> 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/markets/markets.md). # 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](/protocol-mechanism/latent-swap-amm.md). Each market is calibrated to one of the standard [Market types](/markets/market-types.md), 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](https://app.covenant.finance) — 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 | Base asset | Strategy | Market type | Yield Coin | Leverage Coin | | | -------------- | -------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------- | | **bbqUSDC** | [Steakhouse High Yield USDC ↗](https://app.morpho.org/monad/vault/0xbeEFf443C3CbA3E369DA795002243BeaC311aB83) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`USD.b.bbqUSDC`](https://monadvision.com/token/0xdFf181C68dae5f848BA7f8B20566D0E88f1E1404) | [`bbqUSDCx5.USD`](https://monadvision.com/token/0x5E533aD38D3873911B77507A083b4290d4e94E26) | [Mint ↗](https://app.covenant.finance/market/0x2BbB31F07Be3bf497adA87eb9446e0Eb5F937C89?action=mint) | | **aHYPER** | [Hyperithm Delta Neutral Vault ↗](https://yield.accountable.capital/vaults/0xD0943c76ee287793559c1dF82E5B2B858Dd01Ef3) | x5 slim · [80/20 Concentrated](/markets/market-types/80-20-concentrated.md) | [`USD.b.aHYPER`](https://monadvision.com/token/0x8967a44Ed642ac5Ff324C7a9C465199F9C9E10cd) | [`aHYPERx5.USD`](https://monadvision.com/token/0x69CFf64785760aeB4Ef592CE8878777Cc42759fA) | [Mint ↗](https://app.covenant.finance/market/0xBe9B86B9B2992701Bb70805c5e7cED0D6129F9AB?action=mint) | | **StablesLP** | [Balancer v3 stable pool (wnAUSD / wnUSDC / wnUSDT0) ↗](https://balancer.fi/pools/monad/v3/0x2daa146dfb7eaef0038f9f15b2ec1e4de003f72b) | x5 slim · [80/20 Concentrated](/markets/market-types/80-20-concentrated.md) | [`USD.b.wnAUSD-wnUSDC-wnUSDT0`](https://monadvision.com/token/0xCe89C65326680A5c5e5317977530dCfb0a2AE67c) | [`wnAUSD-wnUSDC-wnUSDT0x5.USD`](https://monadvision.com/token/0x119083081A2bC348aDBfebc64e86Ac70b84ac2C4) | [Mint ↗](https://app.covenant.finance/market/0x072ec0649B821B1647bA5a1a4fA32342b1E98279?action=mint) | | **hyperUSDCa** | [Hyperithm USDC Apex ↗](https://app.morpho.org/monad/vault/0x78999cc96d2Ba0341588C60CcB0E91c6C33CF371) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`USD.b.hyperUSDCd`](https://monadvision.com/token/0xb73957DbB96D9dfd3Bc1e818001DF66CAB8ccbc5) | [`hyperUSDCdx5.USD`](https://monadvision.com/token/0xe5fe0887357f29B89193A29f81D8C8c040ACD8fe) | [Mint ↗](https://app.covenant.finance/market/0xDAE76886306e311307B0D406394555377c21A3e6?action=mint) | | **aHYPER** | [Hyperithm Delta Neutral Vault ↗](https://yield.accountable.capital/vaults/0xD0943c76ee287793559c1dF82E5B2B858Dd01Ef3) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`USD.b.aHYPER`](https://monadvision.com/token/0x02e092532583bd48E47cCEB44c2B2f1913727498) | [`aHYPERx5.USD`](https://monadvision.com/token/0xf457d970036A2B78A03Afe8B41Ae21A2B8AF0835) | [Mint ↗](https://app.covenant.finance/market/0xeB91150761Cf353D9d9Cd932D87B9E3a33649B5f?action=mint) | | **naccUSDC** | [sUSN Delta Neutral Yield Vault ↗](https://yield.accountable.capital/vaults/0xd43F8443Bd91829b36153e33d3e631Bdd3b93844) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`USD.b.naccUSDC`](https://monadvision.com/token/0x7Baba501946144A2c4Cd953EFf9f83A800C553e5) | [`naccUSDCx5.USD`](https://monadvision.com/token/0xa3Ef50500dbCF5b7135889fC6Ab0d9e52d206802) | [Mint ↗](https://app.covenant.finance/market/0xc387A0dD7c67e96B0522B40C0425274eda8Ec8B2?action=mint) | | **shMON** | [ShMonad ↗](https://shmonad.xyz/) | x2 wide · [50/50 Wide](/markets/market-types/50-50-wide.md) | [`USD.b.shMON`](https://monadvision.com/token/0x1f537cE577C91FAb77eF3d803E7125faaA38F906) | [`shMONx2.USD`](https://monadvision.com/token/0x8Ee1c0C21d459bebf1544b56aF04B6f485A9e0a8) | [Mint ↗](https://app.covenant.finance/market/0xC731F60dBDc480110E1fb135e985eE25D85c21bD?action=mint) | | **WETH** | [Wrapped