A liquid staking token is supposed to trade at the value of the SOL behind it. When it slips, the discount is a number nobody can hedge: lending positions liquidate, withdrawals queue, and the only instrument is patience.
Unpeg turns that discount into a seven-day contract. One lot is 1 SOL of notional, funded in full with 0.03 SOL and split into a BREAK note and a HOLD note. Every five minutes, time spent more than 0.25% below the peg moves collateral from HOLD to BREAK. Nothing is borrowed, nothing is levered, and the two sides always sum to the vault.
Drag a scenario to see how much of the 0.03 SOL vault goes to BREAK. 3.25% for 48 hours pays the whole vault; 1% for the whole week pays 87.5%. A preview, not a market price.
Superscript: Raydium pools indexed for the pair. All three markets are monitored; none opens for series until two approved pools show sustained coverage. Markets and status →
Missing data favors HOLD. If an interval is not reported by its deadline, anyone may skip it permanently with zero accrual. There is no backfill, no governance override and no invented fallback price. The holder of BREAK accepts data-availability risk during exactly the period they care about.
Reporters are trusted, not proven. The program checks signatures, bounds and sequence. It does not verify that an RPC provider returned the true state of a pool. Three keys in one backend are not decentralization.
BREAK is not slashing insurance. It settles the market discount of an LST against its reported SOL value. NAV and price can fall together without a payout. HOLD is not yield, and a premium is not a probability.