Protocol documentation

The perpetual settlement layer.

S&F makes perpetual positions work like tokens. Trade can happen anywhere, while the protocol handles collateral, prices, funding, and settlement.

Start reading View model
Settlement primitives
  • Oracle-round issuance
  • Tokenized exposure
  • Funding-rate liquidity
  • Secondary-market execution

Settlement stack

Execution stays competitive. Settlement stays canonical.

Execution venues

S&F app, AMMs, market makers, agents, and other venues compete on routing and UX.

Position tokens

Wallet-held Stip and Flip tokens carry perpetual exposure outside any single venue.

Protocol settlement

ETC contracts settle collateral, issuance, redemption, funding rate, oracle rounds, and pool accounting.

Tokenized positionsOTC issuance and redemptionSecondary-market tradingOpen oracle roundsFunding-rate liquidityETC collateral

Read by path

Pick the protocol layer you need.

Start here What is S&F?

Understand the protocol-native model: tokenized perpetual exposure, neutral settlement, and open execution.

Core thesis Settlement vs execution

See why OTC issuance and secondary-market trading are separate jobs in the protocol stack.

System model Settlement layer model

Trace how execution venues, position tokens, and ETC settlement fit together.

Use the app OTC and Market

Learn when to issue or redeem through OTC settlement and when to trade existing tokens instantly.

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