Token

ANYPERP is Anyperp's token. Its supply is fixed, every unit went to one public launch, and the protocol's share of every fee buys it on the market and burns it.

Supply and launch

Where the fees go

Every trading, liquidation and borrow fee splits 60% to the vault, 20% to the protocol, 10% to the insurance fund and 10% to the market's proposer (see Fees and funding). The protocol's 20% has one use: it buys ANYPERP on the market, and the ANYPERP it buys is burned.

For example, a $10,000 open pays a $10 trading fee. $2 of it is the protocol's share, and that $2 buys ANYPERP to burn. Supply starts at 1,000,000,000, and every buyback lowers it.

How the buyback runs

The protocol's 20% lands in a USDC account owned by a program address, ["protocol"], that no key controls. The program has no instruction that withdraws from it. The only way out is a buyback transaction, which the keeper runs at most once an hour, up to 1,000 USDC at a time:

1. buyback_claim moves the USDC to the keeper's account.
2. A Jupiter swap turns it into ANYPERP.
3. buyback_burn burns all the ANYPERP the swap returned, at least the quote's minimum.

The program refuses a claim unless the burn follows in the same transaction, so if the swap or the burn fails, the USDC stays where it was. Curators set the ANYPERP mint by a three-of-five vote with a timelock. The USDC spent and the ANYPERP burned are recorded on chain, and the API's /v1/protocol shows them with the protocol account's current balance.

How it fits the service

Margin, vault deposits, payouts and listing bonds are all USDC, and prices come only from the two attestation roots. ANYPERP's link to the protocol is the buyback, so its supply follows how much the markets are used.