Live markets
A Covenant Market is a permissionless tranching market deployed against a single oracle-priced Base Asset. Each market splits its Base Asset into two fungible ERC‑20 tranches: a senior Yield Coin and a junior Leverage Coin, with prices and the funding rate cleared continuously by the Latent Swap AMM.
Each market is calibrated to one of the standard Market types, which define the Neutral LTV, duration, price band, fees, and gates that suit a given collateral profile. In the app, the four types appear under their short names — x5 wide, x5 slim, x2 wide, x2 slim — where x5 / x2 is the structural leverage and wide / slim is the price-band width.
Markets are quoted in one of two debt units: USD (stablecoin, RWA, and yield-vault collateral) or MON (Monad liquid-staking tokens). Live TVL, rates, prices, and capacity are on the Covenant app — they change block to block, so this page lists only each market's fixed identity. Token tickers link to the contract on MonadVision.
USD-quoted markets
StablesLP
x5 slim · 80/20 Concentrated
MON-quoted markets
Note that aHYPER trades in two markets with different calibrations: the original x5 slim (80/20 Concentrated) market and a newer x5 wide (80/20 Wide) market. Likewise, shMON has both a USD-quoted x2 market and a MON-quoted x5 market.
For an end-to-end walkthrough of how the tranching mechanics play out on a live market, see Worked example: aHYPER.
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