1 Native HEX Staking (#43) — the REALIZED yield of a max-length stake opened on each date, at the payouts that actually happened --------------------------------------------------------------------------------------------------------------------------------- T-Shares at that day's share rate with full Longer Pays Better, paid from the lock day (the day after opening) through 2026-09-22; "earned" is HEX per HEX staked so far, "a year" = earned ÷ days paid × 365 (a stake's payouts do not compound); "whole term" adds the last 30 days' payout, held flat, for the days still to come — the ex-post yardstick §3 and §4 use. opened HEX/T-Share days paid earned a year whole term, a year 2024-10-08 37,143 714 15.31% 7.82% 5.15% 2025-01-01 39,514 629 9.65% 5.60% 4.60% 2025-07-01 41,719 448 5.34% 4.35% 4.25% 2026-01-01 43,721 264 3.10% 4.29% 4.06% 2026-07-01 46,105 83 0.88% 3.87% 3.84% daily payout per T-Share, average by year from launch: 2024 7.317 HEX, 2025 2.265 HEX, 2026 1.712 HEX at the last 30 days' payout (1.615 HEX per T-Share a day, share rate 47,064) a max-length stake earns 3.76% a year; one year earns 1.50% against HEX's 3.69% yearly issuance a stake keeps its share of all HEX only while the payout stays at or above 1.586 HEX per T-Share a day at full length, 3.965 at one year 2 Ladder Your Maturities (#44) — what the ladder costs against one max-length stake, in T-Shares, at today's share rate ------------------------------------------------------------------------------------------------------------------------ Longer Pays Better is (days − 1) ÷ 1820, capped at +200%: a rung shorter than 10 years buys fewer shares per HEX. 1–5 years, equal: 1.601× shares per HEX vs 3.000× for one 5,555-day stake — 46.6% fewer T-Shares, 2.00% a year at the last 30 days' payout 1–10 years, equal: 2.102× shares per HEX vs 3.000× for one 5,555-day stake — 29.9% fewer T-Shares, 2.63% a year at the last 30 days' payout 5 × 5,555 days staggered: 3.000× shares per HEX vs 3.000× for one 5,555-day stake — 0.0% fewer T-Shares, 3.76% a year at the last 30 days' payout 2, 4, 6, 8, 10 years: 2.202× shares per HEX vs 3.000× for one 5,555-day stake — 26.6% fewer T-Shares, 2.76% a year at the last 30 days' payout the HTT ladder (#35, now folded into #1) is the same idea built from other people's stakes: bought discounts realized at par on schedule, no Longer-Pays-Better haircut 3 Amplification with Expensive HTTs (#9) — every tradable day: mint 10,000 HTT against the stake (1% fee), sell into the day's reserves, restake to the same maturity ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- "on" = the HEX from the sale, grown by a stake of the same length, covers the HTTs owed at maturity. Ex-ante prices the restake at the 30 payouts before that day held flat (what a reader saw); ex-post at the payouts that actually followed, then the last 30 days' held flat. A tradable day has 100,000 HEX on the PulseX pool's HEX side and 30 to 5,555 days left (a restake cannot run longer). HTT days on, ex-ante on, ex-post ex-ante days that paid ex-post HTT-3000 712 71 2 1 HTT-4000 359 3 4 3 HTT-5000 712 133 4 4 HTT-5555 153 43 17 17 HTT-6000 363 106 79 65 HTT-6666 286 155 152 152 HTT-7000 712 217 109 103 HTT-7777 262 13 15 12 HTT-7900 132 24 21 21 HTT-8000 39 12 12 12 