ElyPerps

Insurance vault

Vault HYPE
…
Skew it backs
…
Rewards held 7 days
…
Bad debt covered
…
$ELYP slashed
…

Bad-debt waterfall

1The liquidated position's remaining marginfirst
2The vault's HYPE, newest held rewards first: stakers' 40% of fees sits here 7 days as first lossvault
3Up to 30% of staked $ELYP slashed per event, sold for HYPE on the $ELYP pool; what is not needed is burnedslash
4Auto-deleveraging of the most profitable opposite positionslast

The vault backs each market's skew: 10% of its HYPE. With … HYPE today, every long is matched by a short and the vault takes no price risk. 40% of fees flow in while nobody stakes, so the backed skew grows with volume.

Bad-debt events

None. Every event will list its market, block and the HYPE each step paid.

Stake $ELYP

Stakers earn 40% of every perp fee, paid in HYPE. Each payment is held 7 days as first loss, then claimable. Unstaking takes 7 days and stays slashable during the cooldown.

Staking takes $ELYP. Without stakers, the stakers' share stays in the vault as backing.