The leverage layer
for tokenized stocks.
Loop up to 5x spot exposure on real xStocks, or trade perps up to 10x — on Solana, in one signature. Your liquidation price and holding cost are on screen before you sign.
A tokenized share trades all week.
The company behind it does not.
On Saturday there is no price for AAPL. On Monday the open can be 10% away. A general purpose money market does not know that — it will happily lend against a stock at the same LTV at 3am on a Sunday as at 10am on a Tuesday, and then take the loss when the bell rings.
Axle reads the exchange calendar on chain and moves every risk parameter with it. The same position is worth less collateral overnight, and much less across a weekend, because that is when it is actually more dangerous.
It also changes where the price comes from. Pyth stops publishing AAPL at the closing bell, so after 16:00 the live price is the xStock token’s own market — and the last Pyth close becomes a ceiling on what your collateral can be marked at. Pumping a thin pool overnight buys you nothing: the mark is the lower of the two.
| Session | Window (ET) | Price from | LTV | Liquidation |
|---|---|---|---|---|
Regular hours Open & close | 09:30 – 16:00 ET | Pyth, live | 100% | At market |
Extended hours Open & close | 04:00 – 09:30, 16:00 – 20:00 | Token market, capped at the close | 85% | At market |
Overnight Reduce only | 20:00 – 04:00 weeknights | Token market, capped at the close | 75% | Dutch auction |
Market closed Closed | Fri 20:00 – Mon 04:00 | Token market, capped at the close | 60% | Auction / ADL |
Loop
Spot exposure on the real token.
Deposit USDC, pick a ticker and a multiplier, and the router flash-borrows, swaps once, deposits and draws the loan — all inside one transaction. You end up holding the issuer's actual xStock, levered 2–5x.
- One signature, one swap, no partial fills
- Isolated pool per ticker: a default in one cannot touch another
- Liquidation price quoted before you sign, and enforced on chain
Perps
Longs and shorts, up to 10x.
Cross-margin in USDC against the AXLP vault, priced by the oracle rather than an order book. Shorting works, which looping structurally cannot do, and nothing here ever touches a security.
- Up to 10x in session, tightened automatically out of hours
- Funding every hour, capped and skew-aware
- Eight legs on one margin balance
A token with a job.
Staking cuts your fees, unlocks the top of the leverage range, and puts you first in line for gap-driven bad debt — paid for out of a share of protocol revenue.
Risk parameters are deliberately not votable. With a full float from day one, the first thing that electorate would vote for is more leverage on the most volatile ticker listed.
| Tier | Stake | Origination | Taker | Loop | Perp |
|---|---|---|---|---|---|
| Open | — | 0.15% | 0.06% | 3x | 5x |
| Spindle | 25K | 0.11% | 0.05% | 3.5x | 6x |
| Hub | 250K | 0.08% | 0.04% | 4x | 7x |
| Flywheel | 1,000K | 0.06% | 0.04% | 4.5x | 8.5x |
| Axle | 5,000K | 0.04% | 0.03% | 5x | 10x |
Capital turns. The protocol takes a cut of every turn.
That is what an axle does — and what this one is for.