pSPACEX
SPACEXx / USDGSelf-lendingSpaceX Pre-IPO Pod · wraps SpaceX Stock Token
No closing bell, no reference price, pure on-chain discovery. The widest and most persistent arbitrage band of any pod.
LVF APY
VF APY
Pod TVL
24h volume
24h fees
CBR
Borrow APR
Realized vol
Collateral backing ratio · 90 days
1.1560
Fee schedule
Set at deployment, immutable afterwards.
Revenue split
Pod reserve
Every pSPACEX is a claim on the reserve below.
Underlying held
42,600 SPACEXx
pSPACEX supply
36,851
33,410 burned to date
pSPACEX isolated market
Isolated USDG market backing this pod. Lenders here fund the leverage above.
Supplied
$2.18M
Borrowed
$2.11M
Supply APY
14.4%
Utilization
97%
Where this pod actually earns
Reference-price arbitrage
Every time SPACEXx 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 pSPACEX supply.
Continuous price discovery
No closing bell means the pool is the primary price, so the arbitrage band stays wide and persistent.
Leverage demand
Borrowers pay 11.2% APR to farm this pod at up to 4×. 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 SPACEXx 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 pSPACEX — the protocol borrows the USDG side for you
Self-lending bootstraps the USDG market in the same transaction.