FAQ

Can my tokens be liquidated?

No. You hold a plain SPL token. There is no position, no margin and no vault behind it, so there is nothing for anyone to sell. Only shorts have vaults.

Does it expire?

No. It is a perpetual. Funding replaces expiry: NF moves a little every update so the token tracks SOL² over time.

How much does holding cost?

About SOL's variance, paid through NF instead of a fee. From daily closes that was 0.202% a day in 2025, 0.107% a day in 2026 so far and 0.047% a day over the last 30 days.

Why is one token about $100?

The formula divides by 100: NF × SOL² / 100. At SOL $100 and NF 1 that is $100, so the numbers stay readable.

Who invented this?

Paradigm: Dave White, Dan Robinson and Zubin Koticha, "Power Perpetuals", 2021. Opyn built Squeeth on Ethereum. This is the same design for SOL on Solana.

Where does the price come from?

The Pyth SOL/USD price account on Solana (7UVimffxr9ow1uXYxsr4LHAcV58mLzhmwaeKvJ1pjLiE). The program refuses it when older than 120 seconds or wider than 2%.

What happens if nobody liquidates?

A vault left at 150% needs SOL up another 36.4% before it leaves bad debt. Over six years the fastest 15 minutes was +27.8%, the fastest hour +45.7%. Liquidation pays 10% to anyone who does it, at any moment.

Where does it run?

On Solana mainnet. The program id is 5sNmL3fVsgLEBEQBiVHDR9gwrdUo2uEn7RWhcWhE8Qf6.