# YEX Perps Specifications

YEX is deployed as a HIP‑3 DEX with index perpetuals quoted in the sandbox collateral USDYP.

### 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 

### 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**.

***

### Risk note

Sandbox parameters and mechanics can change. Always validate live settings in the UI and onchain configuration before trading.


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