Inputs as of 2026-10-12 (HEX day 2505): payout 1.6957 HEX per T-Share per day (trailing 30-day average, HEX days 2475–2504; the last day alone 1.6154), share rate 47,271.0 HEX per T-Share, mint fee 1.00%, swap fee 0.2900% Dates: curve = market snapshot 2026-10-12; history dig (data/htt-hex-history.json) through 2026-10-11 WARNING: the dates differ. This pass describes 2026-10-12; the passes that read the history dig end 2026-10-11. 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 1.6% 1.6% 730 d 1.401 1.8% 3.7% 1095 d 1.601 2.1% 6.3% 1825 d 2.002 2.6% 13.1% 3650 d 3.000 3.9% 39.3% 5555 d 3.000 3.9% 59.8% #1 / #8 Buy-and-hold HTT (fixed) vs staking the same term (floating), today ---------------------------------------------------------------------------- HTT days price YTM stake APR edge pool $ verdict HTT-2520 14 0.9978 5.9% 1.3% 4.6% 8,294 HTT wins HTT-2550 44 0.9956 3.7% 1.3% 2.4% 5,374 HTT wins HTT-2580 74 1.0037 -1.8% 1.4% -3.2% 7,971 ABOVE PAR — never buy HTT-2610 104 1.0043 -1.5% 1.4% -2.9% 1,950 ABOVE PAR — never buy HTT-2640 134 0.9994 0.2% 1.4% -1.2% 1,924 stake wins HTT-2670 164 0.9967 0.7% 1.4% -0.7% 1,855 stake wins HTT-2700 194 0.9846 3.0% 1.4% 1.5% 1,891 HTT wins HTT-2730 224 0.9923 1.3% 1.5% -0.2% 1,979 stake wins HTT-2760 254 0.9875 1.8% 1.5% 0.3% 2,026 HTT wins HTT-2790 284 0.9826 2.3% 1.5% 0.8% 2,023 HTT wins HTT-2820 314 0.9584 5.1% 1.5% 3.5% 2,047 HTT wins HTT-2850 344 0.9551 5.0% 1.6% 3.4% 2,026 HTT wins HTT-2880 374 0.9429 5.9% 1.6% 4.3% 2,253 HTT wins HTT-2910 404 0.9169 8.2% 1.6% 6.6% 2,299 HTT wins HTT-2940 434 0.9154 7.7% 1.6% 6.1% 2,232 HTT wins HTT-2970 464 0.9002 8.6% 1.6% 7.0% 2,826 HTT wins HTT-3000 494 0.8296 14.8% 1.7% 13.1% 37,032 HTT wins HTT-3030 524 0.9319 5.0% 1.7% 3.3% 1,617 HTT wins HTT-3060 554 1.0282 -1.8% 1.7% -3.5% 1,070 ABOVE PAR — never buy HTT-3150 644 1.0316 -1.7% 1.8% -3.5% 91 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3180 674 1.0837 -4.3% 1.8% -6.1% 128 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3510 1004 1.0691 -2.4% 2.0% -4.4% 85 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3540 1034 1.0143 -0.5% 2.1% -2.6% 94 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3570 1064 0.9341 2.4% 2.1% 0.3% 93 HTT wins (pool under $1k, untradable size) HTT-3600 1094 0.9446 1.9% 2.1% -0.2% 93 stake wins (pool under $1k, untradable size) HTT-3630 1124 0.9771 0.8% 2.1% -1.4% 97 stake wins (pool under $1k, untradable size) HTT-3660 1154 1.0975 -2.9% 2.1% -5.0% 83 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-3690 1184 0.7477 9.4% 2.2% 7.2% 3,589 HTT wins HTT-4000 1494 0.7483 7.3% 2.4% 5.0% 81,704 HTT wins HTT-4444 1938 1.0043 -0.1% 2.7% -2.8% 111 ABOVE PAR — never buy (pool under $1k, untradable size) HTT-5000 2494 0.6654 6.1% 3.1% 3.0% 98,934 HTT wins HTT-5555 3049 0.6238 5.8% 3.5% 2.3% 5,927 HTT wins HTT-6000 3494 0.6431 4.7% 3.8% 0.9% 128,001 HTT wins HTT-6666 4160 0.5590 5.2% 3.9% 1.3% 6,307 HTT wins HTT-7000 4494 0.5403 5.1% 3.9% 1.2% 157,127 HTT wins HTT-7777 5271 0.5122 4.7% 3.9% 0.8% 5,364 HTT wins HTT-7900 5394 0.5091 4.7% 3.9% 0.7% 5,442 HTT wins HTT-8000 5494 0.6435 