Deposit one token. Caliper mints a concentrated position between two bounds you set, shorts its delta on the perp venue, and re-centres it as price moves. You keep the fee income. You keep your keys.
Non-custodial — positions mint to your address No admin keys on any contract
Trade it, provide into it, rest an order on it, hedge it or wrap it in a dated note — without leaving the chart or hunting through tabs.
Quotes route through the aggregator and settle on-chain. The fee is 25 bps of the output, taken at settlement — never out of your principal.
Up to 50× on ETH against stable collateral, with funding settled hourly. Orders sign server-side for one-click execution; the key that signs them cannot move funds.
Attach a thesis to any open position. Performance is scored on realised fees and P&L, so an argument is graded by what it earned rather than how it read.
Send either side of the pair. Caliper sells exactly the portion your chosen range does not want and mints the position in a single transaction.
You get a slippage bound on the swap and a separate tolerance on the mint ratio. A preview returns the exact swap amount before you sign, so nothing about the position is a surprise.
It mints directly to your address. Unused input is refunded in the same transaction. Between calls the contract holds no balance and no allowance.
Opt in and the keeper harvests fees and re-centres the range under limits you set, for a bounty you cap at 300 bps of fees collected. Revoke any time; a re-centre always mints back to you.
The order rests as single-sided liquidity one tick spacing wide, parked entirely above or below spot. Every swap that touches the band pays it the pool fee.
Fully past, not merely into it. After that anyone may execute the fill and keep 100 bps of the output for the gas they spent.
Until it fills, only you can cancel, and you take back everything including the fees it accrued. Orders cannot be transferred away from their owner.
An ERC-4626 vault holds the concentrated range and shorts its delta on the perp venue. You keep the fee income and shed most of the price exposure.
Every deposit and withdrawal checks that spot sits within 300 bps of a mean measured over at least ten minutes of history. Outside that band, the call reverts rather than price you badly.
The perp settles on a venue this chain cannot read, so the vault relies on one named key to report what the hedge is worth, and that figure enters the share price. It is bounded by a jump band on each report, a staleness pause that triggers without a transaction, and a single address it can pay.
Deposits split between the hedged LP vault and a second sleeve, and the whole position unwinds back to the base asset once the date passes.
Seventy percent works in the hedged vault; the rest backs an off-chain long. Reports carry excess equity only — a losing sleeve reports zero, and the shortfall appears when collateral returns.
Eighty percent buys short-dated treasuries at the guarded TWAP, twenty goes to the hedged LP. Downside cover comes from the treasuries sleeve arithmetic — it is not a capital guarantee.
The only fee that touches principal, and it is zero after maturity. Previews are shown net of it, so the figure you see is the figure you receive.
Fourteen markets carry a liquidity pool; all fifty-seven carry a perpetual. Both sit in the same row, because deciding to provide and deciding to hedge is one decision.
| Market↓ | Trend | Mark↓ | 24h↓ | Pool TVL↓ | LP APR↓ | Tier | Open interest↓ | Lev↓ |
|---|
Each vault is a minimal clone created and initialised in one transaction. Pool, asset, policy and cap are written once and have no setter afterwards.
One concentrated range on one pool, harvested and re-centred on schedule. Share price is the position valued at spot, behind the TWAP guard.
The same range with its delta shorted on the perp venue. Fee income stays; directional exposure largely goes. One reported figure enters the share price.
Seventy percent into the hedged vault, thirty backing an off-chain long. Dated, and settles back to the base asset at maturity.
Eighty percent into short-dated treasuries bought at the guarded TWAP, twenty into the hedged LP. Cover is arithmetic, not a guarantee.
The functions that would let anyone move your money were never written, so there is no key to compromise. Here is the complete list of what exists and what does not.
The ten percent comes out of fees earned, never principal. A position that has collected nothing pays nothing.
| Activity | Fee | Charged on | Paid by |
|---|---|---|---|
| Open or increase a position | 25 bps | Input amount | Depositor |
| Spot swap | 25 bps | Output amount | Trader |
| Harvest or re-centre — keeper | 10% | Fees collected | Position owner |
| Harvest or re-centre — vault | 10% | Fees collected | The vault |
| Limit order fill or cancel | 10% | Fees earned | Order owner |
| Dated note early exit | 50 bps | Gross withdrawn | The note |
| Pre-market perp open or close | 30 bps | Notional | Trader |
| Referral rebate | 20% | Protocol revenue | Paid to referrer |
| Bounties are not protocol fees and never reach the treasury: 100 bps of the output goes to whoever executes a resting limit order, and up to 300 bps of collected fees to whoever harvests or re-centres a position. Both are paid to the address that spent the gas. | |||
Connect a wallet to open a position, or explore the markets first — nothing requires a signature until you place an order.