Overview

USDq is the dollar and sUSDq is staked USDq. AEQUA is the protocol token and stAEQUA is staked AEQUA.

USDq and sUSDq use the original SPL Token program, the one that Kamino, Jupiter Lend, marginfi and Solana's AMMs read without extension checks. sUSDq is a plain share token: one exchange rate, read from the program, says what it is worth.

Every USDq is backed by a pair that holds its value whichever way the stock market moves. The reserve holds tokenized ETFs on Solana, SPYx for the S&P 500 and QQQx for the Nasdaq-100, and an equal short of the matching index perpetual on Hyperliquid: SP500 against SPYx, XYZ100 against QQQx. When the index rises, the spot gains what the short loses. When it falls, the short gains what the spot loses.

The reserve keeps three sleeves, each a fixed share of USDq supply:

Spot: SPYx and QQQx on Solana

67.5%

Margin for the shorts: USDC on Hyperliquid

22.5% · 3x

Buffer: USDC on Solana

10%

Reserve and hedge explains the shares and why the shorts run at 3x. Read the reserve walks through the live figures in the app.

The shorts collect funding. On these perps funding is paid hourly, and its baseline pays shorts about 5.5% a year. The spot sleeve also earns the ETFs' dividends, which reach it through the xStock multiplier: about 0.7% a year after withholding. On SPYx inputs that comes to about 4.2% of USDq supply a year.

Every 8 hours a crank turns the reserve's surplus into new USDq and splits it:

sUSDq

80%

Reserve Fund

10%

AEQUA buyback

10%

USDq itself carries no yield. The yield goes to sUSDq, so it reaches you when you stake. Yield and distribution has the whole calculation.

The app is one page with four tabs. Each has a guide:

• Mint and redeem: USDq in and out with USDC, SPYx or QQQx, at 10 bps.
• Stake USDq: sUSDq takes 80% of every distribution.
• Stake AEQUA: half of every buyback, a vote on parameters, and a fee of 5 or 2 bps.
• Read the reserve: every sleeve, the hedge account and the distributions, live. It needs no wallet.

You hold USDC

Mint USDq on the USDC path. It runs at any hour on any day, one for one less the fee. If you want the yield, stake the USDq for sUSDq right after.

You hold SPYx or QQQx

Mint USDq with them while a US equity session is open. The program values them at the ETF's price less a band of a few basis points for the session, then takes the fee. Prices and sessions has the hours.

You hold AEQUA

Stake it. From 100,000 AEQUA staked your mint and redeem fee drops to 5 bps, and from 1,000,000 to 2 bps.

You want to see the backing first

Open the Reserve tab. It shows each sleeve, the hedge account beside Hyperliquid's own figures, and NAV over supply, refreshed every few seconds.