pTBILL
USTBx / USDGPairing assetT-Bill Carry Pod · wraps Tokenized 3M T-Bill
Base rate plus wrap flow. The underlying already yields, so CBR growth stacks directly on top of coupon accrual.
LVF APY
VF APY
Pod TVL
24h volume
24h fees
CBR
Borrow APR
Realized vol
Collateral backing ratio · 90 days
1.0190
Fee schedule
Set at deployment, immutable afterwards.
Revenue split
Pod reserve
Every pTBILL is a claim on the reserve below.
Underlying held
194,000 USTBx
pTBILL supply
190,383
12,140 burned to date
Where this pod actually earns
Reference-price arbitrage
Every time USTBx 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 pTBILL 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 4.6% APR to farm this pod at up to 10×. 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 USTBx 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 pTBILL — the protocol borrows the USDG side for you
Self-lending bootstraps the USDG market in the same transaction.