never on either way: 21 more series with tradable days (HTT-2460, HTT-2490, HTT-2520, HTT-2550, HTT-2580, HTT-2610, HTT-2640, HTT-2670, HTT-2700, HTT-2730, HTT-2760, HTT-2790, HTT-2820, HTT-2850, HTT-2880, HTT-2910, HTT-2940, HTT-2970, HTT-3030, HTT-3060, HTT-3690) on at the close of 2026-09-19, ex-ante: none 4 Buy Cheap HTTs (#1) — every tradable day, 10,000 HEX bought through the day's reserves and held to par, against a stake of the same length opened the same day ----------------------------------------------------------------------------------------------------------------------------------------------------------------- both sides compounded to a yearly rate (a stake runs at most 5,555 days; any days past that sit idle); "beat" = more HEX at maturity than the stake. Tradable = 100,000 HEX on the PulseX pool's HEX side and 30+ days left; series with 100 or more such days, the rest pooled. HTT days HTT locked in, median stake ex-post, median beat ex-ante beat ex-post HTT-3000 712 9.2% 2.0% 89% 99% HTT-3690 127 7.2% 2.1% 99% 99% HTT-4000 359 5.2% 2.5% 96% 96% HTT-5000 712 6.0% 3.2% 81% 98% HTT-5555 153 4.5% 3.1% 71% 86% HTT-6000 363 3.5% 3.4% 48% 61% HTT-6666 286 0.6% 3.3% 45% 46% HTT-7000 712 4.3% 3.4% 67% 82% HTT-7777 269 4.7% 3.1% 74% 75% HTT-7900 132 5.2% 3.1% 80% 83% the other 21 series, 1080 days pooled: beat ex-ante 60%, ex-post 60% 5 Curve Rotations (#11) — every day's richest and cheapest series by yield to maturity, both pools >= 100,000 HEX, 60+ days left --------------------------------------------------------------------------------------------------------------------------------- 712 days; the yield gap between the cheapest and richest tradable series: median 5.8%, max 116.3% rotating costs two swaps (0.58% before slippage) and, measured in future-HEX units, only pays if the gap closes before either side matures; §6 counts the inversions. 6 Time Trades (#12) — days HTT-b (longer) closed at or above HTT-a (shorter), both pools >= 100,000 HEX, 300+ days apart ------------------------------------------------------------------------------------------------------------------------- the trade mints HTT-b and swaps it for HTT-a, getting HEX back b − a days sooner. It pays the 1% mint fee and two swaps (0.29% each, plus slippage): "clears" = at least one HTT-a per HTT-b minted after all three, at 10,000 and 100,000 HTT. HTT-6666 >= HTT-6000: 157 days (2025-12-08..2026-08-31), 666 days sooner; clears on 155 at 10,000, 27 at 100,000 HTT-6666 >= HTT-5000: 154 days (2025-12-08..2026-08-30), 1,666 days sooner; clears on 153 at 10,000, 16 at 100,000 HTT-6666 >= HTT-3000: 145 days (2025-12-08..2026-05-01), 3,666 days sooner; clears on 134 at 10,000, 0 at 100,000 HTT-6666 >= HTT-4000: 145 days (2025-12-08..2026-05-01), 2,666 days sooner; clears on 145 at 10,000, 1 at 100,000 HTT-6000 >= HTT-5000: 102 days (2025-09-22..2026-09-12), 1,000 days sooner; clears on 85 at 10,000, 69 at 100,000 HTT-7000 >= HTT-6666: 97 days (2026-05-25..2026-09-19), 334 days sooner; clears on 93 at 10,000, 74 at 100,000 HTT-6000 >= HTT-5555: 85 days (2026-05-01..2026-09-19), 445 days sooner; clears on 69 at 10,000, 41 at 100,000 HTT-8000 >= HTT-6666: 82 days (2026-06-30..2026-09-19), 1,334 days sooner; clears on 82 at 10,000, 81 at 100,000 7 LP and