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

Transparency

uUS500Live

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 16 s ago
Leverage bandin band
3.00x
3.00x, 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%
$648.81
$680.43
$722.92
$732.18
$810.50
$816.24
$765.56
If the price falls
  1. Band edge 3.30x−4.4% · $732.18
    Rebalance down to target (any hour)
  2. Margin floor 12.5% of notional−5.6% · $722.92
    Top up collateral from idle
  3. Hard delever 4.00x−11.1% · $680.43
    Emergency delever to target, market order
  4. Liquidation (est.)−15.3% · $648.81
    Phoenix liquidates the account; the stop and top-ups sit well before this
If the price rises
  1. Band edge 2.70x+5.9% · $810.50
    Rebalance up to target (external session only)
  2. Margin ceiling 22.5% of notional+6.6% · $816.24
    Withdraw excess collateral to idle

Computed from realised leverage 2.999x and venue equity at 17.4% of notional at mark $765.56, 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 2.7x3.3xHard 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 vault2,395 of 5,001 USDC · 47.9%
Collateral at Phoenix (share of NAV)2,620 USDC · equity 17.4% of notional
Pending redemptionsnone
Cap used$5,000.67 of $250.0K
LP supply
5,020 uUS500
NAV per token
0.996136 USDC
Unrealised PnL
−14.02 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
$765.56
Index
none (no external print)
Pool price
no pool
Premium to NAV
Realised vs target
2.999x / 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 18 s ago
    stream dMSTR:band dMSTR:stop dMSTR:tick dNVDA:band dNVDA:stop dNVDA:tick dTSLA:band dTSLA:stop dTSLA:tick ✗ 1uMSTR:band uMSTR:stop uMSTR:tick uNVDA:band uNVDA:stop uNVDA:tick uTSLA:band uTSLA:stop uTSLA:tick ✗ 1dMSTR:crank dMSTR:guard dNVDA:crank dNVDA:guard dTSLA:crank dTSLA:guard dUS100:band dUS100:stop dUS100:tick dUS500:band dUS500:stop dUS500:tick ✗ 1uMSTR: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 dTSLA:harvest dUS100:inflow dUS100:margin dUS100:redeem dUS500:inflow dUS500:margin dUS500:redeem uMSTR:harvest ✗ 1uNVDA:harvest ✗ 1uTSLA:harvest uUS100:inflow uUS100:margin uUS100:redeem uUS500:inflow uUS500:margin uUS500:redeem dUS100:harvest ✗ 1dUS500:harvest ✗ 1uUS100:harvest ✗ 1uUS500:harvest ✗ 1

Alerts

Raised by the keeper, resolved when the condition clears.

