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We have two orderbooks, EPT/USDC and ST/USDC, one for each token. Everything starts with placing a buy order on the right book for your goal.
You want leveraged exposure to exchange points.
1

Open the EPT/USDC orderbook

Navigate to the EPT/USDC orderbook for the strategy you want (e.g., Bluechip Funding Arb). Each strategy has its own EPT.
2

Place a buy order for EPT

Set your price and quantity. The UI shows both APR and leverage — changing one auto-updates the other. Limit orders are placed in APR terms. For example, buy 2,000 EPT at $0.05 each for $100 total. The same price implies different APR depending on how much time is left in the epoch.
3

Order is matched

Your order fills through one of two paths:
  • Secondary trade: matched against someone selling their existing EPT
  • Cross-match mint: matched with a simultaneous ST buyer, and the protocol mints both tokens from the combined USDC
Either way, EPT lands in your wallet.
4

Hold EPT during the epoch

Credits accrue automatically while you hold EPT. You do not need to take any action. Credits start fresh from the moment you acquire the EPT.
5

Claim PointsTokens after maturity

Once the epoch has matured, go to the claims page and claim your PointsTokens. Your share is proportional to your credits.

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Exiting Early

You do not have to wait for maturity to exit. Sell your tokens on the orderbook at any time during the active epoch.
  • Sell EPT on the EPT/USDC orderbook to another buyer at market price
  • Sell ST on the ST/USDC orderbook to another buyer at market price
This is a secondary trade, not a redemption. Redemption (ST for USDC at NAV, EPT for PointsTokens) only happens after the epoch has matured. Early exits are at whatever price the market offers.

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Direct Minting

Instead of buying on the orderbook, you can deposit USDC directly into a strategy. You receive both ST and EPT per the minting equation.
1

Select the strategy and epoch

Go to the deposit page and choose the strategy you want to enter.
2

Enter your USDC amount

Enter how much USDC you want to deposit (e.g., $100).
3

Confirm the transaction

Review the breakdown (ST shares and EPT quantity) and confirm in your wallet.
4

Receive both tokens

ST and EPT appear in your wallet in the same transaction.
Direct minting is useful when orderbook spreads are wide, or when you want exposure to both tokens simultaneously. Most users will prefer buying the specific token they want on the orderbook.

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Getting Started

ArcX uses an embedded wallet. Fund your wallet with USDC and you are ready to trade on the orderbooks or deposit into strategies.

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After Maturity

When an epoch reaches the MATURED state, final NAV and total points are locked in. There is no deadline to redeem or claim. Do it whenever you are ready.

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ST Holders: Redeem for USDC

1

Go to your portfolio page

Select the matured epoch.
2

Redeem your ST

Your full ST balance is redeemed.
3

Receive USDC

Your ST is burned and you receive USDC at the final NAV.

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EPT Holders: Claim PointsTokens

1

Go to your portfolio page

Select the matured epoch and the EPT you want to claim.
2

Confirm and receive PointsTokens

Your credits are settled, PointsTokens are minted to your wallet based on your credit share.

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What to Do with PointsTokens

PointsTokens represent actual exchange points. Hold them until the exchange conducts its TGE, then burn your PointsTokens to receive airdrop tokens.

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Quick Reference

ActionACTIVESETTLINGMATURED
Buy/sell EPT on orderbookYesSecondary onlyNo
Buy/sell ST on orderbookYesSecondary onlyNo
Direct mint (deposit USDC)YesNoNo
Credits accruing on EPTYesNoNo
Redeem ST for USDCNoNoYes
Claim EPT for PointsTokensNoNoYes
Burn PointsTokens for airdrop——After TGE

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Next Steps

Credit Mathematics

How credits accrue and how your points share is calculated.

EPT Pricing

How EPT fair value is derived from ST price and NAV.