TTY/EXCHANGE · NETWORK · EVENT-DERIVED

TELETYPE

Rates over the wire.

NETWORK DEVELOPMENT · NO REAL FUNDSSYNTHETIC 5.20% RATE SOURCEACCOUNTING CREDIT — NO USDC TRANSFER OR CUSTODYCLEARING IS EXECUTOR-GATED IN THIS DEPLOYMENTSETTLEMENT + CHECKPOINTING ARE PERMISSIONLESS

MarketConnecting…

Fixed quote—%

Next boundary—

Hub—

01 — Send a message

Sign an order

Your wallet signs; the hosted liquidity bot supplies the opposite side and pays transaction gas.

SideTenorNotional · USDC accounting unitsACCOUNTING REFERENCE — NO TOKEN TRANSFER

02 — Compress the ladder

Account netting

Gross period-notional—

Residual exposure—

Netted— · —

Fixed-strip margin—

Deployed principal—

Backing utilization—

03 — Weekly primitive tape

Exposure ladder

PeriodGrossResidualFixed cashflowBacking

Connect an account and clear an order to print the ladder.

04 — The settlement tape

Permissionless receipts

The first network period is seasoning on the weekly clock.