Daily carry
Funding responds to the gap between the mark and the squared index, with the specified clamp of 0.5% per day. Off-hours carry is set separately.
ALL PRODUCT FAMILIESSquared
Squared
A different curve of conviction.
Exposure to price squared, with daily carry shown as one clear number. Explore the Crab vault or express a relative view with ratio markets.
Explore Squared
EXPOSUREPrice² exposure
Exposure to price squared, with daily carry shown as one clear number. Explore the Crab vault or express a relative view with ratio markets.
FEES10 bps + daily carry
Read the execution fee and any financing or carry in the quote before signing. Nonlinear exposure changes with price. Carry, normalization and hedge costs affect your position’s value.
COLLATERALOne USDC balance.
Cross margin draws from the shared USDC ledger. Isolated mode reserves collateral for an individual position.
SQUARED / MECHANICS
Inside the
instrument.
A price-squared index changes exposure as the underlying moves; normalization carries its funding cost.
STEP 01
A fresh underlying report supplies the price used to calculate the power index.
Short collateral
The ShortVault specifies at least 200% collateral at mint and 150% maintenance, with a separate off-hours liquidation threshold.
Crab and ratios
Crab combines a short power position with a hedge and reports NAV. Ratio markets track one underlying price divided by another, with price exposure of power one.
Mechanics and design limits follow the supplied Leveret protocol specification. Current execution limits come from the verified on-chain configuration.
Know the terrain.
Nonlinear exposure changes with price. Carry, normalization and hedge costs affect your position’s value.
Read the signed quote, current market state and fee estimate before signing.
Explore protocol rules