# Overview

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).

This section catalogues the Covenant Markets currently live on mainnet. For each market, the pages cover:

* the underlying Base Asset (issuer, strategy, native yield, redemption window);
* the market parameters fixed at deployment (oracle, debt duration `D`, price band `Pa`/`Pb`, target LTV);
* the Yield Coin (senior tranche specifics: ticker, current implied APY, capacity);
* the Leverage Coin (junior tranche specifics: ticker, current effective leverage, expected net carry).

## Live markets

| Market                       | Base Asset                       | Issuer / Strategy         | Native APY |
| ---------------------------- | -------------------------------- | ------------------------- | ---------- |
| [aHYPER](/markets/ahyper.md) | aHYPER (Hyperithm Delta Neutral) | Hyperithm, on Accountable | \~10% net  |

A live mark of all rates, prices, and capacity figures is available on the [Covenant app](https://app.covenant.finance).

## How to read a market page

Each market page leads with the underlying so a reader can decide whether the Base Asset matches their thesis. The Yield Coin and Leverage Coin sub-pages then describe what each tranche earns, who it is for, and what the effective entry rate is at the prevailing market price. The exact entry rate at any moment is the Latent Swap clearing price; the figures on these pages are illustrative of the market's design point and may differ from the live rate.


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