NOBID01The proposition
Book published · desk not openNo position without a bid
At block 55,223,440 the Pons launchpad on Robinhood Chain carried 240,350 live bonding curves. 125,256 of them are quoted in ether. The remaining 115,094 are denominated in tokenised Robinhood equity tokens that hold no pair against WETH or USDG on the canonical factory, so their holders cannot reach ether at any price — not because the price is bad, but because there is no venue at which to try.
The desk proposes to stand on the other side of that: a published schedule, a bid quoted in ether, settled on chain in the same transaction. The book is set out here in full, including the parts of it that are not finished.
Enumerated at block 55,223,440 on 2026-09-06. Nothing on this page is modelled or projected; where a figure was not measured, the sentence is written without it.
- Live curves
- 240,350
- Quoted in ether
- 125,256
- No route to ether
- 115,094
Still holding a reserve at block 55,223,440, out of 244,487 the factory has ever recorded.
A WETH pair exists on the canonical factory. These have a market already and need no desk.
47.89% of the live chain. Not thin liquidity — the absence of a market.
02The tape
Every figure on this page, in one line
Measurement and term, alternating: what the chain is, and what the desk would do about it. Each item is stated again below with its source and its height.
As every screener on this chain reads it
$3,996,184
A reserve of 1,625, priced as ether at $2459.19
As the curve records it
1,625 AMC
AMC Entertainment · Robinhood Token. There is no pair against WETH or USDG on the canonical factory, so the holder of this position cannot reach ether from it at any price. It is not four million dollars. It is 1,625 shares of a cinema chain, in a token, on a curve.
A position with a price and no counterparty. The curve keeps quoting; the quote is denominated in something no pair on the chain will take.
03The misread
This is the largest curve on the venue, not an edge case in the tail
The same misreading is applied to 115,094 curves at once, which is 47.89% of everything alive on the chain. A screener that assumed the quote asset was ether was right about 125,256 curves and wrong about the rest, and nothing in the interface it renders tells anybody which is which.
The dollar figure above is arithmetic on the surveyed ether reference and nothing else. What 1625 AMC is worth in dollars is not stated anywhere on this site, because this site does not measure it — and a number invented here would be the identical mistake pointed the other way.
04The measurement
One enumeration, at one block, that anybody can run again
The split is enumerated rather than sampled. Every launch the factory has ever recorded was walked at block 55,223,440, and the ether-quoted population was selected by the constant product k = 1.68 × 10⁹ — identical for every curve denominated in the same asset, and therefore a fingerprint — which held to five significant figures for every one of them and was confirmed by direct call on the shortlist.
Coverage is the aggregate split, not a per-asset breakdown. The difference between those two things is the next section.
—What is not measured yet
The per-asset census is incomplete, and this is the section that says so
The aggregate is measured: 125,256 curves answer to the ether fingerprint and 115,094 do not. Which equity token each of those 115,094 is denominated in needs a read per curve against an endpoint that rate-limits by address, and that run is scheduled for 2026-09-14.
Until it lands, the only quote asset named anywhere on this site is the one confirmed by direct call: AMC. Publishing a plausible breakdown here would be the single fastest way to lose the only reader who matters.
—Provenance
- Venue
- Pons
- Block
- 55,223,440
- Enumerated
- 2026-09-06
- Ether reference
- $2,459.19
05The clock
These curves trade 168 hours a week. The equity behind them trades 32.5.
A curve quoted in an equity token settles every second of the week. The equity it prices against is open 6.5 hours a day, 5 days. For 80.65% of the week the reference price for these positions is a price nobody can transact at, and a bid made across that window is a bid made across a gap the desk cannot cross.
The reference the curve prices against exists for part of the week. The curve does not stop for the other part.
- Open
- 32.5h
- No transactable reference
- 135.5h
- Share of the week shut
- 80.65%
6.5 hours a day, 5 days.
The curve keeps quoting through every one of them.
Which is what the out-of-hours term is charged for.
The diagram draws a clean week. The published 2026 calendar this site keeps has 10 full closures and 2 half sessions in it, and every one of them moves the open share down rather than up — so 80.65% is the flattering figure, not the alarming one.
This is what the out-of-hours term on the schedule is for: 202 basis points, charged only while the session is shut and nothing while it is open. How the gap is derived.
06Mechanism
How a bid is formed
Four steps, in the order the desk works in. The second is the one that matters: the first thing done with a position is to look for a reason not to quote it, and ether-quoted positions are declined on sight because they already have a market that is better than this one.
