pMAG7
MAG7 / USDGSelf-lendingPairing assetMagnificent 7 Index Pod · wraps Ponspods MAG7 Basket
An index whose expense ratio is negative. Rebalance arbitrage and wrap flow burn pMAG7 supply, so the basket per share only ever grows.
LVF APY
VF APY
Pod TVL
24h volume
24h fees
CBR
Borrow APR
Realized vol
Collateral backing ratio · 90 days
1.0710
Fee schedule
Set at deployment, immutable afterwards.
Revenue split
Basket composition
Rebalanced quarterly. Rebalance flow is itself a fee event.
Where this pod actually earns
Reference-price arbitrage
Every time MAG7 moves against the pool, someone realigns it and pays the AMM fee to do so. Higher realized volatility, more realignments.
Wrap and unwrap flow
Entering and leaving the pod is never free. Those fees stay in the pod, and a quarter of them burns pMAG7 supply.
Session gaps
While MAG7 is closed the pod charges an extra 0.20% and collects a large corrective trade at the open.
Leverage demand
Borrowers pay 6.9% APR to farm this pod at up to 6×. That interest is paid to lenders and to the protocol.
Risk
- LVF positions are liquidated above 83.33% LTV. Because the collateral is a full-range LP, its value falls with the square root of price, which softens but does not remove the risk.
- Session gaps cut both ways. A large adverse move while MAG7 is closed can move a healthy position into liquidation before the market reopens.
- Tokenized equities carry issuer and transfer-restriction risk that a purely on-chain asset does not. The pod cannot redeem what the issuer will not honour.
- Pods are immutable. Fee parameters cannot be changed after deployment.
Deposit pMAG7 — the protocol borrows the USDG side for you
Gap premium is live
MAG7 is closed, so the pod charges an extra 0.20% on AMM trades. Fee income is elevated and so is stale-price risk on Monday.
Self-lending bootstraps the USDG market in the same transaction.