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Unified Trading
Nunchi opens its unified trading terminal for the future of yield
Be the House. Or Beat the Narrative.
The Yield Exchange introduces a seamless environment to simulate strategies and execute trades against a live, agentic House.
Nunchi today announced a major update to the Yield Exchange, officially opening The Arena to the public.
This release introduces a unified terminal that collapses the gap between high‑fidelity simulation and institutional‑grade execution into a single, elegant interface—so the experience of learning and doing is continuous.
But unified trading is only half the story.
In prelaunch, the House is already live: an agentic market maker is quoting demo markets. Traders can now compete to beat the House—and earn meaningful upside for doing so.
One Terminal. Two Modes. One Game.
In the unified trading view, users can switch seamlessly between two powerful modes without breaking flow.
Strategy Sandbox (Demo Markets)
A high‑fidelity sandbox where traders can test strategies against yield volatility, funding rates, and market movements using simulated capital (USDyp).
Unlike a static testnet, the Strategy Sandbox is an active arena:
Demo markets are live-quoted by the House
Traders can measure performance under real market dynamics (volatility, spreads, fills)
Previous testnet stats are previous competition seasons—the game has history, not just hype
The Arena (Live Markets)
The live Yield Exchange. With a single toggle, traders deploy real capital (USDC, USDE, USDH) to execute against the order book.
This is where strategy meets execution:
Deep liquidity and multi‑margin support
Professional execution primitives
A continuous path from “prove it in simulation” → “deploy it in production”
Powered by Agentic Liquidity
The Strategy Sandbox and The Arena are underpinned by an active, algorithmic House operating on the exchange.
Nunchi’s Agentic Binned‑liquidity Manager (ABM) dynamically manages liquidity across the order book—so whether a trader is hedging rates or speculating on volatility, execution is fast and the system actively manages risk.
In practice, this transforms liquidity provision from a passive posture into a responsive machine:
Spreads tighten when markets are calm
Spreads widen when volatility spikes
Inventory management adapts in real time to protect the House from adverse selection
This is the thesis behind Nunchi: system efficiency, not just “number go up.”
Rewarding the Players: CHIPs
To recognize real participation, Nunchi is introducing CHIPs for trading, an incentives program designed for The Arena—and for prelaunch competition performance.
Incentive Structure
Earn CHIPs per $ of volume traded in Live Markets.
Designed to reward genuine contribution, the program is capped daily per wallet to keep distribution fair.
Prelaunch Competition: traders who beat the House on the leaderboard earn bonus CHIPs and a % of deployer share in the HIP‑3 DEX.
For Market Makers & VCs: Live View of the Machine
If you want to evaluate Nunchi as infrastructure, don’t rely on screenshots.
We publish a live dashboard—“Live View: The Shadow Senate”—focused on system efficiency:
LVR defense behavior vs passive LP simulations
Capital turnover (volume generated per dollar of inventory)
Smart spreads that “breathe” with volatility
A proof stream that ties execution to attestations
(Link to dashboard: add here.)
Availability
"Yield is the most fundamental asset in finance, yet the experience of trading it has historically felt fragmented and complex. Today marks a defining milestone. With unified trading, we’re giving the market a professional command center: be the House, or beat the Narrative. Whether refining an edge in the Strategy Sandbox or executing in The Arena, the experience is unified, powerful, and respects the trader’s time."
— John Doherty, Founder of Nunchi
The Nunchi Yield Exchange is available starting today. The Terminal supports major stablecoins including USDC, USDH, and Ethena’s USDE.
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