Trade
Cash now, or income later.
Sell a dividend coupon into its onchain pool and get paid today, or trade the share on its own: base units without the dividends, priced below the stock.
ddSPYx
S&P 500 · devnet pool
PoolFair
Sell dSPYx
dSPYx
You receive today
$0.00USDC
Average price
Price impactEnter an amount
Minimum received · 1.0% slippageEnter an amount
Pool fee0.30%
Slippage tolerance
Trades settle in the dSPYx/USDC constant product pool of the coupon_market program on devnet, paid in test USDC. The fair value on the right uses live mainnet data and set the pool's opening price.
ddSPYx
12 month dividend coupon on S&P 500
Pool depth · devnet
dSPYx reserve
USDC reserve
Depth
Fair value from mainnet data
SPYx priceUnavailable
× Trailing 12m growth4 real bumps0.5715%
= Fair valueper coupon
Pool priceonchain
The pool opened at the midpoint of an 8% seller discount and a 5% buyer discount to fair value. After that, only trades move the price.
Last 12 months of SPYx bumps · mainnet
4 totalJun 18, 20261.003909 → 1.005715+0.180%
May 1, 20261.002561 → 1.003909+0.135%
Jan 30, 20261.000999 → 1.002561+0.156%
Oct 31, 20251.000000 → 1.000999+0.100%