Volatility and funding-rate derivatives
PrismPerp lists two markets that are not bets on price: 30-day crypto implied volatility, and the funding spread between Robinhood Chain Testnet and the major perpetual venues. Payouts are capped and reserved up front, and the oracle is rate-limited on-chain.
Markets
| Market | Last | 24h | Open interest | Long / short | Data |
|---|---|---|---|---|---|
| C-VIX 30D30-day implied vol | — | — | — | — | — |
| FR-BASIS BTCBTC funding spread · bps | — | — | — | — | — |
| FR-BASIS ETHETH funding spread · bps | — | — | — | — | — |
Open interest and positioning are the paper venue’s own open positions.
- Status
- Pre-launch. Orders settle in PrismPerpSettlement on Robinhood Chain Testnet, with test USDG that has no value; the contracts are unaudited.
- Network
- Robinhood Chain Testnet, chain ID 46630
- Collateral
- USDG, isolated margin
- Order flow
- EIP-712 signed intents; each settles on its own, in batches
- Counterparty
- A protocol-owned payout pool; trader deposits never back other positions
Markets
| C-VIX 30D | FR-BASIS BTCETH | |
|---|---|---|
| Underlying | 30-day constant-maturity implied volatility, BTC and ETH | Robinhood Chain Testnet funding (Lighter) − mean(Binance, Hyperliquid) |
| Method | Variance-swap replication over the Deribit and Derive option surfaces, as the equity VIX | Each venue normalised to bps per 8 hours, then differenced |
| Quoted in | Index points | Basis points per 8 hours |
| Data today | Live, every 15 seconds; tracks Deribit DVOL within about 5% | All three legs live: Binance, Hyperliquid, and Lighter for the native leg |
| Long when | You expect a move and do not care which way | You expect native funding to richen against the reference venues |
| Leverage | 1× to 10× | 1× to 20× |
Directional perpetuals concentrate exposure when positioning becomes one-sided: in a trend most open interest points the same way, and the pool is the counterparty to all of it. Volatility has buyers and sellers at the same time, and a funding spread has two ends by construction. What imbalance remains is priced by a borrow fee on the crowded side and bounded by the payout cap.
Risk controls
What each limit is, where it is enforced, and whether it exists yet.
| Control | Limit | Enforced in | State |
|---|---|---|---|
| Payout cap | Profit capped at 8× initial margin; the full cap is reserved from the payout pool when the position opens | PrismPerpVault, LiquidationModule | Tested |
| Oracle clamp | Settlement moves at most ±20% per block; a push beyond the band moves it 5% of the way | CVIXOracleDampener | Tested |
| Leverage bound | Size ≤ margin × leverage; 10× on C-VIX, 20× on FR-BASIS | PrismPerpSettlement | Tested |
| Stale-oracle guard | No open, close or liquidation against an index older than 120 seconds | PrismPerpSettlement | Tested |
| Skew borrow fee | base × ((dominant OI + depth) ÷ (counter OI + depth))², charged to the crowded side through a borrow index | DynamicSkewEngine, PrismPerpSettlement | Tested |
Tested means covered by the Foundry suite and its invariants. The contracts are unaudited and deployed to Robinhood Chain Testnet.
System
Venue data in, settled positions out. Each component is marked with what exists today.
- 1
Ingestion
- Deribit option surfaceLive
- Derive option surfaceLive
- Binance fundingLive
- Hyperliquid fundingLive
- Lighter fundingLive
- 2
Analysis
- Live
- Built
- Built
- Built
- 3
Execution
- Live
- Intent intakeLive
- MatcherLive
- Live
- Built
- Relayer → settleBatchBuilt
- 4
Settlement
- Built
- Built
- Liquidation keeperLive
- IndexerBuilt
Roadmap
Where each stage stands. Stages end at stated criteria, not dates.
- Built and running
A live index, an open paper venue, and a contract suite deployed and rehearsed on testnet.
Shipped - Harden the live venue
The paper venue is public. Make it watched, protected and reproducible before anything settles on-chain.
Now - Chain venue on testnet
Orders settle in PrismPerpSettlement on Robinhood Chain Testnet from a public site, while prismperp.trade stays on paper.
Now - Contracts v2
Everything the mainnet contracts need, built before the audit, so the audit covers the code that ships.
Next - Terminal and API
The trading tools the v2 contracts make possible, and a documented way in for software.
Next - Audit and security
Independent review of the frozen contracts, and the operational security that has to exist before real money does.
Later - Mainnet
Real USDG on Robinhood Chain, opened slowly.
Later - $PRP utility
Staking and governance as the tokenomics page describes them, funded by real trading fees.
Later - Research
Ideas that need a design, or a proof, before they can be scheduled.
Exploring
$PRP token
Launched on ponsfamily.com on 21 September 2026, the whole supply in one pool.
| Allocation | Share | Tokens |
|---|---|---|
| ponsfamily.com Fair Launch Pool | 100% | 1,000,000,000 |
| Total supply | 100% | 1,000,000,000 |
Open the terminal
Charts, books and quotes need no wallet. Connecting one starts a paper session: test collateral, settled by the relayer, not on-chain.