3.0% 3.9% -1.0% 70,328 stake wins HTT-8100 5594 1.0250 -0.2% 3.9% -4.1% 221 ABOVE PAR — never buy (pool under $1k, untradable size) #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-2520 14 0.9978 1.0125 -0.0145 48.5% loop LOSES HTT-2550 44 0.9956 1.0114 -0.0156 15.5% loop LOSES HTT-2580 74 1.0037 1.0102 -0.0065 4.7% loop LOSES HTT-2610 104 1.0043 1.0091 -0.0047 3.1% loop LOSES HTT-2640 134 0.9994 1.0078 -0.0084 3.8% loop LOSES HTT-2670 164 0.9967 1.0066 -0.0098 3.7% loop LOSES HTT-2700 194 0.9846 1.0053 -0.0206 5.5% loop LOSES HTT-2730 224 0.9923 1.0040 -0.0116 3.4% loop LOSES HTT-2760 254 0.9875 1.0026 -0.0151 3.7% loop LOSES HTT-2790 284 0.9826 1.0013 -0.0186 4.0% loop LOSES HTT-2820 314 0.9584 0.9998 -0.0414 6.7% loop LOSES HTT-2850 344 0.9551 0.9984 -0.0434 6.4% loop LOSES HTT-2880 374 0.9429 0.9969 -0.0542 7.3% loop LOSES HTT-2910 404 0.9169 0.9954 -0.0789 9.4% loop LOSES HTT-2940 434 0.9154 0.9939 -0.0790 8.9% loop LOSES HTT-2970 464 0.9002 0.9923 -0.0928 9.7% loop LOSES HTT-3000 494 0.8296 0.9907 -0.1626 15.9% loop LOSES HTT-3030 524 0.9319 0.9891 -0.0578 6.0% loop LOSES HTT-3060 554 1.0282 0.9875 +0.0413 -1.0% loop pays HTT-3150 644 1.0316 0.9823 +0.0501 -1.0% loop pays (untradable size) HTT-3180 674 1.0837 0.9806 +0.1052 -3.6% loop pays (untradable size) HTT-3510 1004 1.0691 0.9594 +0.1143 -1.9% loop pays (untradable size) HTT-3540 1034 1.0143 0.9574 +0.0595 -0.0% loop pays (untradable size) HTT-3570 1064 0.9341 0.9553 -0.0222 2.8% loop LOSES (untradable size) HTT-3600 1094 0.9446 0.9532 -0.0090 2.4% loop LOSES (untradable size) HTT-3630 1124 0.9771 0.9510 +0.0274 1.2% loop pays (untradable size) HTT-3660 1154 1.0975 0.9489 +0.1566 -2.5% loop pays (untradable size) HTT-3690 1184 0.7477 0.9467 -0.2102 9.8% loop LOSES HTT-4000 1494 0.7483 0.9230 -0.1893 7.7% loop LOSES HTT-4444 1938 1.0043 0.8859 +0.1336 0.2% loop pays (untradable size) HTT-5000 2494 0.6654 0.8358 -0.2039 6.3% loop LOSES HTT-5555 3049 0.6238 0.7838 -0.2041 6.0% loop LOSES HTT-6000 3494 0.6431 0.7417 -0.1329 4.9% loop LOSES HTT-6666 4160 0.5590 0.6998 -0.2012 5.4% loop LOSES HTT-7000 4494 0.5403 0.6828 -0.2087 5.2% loop LOSES HTT-7777 5271 0.5122 0.6464 -0.2076 4.8% loop LOSES HTT-7900 5394 0.5091 0.6410 -0.2057 4.8% loop LOSES HTT-8000 5494 0.6435 0.6366 +0.0108 3.1% loop pays HTT-8100 5594 1.0250 0.6324 +0.6210 -0.1% loop pays (untradable size) #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 494 2024-10-08 733/1,227 614 1.009 1.125 15.9% 8.4% early end HTT-4000 1494 2025-09-19 387/1,881 941 0.956 1.152 7.7% 4.7% early end HTT-5000 2494 2024-10-08 733/3,227 1,614 0.827 1.460 6.3% 8.7% HELOC HTT-6000 3494 2025-09-19 387/3,881 1,941 0.816 1.464 4.9% 6.3% HELOC HTT-7000 4494 2024-10-08 733/5,227 2,614 0.600 1.771 5.2% 9.2% HELOC HTT-8000 5494 2026-06-30 103/5,597 2,799 0.710 1.619 3.1% 5.6% 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 @ 0.9956 ($5,374) <= HTT-2580 @ 1.0037 ($7,971) : mint the long, swap into the short, gain 30 days at unit cost +0.81% HTT-2580 @ 1.0037 ($7,971) <= HTT-2610 @ 1.0043 ($1,950) : mint the long, swap into the short, gain 30 days at