Quick Reference

Tokens

Token	What it is	Tradeable	Redeemable for	Scope
vToken	Base vault share. Earns yield + credits.	Yes, on existing AMMs like a normal ERC20	USDC + CreditTokens	Per vault
ST	Principal + yield side of a series	Yes (orderbook)	Redeems back into vToken at maturity	Per vault, per series
EPT	Rewards side of a series	Yes (orderbook)	Claims CreditTokens based on credits	Per vault, per series
CreditToken	Vault-specific token generated from accrued credits and used for reward distribution	Yes, subject to market availability	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 USDC 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 distribution by credit share and period 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}

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.

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.

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

Withdrawal

Step	What happens
Lock-in	New deposits stay in the vault for the lock-in window. During this time, vTokens are not burned and continue earning yield and credits.
Unwinding	Once withdrawable, capital still needs time to unwind from exchange positions and return to the vault. vTokens are burned during this period.
Withdraw	After 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.

​Tokens

​Split Equation

​Key Equations

​GCI (Global Credit Index)

​Fees

​Series

​Withdrawal