Go Long or Short on the realized correlation of ETH and BTC five-minute returns. 1 USDC mints one Long and one Short token, settled at maturity on the realized correlation.
7D, 14D and 28D maturities, with the fair value recomputed on-chain every five minutes. ETH / BTC is live; gold pairs are coming soon.
Fair value on-chain, shared liquidity on Aqua, custom pricing on SwapVM.
Every five minutes a reporter posts ETH and BTC prices (the median across five exchanges). The contract recomputes the fair value itself and rejects any report that does not match.
Makers keep their USDC in their own wallet. Aqua lends virtual balances of it to every maturity and side, and missing Long / Short tokens are minted inside the trade.
The price is integrated along the maker's inventory path and checked against risk limits after the trade. The same bytecode runs in quote and swap, so what you see is what you get.
Makers never split their capital market by market. When a trade settles, only what it needs is drawn from the shared pool.
Makers only set their risk limits. Every quote starts from the on-chain fair value: a base spread earns the maker's margin, and a risk surcharge widens it as the price data ages, the maker's capital fills up or its inventory leans one way.
Illustrative prices, inventory neutral. The spread is not a guaranteed profit.
CorrFi