01
Deposit USDC
You send USDC to the Curb vault, priced at the stock's perp mark price.
You
Tokenized stocks · Elysium
Every stock on Hyperliquid, as a token you hold.
Curb Market mints SPCXc, TSLAc, NVDAc and the rest on Elysium. Each token tracks the price of one share, backed by USDC and a 1x long on that stock's Hyperliquid perp. Hold it around the clock, redeem it for USDC, or launch a meme priced in it.
SPCXcSpaceX · Hyperliquid perp
Mint ticket
- DepositUSDC
- Priced atThe perp mark price
- Hedge1x long, same size
- You receive1 SPCXc per share
- Backed byUSDC + the long
One token tracks one share. If SpaceX doubles, your SPCXc doubles too, minus the funding paid while you hold it.
Synthetic exposure. No SpaceX shares are bought or held.
The engine
From a perp on Hyperliquid to a ticker on Elysium
Hyperliquid already trades these stocks around the clock as perps. Curb Market wraps a fully collateralized long into a token you can hold, move and price a meme in.
02
Open the hedge
The vault opens a long of the same size on that stock's Hyperliquid perp, at 1x and never more.
Hyperliquid03
Mint 1:1
You receive one token per share of exposure. Supply always equals the size of the long.
TICKERc04
Pair the meme
The ticker becomes a quote asset. Anyone can launch a bonding curve priced in it.
MEME / TICKERc05
Redeem anytime
Burn the token. The vault closes that part of the long and sends you USDC.
Exit
How the peg holds
One token, one share. Around the clock.
Anyone can mint or redeem at the perp's mark price, so when a token drifts from its backing, someone gets paid to close the gap. Hyperliquid perps never close, so the arbitrage never waits for the opening bell.
- Backing unit1 share of exposure
- CollateralUSDC, held by the vault
- Hedge1x long on the Hyperliquid perp
- Mint and redeemAnyone, at the mark price
- Fee0.10% each way
- FundingPaid or received by the vault
Backing invariantChecked at every mint
TICKERc supply = size of the long, in shares
backing per token = (USDC + position PnL ± funding) ÷ supply
SPCXc coverage—
| Token price | What arbitrageurs do | Effect |
|---|---|---|
| Above backing | Mint at the mark price, sell on the pool | Falls back |
| Below backing | Buy on the pool, redeem for USDC | Rises back |
If SpaceX trades at $200 and you mint 10 SPCXc, you deposit $2,000 and the vault opens a 10-share long. If SpaceX then rises to $220, your 10 SPCXc redeem for $2,200, minus the 0.10% fees and the funding paid while you held them.
The floor
Every ticker is a quote asset
A coin launched on Curb Market is priced in a stock token. Buyers pay in SPCXc or TSLAc, and sellers walk away holding it.
SPCXcSpaceX
- Price
- —
- Backing
- —
- Coins
- —
TSLAcTesla
- Price
- —
- Backing
- —
- Coins
- —
NVDAcNVIDIA
- Price
- —
- Backing
- —
- Coins
- —
HOODcRobinhood Markets
- Price
- —
- Backing
- —
- Coins
- —
PLTRcPalantir
- Price
- —
- Backing
- —
- Coins
- —
MSTRcStrategy
- Price
- —
- Backing
- —
- Coins
- —
Creators
Creators get paid in the ticker
Every trade on a coin pays a 1% fee in the ticker it is priced in. 70% of it goes to the wallet that launched the coin, on the curve and after graduation.
0.70%of every trade to the creator0.30%to the protocol
If your coin priced in SPCXc trades $50,000 of volume, the fee is $500 in SPCXc. You receive $350 in SPCXc and the protocol receives $150.
- Supply per coin1,000,000,000
- Sold on the curve800,000,000
- Into the pool at graduation200,000,000
- Team allocationNone
- Liquidity after graduationLocked
- Cost to launchGas only
A coin graduates when all 800,000,000 curve coins are sold. The ticker it raised and the 200,000,000 reserved coins form its pool, and the pool position has no withdraw function.
