LIQUIDITY
Stand on the other side.
The vault is the counterparty to every swap Clamp opens. It is not a directional bet on funding: the pool quotes around the oracle’s own average of realised funding and charges a half-spread in both directions, so its income is flow, and it only becomes directional to the degree that flow arrives one-sided — at which point the curve has already moved to be paid for carrying it.
POOL SIZE
$12.48M
cash plus the marked book
SHARE PRICE
$1.0642
UTILISATION
38.4%
pledged to open swaps
FREE LIQUIDITY
$7.61M
withdrawable right now
BOOK MARK
$125,000
pool’s side of open swaps
AMOUNT (USDC)
- Your shares
- —
- Exit fee
- 0.10%
- Free liquidity
- $7.61M
Withdrawals are capped at free liquidity. Capital pledged against open positions is not available to leave, however good the marks look.
You earn
The half-spread on every open and unwind, the opening fee net of the protocol’s share, and the skew premium when flow arrives one-sided.
You are exposed to
Funding moving against the pool’s net position between now and the maturities on the book, bounded by the skew caps in each market.
You are protected by
Per-market skew and open-interest caps, initial margin sized to an adverse move in the term rate, and an insurance fund built from fees that absorbs shortfall before LPs do.
Order of loss
A liquidated position’s own margin first, the insurance fund second, the vault last. That ordering is the thing to price when you decide what this pool is worth to you.
| MARKET | ANCHOR | SKEW | OF CAP |
|---|---|---|---|
| BTC | +11.00% | PAY-FIXED | 10.3% |
| ETH | +8.00% | PAY-FIXED | 4.0% |
| HYPE | −5.47% | RECEIVE-FIXED | 2.4% |
Why share price can move without anything settling.
The vault marks its open book, so an LP’s share price reflects positions that have not expired yet. Two guards exist because of that: withdrawals cannot reach pledged capital, and exits pay a fee that stays with the LPs who remain — without one, depositing in front of a favourable mark and redeeming behind it would be a free trade.