Position tokens

Every series can be held as two Solana tokens, a LONG and a SHORT. They are ordinary Token-2022 tokens with their name written into the mint, so any wallet shows them and they can be sent, kept, or traded wherever Token-2022 tokens trade.

A pair always returns what it locked

mint_pair(n):   pay n × band (plus one side's fee)  ->  get n LONG + n SHORT
redeem_pair(n): give back n LONG + n SHORT          ->  get n × band, at any time

One token is one contract. A pair locks the whole band of its series, $0.10 per basis point of band, so a series running from −5pp to +5pp locks $100.00 a pair. Because a LONG and a SHORT of the same series always add up to the band, a pair can be turned back into its USDC the moment its holder wants, before or after settlement, with no waiting for Friday.

Each side on its own

After the series settles at S, each side redeems separately:

If a series is voided (a challenge the arbiters did not settle in time), each side redeems for half the band, so a pair still returns all of it.

Rules the program keeps

• Minting is open while the series trades and closes when the settlement average starts, like the order book. Pairs count toward the series' open-interest cap.
• Minting pays one side's trading fee; returning a pair and redeeming after settlement are free.
• While any token of a series is outstanding, the series counts one more open position, so it cannot be closed and nothing its tokens are owed can be swept.
• The mints' rent comes back to the authority with close_token_mints once every token is burned.
• Token names read "HWAN India 13 Nov 2026 LONG" with symbols like INR13NOV-L, written by the program from the series' expiry.