Market.total_collateral on 12 Oct 2026 after the protocol’s own holdings were cut to working size (see below). Mainnet markets will be added when mainnet launches. MSTR was wound down and paused on 12 Oct 2026 (see MSTR). OIL was withdrawn on 30 Aug 2026 and VXX was delisted in June 2026, so neither appears here.
The cUSDC mint for all devnet markets is
B1c5xBYkp7AAemYhcu4VuH4CU4sPJDDuG2iuv6ts38uE. On mainnet the collateral will be USDC.At a glance
As of 12 Oct 2026:
On 12 Oct 2026 the CLP’s own holdings, which had been about $16.6M across these markets, were cut first to about $50,000 a leg per market and then, the same day, to 0.5% of each market’s claims per leg, the share the keeper’s nightly job now re-derives. Committed orders mint what they need when they settle. The CLP redeemed the rest at NAV with
vault_redeem_single, so no holder’s tokens changed value, and $16.9M of collateral went back to the treasury. Most of what remains sits in the bin books. Each book was left balanced between its long and short values. QQQ, SPY and XAU hold more because some of their long tokens sit outside the CLP, and the CLP keeps short tokens to offset them.
Every market set initial_l_price and initial_s_price to the same value, so its constant K is that price squared. No market has been re-anchored yet.
The keeper posts one fee as both the mint fee and the redeem fee. All devnet markets run in ProxyMode, which charges 1.5× the posted fee, so QQQ’s 18 bps costs 27 bps.
Committed orders fill at NAV plus or minus the market’s committed spread, shown for QQQ, SPY and XAU. The keeper re-posts each spread as volatility moves, so read Clp.commit_spread_bps for the current value. Since 11 Oct 2026 committed orders are on for every live market, and they are the protocol’s only venue while a market’s price is live; traders’ orders on the order book are open at any hour. MSTR was wound down and paused on 12 Oct 2026 (see MSTR). The bin books trade only while a market’s price is stale, and the CLP’s instant clp_swap was retired on 11 Oct 2026. The JPY market tracks USD/JPY, so JPYL gains when the yen weakens against the dollar.
Each market’s Clp.oi_cap is an exposure cap on how far traders can go net long or net short (0 means uncapped). The keeper re-sizes it every night, so read the live value from the chain. See Solvency → Exposure cap. The bin books charge no swap fee.
On devnet the keeper prices every market from a public quote source. Before each push it checks the price against the Hyperliquid market named in that market’s table below, and a disagreement blocks the push. Hyperliquid can veto a price but never sets one. Mainnet will use Pyth. See Oracle.
Shared accounts
Each market keeps its collateral in its own vault, the cUSDC ATA of its Market PDA, listed in its table below. QQQ, SPY and XAU moved there from the shared unified vault on 11 Oct 2026, and that vault now holds 0 cUSDC.
QQQ: Nasdaq-100 ETF
SPY: SPDR S&P 500 ETF
XAU: Gold (spot)
XAG: Silver (spot)
NVDA: NVIDIA
AAPL: Apple
EUR: Euro (EUR/USD)
MSFT: Microsoft
TSLA: Tesla
AMZN: Amazon
GOOGL: Alphabet
GBP: British pound (GBP/USD)
JPY: Japanese yen (USD/JPY)
MSTR: MicroStrategy
MSTR was wound down on 12 Oct 2026 and is paused (
is_active = false), so mint and redeem revert with MarketNotActive. Every MSTR token was held by the protocol. The keeper emptied both books and returned their inventory and the CLP’s working cash. One transaction then redeemed the CLP’s pairs except one, released the collateral above 101% and paused the market. About $1.36M went back to the treasury. One protocol-held pair and about $249 of collateral remain.Programmatic access
Derive the PDAs from the market symbol rather than copying them by hand. Address registry has a sample that returns every PDA and pool vault for a symbol. The mints, the collateral vault and the fee recipient aren’t PDAs; read them from the Market account (longMint, shortMint, collateralVault, feeRecipient).
Trading hours
Mint and redeem aren’t 24/7. They revert withTwapNotAvailable once the keeper’s last price is more than 300 s old, and the keeper pushes no prices while the underlying is closed. The bin books are the reverse: they fill only while mint and redeem are frozen, and the keeper then posts each side in one bin within 1% of the last price, sized to measured demand: $500 a side while there is no measured flow. While prices are pushing, trades go through committed orders.
→ Concepts → Markets → Trading hours
See also
Listing flow
How a new market is added.
Roadmap
Planned market additions.
Devnet info
RPC, faucet, behavior gotchas.
Reading state
How to read live data from these accounts.