A whole sector,
held — not tracked.
Deposit USDG. The protocol buys the constituents at basket weights, holds them in on-chain custody and mints you a Sleeve — a share token backed by the assets themselves, not by a formula on a chart. Redeem it in-kind whenever you want out: burn the Sleeve, take your slice of every position straight from custody.
- Epoch
- 15 min
- orders net, then settle
- In-kind
- 0.05%
- no oracle, no DEX
- Sleeves
- 7
- live at launch
Deposit, custody, exit.
The whole life of a Sleeve is three steps forward and two ways back. Nothing about it depends on a counterparty staying solvent or an index provider staying honest.
- 01
You deposit USDG
File a creation into the open epoch. It nets against the redemptions filed alongside it before anything reaches the market.
- 02
Custody buys the basket
At settlement the protocol acquires each constituent at the basket's target weights and holds the whole block in on-chain custody.
- 03
You hold a Sleeve
One share token, priced at the fill. It is a claim on the assets in custody — not a reading of an index, and not a synthetic.
Redeem in-kind
Burn your Sleeve and receive your proportional share of every constituent straight from custody. No oracle, no DEX, no slippage. This path stays lit even when everything else is paused.
0.05% flat
Sell the basket back to USDG
One button, two operations: redeem in-kind, then sell into the netted epoch. Priced at settlement, with the flow-impact fee shown in full before you file.
flow fee, quoted up front
Fifteen minutes, one price, one net trade.
Orders do not go to market as they arrive. They queue into a 15-minute epoch, and at settlement the creations and the redemptions are set against each other. Only the difference is executed — everything that matched has already cleared, internally, at the same price.
71% of the flow in this epoch cleared without touching a venue. The rest — $0.53m — is executed as a single order, and every participant in the epoch is filled at the same settled price.
Costs fall with the volume that never trades
Matched flow settles against itself at the epoch price. It pays no spread, no market impact and no venue fee, because it never reaches a venue.
There is no order to front-run
Nobody can see the net delta before the epoch closes, and inside an epoch the price is one price for everyone. A sandwich has nothing to sit either side of.
Rebalancing rides on the flow
Weights are corrected using the orders already arriving, not by scheduled trades on a published calendar — so there is no predictable rebalance window to trade against.
The market price is held to NAV by arithmetic.
Nothing here is a promise to defend a peg. The Sleeve tracks the value of what is in custody because there is always a profitable trade for anyone who notices it has drifted.
Each marked point is a trade that pays: the gap is the profit, and taking it is what closes it.
The price is anchored by a trade anyone can do
If a Sleeve trades above the value of its basket, minting at the protocol and selling into the market is profitable — and that selling pushes it back. Below NAV, the trade runs the other way: buy the Sleeve, redeem it in-kind, sell the constituents. The gap closes because closing it pays.
Redemption is what makes the anchor real
An arbitrage argument is only as good as the exit behind it. In-kind redemption is permissionless and always open, so the trade that closes a discount can always be completed — it does not depend on the protocol choosing to honour it that day.
Weights are corrected by flow, not by calendar
Drift is worked off using the creations and redemptions already arriving: a creation is filled in whichever constituents are underweight, a redemption drawn from whichever are over. There is no scheduled rebalance for anyone to trade ahead of.
An index shows a number. A Sleeve holds the asset.
Analytic indices compute a basket price and publish the weights. Sleeve Markets keeps the basket itself in custody, so the token is a claim on the asset rather than a reading of it.
| Axis | Analytics index | Sleeve Markets |
|---|---|---|
| What it is | A formula and a published composition | The tokenized shares themselves, in on-chain custody |
| What you hold | A number on a chart | A claim on the assets behind the number |
| Exit | None — it is analytics only | Redeem in-kind from custody, or USDG at the next epoch |
| Dividends | Not held, so nothing to distribute | Reinvested into NAV, time- and volume-weighted |
| Pricing | A formula NAV | The actual epoch fill, reconciled against custody |
| Rebalancing | A published calendar anyone can trade ahead of | Worked off with incoming flow — no scheduled trade |
| Verification | Trust the published number | The NAV Prover sums custody and asserts it equals NAV |
Seven sectors, held whole.
Each Sleeve is one sector of tokenized equities, bought at published weights and kept in on-chain custody. Every constituent and every target weight is public before you deposit anything.
The seven mega-caps as one basket — every name Chainlink-fed, rebalanced within on-chain guardrails.
SPY and QQQ with commodity hedges — one broad-market block held whole.
The chip supply chain — NVDA, MU, INTC and the fabs — in a single basket.
The compute and model names of the AI build-out, held as one block.
Big-box, streaming and the consumer megacaps, weighted and held whole.
Dividend-tilted blue chips. Distributions reinvest into NAV — no claim needed.
The crypto-treasury and fintech names — high-risk, priced from their own pools, held whole.
Read this before you file.
Sleeve Markets names the epoch and the fee on every order, and states its risks the same way. The full mechanics are in the docs.
- Custody is a multisig in V1
- The Custody Vault is held under a multisig with a 48h timelock, not a trustless contract-only design. Deposits are capped until the public audit of the Minter, Redeemer and Custody Vault completes.
- Base-exchange basis risk
- A Sleeve tracks tokenized shares whose price is set on the base exchange. Outside session hours NAV is struck from the prior close, and secondary-market premium or discount is not suppressed.
- Epoch timing risk
- Primary orders are batched and priced at settlement, not at the moment you file. If the epoch VWAP breaches the 50bps tolerance band the epoch cancels and your order rolls to the next cycle.
- The backstop is capped
- The Backstop Module is first-loss capital with a 30% slash cap. It absorbs a bounded amount of loss — it is not an insurance guarantee of principal.
Own the basket. Take it back whenever you like.
Every figure on this site reconciles to custody. Every order names its epoch and its fee before you sign it.