Inputs as of 2026-09-23 (HEX day 2486): payout 1.6146 HEX per T-Share per day (trailing 30-day average, HEX days 2456–2485; the last day alone 1.5980), share rate 47,065.1 HEX per T-Share, mint fee 1.00%, swap fee 0.2900% Dates: curve = market snapshot 2026-09-23; history dig (data/htt-hex-history.json) through 2026-09-19 WARNING: the dates differ. This pass describes 2026-09-23; the passes that read the history dig end 2026-09-19. Quote each figure with its own date. #3 Stake Longer — native APR by term at today's payout (1,000 HEX) ------------------------------------------------------------------- term T-Share mult APR total 365 d 1.200 1.5% 1.5% 730 d 1.401 1.8% 3.5% 1095 d 1.601 2.0% 6.0% 1825 d 2.002 2.5% 12.5% 3650 d 3.000 3.8% 37.6% 5555 d 3.000 3.8% 57.2% #1 / #8 Buy-and-hold HTT (fixed) vs staking the same term (floating), today ---------------------------------------------------------------------------- HTT days price YTM stake APR edge pool $ verdict HTT-2490 3 1.0012 -14.0% 1.3% -15.3% 10,636 ABOVE PAR — never buy HTT-2520 33 0.9992 0.9% 1.3% -0.4% 12,080 stake wins HTT-2550 63 0.9898 6.1% 1.3% 4.8% 7,573 HTT wins HTT-2580 93 0.9959 1.6% 1.3% 0.3% 2,819 HTT wins HTT-2610 123 0.9887 3.4% 1.3% 2.1% 2,824 HTT wins HTT-2640 153 0.9877 3.0% 1.4% 1.6% 2,798 HTT wins HTT-2700 213 0.9737 4.7% 1.4% 3.3% 2,750 HTT wins HTT-2730 243 0.9543 7.3% 1.4% 5.9% 2,837 HTT wins HTT-2760 273 0.9675 4.5% 1.4% 3.1% 2,922 HTT wins HTT-2790 303 0.9397 7.8% 1.5% 6.3% 2,823 HTT wins HTT-2820 333 0.8954 12.9% 1.5% 11.4% 2,943 HTT wins HTT-2850 363 0.8853 13.0% 1.5% 11.5% 2,851 HTT wins HTT-2880 393 0.8843 12.1% 1.5% 10.6% 3,139 HTT wins HTT-2910 423 0.8609 13.8% 1.5% 12.3% 3,256 HTT wins HTT-2940 453 0.8692 12.0% 1.6% 10.4% 3,179 HTT wins HTT-2970 483 0.8300 15.1% 1.6% 13.5% 3,919 HTT wins HTT-3000 513 0.7438 23.4% 1.6% 21.8% 106,360 HTT wins HTT-3030 543 0.8770 9.2% 1.6% 7.6% 2,296 HTT wins HTT-3060 573 0.9965 0.2% 1.6% -1.4% 1,467 stake wins HTT-3090 603 0.9796 1.3% 1.7% -0.4% 134 stake wins (pool under $1k, untradable size) HTT-3120 633 0.9846 0.9% 1.7% -0.8% 144 stake wins (pool under $1k, untradable size) HTT-3150 663 0.9734 1.5% 1.7% -0.2% 129 stake wins (pool under $1k, untradable size) HTT-3180 693 1.0504 -2.6% 1.7% -4.3% 188 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3210 723 1.0752 -3.6% 1.7% -5.3% 148 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3240 753 0.9998 0.0% 1.8% -1.8% 125 stake wins (pool under $1k, untradable size) HTT-3300 813 1.0850 -3.6% 1.8% -5.4% 14 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3330 843 1.0760 -3.1% 1.8% -5.0% 120 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3390 903 0.9590 1.7% 1.9% -0.2% 112 stake wins (pool under $1k, untradable size) HTT-3420 933 1.0185 -0.7% 1.9% -2.6% 112 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3450 963 1.0530 -1.9% 1.9% -3.9% 124 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3480 993 1.0797 -2.8% 1.9% -4.7% 134 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3510 1023 1.0956 -3.2% 2.0% -5.2% 121 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3540 1053 1.0678 -2.2% 2.0% -4.2% 124 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3570 1083 0.9799 0.7% 2.0% -1.3% 13 stake wins (pool under $1k, untradable size) HTT-3600 1113 1.0679 -2.1% 2.0% -4.1% 13 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3630 1143 1.0902 -2.7% 2.0% -4.8% 122 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3660 1173 1.0946 -2.8% 2.1% -4.8% 117 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3690 