unit cost +0.06% HTT-2700 @ 0.9846 ($1,891) <= HTT-2730 @ 0.9923 ($1,979) : mint the long, swap into the short, gain 30 days at unit cost +0.78% HTT-3000 @ 0.8296 ($37,032) <= HTT-3030 @ 0.9319 ($1,617) : mint the long, swap into the short, gain 30 days at unit cost +12.33% HTT-3030 @ 0.9319 ($1,617) <= HTT-3060 @ 1.0282 ($1,070) : mint the long, swap into the short, gain 30 days at unit cost +10.34% HTT-3060 @ 1.0282 ($1,070) <= HTT-3150 @ 1.0316 ($91) : mint the long, swap into the short, gain 90 days at unit cost +0.33% [both pools under $1k] HTT-3150 @ 1.0316 ($91) <= HTT-3180 @ 1.0837 ($128) : mint the long, swap into the short, gain 30 days at unit cost +5.05% [both pools under $1k] HTT-3570 @ 0.9341 ($93) <= HTT-3600 @ 0.9446 ($93) : mint the long, swap into the short, gain 30 days at unit cost +1.12% [both pools under $1k] HTT-3600 @ 0.9446 ($93) <= HTT-3630 @ 0.9771 ($97) : mint the long, swap into the short, gain 30 days at unit cost +3.44% [both pools under $1k] HTT-3630 @ 0.9771 ($97) <= HTT-3660 @ 1.0975 ($83) : mint the long, swap into the short, gain 30 days at unit cost +12.32% [both pools under $1k] HTT-3690 @ 0.7477 ($3,589) <= HTT-4000 @ 0.7483 ($81,704) : mint the long, swap into the short, gain 310 days at unit cost +0.08% HTT-4000 @ 0.7483 ($81,704) <= HTT-4444 @ 1.0043 ($111) : mint the long, swap into the short, gain 444 days at unit cost +34.21% [both pools under $1k] HTT-5555 @ 0.6238 ($5,927) <= HTT-6000 @ 0.6431 ($128,001) : mint the long, swap into the short, gain 445 days at unit cost +3.09% HTT-7900 @ 0.5091 ($5,442) <= HTT-8000 @ 0.6435 ($70,328) : mint the long, swap into the short, gain 100 days at unit cost +26.40% HTT-8000 @ 0.6435 ($70,328) <= HTT-8100 @ 1.0250 ($221) : mint the long, swap into the short, gain 100 days at unit cost +59.29% [both pools under $1k] #15 Convergence at par — any series inside 14 days of maturity trading under 1 ------------------------------------------------------------------------------- HTT-2520 14 days left @ 0.9978: gap 0.22% #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 1.57% and a three-year stake's 2.10% HTT-3000 494 0.8296 1.66% 1.36% below one-year, below three-year HTT-4000 1494 0.7483 2.38% 1.76% above one-year, below three-year HTT-5000 2494 0.6654 3.10% 2.04% above one-year, below three-year HTT-6000 3494 0.6431 3.82% 2.43% above one-year, above three-year HTT-7000 4494 0.5403 3.93% 2.09% above one-year, below three-year HTT-8000 5494 0.6435 3.93% 2.50% above one-year, above three-year range 1.4% (HTT-3000) to 2.5% (HTT-8000); above a one-year stake's 1.6% at HTT-4000, HTT-5000, HTT-6000, HTT-7000, HTT-8000; above a three-year stake's 2.1% at HTT-6000, HTT-8000 #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 ------------------------------------------------------------------------------------------------------------- 10 of 39 live series trade above par today; repaying those by mint is cheaper than by purchase. All but 3 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 = 0.23 HEX as of 2026-10-12; pools: ? 0.0%, ? 10.9%, ? 13.9%, ? 14.2%, ? 14.3%, ? 38.9%