🏦Overview

TL;DR OLP price moves from two things: fees and trader PnL. What hits OLP—and when—depends on the vault’s state:

  • Undercollateralized (UC, c-ratio < 100%) → OLP is direct counterparty to net trader PnL (more volatile, higher fee capture).

  • Overcollateralized (OC, c-ratio ≥ 100%) → the Buffer takes first PnL; OLP only accrues opening fees (more stable).

Epochs: Rollover & liquidation fees and trader PnL settle once per epoch (currently every 3 days). Opening fees accrue continuously (per trade open).

What affects OLP price?

Fees

  • Opening fees — 30% to OLP, continuous (each order open).

  • Rollover fees — 100% to OLP in UC, end-of-epoch. (Applied on non-crypto pairs to keep positions open.)

  • Liquidation rewards — 100% to OLP in UC, end-of-epoch.

Trader PnL

  • UC: Net trader PnL (since prior epoch) flows to OLP at end-of-epoch (price can gap up or down).

  • OC: Net trader PnL accrues to the Buffer, not OLP.

Fees and Cadence by State

State
Accrues continuously (real-time)
Accrues at end-of-epoch

UC (c-ratio < 100%)

30% Opening fees → OLP

100% Liquidations → OLP 100% Rollover → OLP ± Trader PnL → OLP

OC (c-ratio ≥ 100%)

30% Opening fees → OLP

On-chain formulas (current contracts)

  • OLP Price price = 1 + accRewardsPerToken - (accPnlPerTokenUsed > 0 ? accPnlPerTokenUsed : 0)

  • Collateralization Ratio (c-ratio) c_ratio = (1 + accRewardsPerToken - accPnlPerTokenUsed) / (1 + accRewardsPerToken)

Accrual variables

  • accRewardsPerToken += (30% of opening fees) / OLP_supply (updates per order open — continuous)

  • accPnlPerToken += (traderPnL - liquidation - rollover) / OLP_supply (updates at end-of-epoch)

  • accPnlPerTokenUsed is the value of accPnlPerToken actually applied to OLP price per state logic above.

Interacting with the vault

  • Deposit → mint ERC-20 OLP at current price (any time).

  • Deposit with lock → mint LOLP (NFT) representing locked OLP.

  • Unlock (after lock ends) → burn LOLP, receive ERC-20 OLP.

  • Request withdraw → request window during the first 2 days of each epoch; redeem after the cool-off per withdrawal rules (see Withdrawals page).

  • Withdraw (redeem) → burn OLP for USDC once request matures.

For more information about deposit and withdraw.

Metrics to watch

Consult real-time metrics on Dune dashboard.

  • OLP Price — primary performance metric.

  • TVL — OLP price × outstanding OLP.

  • APR / historical fees — realized fee yield; forecasts help frame expected APY.

  • c-ratio — determines UC vs OC state.

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