1203 0.6685 13.0% 2.1% 10.9% 6,203 HTT wins HTT-4000 1513 0.6978 9.1% 2.3% 6.8% 114,884 HTT wins HTT-5000 2513 0.6523 6.4% 3.0% 3.4% 162,971 HTT wins HTT-5555 3068 0.4154 11.0% 3.4% 7.7% 7,565 HTT wins HTT-6000 3513 0.6177 5.1% 3.7% 1.5% 185,881 HTT wins HTT-6666 4179 0.3595 9.3% 3.8% 5.6% 8,354 HTT wins HTT-7000 4513 0.4256 7.2% 3.8% 3.4% 262,015 HTT wins HTT-7777 5290 0.3533 7.4% 3.8% 3.7% 7,144 HTT wins HTT-7900 5413 0.3519 7.3% 3.8% 3.5% 7,771 HTT wins HTT-8000 5513 0.4787 5.0% 3.8% 1.2% 30,429 HTT wins #2 HELOC cost and #9 amplification break-even, per maturity ----------------------------------------------------------- A loop stakes S, mints mS, sells at price p keeping p*F per HTT, restakes; at maturity the new stake returns (1+Y) and the debt costs 1 per HTT. Loop is positive only if p > 1 / ((1+Y) * F). HTT days price break-even p loop P&L /HTT borrow APR verdict HTT-2490 3 1.0012 1.0129 -0.0115 315.7% loop LOSES HTT-2520 33 0.9992 1.0119 -0.0125 16.4% loop LOSES HTT-2550 63 0.9898 1.0108 -0.0208 14.4% loop LOSES HTT-2580 93 0.9959 1.0097 -0.0136 6.9% loop LOSES HTT-2610 123 0.9887 1.0085 -0.0196 7.5% loop LOSES HTT-2640 153 0.9877 1.0073 -0.0195 6.2% loop LOSES HTT-2700 213 0.9737 1.0048 -0.0310 7.0% loop LOSES HTT-2730 243 0.9543 1.0036 -0.0491 9.4% loop LOSES HTT-2760 273 0.9675 1.0022 -0.0347 6.3% loop LOSES HTT-2790 303 0.9397 1.0009 -0.0612 9.5% loop LOSES HTT-2820 333 0.8954 0.9995 -0.1042 14.5% loop LOSES HTT-2850 363 0.8853 0.9981 -0.1130 14.5% loop LOSES HTT-2880 393 0.8843 0.9967 -0.1128 13.5% loop LOSES HTT-2910 423 0.8609 0.9952 -0.1350 15.1% loop LOSES HTT-2940 453 0.8692 0.9938 -0.1253 13.1% loop LOSES HTT-2970 483 0.8300 0.9922 -0.1635 16.3% loop LOSES HTT-3000 513 0.7438 0.9907 -0.2492 24.6% loop LOSES HTT-3030 543 0.8770 0.9891 -0.1134 10.2% loop LOSES HTT-3060 573 0.9965 0.9875 +0.0091 1.1% loop pays HTT-3090 603 0.9796 0.9859 -0.0064 2.1% loop LOSES (untradable size) HTT-3120 633 0.9846 0.9842 +0.0004 1.7% loop pays (untradable size) HTT-3150 663 0.9734 0.9826 -0.0093 2.2% loop LOSES (untradable size) HTT-3180 693 1.0504 0.9809 +0.0709 -1.9% loop pays (untradable size) HTT-3210 723 1.0752 0.9791 +0.0982 -3.0% loop pays (untradable size) HTT-3240 753 0.9998 0.9774 +0.0230 0.6% loop pays (untradable size) HTT-3300 813 1.0850 0.9738 +0.1143 -3.0% loop pays (untradable size) HTT-3330 843 1.0760 0.9719 +0.1071 -2.6% loop pays (untradable size) HTT-3390 903 0.9590 0.9682 -0.0095 2.2% loop LOSES (untradable size) HTT-3420 933 1.0185 0.9663 +0.0540 -0.2% loop pays (untradable size) HTT-3450 963 1.0530 0.9643 +0.0919 -1.5% loop pays (untradable size) HTT-3480 993 1.0797 0.9624 +0.1219 -2.3% loop pays (untradable size) HTT-3510 1023 1.0956 0.9604 +0.1408 -2.8% loop pays (untradable size) HTT-3540 1053 1.0678 0.9584 +0.1141 -1.8% loop pays (untradable size) HTT-3570 1083 0.9799 0.9564 +0.0246 1.1% loop pays (untradable size) HTT-3600 1113 1.0679 0.9543 +0.1190 -1.7% loop pays (untradable size) HTT-3630 1143 1.0902 0.9523 +0.1449 -2.3% loop pays (untradable size) HTT-3660 1173 1.0946 0.9502 +0.1520 -2.4% loop pays (untradable size) HTT-3690 1203 0.6685 0.9481 -0.2949 13.4% loop LOSES HTT-4000 1513 0.6978 0.9251 -0.2457 9.4% loop LOSES HTT-5000 2513 0.6523 0.8406 -0.2240 6.6% loop LOSES HTT-5555 3068 0.4154 0.7898 -0.4741 11.2% loop LOSES HTT-6000 3513 0.6177 0.7487 -0.1750 5.3% loop LOSES HTT-6666 4179 0.3595 0.7084 -0.4925 9.5% loop LOSES HTT-7000 4513 0.4256 0.6917 -0.3847 7.3% loop LOSES HTT-7777 5290 0.3533 0.6559 -0.4614 7.5% loop LOSES HTT-7900 5413 0.3519 