What is ArcX?

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The Problem

Getting rewards on perp DEXes is capital inefficient. You deposit capital, lock it in a strategy, earn yield, and wait to see how any reward program develops. You cannot separate yield from rewards, and you cannot choose the exact exposure you want.

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The Solution

We wrap perp DEX strategies into a vToken — a vault share that earns yield and accrues credits for supported reward programs. Hold vToken for the combined exposure, or use your vTokens to buy ST (principal + yield) or EPT (rewards side) on the orderbook. Reward buyers buy EPT for rewards-side exposure. Yield seekers buy ST at a discount for principal + yield exposure. Each user chooses the side they want, at a price set by the market.

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Who is ArcX For?

Exit: Sell your ST or EPT on the orderbook to receive vTokens. Withdraw vTokens for USDC.

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The Tokens

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How It Works

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Where Do Yield and Rewards Come From?

When users deposit into a vault, that capital is packaged into vToken and lent out to professional market makers. Those market makers run strategies on perp DEXes and return value to the vault through either a fixed rate or a performance-fee split. That return flows back into the vault, and the NAV of the vToken tracks it over time. At the same time, those market maker strategies can participate in reward programs on the underlying venues. ArcX tracks user credits on-chain. Those credits generate CreditTokens, and market makers can share rewards received from the underlying protocol with CreditToken holders. Yield and credits are handled differently:

• Yield is reflected in vToken NAV. Your balance multiplied by NAV determines what your yield position is worth.
• Credits are based on holding time, not just balance. Both vToken and EPT track user holding time through credits. Those credits generate CreditTokens according to the credit period weights.

See Credit Mathematics → for the details of how credits accrue and how CreditTokens are split across users. See Risk Disclosure → for reward-program and distribution risks.

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Fees

We charge two types of fees:

• vToken performance fee — a cut of the yield and CreditTokens distributed through the vToken.
• EPT leverage fee — a fee on CreditTokens received by EPT holders, charged for the rewards-side exposure ArcX provides.

Exact fees can vary by market. You can always see the current fee settings on the app.

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Series

vToken behaves like a vault share. You can deposit and withdraw as long as you account for withdrawal delays and any lockup windows shown on the market page. ST and EPT are created as part of fixed-maturity series. Each vToken can have multiple series over time. Every series has its own maturity date and its own ST and EPT tokens. Until maturity, ST and EPT let users isolate principal + yield exposure or rewards-side exposure for that series. At maturity, ST redeems back into vToken, while EPT stops earning new exposure for that series and can be used to claim CreditTokens. See Series Lifecycle for details.

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Vaults at Launch

Each vault pairs a professional market maker with one or more perp DEXes. The market maker borrows vault capital, runs their own trading strategies, and returns value to the vault through either a fixed rate or a performance-fee split. ArcX does not dictate or operate the trading — each market maker runs their own book. Each vault has its own vToken. ST and EPT derived from each vault are specific to that vault and series.