Providing PPV Liquidity


  • Deposit $ETH to earn:

    • Staking yield

    • rDPX v2 fees

    • Incentives

  • $ETH may be swapped for $rDPX if rDPX/ETH ratio falls by more than 25%

What is the PPV?

The Perpetual Put Vault ("PPV") allows liquidity providers to deposit $ETH to earn multiple layers of yield.

$ETH from the PPV is reserved to write 25% OTM rDPX-ETH puts on $rDPX that is bonded into the system. In the event these are triggered, $ETH will be swapped for $rDPX at the corresponding strike price.

How does the PPV work?


During the STIP, PPV depositors are receving $ARB incentives only. Once this expires, the other revenue streams will be activated.


$ETH in the PPV may be redeployed to a staking provider such as Lido Finance or FraxFerry to earn native staking yield.

rDPX v2 Fees

The PPV will receive a portion of fees from the rDPX v2 system. The amount to be distributed is calculated at the beginning of each week and streamed linearly throughout that duration.

Asset-Settled Swap (ETH -> rDPX)

Each time a new user bonds in to rDPX v2, $ETH from the PPV is reserved to write 25% OTM rDPX-ETH puts based on the current spot price.

In the event the rDPX/ETH ratio falls below the 25% OTM price, corresponding $ETH from the PPV will be swapped for $rDPX. This means a depositor may be able to withdraw $ETH, $rDPX, or both based on the outcome of written puts.

The PPV uses the ERC-4626 token standard meaning depositors have shared exposure to the composition of the pool.


Depositors may request withdrawals which will unlock their position at the end of the current 7 day epoch.

Withdrawals are only possible if there is sufficient $ETH in the PPV to support existing $rtETH supply.



Strike Price

Variable; depends on utilization by bonders

BEEP BOOP - PPV Walkthrough currently under maintenance.

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