Nunchi Product Catalog

Yield, Credit, and Rate Derivatives in DeFi

General Introduction

Topic	Short-form Policy
Exchange Fees	• CLOB Taker: 10 bp (6 bp maker rebate, 3 bp treasury, 1 bp insurance). • AMM Swap: 8 bp (5.6 bp LPs, 1.6 bp insurance, 0.8 bp treasury). • Order-Open: 2 bp (flat) to treasury. • Liquidation: 75% bounty to liquidator, 15% to insurance, 10% to treasury.
Leverage Framework	Max leverage is the minimum of a volatility-based cap, a liquidity-based cap, and a platform hard-cap (typically 50x). This is calculated dynamically by the LeverageManager.
Accepted Collateral	• Tier 1 (Stablecoins): USDC, USDT. • Tier 2 (Yield-Bearing): Tokenized T-Bills, ~5% APY, LST-stables (sDAI, etc.). • Tier 3 (LP Tokens): Senior-tranche LP tokens from the Nunchi vault.