No liquidation price exists. There is no margin and no liquidation function in the protocol.
Perps: yes. Leveraged tokens: yes, internally.Tokenized stocks, on Robinhood ChainCut a stock
Cut a stock
in two.
Deposit one tokenized share and pick a strike. ZERO takes everything up to it, CAPITAL takes everything above. Hand both back at any moment and your share comes straight out, free.
- No liquidation
- No funding rate
- No decay
NVDA $218.00
AAPL $338.00
TSLA $367.00
SPY $765.00
MSFT $500.00
COIN $177.00How it works
Drop in one share.
A tokenized NVDA share, held 1:1 by the series. No pool, no manager, no borrowing. The share is the collateral.
Pick where it cuts.
The strike is the blade. At $210, everything below the line and everything above it become two separate claims.
Hold two tokens.
ZERO is the capped, quieter half. CAPITAL is the geared half, with no margin to call and nothing to liquidate. Keep one, sell the other.
Hand both back. Share out.
Recombine has no fee, no pause, no deadline and no oracle. ZERO + CAPITAL is one share, exactly, at every price.
Not another leveraged product
Gearing without the ways it kills you.
CAPITAL never rebalances, so it cannot decay. It has no margin, so it cannot be liquidated. Its value at wind-up is a function of one number: where the share finished.
Nothing is paid every eight hours, and nothing is embedded in the price instead.
No rebalancing at all, so a choppy week costs the geared half nothing.
Not USDG margin and not a managed basket. One share goes in and the same share comes out.
Through the price of the strike. Not by you and then the venue, and not fixed at 2x or 3x.
Not a crypto invention. British split capital investment trusts have done exactly this since the 1960s. Read the history
The markets
Parity boardPick a stock. Pick a line.
NVDA5 series (example)$218.00ZERO 96.3%strike $210CAPITAL 3.7%AAPL3 series (example)$338.00ZERO 97.6%strike $330CAPITAL 2.4%TSLA3 series (example)$367.00ZERO 98.1%strike $360CAPITAL 1.9%SPY3 series (example)$765.00ZERO 99.3%strike $760CAPITAL 0.7%MSFT3 series (example)$500.00ZERO 98.0%strike $490CAPITAL 2.0%COIN3 series (example)$177.00ZERO 96.0%strike $170CAPITAL 4.0%The guarantees
Five things the protocol is incapable of doing to you.
Not promises. Each one is the absence of a function in the contracts.
- 01
We cannot liquidate you.
There is no margin and no liquidation function in the protocol.
- 02
We cannot stop you recombining.
recombine has no pause modifier and no access control. It is open for the life of every series.
- 03
We cannot change a series.
Asset, strike and wind-up date are fixed at creation and stored immutably.
- 04
We cannot touch the collateral.
No admin function can move a series' assets. The only control in the protocol pauses the creation of new series.
- 05
We cannot charge you to exit.
Ten basis points on the way in. Zero on recombine, zero on settlement, zero on redemption.
Fees
Only entry costs anything. You are never charged to get out.
Create a seriesFreeanyone, any listed asset
split10 bpsin the asset, half to the series creator
recombine0no fee, no pause, no deadline
settle / redeem0and there is no protocol token