Liquidity

Make markets in biotech outcomes. Understand the risk behind every fee.

Capital planner

CollateralUSDCComplete-set backing

Outcome inventoryYES + NOPer-market outcome tokens

ExecutionPool feesInventory and event risk remain

Cash-backed claims

A complete set has one YES and one NO against $1 collateral. Outcome inventory is not TVL.

Fees come from flow

Returns depend on trading, inventory and event results. Fee income can be smaller than losses.

Biotech needs context

Understand the indication, evidence hierarchy and resolution definition before funding risk.

Pool simulator

ILLUSTRATIVE / NO DEPOSIT

Explore a hypothetical funded pool. The current factory starts at 50/50; a different inventory price here is an assumption, not a launch setting.

Pool state

Hypothetical collateral, USDCTrader spend, USDC

Initial YES inventory price 50¢

Native fixture: 50 bps on the smaller outcome consideration; 70/30 provider/protocol split. Fees and inventory must be read from the actual pool before a real trade.

See the trade-off

SIX-DECIMAL MODEL

Average execution price50.496¢per YES outcome claim, including fees

Outcome claims received198.0343

All-in impact vs starting price0.993%

LP fee on this trade$0.34

Protocol fee on this trade$0.15

New marginal YES price50.495¢

This is not a return forecast or a commitment of funding. Liquidity depth, fees, informed flow and resolution outcomes all affect net LP results.

Markets to underwrite 10

Explore all

Pool / catalyst	Target	Status	Indexed volume	YES / NO inventory	Fee terms
NTLA / Lonvo-zGene editing	Mar 10, 2027	Research	—	Unfunded	50 bps smaller-leg fixtureSandbox assumptions
BLTE / TinlarebantOphthalmology	Feb 12, 2027	Research	—	Unfunded	50 bps smaller-leg fixtureSandbox assumptions
DYN / Z-rostudirsenRare disease	Jan 21, 2027	Research	—	Unfunded	50 bps smaller-leg fixtureSandbox assumptions
AXSM / AXS-12Neuroscience	May 1, 2027	Research	—	Unfunded	50 bps smaller-leg fixtureSandbox assumptions
BBIO / EncaleretRare disease	May 8, 2027	Research	—	Unfunded	50 bps smaller-leg fixtureSandbox assumptions
EXEL / Zanzalintinib + atezolizumabOncology	Mar 3, 2027	Research	—	Unfunded	50 bps smaller-leg fixtureSandbox assumptions
PHVS / DeucrictibantImmunology	Apr 23, 2027	Research	—	Unfunded	50 bps smaller-leg fixtureSandbox assumptions
INBX / OzekibartOncology	Apr 14, 2027	Research	—	Unfunded	50 bps smaller-leg fixtureSandbox assumptions
UNCY / Oxylanthanum carbonateRenal disease	Mar 25, 2027	Research	—	Unfunded	50 bps smaller-leg fixtureSandbox assumptions
GILD / Oral lenacapavirInfectious disease	Feb 2, 2027	Research	—	Unfunded	50 bps smaller-leg fixtureSandbox assumptions

Capital architecture

VLP concept

PER-MARKET POOLSContract interfaces prepared

Add/remove requires configured, funded pools.

SHARED CATALYST VAULTDesign research only

No deployed vault, deposits or return offer.

YIELD-BEARING COLLATERALAdapter not implemented

No collateral interest accrues in this demo.

No funding campaigns, shared vaults, private-program financing or yield products are open through this interface. Actual pool funding and withdrawal controls appear on configured live market pages.