01Step
Read the curve
Every curve on the venue opens with a virtual reserve of 1.68 units of its quote asset against a supply of one billion, so the constant product is identical for every curve denominated in the same asset. That fingerprint is what made the population separable without a call per curve. The desk takes the reserve, the quote asset and the progress toward graduation at 4.2 straight off the chain; nothing at this step is an estimate.
02Step
Look for a reason not to quote
If a WETH pair exists on the canonical factory the position already has a market, and the desk declines and points at it — a schedule with five terms on it is a worse price than an AMM by construction, and saying so is cheaper than being found out. The bid exists only where there is nothing to route to at all: no pair, no borrow, no offset, and therefore no price anybody is obliged to honour.
03Step
Price what cannot be hedged
A position with no venue is warehoused outright, and that is 420 basis points. If the underlying’s regular session is shut, the overnight term adds 202 — z = 0.84 against an assumed σ of 2.4%, which is the desk expecting to be wrong about one night in five and to be paid for the other four. The size and curve bands add on top of both, and the desk’s own charge is 25.
04Step
Settle in ether
One asset out, so there is one hedge to run. A returned quote is firm for 90 seconds, because a desk that reprices while you decide is a widening quote wearing a number. Settlement is the chain’s own — on-chain, same transaction — and beneath a 250-dollar ticket or above the 250,000-dollar ceiling the page stops and a person takes over.
Each term above is a published number rather than a spread, and the whole waterfall is worked through line by line in how a bid is formed.
07The schedule
The terms, published as numbers with names
Everything in the measurement above can be re-derived by anybody with an RPC endpoint. Nothing in this table can: these are positions the desk is taking about what it charges to warehouse an asset it cannot hedge, and they are arguable, which is exactly why they are published as numbers rather than buried in a spread. The terms add rather than compound, so the total is a sum that can be checked on paper.
A quote is firm for 90 seconds. A desk that reprices while you decide is a widening quote wearing a number.
| Term | Basis points | What it is charged for |
|---|---|---|
| Venue — Equity-quoted · no venue | 420 | No pair, no borrow, no offset. The desk holds the position outright until an exit exists. This is the book. |
| Venue — Equity-quoted · borrowable | 145 | An equity token the desk can offset against a listed instrument during the session. Inventory is warehoused only until the next open. |
| Venue — Ether-quoted | — | A WETH pair exists on the canonical factory. Route to the AMM; the desk adds nothing. |
| Out of hours | 202 | z = 0.84 against an assumed overnight σ of 2.4%. Charged only while the underlying is shut, which is 80.65% of the week. |
| Size | 0 – 210 | Four bands on the reference notional, laid out below. Above $250,000 there is no schedule. |
| Curve | 0 – 120 | Rises as the curve approaches graduation, past which the curve stops accepting sells and the position becomes an LP problem. |
| Desk | 25 | The only line here that is revenue rather than risk. |
| Worked example — no venue, session shut, standard size, early curve | 682 | 6.82% off the reference notional, settled in ETH. |
The size ladder
| Band | Reference notional | bp |
|---|---|---|
| Retail | Up to $2,500 | 0 |
| Standard | $2,500 – $25,000 | 35 |
| Block | $25,000 – $100,000 | 90 |
| Large block | $100,000 – $250,000 | 210 |
| By negotiation | Above $250,000 | — |
The curve ladder
| Raised / graduation | State of the curve | bp |
|---|---|---|
| Up to 50% | Early — full depth beneath the position | 0 |
| Up to 80% | Late — depth thinning | 40 |
| Up to 100% | At graduation — the curve stops accepting sells | 120 |
- Quote firm for
- 90s
- Settlement
- on-chain, same transaction
- Minimum ticket
- $250
- Schedule ceiling
- $250,000
The worked example is 682 basis points all in. A desk that will not show its schedule is a desk that reprices you when it recognises you.
08Limits
What this is not
The measurement above is checkable, which is worth nothing unless this page is equally specific about what it cannot do. Six things, in the order of how badly a reader would be misled by missing them.
If you are holding one of the 115,094, say so
There is nothing to trade today and nothing to sign. Access is a list of counterparties to contact when the schedule goes live, and a way to be told which quote assets the census names when the run on 2026-09-14 lands.
Settlement, when there is any, is on-chain, same transaction, in ETH.
The book is published. The desk is not open.