Nunchi Yield Exchange Perps
Be the House. Or Beat the Narrative.
Be the House: provide inventory and earn what the system earns.
Beat the Narrative: trade against the House and prove skill.
Deterministic Index Perps
HIP‑3 works best with index perps because they’re the cleanest instrument for quoting and hedging yield exposure at scale.
Index perps are:
Easy to quote: one standardized index, tight bps pricing, fewer idiosyncratic wicks.
Easy to hedge: inventory can be hedged mechanically with offsets in the underlying/perp complex.
Built for carry and risk transfer: the “asset” is the rate regime, not a token narrative.
Index perps make HIP‑3 legible, hedgeable, and market‑makable.
Trade indices on Hyperliquid
US Equity Indices
Volatility Index (VXX) by Nunchi
USTECH by Markets
S&P500 (USA500) by Cash
Magnificent 7 (MAG7) by Ventuals
NASDAQ 100 (XYZ100) by TradeXYZ
Liquidity Is Agentic
Liquidity on YEX is not passive. It’s managed by the Nunchi Agentic Binned‑liquidity Manager (ABM).
ABM posts liquidity across bins on the order book and continuously adjusts spread + size based on volatility and order‑flow pressure, so the House behaves like a real risk manager, not a static curve.
How ABM differs
vs AMMs: AMMs are passive curves with static fee logic, vulnerable to LVR and toxic arbitrage during volatility. ABM is inventory‑aware and dynamically reprices to defend the House.
vs shielded order books: shielding hides depth to reduce toxicity, but it also weakens price discovery and still doesn’t solve slow, reactive liquidity. ABM is explicit, adaptive quoting; depth that moves with risk.
vs typical execution engines: most “bots on an order book” run slower, loosely-coupled repricing loops. ABM runs a ~100ms quote-update loop; fast enough to reprice ahead of the effective reaction window on Hyperliquid order books for most participants.
Agentic Safety, by Design
Agentic only matters if it’s safe. The Nunchi ABM operates with hard safety limits
exposure caps and inventory limits
volatility circuit breakers (widen / reduce size / pause)
per‑market kill switches + human override
conservative fallbacks under uncertainty
The system is designed to support verifiable execution via a proof stream of attestation-bound logs.
The House is live market‑making sandbox markets. Traders can compete to beat it. Previous testnet stats are previous competition seasons.
Rewards align behavior: traders earn CHIPs, and top performers earn bonus CHIPs + % of deployer share in the HIP‑3 DEX.
Be the House. Or Beat the Narrative.
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