Quickstart.
Two sides of one number. Predict calm and your shares climb while it stays low. Predict stress and get paid as it lands high. No margin, no liquidation.
Pick your side.
You think calm holds. Buy cHY. Every calm window, losing stress bets pay the calm side, and the share climbs.
You think stress is coming. Pay for stress shares while they are cheap. The bet costs money; right can pay multiples, wrong loses only the cost.
You hold credit risk elsewhere. Buy stress shares sized against it. A bad credit year pays back part of the loss.
Trade it.
- Open the market.
- Both prices sum to about $1: if calm is $0.88, stress is near $0.12.
- Buy your side at the market price. Plain token, straight to your wallet.
- Sell anytime, or hold to settlement.
One window, three traders.
An example window: it opens in March 2026 with floor 0% and cap 40%, and settles in March 2028. The band here is illustrative; every live window publishes its own floor and cap before trading opens.
- March 2026. Ana thinks the market is too relaxed. sHY trades at $0.10; she buys 1,000 shares for $100. Her $100 goes to the sellers of those shares, not into the vault; the vault already holds $1 per pair from when the pairs were minted.
- September 2026. A new window opens on the roll date. Nothing happens to Ana: her shares belong to the March window until it settles. cHY holders who use the rolling wrapper move to the new window automatically.
- June 2027. Credit wobbles. sHY jumps to $0.34. Ben now buys 100 shares for $34. Ana could sell here for $340, more than tripling, without waiting for settlement. She holds instead.
- March 2028. The window ends. The official index change lands at 10%, a quarter of the way from floor to cap. Every sHY redeems $0.25; every cHY redeems $0.75.
- The math: Ana paid $0.10, redeems $0.25, up 150%. Ben paid $0.34, redeems $0.25, down 26%, right direction, too late a price. Every calm holder collects $0.75 per share; escrow interest divides the same way on the vault.
Same landing, three different outcomes. What you make depends on where you bought, not on being right in spirit.
Know the risks.
- In calm, stress shares lose value toward zero and that value goes to the calm side. Wrong predictions pay right ones.
- cHY marks down when fear spikes, even with zero defaults.
- cHY rolls twice a year at market prices; each roll costs the spread.
- If nobody is buying stress, calm shares climb only at the risk free rate until demand returns.
- The index is not your portfolio. The two can move differently.
- Liquidity concentrates in the newest window.
- The demo accepts no capital.