Skip to main content
Every underlying pair offered on the openPunt UI is quoted against USDC and supports either USDC or ETH collateral. When trading with ETH collateral, margin, PnL, and notional are all in ETH terms. Pairs fall into three groups in the market picker: crypto, stocks, and memecoins.

​
Crypto

The reference price comes from Coinbase. Auto funding is the median funding rate of USDC-settled perpetual futures across several venues. ETH has the deepest onchain liquidity across many venues. Tokenized BTC, XRP, SOL, and ZEC trade more thinly, so their limits are tighter:

​
Stocks

Coinbase tokenized stocks on Base: NVIDIA, Meta, Apple, Alphabet, Amazon, Microsoft, Strategy, Sandisk, SpaceX, and Tesla. The reference price comes from Hyperliquid’s equity perpetual futures, which trade around the clock. The tokens trade in Aerodrome pools, with the same size limits as the smaller crypto pairs. Auto funding is a fixed rate: SOFR plus 2.5%, with an additional covariance term if trading with ETH collateral (see Fees and funding).

​
The Coinbase multiplier

Each token started out worth one share. Coinbase keeps a share-to-token ratio, the multiplier, which changes over time to reflect reinvested dividends (after taxes and fees), fees, and corporate actions such as splits. Token balances never change; the multiplier does. A token is worth the share price times the multiplier. openPunt trades the token, not the share. Every oracle game prices the token in USDC, so your PnL follows the token’s price. Incorporating the corporate action’s effect on the opening fee and funding rate is difficult, and unknowing traders may be adversely selected around these events by knowing matchers. To keep positions away from these events, the ticket checks each stock’s upcoming ex-dividend dates and splits, which it loads from Nasdaq:
  • If your maturity would reach the window from one day before an event to one day after it, the request button reads EX-DIVIDEND IN MATURITY or SPLIT IN MATURITY, and the ticket tells you the longest maturity that still fits.
  • From one day before an event until one day after it, no new positions can be opened on that stock, and the ticket tells you when they open again.
  • If the dates cannot be loaded, the ticket shows a warning and still lets you trade, so check for upcoming corporate actions yourself.
The ticket only knows about corporate actions that have already been announced. A dividend or split announced after your position opens, or a surprise action such as a special dividend, can still fall inside your maturity. A position can also stay open past its maturity. In both cases the corporate action risk still applies, so watch for corporate actions on any stock position you hold.

​
Memecoins

Non-Playable Coin (NPC), bridged to Base from Ethereum by Wormhole. A memecoin has no exchange price to follow: most of its trading happens onchain. So the reference price is its deepest Base pool itself (for NPC, the Uniswap v2 NPC/WETH pool, priced in dollars through ETH/USD), and there is no basis adjustment. The pool price is checked against the Gate and Bitget spot books. New positions open only while the pool and both books are within 4% of one another. The check never blocks a close. No perpetual future lists NPC, so Auto funding is a fixed 15% APR, with an additional covariance term if trading with ETH collateral (see Fees and funding). Memecoin maturities run from 1 day to 3 days with either collateral.

​
Collateral

With ETH collateral, Auto funding adds a variance or covariance term for the convexity of ETH-denominated PnL. See Fees and funding. Maturity limits also depend on collateral: 1 hour to 3 days with USDC, 4 hours to 3 days with ETH, except memecoins (above).