0.6506 -0.4591 7.4% loop LOSES HTT-8000 5513 0.4787 0.6463 -0.2593 5.1% loop LOSES #2 HEX HELOC against an early end-stake — the yearly cost of the same cash, today, per anchor ---------------------------------------------------------------------------------------------- Stake: opened the day its anchor series first traded on PulseX (history dig), locked the next day, ending on the maturity day; T-Shares at that day's share rate, the recorded payouts since, today's payout for the rest of the term. HELOC: mint the stake's own maturity and sell at today's price (zero size): p*F HEX now, 1 HEX owed at maturity. Early end: what the stake returns today instead of what it returns held to the end. Both as a yearly rate to maturity. HTT days opened served/staked pen. days EES now held HELOC/yr EES/yr cheaper today HTT-3000 513 2024-10-08 714/1,227 614 1.007 1.123 24.6% 8.0% early end HTT-4000 1513 2025-09-19 368/1,881 941 0.954 1.146 9.4% 4.5% early end HTT-5000 2513 2024-10-08 714/3,227 1,614 0.822 1.444 6.6% 8.5% HELOC HTT-6000 3513 2025-09-19 368/3,881 1,941 0.814 1.444 5.3% 6.1% HELOC HTT-7000 4513 2024-10-08 714/5,227 2,614 0.593 1.742 7.3% 9.1% HELOC HTT-8000 5513 2026-06-30 84/5,597 2,799 0.711 1.590 5.1% 5.5% HELOC Today only; how often each was cheaper across the record is the stress test's (knowledge-base/probes/strategy-stress-2026-09-23/amber-sourced/s02_s19.py). #12 Same-price tenor switch — adjacent maturities where the LONGER one is priced >= the shorter ------------------------------------------------------------------------------------------------ HTT-2550 @ 0.9898 ($7,573) <= HTT-2580 @ 0.9959 ($2,819) : mint the long, swap into the short, gain 30 days at unit cost +0.62% HTT-2730 @ 0.9543 ($2,837) <= HTT-2760 @ 0.9675 ($2,922) : mint the long, swap into the short, gain 30 days at unit cost +1.38% HTT-2910 @ 0.8609 ($3,256) <= HTT-2940 @ 0.8692 ($3,179) : mint the long, swap into the short, gain 30 days at unit cost +0.96% HTT-3000 @ 0.7438 ($106,360) <= HTT-3030 @ 0.8770 ($2,296) : mint the long, swap into the short, gain 30 days at unit cost +17.91% HTT-3030 @ 0.8770 ($2,296) <= HTT-3060 @ 0.9965 ($1,467) : mint the long, swap into the short, gain 30 days at unit cost +13.63% HTT-3090 @ 0.9796 ($134) <= HTT-3120 @ 0.9846 ($144) : mint the long, swap into the short, gain 30 days at unit cost +0.51% [both pools under $1k] HTT-3150 @ 0.9734 ($129) <= HTT-3180 @ 1.0504 ($188) : mint the long, swap into the short, gain 30 days at unit cost +7.91% [both pools under $1k] HTT-3180 @ 1.0504 ($188) <= HTT-3210 @ 1.0752 ($148) : mint the long, swap into the short, gain 30 days at unit cost +2.37% [both pools under $1k] HTT-3240 @ 0.9998 ($125) <= HTT-3300 @ 1.0850 ($14) : mint the long, swap into the short, gain 60 days at unit cost +8.52% [both pools under $1k] HTT-3390 @ 0.9590 ($112) <= HTT-3420 @ 1.0185 ($112) : mint the long, swap into the short, gain 30 days at unit cost +6.20% [both pools under $1k] HTT-3420 @ 1.0185 ($112) <= HTT-3450 @ 1.0530 ($124) : mint the long, swap into the short, gain 30 days at unit cost +3.39% [both pools under $1k] HTT-3450 @ 1.0530 ($124) <= HTT-3480 @ 1.0797 ($134) : mint the long, swap into the short, gain 30 days at unit cost +2.54% [both pools under $1k] HTT-3480 @ 1.0797 ($134) <= HTT-3510 @ 1.0956 ($121) : mint the long, swap into the short, gain 30 days at unit cost +1.47% [both pools under $1k] HTT-3570 @ 0.9799 ($13) <= HTT-3600 @ 1.0679 ($13) : mint the long, swap into the short, gain 30 days at unit cost +8.98% [both pools under $1k] HTT-3600 @ 1.0679 ($13) <= HTT-3630 @ 1.0902 ($122) : mint the long, swap into the short, gain 30 days at unit cost +2.09% [both pools under $1k] HTT-3630 @ 1.0902 ($122) <= HTT-3660 @ 1.0946 ($117) : mint the long, swap into the short, gain 30 days at unit cost +0.40% [both pools under $1k] HTT-3690 @ 0.6685 ($6,203) <= HTT-4000 @ 0.6978 ($114,884) : mint the long, swap into the short, gain 310 days at unit cost +4.38% HTT-5555 @ 0.4154 ($7,565) <= HTT-6000 @ 0.6177 ($185,881) : mint the long, swap into the short, gain 445 days at unit cost +48.70% HTT-6666 @ 0.3595 ($8,354) <= HTT-7000 @ 0.4256 ($262,015) : mint the long, swap into the short, gain 334 days at unit cost +18.39% HTT-7900 @ 0.3519 ($7,771) <= HTT-8000 @ 0.4787 ($30,429) : mint the long, swap into the short, gain 100 days at unit cost +36.03% #15 Convergence at par — any series inside 14 days of maturity trading under 1 ------------------------------------------------------------------------------- HTT-2490 3 days left @ 1.0012: no gap #19 Progressive minting — cash per year from a NEW stake to each anchor, its accrual minted and sold as it comes ----------------------------------------------------------------------------------------------------------------- The contract escrows only the rewards of a stake's last 10% of days, so the whole accrual can be minted as it comes, as the stake's own maturity (no deadline). Cash per year on principal = stake APR for the days left x that maturity's price x F (1% mint fee, 0.29% swap fee); today's payout held flat, zero size. HTT days price accrues cash/yr against a one-year stake's 1.50% and a three-year stake's 2.00% HTT-3000 513 0.7438 1.60% 1.18% below one-year, below three-year HTT-4000 1513 0.6978 2.29% 1.58% above one-year, below three-year HTT-5000 2513 0.6523 2.98% 1.92% above one-year, below three-year HTT-6000 3513 0.6177 3.67% 2.24% above one-year, above three-year HTT-7000 4513 0.4256 3.76% 1.58% above one-year, below three-year HTT-8000 5513 0.4787 3.76% 1.78% above one-year, below three-year range 1.2% (HTT-3000) to 2.2% (HTT-6000); above a one-year stake's 1.5% at HTT-4000, HTT-5000, HTT-6000, HTT-7000, HTT-8000; above a three-year stake's 2.0% at HTT-6000 #20 Mismatched maturity — late-end haircut if the stake is left past its end so a longer HTT can be minted ----------------------------------------------------------------------------------------------------------- HEX late penalty after the 14-day grace: (principal + yield) x daysLate / 700. 30 days late: 2.29% of principal+yield 60 days late: 6.57% of principal+yield 90 days late: 10.86% of principal+yield 180 days late: 23.71% of principal+yield #26 Fee-free first mint: saves exactly 1% of the mint; a two-sided pool then has to be seeded by the minter ------------------------------------------------------------------------------------------------------------ #30 Throw-away stake: cheaper than buying back only if the market premium + slippage exceeds the 1% mint fee ------------------------------------------------------------------------------------------------------------- 13 of 47 live series trade above par today; repaying those by mint is cheaper than by purchase. All but 1 of them have pools under $1,000, so the premium is nominal, not tradable. #5 Farming — today's pool APRs are emissions priced in ACTR; in HEX terms they fall with ACTR ---------------------------------------------------------------------------------------------- ACTR = 0.2058 HEX as of 2026-09-23; pools: ? 20.7%, ? 25.3%, ? 24.5%, ? 26.3%, ? 22.5%