PrismPerp

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.

DocumentationOpen terminal

Markets

Select a row to open it in the terminal
MarketLast24hOpen interestLong / shortData
C-VIX 30D30-day implied vol—————
FR-BASIS BTCBTC funding spread · bps—————
FR-BASIS ETHETH funding spread · bps—————

Open interest and positioning are the paper venue’s own open positions.

Status
Pre-launch. Market data is live and orders settle on a paper venue with test collateral; the contracts are complete but not yet deployed to a public network.
Network
Robinhood Chain, chain ID 4663
Collateral
USDG or native ETH on the paper venue, isolated margin; USDG alone on-chain
Order flow
EIP-712 signed intents; each settles on its own, in batches
Counterparty
A protocol-owned payout pool; trader deposits never back other positions

Markets

C-VIX 30DFR-BASIS BTCETH
Underlying30-day constant-maturity implied volatility, BTC and ETHRobinhood Chain funding (Lighter) − mean(Binance, Hyperliquid)
MethodVariance-swap replication over the Deribit option surface, as the equity VIXEach venue normalised to bps per 8 hours, then differenced
Quoted inIndex pointsBasis points per 8 hours
Data todayLive, every 15 seconds; tracks Deribit DVOL within about 5%All three legs live: Binance, Hyperliquid, and Lighter for the native leg
Long whenYou expect a move and do not care which wayYou expect native funding to richen against the reference venues
Leverage1× to 10×1× to 20×

Directional perpetuals concentrate exposure when positioning becomes one-sided: in a trend most open interest points the same way, and the pool is the counterparty to all of it. Volatility has buyers and sellers at the same time, and a funding spread has two ends by construction. What imbalance remains is priced by a borrow fee on the crowded side and bounded by the payout cap.

Risk controls

What each limit is, where it is enforced, and whether it exists yet.

ControlLimitEnforced inState
Payout capProfit capped at 8× initial margin; the full cap is reserved from the payout pool when the position opensPrismPerpVault, LiquidationModuleTested
Oracle clampSettlement moves at most ±20% per block; a push beyond the band moves it 5% of the wayCVIXOracleDampenerTested
Leverage boundSize ≤ margin × leverage; 10× on C-VIX, 20× on FR-BASISPrismPerpSettlementTested
Stale-oracle guardNo open, close or liquidation against an index older than 120 secondsPrismPerpSettlementTested
Skew borrow feebase × ((dominant OI + depth) ÷ (counter OI + depth))², charged to the crowded side through a borrow indexDynamicSkewEngine, PrismPerpSettlementTested

Tested means covered by the Foundry suite and its invariants. The contracts are unaudited and not yet deployed to a public network.

System

Venue data in, settled positions out. Each component is marked with what exists today.

System architecture
  1. 1

    Ingestion

    • Deribit option surface
      Live
    • Binance funding
      Live
    • Hyperliquid funding
      Live
    • Lighter funding
      Live
    • Aevo option surface
      Planned
  2. 2

    Analysis

  3. 3

    Execution

  4. 4

    Settlement

Release status

Nothing is on a public chain. Order entry is open on the paper venue; on-chain settlement is built and follows the testnet deployment.

  1. 01Contracts
    • PrismPerpVault — USDG custody at 6 decimals, pool-only escrow of the payout cap, a bounded pool withdrawal and pause
    • PrismPerpSettlement — signed collateral, on-chain session grants with epoch revocation, per-order batches, signed closes
    • Borrow and carry accrued on-chain into cumulative indices; FR-BASIS settles as carry
    • CVIXOracleDampener — 20% per-block clamp for the index, a signed per-block step for spreads
    • Foundry: 99 tests and 4 invariants over 128,000 random calls; no findings open
    In progress
  2. 02Relayer and index
    • Collector for Deribit, Binance, Hyperliquid and Lighter — live
    • C-VIX index by variance replication, tracking Deribit DVOL within about 5%
    • On-chain settlement, keeper, indexer and liquidator — built and rehearsed on a local chain
    In progress
  3. 03Terminal
    • Read-only terminal, risk dashboard and funding matrix on live venue data
    • Wallet connection through RainbowKit, a one-signature EIP-712 session key, and gasless order entry
    • Paper venue: deposits, fills, positions, liquidations and a ledger under the contract's rules, on test collateral
    • On-chain venue: vault deposits and withdrawals from the wallet, settlement in PrismPerpSettlement, read back from its events
    • Provenance on every panel and every stored row: live, modelled, simulated, seeded, paper, on-chain, historical or stale
    In progress
  4. 04Testnet and audit
    • Deployment to Robinhood Chain testnet, chain ID 46630, owned by a Safe
    • The relayer as its own service, with separate keeper, settler and liquidator keys
    • External audit and a published report before any mainnet deployment
    Next
  5. 05Token launch
    • ponsfamily.com fair launch: a fixed 1,000,000,000 supply in one locked pool against WETH
    • The protocol's 5% initial buy, held in its multi-sig for keeper subsidies
    • Staking, fee distribution and governance over oracle weights
    Next

$PRP token

Not launched. Supply and allocation as specified.

Tokenomics
AllocationShareTokens
ponsfamily.com Fair Launch Pool95%950,000,000
Protocol Initial Buy (Treasury)5%50,000,000
Total supply100%1,000,000,000

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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