Deposit USDG. The band does the rest.

One ERC-4626 vault per ticker. One v4 band. A keeper recentres it on the 24/7 mark. SPY is live on Robinhood Chain, capped at 250k.

Deposit

Vault TVL

—

Share price

—

Cap remaining

—

Your position

—

Deposit Withdraw

USDG to deposit Max — Connect wallet

5 bp in, 5 bp out. Withdrawals are served from the idle buffer — beyond it, they wait for the next repose.

Vault 0xcD1268b2edE5E8Bf1B458FCF714df69B5338f418 source verified

This vault is not hedged

Concentrated LP is short gamma, so depositors carry the delta. The natural hedge is a Hyperliquid perp — off-chain, and unprovable by the contract. v1 carries it and says so.

One vault per ticker

What the contract enforces

• Share price never reads the pool NAV comes from the oracle. Read slot0 and anyone can move the pool for one block and redeem at a price they picked.
• The keeper cannot move money It can call repose() and nothing else. A leaked hot key costs gas, not deposits.
• The band must sit on the mark More than 200 ticks off the oracle and it reverts. A stolen key can repose — only around the truth.
• One repose per five minutes Stops a compromised keeper draining the vault through gas alone.
• Explicit amount bounds amount0Max / amount1Max, always. The sandwichable FROM_DELTAS actions are never used.
• The swap is capped and floored 60 % of a leg, max. The output floor is measured against the oracle, so minOut = 0 reverts.
• Withdrawals are honest maxWithdraw is the buffer, not the total. Concentrated liquidity does not exit on demand.

Tested against the real thing

Thirteen tests on a fork of Robinhood Chain — live PoolManager, no mocks. One runs the full cycle inside the real SPY pool.

• PASS USDG in, swap, band out, withdraw cycle
• PASS full cycle on the live SPY pool cycle
• PASS second repose needs no swap repose
• PASS deposit sits idle, valued at the mark deposit
• PASS withdraw is limited to the idle buffer withdraw
• PASS swap larger than the cap reverts guard
• PASS swap with no minimum reverts guard
• PASS share price ignores the pool guard
• PASS NAV refuses a stale mark guard
• PASS only keeper can repose guard
• PASS repose rejects a band away from the mark guard
• PASS repose rejects a second call too soon guard
• PASS guardian can pause deposits guard

Wiring

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