Reference
Parameters
Every value governance can set, with the value it starts at and the range the program allows. A value outside its range fails in the program itself, whoever proposes it.
- Parameters
- 30
- Set by
- a Squads multisig at launch; stAEQUA votes after the handoff
- Range
- hard-coded in the program
Every parameter
| Parameter | Initial | Range |
|---|---|---|
| Spot share of supply | 67.5% (3x, 10% buffer) | derived |
| Short leverage band | 2x–4x, target 3x | 1.5x–5x |
| Buffer band | 5%–15%, target 10% | 3%–25% |
| Delta tolerance | 0.5% of supply | 0.1%–1% |
| Spot cap per collateral | min(20% of xStock supply value, 5% of perp OI) | each change at most 2× current |
| Hourly capacity: USDC mint | $1,000,000 | each change at most 2× current |
| Hourly capacity: xStock mint and redeem | $500,000 per collateral | each change at most 2× current |
| Base mint and redeem fee | 10 bps | 0–30 bps |
| Fee tiers | 100,000 and 1,000,000 AEQUA → 5 and 2 bps | thresholds by vote; a tier fee at most the base fee |
| Keeper slippage | 50 bps | 10–100 bps |
| Pyth freshness | 10 s | 2–30 s |
| Session bands | 5 / 15 / 25 bps | 1–100 bps |
| Hedge report freshness | 120 s | 30–600 s |
| Distribution interval | 8 h | 1–24 h |
| sUSDq vesting | 8 h | 1–24 h |
| Cushion | 25 bps of supply | 0–100 bps |
| Yield cap | 5 bps of supply a day | 1–10 bps |
| Surplus split | 80 / 10 / 10 | protocol share 5–20%, taken from or returned to sUSDq's share |
| Reserve Fund target | 2% of supply | 1%–5% |
| sUSDq cooldown | 7 days | 3–14 days |
| Buyback chunk | 5,000 USDq | 1,000–50,000 USDq |
| Buyback TWAP bound | 1% | 0.5%–3% |
| Buyback burn share | 50% | 25%–100%, the rest to stAEQUA |
| stAEQUA reward stream | 7 days | 1–14 days |
| stAEQUA cooldown and window | 10 days + 2 days | cooldown 7–21 days |
| Slash cap | 30% of the pool per rolling 30 days | 10%–30% |
| Deficit hold before cover_deficit | 3 distributions (24 h) | 2–9 distributions |
| Slash sale TWAP bound | 5% | 2%–10% |
| Corporate-action window | 24 h before to 1 h after | 72 h before to 24 h after |
| Governance threshold, quorum, vote, timelock | 1,000,000 AEQUA, 10%, 5 days, 2 days | set by the Realms config |
Spot caps on 2026-10-08
Each collateral's spot cap is set from the lower of its two limits. On 2026-10-08 that gave:
| Collateral | Spot cap |
|---|---|
| SPYx | $14,900,000 |
| QQQx | $12,800,000 |
The ceiling on USDq follows from them; Supply ceiling shows the formula. The Reserve tab shows the caps in force.
How a change happens
Once governance holds the parameters, a change is a proposal in aequa's DAO. It needs 1,000,000 AEQUA in active stake to propose, passes a 5-day vote and waits a 2-day timelock before it executes. The program checks the new value against its range at that moment.