Bond market

Market model

The market has two order books:

• Asks: a seller escrows one specific position NFT at a fixed ETH or USDC price.
• Buy orders: a buyer escrows a USDC budget, chooses a fixed price per qualifying bond, and optionally limits which bonds may fill the order.

Buy orders do not target position IDs. Multiple sellers can fill one order with whole position NFTs until its budget is spent. Position NFTs are never divided.

Buy an existing ask

Browse active asks and buy a bond directly. Settlement is atomic: the buyer receives the position NFT, the seller receives net proceeds, and the market fee accrues to the protocol.

Create a buy order

Choose a total USDC budget and a fixed USDC price per bond. The budget must be a whole multiple of that price. Every filter is optional:

• FUEL, stFUEL, or either collateral;
• original 6, 9, or 12 month term;
• minimum and maximum remaining maturity;
• minimum and maximum collateral amount;
• minimum and maximum fixed USDC maturity value.

USDC is escrowed when the order is created. Unused USDC can be reclaimed by cancelling the order or after it expires.

Fill a buy order

Enter a position ID you own and select an open order. The contract reads the canonical position directly from the Vault and checks every enabled filter. If it qualifies, one whole NFT transfers to the buyer and the fixed per-bond price, less the seller fee, transfers to the seller.

A position already escrowed in an ask must be removed from that ask before it can fill a buy order.

Sell with an ask

Select Sell Bond from an active position, choose ETH or USDC, review the maturity value, and confirm. Repricing requires cancellation and relisting.

Fees and risk

The fee is 10 basis points, rounded up and deducted from seller proceeds. An order price is not fair value. Verify maturity, fixed return, collateral, and managed-custody risk before confirming. Finalized transactions cannot be reversed.