Nunchi Points
Nunchi points recognize real participation in Nunchi markets. For the BTCSWP launch, points are awarded by an off-chain indexer that scores eligible fills instead of raw account activity.
The launch program has two separate incentive tracks:
- Guarded-volume points: points on qualifying BTCSWP fills.
- Peg-bounty: a bounded USDC pot for designated launch liquidity providers that hold in-band, oracle-pegged depth.
This page describes the guarded-volume points program and the launch depth expectations used for partner integrations.
What Qualifies
A BTCSWP fill qualifies when it passes the launch gates:
| Gate | Requirement |
|---|---|
| Market | The fill is on BTCSWP. |
| Oracle band | The fill is within +/-25 bps of the BTCSWP oracle mark at fill time. |
| Builder code | The order uses an eligible Hyperliquid builder code. |
| Daily cap | The wallet remains under the points-earning volume cap for that UTC day. |
Out-of-band fills do not earn points. The cap is applied to eligible USD volume, not to the final point output.
Points Scoring
Per eligible fill:
points(fill) = (volumeUSD / 1000) * marketMult * roleMult * proximityGate
| Component | Launch value |
|---|---|
volumeUSD | Fill price times fill size. |
marketMult | 1.5 for BTCSWP. |
roleMult | 2.0 for maker fills, 1.5 for taker fills. |
proximityGate | 1 if the fill is within +/-25 bps of oracle, otherwise 0. |
| Daily cap | Approximately $50,000 of points-earning volume per wallet per UTC day. |
Worked examples for $1,000 of in-band BTCSWP volume:
| Fill | Calculation | Points |
|---|---|---|
| Maker | (1000 / 1000) * 1.5 * 2.0 | 3.0 |
| Taker | (1000 / 1000) * 1.5 * 1.5 | 2.25 |
Outside +/-25 bps | proximityGate = 0 | 0 |
Attribution Requirements
Only orders submitted through one of the eligible builder codes are attributed to BTCSWP launch points:
| Attribution | Builder code |
|---|---|
| Nunchi | 0x0D1DB1C800184A203915757BbbC0ee3A8E12FfB0 |
| Based | 0x1924b8561eef20e70ede628a296175d358be80e5 |
| TreadFi | 0x999a4B5F268A8fBf33736FeFf360d462AD248Dbf |
For Nunchi's persisted indexer path, orders also need a Nunchi-issued client order ID. For address-level partner display, Nunchi can query Hyperliquid fills directly by wallet and verify builder eligibility without requiring partners to submit raw fills.
Depth Bands
Launch liquidity providers and partner agents are expected to quote around the published BTCSWP oracle curve:
| Band | Width around oracle | Points impact | Purpose |
|---|---|---|---|
| Working band | +/-25 bps | Fills inside this band can qualify for points. | In-band depth around the oracle. |
| Outer band | +/-50 bps | Fills outside +/-25 bps do not earn points. | Additional tail depth that thickens the book. |
Agents should widen or pull quotes around each hourly funding true-up and cancel on stale oracle data. The goal is honest depth between oracle updates, not stale liquidity that can be picked off during updates.
Points Lookup
Partner-visible BTCSWP point estimates are exposed through the points lookup API:
GET /points/market-config
GET /points/market-address/:wallet
POST /points/market-addresses
The lookup path fetches Hyperliquid fills, checks builder-code attribution, enriches fills with the stored BTCSWP oracle mark, applies the in-band gate, and returns address-level point estimates.
See Points API for endpoint details.
Testnet Verification
Before mainnet accrual, partner integrations should be verified end-to-end:
- Nunchi runs the points indexer against Hyperliquid testnet.
- The partner places test orders using an eligible builder code.
- Nunchi queries
GET /points/market-address/:wallet. - The returned fills should show
eligibleBuilder: true, the correct maker/taker role, and expected address-level points.
Until this round-trip is green, mainnet accrual should not be considered enabled.
Peg-Bounty Context
The launch also includes a bounded USDC peg-bounty pot for designated launch liquidity providers that hold in-band, oracle-pegged depth. This is separate from the guarded-volume points formula above.