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How Gyre works.
A GYRE-settled inverse perpetual on Elysium, with bounded leverage and explicit insolvency controls.
Inverse position accounting
Price is HYPE per GYRE. A position’s notional is denominated in HYPE; its margin and its settlement are denominated in GYRE.
PnL_GYRE = side × notional_HYPE × (1 / entryPrice − 1 / markPrice)
equity_GYRE = margin + cappedPnL − fees − funding
leverage = notional_HYPE / (margin_GYRE × entryPrice)Positive PnL cannot exceed the payout reserved when the position opens, which is 10× its margin. A position is liquidated when its equity falls to 10% of its size.
What a position is really exposed to
Margin is GYRE, so it carries the market on its own. Measured in HYPE, a long adds one turn of exposure to its ticket and a short removes one. The liquidation moves below are before fees and funding.
| Ticket | Long is really | Liquidated at | Short is really | Liquidated at |
|---|---|---|---|---|
| 1× | 2× long | −47.4% | Flat | +900% |
| 2× | 3× long | −28.6% | 1× short | +66.7% |
| 3× | 4× long | −18.9% | 2× short | +30.4% |
| 4× | 5× long | −13.0% | 3× short | +17.6% |
| 5× | 6× long | −9.1% | 4× short | +11.1% |
Contract modules
MarginVault | Custodies trader GYRE and separates available from locked margin. |
|---|---|
PerpEngine | Opens isolated positions and accounts for PnL, funding, fees and reserved liabilities. |
OrderBook | Lets anyone execute limit, stop, take-profit and stop-loss orders against the validated mark. |
SampledTwapOracle | Keeps a 15-minute time-weighted mark with freshness, deviation and liquidity checks. |
LiquidityVault | Queues LP deposits and exits, limits exits per epoch and reserves trader payouts. |
LiquidationEngine | Allows permissionless liquidation, using only a validated oracle mark. |
InsuranceFund and ADLManager | Absorb deficits after margin, penalties and available LP liquidity. |
ConfigController | Holds the risk parameters behind a timelock, inside hard ceilings. |
Initial risk bounds
| Maximum leverage | 5× |
|---|---|
| Maintenance margin | 10% of position size |
| Open and close fee | 10 bps each |
| Profit cap | 10× margin, and never more than 2% of supply |
| Vault utilisation limit | 80% |
| Maximum funding | 0.10% per hour |
| Oracle window | 15 minutes |
| LP requests | Settle no sooner than 4 hours after they are made |
| LP exits | At most 20% of the vault per 24-hour epoch |
Market lifecycle
The contracts deploy unbound. After GYRE launches, binding validates the token, the quote asset, the spot venue and the oracle source, and seals them in for good. The oracle then completes a full warm-up before normal trading begins.
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