Demo on a mainnet fork: real Phoenix prices, test USDC, nothing here is real money. What that means
upside

Transparency

uUS100Live

What backs the token, where the keeper’s lines are, and every action it has taken. Read straight from the keeper’s own records.

Last snapshot 6 min ago
Leverage bandin band
3.01x
3.01x, band 2.70x to 3.30x
2.70x3.00x3.30x4.00x
Venue equity / notionalbetween floor and ceiling
17.4%
17.4%, band 12.5% to 22.5%
12.5%17.5%22.5%12.5%

Action ladder

At what underlying move does each keeper action fire, from the latest snapshot and this token's policy.

impact pricing
−13%
−9%
−4%
+4%
+9%
+13%
$605.52
$636.24
$674.68
$684.69
$757.92
$761.78
$714.48
If the price falls
  1. Band edge 3.30x−4.2% · $684.69
    Rebalance down to target (any hour)
  2. Margin floor 12.5% of notional−5.6% · $674.68
    Top up collateral from idle
  3. Hard delever 4.00x−10.9% · $636.24
    Emergency delever to target, market order
  4. Liquidation (est.)−15.3% · $605.52
    Phoenix liquidates the account; the stop and top-ups sit well before this
If the price rises
  1. Band edge 2.70x+6.1% · $757.92
    Rebalance up to target (external session only)
  2. Margin ceiling 22.5% of notional+6.6% · $761.78
    Withdraw excess collateral to idle

Computed from realised leverage 3.011x and venue equity at 17.4% of notional at mark $714.48, holding everything else fixed. Margin distances follow this token's own policy: lower tiers post more collateral, so a 2x token has further to fall than a 3x one (D27). Liquidation is where equity reaches the 2.5% maintenance margin Phoenix requires on notional (registry value, Q13); the on-chain stop and the keeper's top-ups are designed to act well before it. Estimates for reading, not for trading.

Leverage over time

Realised leverage against the band, the target and the hard-delever line. Markers are keeper actions; hover for reason, before/after and fill.

Realised leverageBand 2.7x–3.3xHard delever 4.0xRebalanceEmergency delever

Margin over time

Venue equity (collateral plus unrealised PnL) as a share of notional, against the floor, target and ceiling. Distances do not depend on leverage. Top-ups and withdrawals are the keeper's margin loop; the stop is refreshed after every rebalance.

Venue equity / notionalFloor 12.5% – ceiling 22.5%Top-upWithdraw excessStop set

Buffers and capacity

Idle USDC pays instant redemptions and Jupiter sells; collateral sits at Phoenix; the cap bounds TVL against Phoenix depth.

Idle USDC in vault2,375 of 4,981 USDC · 47.7%
Collateral at Phoenix (share of NAV)2,620 USDC · equity 17.4% of notional
Pending redemptionsnone
Cap used$4,981.38 of $250.0K
LP supply
5,000 uUS100
NAV per token
0.996275 USDC
Unrealised PnL
−14.00 USDC
Funding (annualised)
—

Session

How the underlying is being priced right now.

impact pricingImpact pricing

The underlying exchange is closed. Phoenix prices the market from its own order flow, bounded to 1/max-leverage from the last external print. NAV marks to that price. Only defensive rebalances run; NAV shows "internal pricing".

Mark
$714.48
Index
none (no external print)
Pool price
no pool
Premium to NAV
—
Realised vs target
3.011x / 3.0x

Keeper liveness

Heartbeats, halted flag and per-loop status. Two keepers on different RPCs are the target.

  • keeper-stagingv0.1.0 · surfpool#0 · heartbeat 2 s ago
    stream ✓dMSTR:band ✓dMSTR:stop ✓dMSTR:tick ✓dNVDA:band ✓dNVDA:stop ✓dNVDA:tick ✓dTSLA:band ✓dTSLA:stop ✓dTSLA:tick ✓uMSTR:band ✓uMSTR:stop ✓uMSTR:tick ✗ 1uNVDA:band ✓uNVDA:stop ✓uNVDA:tick ✓uTSLA:band ✓uTSLA:stop ✓uTSLA:tick ✓dMSTR:crank ✓dMSTR:guard ✓dNVDA:crank ✓dNVDA:guard ✓dTSLA:crank ✓dTSLA:guard ✓dUS100:band ✓dUS100:stop ✓dUS100:tick ✗ 1dUS500:band ✓dUS500:stop ✓dUS500:tick ✓uMSTR:crank ✓uMSTR:guard ✓uNVDA:crank ✓uNVDA:guard ✓uTSLA:crank ✓uTSLA:guard ✓uUS100:band ✓uUS100:stop ✓uUS100:tick ✗ 1uUS500:band ✓uUS500:stop ✓uUS500:tick ✓dMSTR:inflow ✓dMSTR:margin ✓dMSTR:redeem ✓dNVDA:inflow ✓dNVDA:margin ✓dNVDA:redeem ✓dTSLA:inflow ✓dTSLA:margin ✓dTSLA:redeem ✓dUS100:crank ✓dUS100:guard ✓dUS500:crank ✓dUS500:guard ✓uMSTR:inflow ✓uMSTR:margin ✓uMSTR:redeem ✓uNVDA:inflow ✓uNVDA:margin ✓uNVDA:redeem ✓uTSLA:inflow ✓uTSLA:margin ✓uTSLA:redeem ✓uUS100:crank ✓uUS100:guard ✓uUS500:crank ✓uUS500:guard ✓dMSTR:harvest ✗ 1dNVDA:harvest ✗ 1dTSLA:harvest ✗ 1dUS100:inflow ✓dUS100:margin ✓dUS100:redeem ✓dUS500:inflow ✓dUS500:margin ✓dUS500:redeem ✓uMSTR:harvest ✗ 1uNVDA:harvest ✓uTSLA:harvest ✗ 1uUS100:inflow ✓uUS100:margin ✓uUS100:redeem ✓uUS500:inflow ✓uUS500:margin ✓uUS500:redeem ✓dUS100:harvest ✗ 1dUS500:harvest ✗ 1uUS100:harvest ✗ 1uUS500:harvest ✗ 1

Alerts · 1 open

Raised by the keeper, resolved when the condition clears.

  • warning
    TICK_FAILED · uUS10012 Sep 22:29 UTC
    uUS100: tick failed: phoenix /exchange/markets -> 429
  • warning
    TICK_FAILED · uUS10012 Sep 22:08 UTC → resolved 8 min ago
    uUS100: tick failed: fetch failed
  • warning
    DEPTH_UNAVAILABLE · uUS10012 Sep 22:07 UTC → resolved 20 min ago
    uUS100: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS10012 Sep 22:02 UTC → resolved 28 min ago
    uUS100: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth

Event log

Every action planned, sent or observed for this token, newest first.

allrebalanceemergency delevermargin top-upwithdraw excess marginset stopmintredeemcrankkeeper halt
No events of these kinds recorded yet.