> For the complete documentation index, see [llms.txt](https://docs.covenant.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.covenant.finance/market-types/50-50-wide.md).
# 50/50 Wide
*A Covenant Market type with conservative leverage and a wide price band for volatile collateral.*
The **50/50 Wide** market is a Covenant Market for volatile collateral where lower leverage and a wider safety buffer are preferred: major crypto assets (BTC, ETH, MON, HYPE), long-tail tokens, and newly launched assets without an extended price history. Deposits are split into a Yield Coin (senior, \~4% target yield) and a Leverage Coin (junior, \~2x leveraged exposure to the collateral's NAV returns). The wide price band absorbs price volatility in the underlying; the 50% senior / 50% junior split absorbs twice the loss buffer of the 80/20 configuration.
## Market characteristics
* High Yield Coin price volatility and swap slippage
* \~2x Leverage Coin neutral structural leverage
* Minimum buffer: 20%
* Broad yield and price bounds
## Parameters
### Core
| Parameter | Value |
| --------------- | ------------------- |
| Neutral LTV | 50% |
| Duration | 3 month perpetual |
| Min / max price | 0.80 / 1.07 |
| Swap fee | 30 bps |
| Protocol fee | 5% of funding yield |
### Rates
| Parameter | Value |
| ------------ | ----- |
| Max rate | 159% |
| Neutral rate | 4% |
| Min rate | -22% |
### Gates
| Parameter | Value |
| ------------ | --------- |
| High LTV | 80% |
| Max LTV | 90% |
| Workout rate | -1% daily |
## Curves
50/50 Wide: parameters, funding rate curve, and discount price curve.
*The wide band lets the Yield Coin discount deeply at low LTV (to \~0.80 of NAV, implying extreme funding rates off-chart) and trade above par at high LTV. Above the Max LTV gate (90%), workout pricing takes effect (not shown).*
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