> ## Documentation Index
> Fetch the complete documentation index at: https://docs.arcx.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# Quick Reference

> Token summary, key equations, fees, and series mechanics at a glance.

## 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.