Ether ↗](https://app.uniswap.org/swap?chain=monad\&inputCurrency=NATIVE\&outputCurrency=0xee8c0e9f1bffb4eb878d8f15f368a02a35481242) | x2 wide · [50/50 Wide](/markets/market-types/50-50-wide.md) | [`USD.b.WETH`](https://monadvision.com/token/0x2e9f16DEd4fC6Df5F2E641e279946f1ce462a3a5) | [`WETHx2.USD`](https://monadvision.com/token/0x2Bb447963B0aBbeceFaC6AC80DaA8c55bd96B383) | [Mint ↗](https://app.covenant.finance/market/0x1CF32aAbab09cF73D5EbD22D08d472F9AAaC0650?action=mint) | | **sbMU** | [Asia Credit Yield Vault ↗](https://yield.accountable.capital/vaults/0x78f9486C71371bB5af50cBCdf4BACDC298eC8A97) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`USD.b.sbMU`](https://monadvision.com/token/0x943Ee8a6Be28467C2763a98C62ad9E7A1537Fc6A) | [`sbMUx5.USD`](https://monadvision.com/token/0x562d8Ba5f99EDFbcC18f399A3766B3D1967c058f) | [Mint ↗](https://app.covenant.finance/market/0x84d4052c25391d26B16A685218b9eE8D9c78e4F8?action=mint) | | **earnAUSD** | [Upshift AUSD pool ↗](https://app.upshift.finance/pools/143/0x36eDbF0C834591BFdfCaC0Ef9605528c75c406aA) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`USD.b.earnAUSD`](https://monadvision.com/token/0xf5b54DC84a52634d1F50284388708ac3d828E827) | [`earnAUSDx5.USD`](https://monadvision.com/token/0x014169722539692a3cd1A77D429e659439542004) | [Mint ↗](https://app.covenant.finance/market/0xf30D107691FDE017FBf47af10EEA67607dfa6F13?action=mint) | | **bbqAUSD** | [Steakhouse High Yield AUSD ↗](https://app.morpho.org/monad/vault/0xbeeffeA75cFC4128ebe10C8D7aE22016D215060D) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`USD.b.bbqAUSD`](https://monadvision.com/token/0xE3715389656C546c80379B2D1ff144D6817c6622) | [`bbqAUSDx5.USD`](https://monadvision.com/token/0x2f2dA409D5a42ccc5909dE0eBC8fBB80Cd855b10) | [Mint ↗](https://app.covenant.finance/market/0x3Ed929B6C215655dFBa05dCD524494C1644E4912?action=mint) | ## MON-quoted markets | Base asset | Strategy | Market type | Yield Coin | Leverage Coin | | | ---------- | --------------------------------------------------- | ----------------------------------------------------------- | ------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------- | | **shMON** | [ShMonad ↗](https://shmonad.xyz/) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`MON.b.shMON`](https://monadvision.com/token/0x4EcEE86813246f052266f4d8BaA414E83C41CA35) | [`shMONx5.MON`](https://monadvision.com/token/0x820f3348Dc57fa639167Fa94C46650df01c88B1d) | [Mint ↗](https://app.covenant.finance/market/0xB17Ed620936f4F90C53D554f4CE4cf654855bCF0?action=mint) | | **gMON** | [Magma ↗](https://www.magmastaking.xyz/) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`MON.b.gMON`](https://monadvision.com/token/0xBC19aC589c66e3661B8DCe5CAa29838279Bd733A) | [`gMONx5.MON`](https://monadvision.com/token/0xC3932F079eA871aF1A18e6530b9F9E8Eab5BDa4F) | [Mint ↗](https://app.covenant.finance/market/0x544e60C94E9AA394Db6b0ed7868EB29b8745CD46?action=mint) | | **sMON** | [Kintsu Staked Monad ↗](https://kintsu.xyz/staking) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`MON.b.sMON`](https://monadvision.com/token/0xB60812eB6d15d395eA3c41B989fcb4c08A30D63a) | [`sMONx5.MON`](https://monadvision.com/token/0x75CAc36502ba8FDdEF8711F9a161A785C8D37B1a) | [Mint ↗](https://app.covenant.finance/market/0xB2C399D52B748bcabAbF1fFaB623135bBd2aA69a?action=mint) | | **aprMON** | [aPriori Monad LST ↗](https://stake.apr.io/) | x5 wide · [80/20 Wide](/markets/market-types/80-20-wide.md) | [`MON.b.aprMON`](https://monadvision.com/token/0x5815A1fd745Be35AF048DFB6227416c07D23C8Fd) | [`aprMONx5.MON`](https://monadvision.com/token/0xC59B6A252AE39C29BF9C9a501025A41EFDA3604c) | [Mint ↗](https://app.covenant.finance/market/0xc0E43BE9048549AA7d4c78A20Ce6C50AAe603875?action=mint) | 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](/protocol-mechanism/worked-example.md).