Your money moves with SOL squared.
A crash cannot liquidate you.
Reading SOL from Pyth.
SOL halves tonight. Can anyone liquidate your token?
Press the red key. The calculator slides SOL down the curve, then tries to liquidate a holder.
SOL
$100.00 → ?
One token
$100.00 → ?
Tokens you hold
1 → ?
Starts from the live Pyth price, SOL $100.00. The crash is a replay on this screen; nothing is sent anywhere.
The other side is a short with a vault.
Shorts are the only side that can be liquidated. They lock SOL, mint the tokens holders buy, and earn the funding.
- 1
Deposit SOL into your own vault. - 2
Mint tokens while the vault's SOL is worth at least 150% of them. - 3
Sell them into the program's own token/SOL pool, 0.3% fee. - 4
Under 150%, anyone may repay up to half the debt and take its value plus 10%.
A vault that just touched 150%, against SOL's fastest rises since 2020.
A short's ratio falls as 1/SOL. We replayed 3,260,812 one-minute bars of 
Binance SOLUSDT, August 2020 to October 2026, and kept the fastest rise inside each window.
The worst 15 minutes was +27.8%, on December 29, 2022. Bad debt needs +36.4% after the 150% line, so in six years of SOL a liquidation within 15 minutes would never have left any.
The worst hour was +45.7%, past the line where the liquidator's 10% runs out and short of 50%, where the vault would hold less than its debt. That is why liquidation is open to anyone, at any moment.
Holders pay shorts by shrinking, never by transfer.
Every token is worth NF × SOL² / 100. While the token trades above that in the pool, NF shrinks a little on every mint, withdraw, liquidation and poke, and every short's debt shrinks with it. The fair price of a squared payoff is SOL's variance. Measured from SOL's daily closes, per day:
2025
0.000%
2026 so far
0.000%
Last 30 days
0.000%
NF←NF*(mark/index)
^(-dt/period)
Mark is the pool's own average price, index is NF × SOL / 100 in SOL. One update counts at most a day of time and clamps the ratio between 0.8 and 1.25, so one stale reading cannot swing it. NF is 1.000000 until the market opens.
The market, right now.
The price is live: the same 
Pyth SOL/USD account the program reads on 
Solana, refused when it is older than 120 seconds.
Everything else is a true zero. The program is not deployed yet; the first short who mints and seeds the pool opens the market.
Pyth is read every 5 seconds through this site's own route. Totals turn live when the program is deployed.
Credit where it is due.
Power perpetuals come from Paradigm's 2021 paper by Dave White, Dan Robinson and Zubin Koticha.
Opyn shipped Squeeth on Ethereum. This is the same idea for SOL, run by one Solana program.