Listings
The next ticker goes to the highest sealed bid
Once a week, bidders commit hidden bids in HYPE and then reveal them. The highest bid wins and pays the second-highest price. The winner picks the next Hyperliquid stock to mint, and the payment seeds its pool.
- Auction week
- —
- Bids committed
- —
- Reveal opens
- —
- Auction closes
- —
The burn
Protocol revenue buys $CURB and burns it
Two streams fund it: the protocol's 0.30% of every coin trade, and the mint and redeem fees left after Hyperliquid trading costs.
75%buys $CURB, sent to the dead address20%operations, reported apart5%protocol-owned liquidity
If coins on Curb Market trade $1,000,000 in a week, fees total $10,000. Creators receive $7,000 and the protocol $3,000. Of that $3,000, $2,250 buys $CURB and burns it, $600 pays operations and $150 goes to protocol-owned liquidity.
If you hold 10,000,000 $CURB, that is 1% of the supply. If 50,000,000 $CURB are burned, the same tokens become about 1.05% of what is left.
- $CURB burned
- —
- Bought back, 7 days
- —
- Total supply
- 1,000,000,000
- Buyback contract
- —
The buyback contract does two things: it buys $CURB with the fees it receives, and it sends that $CURB to the dead address.
Until June 1921, the New York Curb Market traded stocks outdoors on Broad Street. Brokers wore bright hats so their clerks, leaning out of the windows above, could find them in the crowd and read their hand signals.
That market moved indoors and became the American Stock Exchange. Curb Market is named after it. Every photo on this site is a period photograph of that street market, now in the public domain.
Curb Market · Elysium
Pick a ticker.
Mint it and hold it, redeem it for USDC, or launch a coin against it.
Stocks
The tickers
Each curb token tracks one share of a stock that trades as a perp on Hyperliquid. Its backing is USDC plus a 1x long on that perp.
| Token | Tracks | Price | Backing | Supply | Funding, 24h | Hedge market |
|---|---|---|---|---|---|---|
| SPCXc | SpaceX | — | — | — | — | — |
| TSLAc | Tesla | — | — | — | — | — |
| NVDAc | NVIDIA | — | — | — | — | — |
| HOODc | Robinhood Markets | — | — | — | — | — |
| PLTRc | Palantir | — | — | — | — | — |
| MSTRc | Strategy | — | — | — | — | — |
What you hold
A claim on the vault's USDC and on the result of its long for that stock. You get the stock's price moves, minus funding. You do not get shares, votes or dividends, and the company has no part in it.
Who can hold them
Curb tokens are not offered to US persons or in jurisdictions that restrict synthetic stock exposure. Check your local rules before you mint or buy.
Launchpad
Launch a coin against a stock
Name it, pick the ticker it is priced in, and it opens on a bonding curve. You collect 0.70% of every trade on it, paid in that ticker.
On the floorNewest first
| Coin | Priced in | Price | Curve |
|---|---|---|---|
| — | — | — | — |
| — | — | — | — |
| — | — | — | — |
| — | — | — | — |
| — | — | — | — |
- CurveBuyers pay in the ticker and the price rises along the curve. Sellers receive the ticker back.
- GraduationWhen all 800,000,000 curve coins are sold, the ticker raised and the 200,000,000 reserved coins form the pool.
- Locked poolThe pool has no withdraw function. Trading continues there with the same 1% fee.
Listings
One new ticker a week
A sealed-bid auction decides which Hyperliquid stock gets minted next. Launching a coin on a ticker that is already listed stays free and open to everyone.
This weekSealed bid · HYPE
| Week | — |
| Bids committed | — |
| Reveal opens | — |
| Auction closes | — |
| Last winner | — |
How the auction runs
- CommitYou send a hash of your bid with the HYPE behind it. Nobody can see the amount.
- RevealAfter the commit window closes, each bidder reveals the amount. Unrevealed bids do not count.
- SettleThe highest bid wins and pays the second-highest price. Every other bidder gets their HYPE back.
