FAQ

How do I try it?

It's live on HyperEVM testnet with mock USDC. Open hyperpetua.xyz/app, connect a wallet (chain 998), claim 10,000 mUSDC from the faucet, then LP the vault or open a swap. No real value — it's a sandbox.

Who is the counterparty?

A pooled liquidity vault. LPs deposit USDC; the pool auto-takes the other side of every swap, so there's no order book and no waiting for a match.

What terms / tenors are there?

Three presets — 1 day, 1 week (7 days), and 1 month (28 days). The contract caps any term at 30 days (720 hours).

What is "maturity"?

The end of your swap's term — when it settles and the buffers pay out. A keeper settles it on the realized funding. If a matured swap is ever left unsettled for 7 days, anyone other than the trader can void it and both buffers are returned (no P&L); the owner can also emergency-void. You can't settle before maturity.

What do I deposit?

As a trader, only a USDC buffer — your stake and your max P&L. The notional is reference-only and never deposited. As an LP, you deposit USDC into the pool and receive shares.

What's the most I can lose?

At most your posted buffer. Your P&L lands between losing the full buffer and gaining the full buffer, depending on how realized funding compares to your locked coupon — it can never exceed the buffer (the swap is fully collateralized on both sides).

How is the coupon set?

The vault quotes mid ± spread: Long funding (fixed payer) pays mid + spread; Fixed (fixed receiver) gets mid − spread. The mid tracks the trailing median of Hyperliquid's HYPE funding, refreshed by a keeper. The spread is the vault/LP edge.

How is settlement decided?

A keeper reads Hyperliquid's published funding (fundingHistory), sums the realized funding over the term, and submits it on-chain. Anyone can recompute it and check the SwapSettled event. See Transparency.

Which markets are live?

HYPE today. BTC and ETH are on the roadmap.

Is it audited?

Not yet. The contract has an extensive internal test suite and internal adversarial review; a professional audit will be commissioned before any mainnet use. It's a testnet pilot — see Security.