Farm (#4/#5) — the fee leg by quarter on the anchor pools, plus today's farm leg ------------------------------------------------------------------------------------------ fee leg = the growth of one LP token's HEX value (2 × reserveHEX ÷ LP supply) with the HTT price move taken out (÷ 2√price: √(reserveHTT × reserveHEX) ÷ supply), from the close before each quarter to its last close, compounded to a year; exact, from data/lp-supply-history.json (the anchor's deepest PulseX pool); blank = under 30 days; through 2026-09-19 HTT 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 30 days HTT-3000 1.87% 0.88% 0.52% 0.30% 0.50% 0.59% 1.19% 2.71% 0.92% HTT-4000 2.53% 0.73% 0.64% 1.18% 0.93% HTT-5000 1.39% 0.54% 0.46% 0.25% 0.42% 0.35% 0.70% 0.76% 0.78% HTT-6000 1.79% 0.50% 0.84% 0.72% 0.63% HTT-7000 1.56% 0.69% 0.41% 0.30% 0.43% 0.33% 1.36% 2.74% 3.03% HTT-8000 2.66% 3.75% range over the anchor quarters: 0.25%–2.74%; the swap-log estimate (volume × 0.22% ÷ 2 × the HEX side, the fallback) gives 0.25%–2.72% over the same quarters farm leg today (2026-09-23): HTT-3000 20.7% + fees 0.94%, HTT-4000 25.3% + fees 0.74%, HTT-5000 24.5% + fees 0.62%, HTT-6000 26.3% + fees 0.55%, HTT-7000 22.5% + fees 2.91% — the farm APR is emissions priced in ACTR at 0.2058 HEX; its fees are farm-apr.json's 30-day swap-log estimate to that date 8 Vault the ACTR (#6) — mint fees by quarter, each anchor: the whole vault, and a 100,000-ACTR depositor --------------------------------------------------------------------------------------------------------- fees valued at that day's HTT close (HTT-8000: fees before the pool opened at its first close); the vault at each UTC day's ACTR close in HEX. vault = fees ÷ the vault's HEX value summed over every day it existed in the quarter × 365 (its time-weighted average, annualized by those days); 100k = a depositor who adds 100,000 ACTR for the whole quarter and takes fees × 100,000 ÷ (balance + 100,000); lock = the same 100,000 ACTR locked 90 days from each entry day in the quarter, fees ÷ the ACTR's HEX cost that day, median, compounded to a year — the buyer's view, ACTR's own move not counted. Blank = live under 30 days; the last column is the 30 days to 2026-09-19. HTT 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 30 days HTT-3000 vault 143.3% 35.1% 3.1% 8.8% 3.5% 5.3% 4.5% 12.1% 2.0% HTT-3000 100k 392.5% 37.4% 3.5% 9.2% 3.5% 5.3% 4.5% 13.5% 2.0% HTT-3000 lock 33.6% 16.8% 4.1% 8.0% 4.8% 7.1% 8.7% HTT-4000 vault 10.0% 6.4% 3.2% 5.2% 3.1% HTT-4000 100k 10.8% 6.5% 3.2% 5.2% 3.1% HTT-4000 lock 8.1% 5.9% 6.3% HTT-5000 vault 107.1% 33.6% 7.0% 7.3% 2.6% 1.2% 5.2% 2.2% 0.3% HTT-5000 100k 338.6% 34.5% 8.7% 7.0% 2.7% 1.2% 5.3% 2.4% 0.3% HTT-5000 lock 22.0% 19.5% 2.9% 12.5% 0.9% 1.8% 9.0% HTT-6000 vault 14.6% 2.7% 6.1% 4.3% 0.8% HTT-6000 100k 18.8% 2.8% 6.2% 4.1% 0.8% HTT-6000 lock 7.0% 5.0% 11.3% HTT-7000 vault 88.8% 33.8% 2.5% 5.8% 1.1% 3.2% 6.4% 1.0% 0.8% HTT-7000 100k 268.3% 37.6% 3.0% 5.3% 1.2% 3.1% 6.1% 1.0% 0.8% HTT-7000 lock 27.2% 12.0% 1.6% 6.5% 1.9% 3.9% 9.3% HTT-8000 vault 41.4% 3.5% 1.2% HTT-8000 100k 30.1% 14.7% 1.2% HTT-8000 lock 18.0% today (farm-apr.json, 2026-09-23): HTT-3000 vault 2.25%, HTT-4000 vault 2.95%, HTT-5000 vault 0.35%, HTT-6000 vault 0.67%, HTT-7000 vault 0.78%; the vault lock is 90 days