  • warning
    TICK_FAILED · uUS50012 Sep 23:48 UTC → resolved 6 min ago
    uUS500: tick failed: phoenix /exchange/markets -> 429
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 23:21 UTC → resolved 1.4 d ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · uUS50012 Sep 23:17 UTC → resolved 25 min ago
    uUS500: tick failed: Hawkeye return data expected at least 8 bytes, got 0
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 23:10 UTC → resolved 43 min ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · uUS50012 Sep 22:47 UTC → resolved 53 min ago
    uUS500: tick failed: hawkeye view_margin_for_asset SPY did not settle within 15000 ms
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 22:30 UTC → resolved 1.4 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · uUS50012 Sep 22:08 UTC → resolved 1.6 h ago
    uUS500: tick failed: fetch failed
  • warning
    TICK_FAILED · uUS50012 Sep 21:59 UTC → resolved 1.9 h ago
    uUS500: tick failed: Hawkeye return data expected at least 8 bytes, got 0
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:41 UTC → resolved 3.2 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:40 UTC → resolved 3.2 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:39 UTC → resolved 3.3 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:39 UTC → resolved 3.3 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:36 UTC → resolved 3.3 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:33 UTC → resolved 3.4 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:30 UTC → resolved 3.4 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:29 UTC → resolved 3.4 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:28 UTC → resolved 3.5 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · uUS50012 Sep 20:26 UTC → resolved 3.5 h ago
    uUS500: tick failed: phoenix /exchange/markets -> 429
  • warning
    TICK_FAILED · uUS50012 Sep 20:24 UTC → resolved 3.5 h ago
    uUS500: tick failed: phoenix /exchange/markets -> 429
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:23 UTC → resolved 3.5 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:21 UTC → resolved 3.6 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · uUS50012 Sep 20:20 UTC → resolved 3.6 h ago
    uUS500: tick failed: phoenix /exchange/markets -> 429
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:16 UTC → resolved 3.6 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · uUS50012 Sep 20:14 UTC → resolved 3.7 h ago
    uUS500: tick failed: phoenix /exchange/markets -> 429
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:13 UTC → resolved 3.7 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:10 UTC → resolved 3.8 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:06 UTC → resolved 3.8 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · uUS50012 Sep 20:05 UTC → resolved 3.8 h ago
    uUS500: tick failed: phoenix /exchange/markets -> 429
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 20:03 UTC → resolved 3.9 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:58 UTC → resolved 3.9 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:57 UTC → resolved 4.0 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:55 UTC → resolved 4.0 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · uUS50012 Sep 19:51 UTC → resolved 4.1 h ago
    uUS500: tick failed: phoenix /exchange/markets -> 429
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:49 UTC → resolved 4.1 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:44 UTC → resolved 4.2 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:43 UTC → resolved 4.2 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:41 UTC → resolved 4.2 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · uUS50012 Sep 19:41 UTC → resolved 4.2 h ago
    uUS500: tick failed: phoenix /exchange/markets -> 429
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:38 UTC → resolved 4.3 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:33 UTC → resolved 4.4 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:31 UTC → resolved 4.4 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:28 UTC → resolved 4.5 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:21 UTC → resolved 4.6 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:18 UTC → resolved 4.6 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:17 UTC → resolved 4.6 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:16 UTC → resolved 4.6 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:14 UTC → resolved 4.7 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:12 UTC → resolved 4.7 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · uUS50012 Sep 19:10 UTC → resolved 4.7 h ago
    uUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · uUS50012 Sep 19:09 UTC → resolved 4.8 h ago
    uUS500: tick failed: phoenix /exchange/markets -> 429

