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Version: Current

YEX Perps Specifications

YEX is Nunchi's HIP-3 DEX for yield and rate markets. The current detailed public market specification is BTCSWP, the Bitcoin funding market.

Deployment status​

  • YEX DEX: 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​

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