trading probes

Probe it with 3× and no liquidation price.

Every market page has one ticket. You choose a rung on the ladder, type an amount in USDG and confirm. The claim is priced from the live curve at the moment of the trade, the fee is 0.5 percent, and there is nothing to maintain afterwards.

cuts open soon While cuts are disabled the ticket still shows live prices for every rung, and the button reads Cuts open soon. Do not deposit.

The ticket

Pick a rung. Seven rungs from Shallow shield to Deep probe. The selector shows each rung's live price and elasticity.
Size it. Buys take an amount in USDG. Sells take units, or all of a position.
Read the numbers. Price, elasticity, buffer to write-off, fee and the units you will receive update as you type.
Confirm. The trade hits the vault. You receive sTICKER or xTICKER, not an internal balance.

Reading the ladder

Column	Meaning
Rung	Tranche and side. Shields are sTICKER, probes are xTICKER, the token itself is the 1× rung.
Price	Claim price in USDG, computed from the curve price times the pair's USD price.
Elasticity	How much the claim moves for a 1 percent move in the token, right now. Probes rise as the token falls.
Buffer	For probes: how far the token can fall before the probe is written to zero.
Written off	A probe at zero. Cannot be bought until the tranche restrikes.

The token rung is included so you can compare. Buying the token rung is 1× exposure to the token in USDG terms, priced from the same curve read as the claims.

Pricing and staleness

Claim prices are not order book prices. They are computed from the current token price using the tranche formula, so every quote is the split of one token at that instant. There is no spread other than the fee.

curve price (in pair)  ×  pair USD price  =  P
D(P) = min(P, w·P0·(P/P0)^f)      shield price
X(P) = P − D(P)                    probe price

If the latest price is older than 60 seconds, trades return a stale price error instead of filling.

Fees

0.5 percent of notional on every buy and sell, charged in USDG. This is the cut fee that buys $CLEAVE.
No funding, no borrow rate, no liquidation penalty, because none of those mechanisms exist here.

What can go wrong

A probe can go to zero. That is the design. The buffer column tells you how far away it is.
A shield still falls. A Shallow shield loses about half of what the token loses. Deep shields lose about a fifth. None of them are stable.
Pair moves count. A token paired with TSLA is also a position on TSLA. Read the pair badge. It is a receipt, not the share.
Thin curves move fast. Early markets have little reserve and a small trade can move the price a lot.

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