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.

Live markets

Asset	Issuer / Strategy	Market type	Network	Yield Coin	Leverage Coin	TVL / cap	App
aHYPER	Hyperithm Delta Neutral Vault on Accountable; USDC deployed across basis trading on Hyperliquid, regulated securities, and on-chain venues. ~10% net APY.	80/20 Wide	Monad	USD.b.aHYPER	aHYPERx5.USD	$76.3M / $100M	Open ↗

Live rates, prices, and capacity figures are on the Covenant app.

For an end-to-end walkthrough of how the tranching mechanics play out on a live market, see Worked example: aHYPER.