- MintThe winner names a stock that trades as a perp on Hyperliquid. Its curb token goes live, and the winner can launch the first coin on it.
Where the winning payment goes
It seeds the new ticker's pool against HYPE, so the token can be bought and sold from the first trade.
Rules
- The stock must trade as a perp on Hyperliquid with a working price feed.
- The winner has a fixed window to open the ticker. Past it, the slot passes to the second-highest bidder.
- A winning bid buys the slot. It does not skip the listing checks.
- If no one bids two weeks in a row, auctions pause for a month.
Docs
How Curb Market works
The tokens, the hedge, the launchpad, the fees and the risks, in one page.
The loop
You deposit USDC, the vault opens a 1x long on the stock's Hyperliquid perp, and you receive one curb token per share of exposure. The token is a quote asset for memes. When you are done, you burn it and the vault pays you USDC.
USDC→1x long on Hyperliquid→TICKERc on Elysium→Coins priced in it→Redeem for USDC
Curb tokens
Each token is named after its stock with a lowercase c: SPCXc, TSLAc, NVDAc. One token tracks one share. Anyone can mint or redeem at the perp's mark price, with a 0.10% fee each way.
The vault never uses leverage. Its long is always the same size as the token supply, and the USDC behind it covers the full position. A 1x long can only be liquidated if the stock falls close to zero.
Funding
Perps pay funding between longs and shorts every hour. When longs pay, the vault pays and the backing of every token goes down a little. When longs receive, the backing goes up. Over time a curb token can drift from the share price by the funding paid or received.
The hedge market
Each long sits on a HIP-3 market, a perp market deployed on Hyperliquid by an independent builder. That deployer sets the price feed and can halt or delist the market. If a hedge market is delisted, the vault's position settles and every token of that ticker can be redeemed for its USDC backing.
Hyperliquid perps trade around the clock, including nights and weekends, while the shares behind them trade only during market hours. Prices can jump when the stock market opens.
Launchpad
Each coin has a supply of 1,000,000,000. 800,000,000 are sold on a bonding curve priced in the chosen ticker, and 200,000,000 are reserved for the pool. The creator receives no allocation and can make an optional first buy like any buyer.
When the curve sells out, the ticker raised and the 200,000,000 reserved coins form the pool. The pool position is locked and has no withdraw function, for the creator or for Curb Market.
Fees
| Event | Fee | Who receives it |
|---|---|---|
| Mint or redeem a curb token | 0.10% | Hyperliquid trading costs first, the rest to the protocol |
| Trade a coin on the curve | 1%, in the ticker | 0.70% creator, 0.30% protocol |
| Trade a coin after graduation | 1%, in the ticker | 0.70% creator, 0.30% protocol |
| Launch a coin | Gas only | Nobody |
| Listing auction | Second-highest bid | Seeds the new ticker's pool |
$CURB
$CURB has a fixed supply of 1,000,000,000. Protocol revenue is split 75% to buy $CURB and burn it, 20% to operations and 5% to protocol-owned liquidity. Operations are reported apart, so the burn figure only counts what was burned.
Listings
A weekly sealed-bid auction in HYPE. Bidders commit a hash, then reveal. The highest bid wins and pays the second-highest price. The winner names a stock that trades as a perp on Hyperliquid, its curb token goes live, and the payment seeds its pool.
Risks
Curb tokens are synthetic. They track a stock's price through a USDC-collateralized long and give no ownership of shares, votes or dividends. They depend on Hyperliquid, on the HIP-3 market that hosts each hedge, and on Elysium. Coins launched on the launchpad can lose all their value, and their dollar price also moves with the ticker they are priced in.
Curb tokens are not offered to US persons. They are not issued, approved or endorsed by the companies they track.
Contracts
| Contract | Address |
|---|---|
| $CURB token | — |
| Curb vault | — |
| Token factory | — |
| Launchpad | — |
| Liquidity locker | — |
| $CURB buyback | — |
| Listing auction | — |
| Audit report | — |