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Tokens

TokenWhat it isTradeableRedeemable forScope
vTokenBase vault share. Earns yield + credits.Yes, on existing AMMs like a normal ERC20USDC + CreditTokensPer vault
STPrincipal + yield side of a seriesYes (orderbook)Redeems back into vToken at maturityPer vault, per series
EPTRewards side of a seriesYes (orderbook)Claims CreditTokens based on creditsPer vault, per series
CreditTokenVault-specific token generated from accrued credits and used for reward distributionYes, subject to market availabilityReward sharing for that vaultPer vault, persists across series

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Split Equation

1 vToken=1 ST+1 EPT1 \text{ vToken} = 1 \text{ ST} + 1 \text{ EPT} The matching engine enforces this parity internally when orders match.

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Key Equations

EquationMeaning
shares = deposit / NAVvToken shares minted on deposit
NAV = vault value / total sharesPer-share USDC value of the vault
1 vToken = 1 ST + 1 EPTStructural relationship (engine handles internally)
your CreditTokens = Σ (your credits_w / total credits_w) × period_weight_wCreditToken distribution by credit share and period weight

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GCI (Global Credit Index)

Credits per share since series inception, computed on-chain from NAV: GCI increment=NAVstart+NAVend2×days\text{GCI increment} = \frac{\text{NAV}_{start} + \text{NAV}_{end}}{2} \times \text{days} your credits=your shares×GCI increment\text{your credits} = \text{your shares} \times \text{GCI increment} Both vToken and EPT holders earn credits at the same rate. Credit accrual is on-chain; CreditToken minting uses period weights reported through the oracle.

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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 rewards-side exposure ArcX provides
Exact values vary by market and can be seen in the app.

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Series

vToken behaves like a vault share. You can deposit and withdraw as long as you account for lock-in windows and unwinding time 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
  • its own ST
  • its own EPT
At maturity:
  • ST redeems back into vToken
  • EPT stops earning new exposure for that series and can be used to claim CreditTokens
  • vToken continues as the base vault share

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Withdrawal

StepWhat happens
Lock-inNew deposits stay in the vault for the lock-in window. During this time, vTokens are not burned and continue earning yield and credits.
UnwindingOnce withdrawable, capital still needs time to unwind from exchange positions and return to the vault. vTokens are burned during this period.
WithdrawAfter unwinding completes, the USDC is available to withdraw from the vault. CreditTokens must be claimed separately from the Portfolio section in the app.
Current lock-in and unwinding times are shown on the market page.