Quick Reference

Tokens

Token	What it is	Tradeable	Redeemable for	Scope
vToken	Base vault share	Yes, like a normal ERC20	The vault’s input token	Per vault
ST	Underlying side of a series, including any yield but without points exposure	Yes (orderbook)	Redeems back into vToken at maturity	Per vault, per series
EPT	Points side of a series	Yes (orderbook)	CreditTokens based on accrued credits	Per vault, per series
CreditToken	Vault-specific token issued automatically after the market operator submits point weights on-chain	Yes (direct-price market)	Reward sharing for that vault	Per vault, persists across series

Split Equation

1 \text{ vToken} = 1 \text{ ST} + 1 \text{ EPT}

The matching engine enforces this parity internally when orders match.

Key Equations

Equation	Meaning
shares = deposit / NAV	vToken shares minted on deposit
NAV = vault value / total shares	Per-share value of the vault
1 vToken = 1 ST + 1 EPT	Structural relationship (engine handles internally)
your CreditTokens = Σ (your credits_w / total credits_w) × period_weight_w	CreditToken issuance by credit share and point weight

GCI (Global Credit Index)

Credits per share since series inception, computed on-chain from NAV:

\text{GCI increment} = \frac{\text{NAV}_{start} + \text{NAV}_{end}}{2} \times \text{days}

\text{your credits} = \text{your shares} \times \text{GCI increment}

If NAV is constant at 1, this reduces to:

\text{your credits} = \text{your shares} \times \text{days}

Both vToken and EPT holders earn credits at the same rate. After the market operator submits point weights on-chain, the contracts automatically issue CreditTokens from the period’s credit shares.

Trading Models

Market	Quote	Order behavior
ST/EPT	APR	Series-specific trading against vToken
CreditToken	Quote token per CreditToken	Market orders are fill-or-kill; limit orders can fill partially

Fees

vToken performance fee — a cut of the yield and CreditTokens distributed through the vToken
EPT fee — a fee on CreditTokens received by EPT holders for the points-side exposure ArcX provides
CreditToken maker/taker fee — a fee applied to CreditToken orderbook fills

Exact values vary by market and can be seen in the app.

Series

vToken behaves like a vault share. Deposits and withdrawals follow vault-specific terms. 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
its own ST
its own EPT

At maturity:

ST redeems back into vToken
EPT stops accruing credits for that series and can be used to claim CreditTokens
vToken continues as the base vault share

Withdrawal

Step	What happens
Review	Confirm the vault’s input token, network, recipient, fees, estimated amount, and processing time.
Request	Submit vToken for withdrawal. Once burned, it stops carrying yield and accruing credits.
Complete	Follow any finalization step shown in the app and receive the vault’s input token when processing finishes.

Withdrawal availability and timing are vault-specific.

​Tokens

​Split Equation

​Key Equations

​GCI (Global Credit Index)

​Trading Models

​Fees

​Series

​Withdrawal