Event log

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

TimeKindStatusReasonLeverageAmountFill / markSlipTx
12 Sep 23:23 UTCRedeemconfirmedtest3,000.00 USDC
12 Sep 23:23 UTCMintfailedtest5,000.00 USDC
12 Sep 23:23 UTCMintconfirmedtest10,000.00 USDC
12 Sep 22:59 UTCRedeemconfirmedtest3,000.00 USDC
12 Sep 22:59 UTCMintfailedtest5,000.00 USDC
12 Sep 22:59 UTCMintconfirmedtest10,000.00 USDC
12 Sep 22:46 UTCRedeemconfirmedtest3,000.00 USDC
12 Sep 22:46 UTCMintfailedtest5,000.00 USDC
12 Sep 22:46 UTCMintconfirmedtest10,000.00 USDC
12 Sep 07:55 UTCEmergency deleverbacktestleverage 5.79x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional5.79x → 4.10x−4,000 ntl427.56 / 427.980.09%
12 Sep 07:50 UTCEmergency deleverbacktestleverage 8.33x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional8.33x → 6.55x−4,000 ntl426.32 / 426.750.09%
12 Sep 07:45 UTCEmergency deleverbacktestleverage 10.99x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional10.99x → 9.09x−4,000 ntl425.21 / 425.640.09%
12 Sep 07:40 UTCEmergency deleverbacktestleverage 13.73x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional13.73x → 11.71x−4,000 ntl424.41 / 424.830.09%
12 Sep 07:35 UTCEmergency deleverbacktestleverage 16.99x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional16.99x → 14.76x−4,000 ntl422.93 / 423.350.09%
12 Sep 07:30 UTCEmergency deleverbacktestleverage 20.28x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional20.28x → 17.84x−4,000 ntl422.04 / 422.460.09%
12 Sep 07:25 UTCEmergency deleverbacktestleverage 24.65x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional24.65x → 21.85x−4,000 ntl420.53 / 420.950.09%
12 Sep 07:20 UTCEmergency deleverbacktestleverage 29.81x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional29.81x → 26.53x−4,000 ntl419.14 / 419.560.09%
12 Sep 07:15 UTCEmergency deleverbacktestleverage 34.53x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional34.53x → 30.87x−4,000 ntl418.43 / 418.850.09%
12 Sep 07:10 UTCEmergency deleverbacktestleverage 40.51x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional40.51x → 36.27x−4,000 ntl417.56 / 417.970.09%
12 Sep 07:05 UTCEmergency deleverbacktestleverage 46.05x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional46.05x → 42.46x−600 ntl416.39 / 416.810.09%
12 Sep 07:00 UTCEmergency deleverbacktestleverage 24.62x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional24.62x → 23.52x−600 ntl424.80 / 425.230.09%
12 Sep 06:55 UTCEmergency deleverbacktestattempt 1: Failed query: update "events" set "slot" = $1, "status" = $2, "tx_sig" = $3, "leverage_after_bps" = $4, "fill_price" = $5, "slippage_bps" = $6, "details" = $7 where "events"."id" = $8 params: 210,simulated,replay-uUS500-347,148986,432.544054005646,9,{"fullGapRaw":"-74525863816","session":"closed","idempotencyKey":"uUS500:guard:emergency_delever:178919610:-600000000","loop":"guard","attempt":1,"sender":"replay"},422417.50x → 16.93x−600 ntl432.54 / 432.980.09%
12 Sep 06:50 UTCEmergency deleverbacktestleverage 13.39x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional13.39x → 13.13x−600 ntl441.15 / 441.590.09%
12 Sep 06:45 UTCEmergency deleverbacktestleverage 10.88x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional10.88x → 10.70x−600 ntl450.01 / 450.460.09%
12 Sep 06:40 UTCEmergency deleverbacktestleverage 9.29x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional9.29x → 9.16x−600 ntl458.54 / 459.000.09%
12 Sep 06:35 UTCEmergency deleverbacktestleverage 8.14x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional8.14x → 8.03x−600 ntl467.23 / 467.700.09%
12 Sep 06:30 UTCEmergency deleverbacktestleverage 7.22x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional7.22x → 7.13x−600 ntl476.52 / 477.000.09%
12 Sep 06:25 UTCEmergency deleverbacktestleverage 6.53x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional6.53x → 6.46x−600 ntl485.60 / 486.090.09%
12 Sep 06:20 UTCEmergency deleverbacktestleverage 5.93x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional5.93x → 5.90x−600 ntl495.62 / 496.110.09%
12 Sep 06:15 UTCEmergency deleverbacktestleverage 5.47x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional5.47x → 5.44x−600 ntl505.32 / 505.820.09%
12 Sep 06:10 UTCEmergency deleverbacktestleverage 5.08x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional5.08x → 5.05x−600 ntl515.42 / 515.940.09%
12 Sep 06:05 UTCEmergency deleverbacktestleverage 4.74x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional4.74x → 4.72x−600 ntl525.88 / 526.410.09%
12 Sep 06:00 UTCEmergency deleverbacktestattempt 1: Failed query: update "events" set "slot" = $1, "status" = $2, "tx_sig" = $3, "leverage_after_bps" = $4, "fill_price" = $5, "slippage_bps" = $6, "details" = $7 where "events"."id" = $8 params: 199,simulated,replay-uUS500-306,43642,535.633374886243,9,{"fullGapRaw":"-41672761483","session":"closed","idempotencyKey":"uUS500:guard:emergency_delever:178919280:-600000000","loop":"guard","attempt":1,"sender":"replay"},41664.47x → 4.46x−600 ntl535.63 / 536.170.09%
12 Sep 05:55 UTCEmergency deleverbacktestattempt 1: Failed query: update "events" set "slot" = $1, "status" = $2, "tx_sig" = $3, "leverage_after_bps" = $4, "fill_price" = $5, "slippage_bps" = $6, "details" = $7 where "events"."id" = $8 params: 198,simulated,replay-uUS500-301,41666,546.285950929365,9,{"fullGapRaw":"-38796717205","session":"closed","idempotencyKey":"uUS500:guard:emergency_delever:178919250:-600000000","loop":"guard","attempt":1,"sender":"replay"},41614.23x → 4.21x−600 ntl546.29 / 546.830.09%
11 Sep 21:20 UTCEmergency deleverbacktestleverage 5.22x > hard_delever 4.00x; emergency delever -83810759353 raw USDC of notional5.22x → 3.01x−83,811 ntl501.70 / 502.000.05%
11 Sep 21:20 UTCEmergency deleverbacktestleverage 5.22x > hard_delever 4.00x; emergency delever -83882199111 raw USDC of notional5.22x → 3.01x−83,882 ntl501.70 / 502.000.05%
11 Sep 17:23 UTCMintconfirmedtest7,000.00 USDC
11 Sep 16:59 UTCMintconfirmedtest7,000.00 USDC
11 Sep 16:46 UTCMintconfirmedtest7,000.00 USDC