direction dwarfs both. The live rate is shown per token from the keeper's snapshots.
Tracking error, turnover, gap history and drawdown-to-trigger for 2x, 2.5x and 3x are in the risk sheet (docs/RISK_SHEET.md). Leverage is set per asset when its vault is created and cannot change on a live token: the registry lists every token at 3x until then, and the sheet recommends 3x for the indexes and gold and 2.5x for silver, oil and the single names.
Risks
- Venue risk. Phoenix Perpetuals is in beta. Parameters can change, books can thin out, and auto-deleveraging or backstop mechanisms can act on our position. Caps are tied to open-interest headroom and depth, and a second venue adaptor is planned.
- Gap risk. A move past the hard-delever line before the keeper acts, or across a weekend, can push realised leverage far from target. The margin floor and the on-chain stop are sized to survive a 15% adverse move unattended, not more.
- Stale NAV. Jupiter quotes the last cranked NAV. A stale crank is a free option to minters; the issuance fee and crank cadence are set together, and the cap can be set to zero during anomalies.
- Keeper risk. Two keepers on different RPC providers are the target; when both are down the Phoenix conditional stop is the only protection. Keeper liveness is public on every Transparency page.
- Smart-contract risk. Voltr is audited; our adaptor is new. The adaptor can only move funds between the vault and its own Phoenix account, never to any other address, and every invariant has a negative test.
- Liquidity risk. Secondary pools are small and re-centred on NAV by a bot; mint and redeem at NAV are the primary market. Pools can be pulled when the keeper is down or depth is thin.
Eligibility
These tokens are not offered to US persons or to residents of restricted jurisdictions. Connections from restricted countries are redirected to a notice page; using a VPN does not change your eligibility. Names such as US500 are generic descriptions of the underlying market and imply no affiliation with any index provider or issuer.
Questions about the mechanism? Every number on this site comes from the keeper’s own records; start at Protocol status.