Live on HyperEVM

Earn carry on
tokenized equities

Delta-neutral vaults that capture funding rates on equity and commodity perpetuals. Deposit USDC. Earn yield. Withdraw anytime.

Launch App How it works

$—

Total TVL

34–75%

APY Range

Active Vaults

Fees Earned

Carry Vaults

Pick your yield

Each vault runs a matched spot + perp position on HyperLiquid, collecting funding rate payments every hour. Your deposit is tokenized as a ct- token representing your share.

Vault	Type	8h Funding	Ann. Yield	Open Interest
MU ct-MU Micron Technology	Equity	0.0552%	60.5%	$60M
GL ct-GOOGL Alphabet Inc.	Equity	0.0373%	40.9%	$26M
NV ct-NVDA NVIDIA Corp.	Equity	0.0252%	27.6%	$59M
TS ct-TSLA Tesla Inc.	Equity	0.0300%	32.9%	$45M
AU ct-GOLD Gold Spot	Commodity	0.0055%	6.0%	$119M
AG ct-SILVER Silver Spot	Commodity	0.0050%	5.5%	$106M

Mechanism

How Phalanx works

Phalanx captures the carry — the structural premium that long speculators pay to hold leveraged equity exposure.

Deposit USDC

Deposit into any ct- vault. You receive ERC-4626 vault shares representing your proportional ownership. Your exchange rate only goes up as yield accrues.

We run the trade

The vault simultaneously buys spot equity on FELIX and shorts the matching perp on HyperLiquid. Delta = zero. Price exposure = zero. Funding flows to you every hour.

Withdraw anytime

Burn your ct- tokens to redeem USDC at the current exchange rate. Small redemptions are instant from the vault buffer. Larger ones settle within 30 minutes.

Delta Neutral

Protected by design

Your capital never takes directional risk. Whether NVDA goes to $200 or $50, your vault earns the same carry.

↑ Spot Long

The vault holds the underlying equity token on FELIX. If price rises, the spot position profits.

Long 100 NVDA @ $140 = +$14,000 exposure

↓ Perp Short

Simultaneously, the vault shorts the matching perpetual future on HyperLiquid. If price rises, the short loses — exactly offsetting the spot gain.

Short 100 NVDA-PERP @ $140 = −$14,000 exposure

= Net Delta Zero

The two positions cancel out. The vault has zero price exposure. What remains is the funding rate — paid hourly by leveraged longs to shorts.

Δ = +$14,000 − $14,000 = $0 price risk

$ Pure Yield

Funding rates on equity perps have been structurally positive since HIP-3 launch. Demand to go long equities on-chain exceeds short supply. You are the supply.

0.03% per 8h × 3 × 365 = 32.9% APY

Protocol

Built different

No VCs. No token. No governance theater. Just yield.

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HyperEVM Native

The first tokenized carry protocol on HyperEVM. Composable with Pendle, lending markets, and DEXs from day one.

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Non-custodial

Vault smart contracts hold all assets. The operator bot has trading-only API keys. No withdrawal authority. Admin keys on hardware wallet.

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Transparent NAV

On-chain oracle publishes real-time vault NAV. Exchange rate verifiable by anyone. No black box.

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No Token

Phalanx has no governance token. No airdrop farming. No dilution. The product is the product. Yield is the incentive.

Earn carry ontokenized equities