Market dynamics

Why Hex Bonds trade at a discount, and what that means for you.

A Hex Bond usually costs less than the HEX it will pay out. The gap is your return if you hold it to its date — a fixed return, in HEX.

The HEX yield curve

Bonds with later dates usually trade at bigger discounts, because you wait longer. Line up every bond's discount by date and you get a HEX yield curve. As a bond's date gets close, its price moves up toward the full HEX payout.

What moves prices

• HEX staking returns and the T-share price.
• How many new Hex Bonds are minted for each date.
• How much liquidity each Hex Bond/HEX pool has.
• People cashing in and trading as dates get close.

A fixed return in HEX

Buy a Hex Bond at a discount, hold it to its date, and the difference is yours in HEX — whatever HEX's dollar price does. The "Discount → HEX" column on the dashboard markets table shows this live.

On Hex Bond

HBR farm rewards bring more liquidity into Hex Bond/HEX pools, so prices stay closer to fair value. See Farming & emissions.