PrismPerp
Open terminal
Pre-launchLive market data, paper settlement

Volatility and funding-rate derivatives

PrismPerp lists two markets that are not bets on price: 30-day crypto implied volatility, and the funding spread between Robinhood Chain and the major perpetual venues. Payouts are capped and reserved up front, and the oracle is rate-limited on-chain.

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Charts, books and quotes need no wallet.

C-VIX 30D
up to 10×mark-settledLive
——
Loading chart
MarketSideNotionalPriceAgeData
No prints yet

Priced from public venue data

Read every 15 seconds. Each source reports its own latency, and a venue that misses its staleness budget is dropped from the aggregate rather than smoothed over.

  • DeribitBTC and ETH option surfacesWaiting
  • BinanceFunding, 8h intervalWaiting
  • HyperliquidFunding, 1h intervalWaiting
  • LighterNative funding leg · Robinhood Chain perpsWaiting
  • AevoSecond options venuePlanned

These are data sources, not partners: none of them endorses PrismPerp or is affiliated with it. The native leg is Lighter, the venue behind perpetuals on Robinhood Chain; it runs as its own rollup.

What is priced, and what bounds it

Two indices computed from venue data, and three limits on the risk they carry. Each card opens the module behind it and says what state that module is in.

30-day implied volatility

Live

C-VIX is the fair strike of a 30-day variance swap, rebuilt every collection round from the Deribit BTC and ETH option surfaces.

—index points
No data yet

Funding-rate basis

Live

FR-BASIS is native funding less the mean of Binance and Hyperliquid, normalised to 8 hours and pro-rated by the second.

BTC—ETH—bps / 8h
No data yet

8× payout cap

Tested

Profit is capped at eight times initial margin, and the whole cap is reserved from the payout pool when the position opens.

Margin posted1×
Reserved from the pool8×
maxProfit = 8 × initialMargin

Oracle dampener

Tested

Settlement moves at most 20% in a block. A push beyond the band is distrusted and moves it 5% of the way, so one bad print cannot reprice the book and a real move still arrives.

+90% print
settles +4.5%
Raw push Settled20% clamp · 5% step

Skew borrow fee

Charged

The crowded side pays a borrow fee that grows with the square of the imbalance. The other side pays nothing.

C-VIX book—
16× at 80 / 20
50 / 50 · 1×90 / 10 · 81×

Tested means covered by the Foundry suite. The contracts are unaudited and not deployed.

Both markets, as they stand

The snapshot the terminal reads, pushed as the collector writes it. Each card breaks its figure into the venue reads behind it, and says which of them is a model.

C-VIX 30D

30-day implied volatility, replicated from the Deribit BTC and ETH option surfaces.

—
No 24h reference yet
SurfaceWeightImplied volLatency
Waiting for the first index tick

FR-BASIS

Robinhood Chain funding less the mean of Binance and Hyperliquid, in basis points per 8 hours.

—
No 24h reference yet
VenueBTCETHData
Binance———
Hyperliquid———
Lighter———
Spread, ΔFR———
Spot references
Funding rates
Option surfaces
Oracle dampener
Signed intents
Payout vault

Venue data in, settled positions out

Four stages: ingestion, analysis, execution and settlement. The index is computed off-chain; the limits on it, the payout cap and the signature checks are enforced by the contracts. Nothing is deployed to a public chain yet.

System architecture

What a position costs, and what it can pay

A worked example on 1,000 USDG of margin, computed with the risk functions the order ticket and the relayer use. Switch between the lowest and the highest leverage each market allows.

C-VIX 30D

$1,000notional at 1×

30-day implied volatility of BTC and ETH, in index points. Long when you expect a move and do not care which way.

Trade C-VIX 30D
At 1×, a long is liquidated by a 90.0% fall in the index
  • Terms
  • Margin 1,000 USDG, isolated
  • Opening fee $0.60, 0.06% of notional
  • Payout capped at $8,000, reserved when the position opens
  • Underlying: Synthetic IV₃₀ · BTC + ETH surface
  • Settlement: USDG or native ETH, isolated margin
  • Oracle: Deribit BTC + ETH surface, 20% clamp
  • Tick: 0.01 index points

FR-BASIS BTC

$1,000notional at 1×

Robinhood Chain funding less the mean of Binance and Hyperliquid, in basis points per 8 hours. Long when you expect native funding to richen against the reference venues.

Trade FR-BASIS BTC
Carry accrues on the spread for as long as the position is open
  • Terms
  • Margin 1,000 USDG, isolated
  • Opening fee $0.60, 0.06% of notional
  • Payout capped at $8,000, reserved when the position opens
  • Underlying: ΔFR = RH − mean(Binance, Hyperliquid)
  • Settlement: Continuous, per second
  • Interval basis: 28,800s normalised
  • Tick: 0.01 bps

A worked example, not a quote, computed with the functions the venue settles with. The ETH leg of FR-BASIS carries the same terms.

The maths, the limits and the schemas are written down

Derivations, module pages and contract specifications, including what is not built yet.

Open the terminal

Charts, books and quotes need no wallet. Connecting one starts a paper session: test collateral, settled by the relayer, not on-chain.

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