The tokens.

Two tokens per window. cHY is the calm share, sHY is the stress share, both dated to the window they were minted in. The pair is the product.

cHY.

The calm share, a plain token, dated to its window like its stress twin. It climbs as stress bets lose value and redeems at settlement for whatever the stress side gave up.

Its two risks, marking down on fear spikes and flat carry when stress demand is absent, are listed in the Quickstart risk list.

sHY, the stress share.

A transferable ERC20, dated to one window because a prediction needs a settlement date. A bet that stress lands high: it rises with stress, whether defaults or repricing. In calm it slides toward zero, and at settlement whatever it gave up belongs to the calm side.

Underneath.

Each dollar in escrow mints one cHY plus one sHY; merging one of each recovers the dollar. Details in Prices and exits.

What a holder can do.

• Hold, transfer, or sell either token. No position account.
• Merge a pair back into the escrowed dollar anytime.
• Supply or pledge cHY where a protocol accepts it.