Hinge splits locked SPACEX into FLOOR and BOOST at a strike K.

FLOOR is paid first and capped at K. BOOST receives everything above K. Both settle in SPCXx at conversion, priced by Pyth.

SPCX, Pyth: Loading
SPACEX to SPCXx route: Loading
PreStocks deadline: 12 Mar 2027, 23:59 UTC

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Side view: value per unit at settlement

FLOOR per unit: min(s, K / (P × RR)) SPCXx
BOOST per unit: s − FLOOR SPCXx

s is the SPCXx the vault received per unit when it converted. P is a Pyth TWAP of SPCX over the last regular sessions before the deadline. RR is the Pyth SPCXx to SPCX redemption rate. Drawn here at par, where s × RR = 1.

Payoff per unit

One unit is one SPCX share of deposited SPACEX: 1 FLOOR plus 1 BOOST. Computed with the program's own settlement math, in SPCXx and in USD.

Drag the pin to move K. Drag P along the axis. Arrow keys work on both; hold Shift for larger steps.

At P = $120.00, per unit

FLOOR: 0.8333 SPCXx; $100.00
BOOST: 0.1667 SPCXx; $20.00
Both: 1 SPCXx; $120.00

FLOOR reaches its cap K at P = $100.00.

Strike K, USDscenarioSettlement price P, USDscenarioRedemption rate RR, SPCX per SPCXxscenarios, SPCXx per unit: 1.0000par, 1 / RR40%110%100.0% of par

SPACEX against SPCXx

Each SPACEX share converts into SPCXx, yet the pool pays less than par. The gap carries SPCX price risk, conversion risk and illiquidity at once.

What the conversion pool pays for one SPACEX share

Loading the latest route observation

FLOOR holds the discount as a capped return

FLOOR is paid first. At settlement it is worth K in USD whenever the vault converted at par and SPCX settles at K or above; any conversion loss reaches BOOST before it.

No listed series yet.

BOOST holds SPCX above K

Zero at or below K, then every dollar of SPCX above K, per unit. A call on SPCX struck at K, settled in SPCXx.

BOOST per unit against P, at par, K as a scenario.

Deposit, merge, convert, settle, redeem

Loading the vault state.

Deposit

SPACEX in, FLOOR and BOOST out, one of each per SPCX share.

Merge

One FLOOR and one BOOST back into their share of the vault, at any time.

Convert

The vault swaps its SPACEX into SPCXx before the PreStocks deadline, bounded by Pyth.

Settle

A TWAP of SPCX over the last regular sessions fixes the split at K.

Redeem

Each FLOOR and BOOST burns for its SPCXx.

Series

Each strike is its own series with its own vault. Read from the program every few seconds.

Loading series.

What it runs on

One Solana program, no admin key. The oracle and the conversion pool are named below; each address opens in Solana Explorer.

Program: EeUstV…vF7MFG(opens Solana Explorer)
Settlement price: Pyth Pro Equity.US.SPCX/USD, feed 3314. Regular-session samples only, averaged on-chain.
Redemption rate: Pyth Pro Crypto.SPCXX/SPCX.RR, feed 3328. Every price update is verified on-chain through Pyth Lazer(opens Solana Explorer).
Conversion route: Meteora DLMM pool 9RExWJ…n1jKG4(opens Solana Explorer). The minimum out is bounded by the Pyth redemption rate.
Tokens: SPACEX PreANx…rHsfTh(opens Solana Explorer) in, SPCXx Xs3oZw…cTqpH8(opens Solana Explorer) out. FLOOR and BOOST are SPL tokens minted by each series.
Controls: Merge and redeem cannot be paused by Hinge. PreStocks and xStocks keep freeze and pause powers over their own tokens.