Markets
Each token tracks the price and dividends of a real company. You trade it, collect dividends, and settle everything in USDC. No stock broker.
How Trading Works
Deposit USDC. Go long or short. The pool takes the other side of every trade. Liquidity comes from the pool.
Long. Buy the token. Your position tracks the real price. You receive dividends in USDC.
Short. Click Short. The pool takes the other side. You profit if the price drops. You pay dividends to longs.
Market orders execute instantly. Limit orders sit at your price until filled.
Dividends
Nobody owns the real stock. When a dividend event occurs, USDC transfers between counterparties. Shorts pay. Longs receive. The Junior pool covers any imbalance.
The Dividend Oracle confirms each event. 10 validators independently scrape SEC filings. 8 of 10 must agree on the ex date, amount, and type. Settlement happens atomically in one block: price adjusts, longs credited, shorts debited. No gap.
How Prices Work
Navy tracks three data points for every asset. All three come from validators (independent operators who run the network).
Stock price. During US market hours (9:30 AM to 4:00 PM ET), validators pull the real time price from NYSE and Nasdaq. They use the NBBO midpoint: the average of the best bid and best ask across all US exchanges. This prevents manipulation from a single bad trade.
NAV. When a company files a quarterly report (10 Q) or annual report (10 K) with the SEC, validators independently read the filing and extract the Net Asset Value. If 8 of 10 validators agree, the on chain NAV updates. This is used to calculate the discount or premium.
Dividends. When a company declares a dividend (via 8 K filing with the SEC), validators extract the amount and ex date. If 8 of 10 agree, the dividend event is scheduled.
After market hours and on weekends, trading stays open but with tighter margin requirements. On Monday at market open, prices sync to the NYSE opening print.
NAV Discounts and Premiums
Market price vs NAV (what the company's assets are worth per share). Below NAV is a discount. Above NAV is a premium. Traders go long at discounts or short at premiums. Discounts can widen. Premiums can persist.
The dashboard shows both the Current Yield (dividend divided by market price) and the NAV Coverage (dividend divided by NAV). Current Yield is what you earn. NAV Coverage is how safe the dividend is.
Shorting
Click Short. No borrowing. No locate. No restrictions. Short any asset the day it lists.
When the market is skewed long, the funding rate (paid every 8 hours by the popular side) flows to shorts. This incentivizes balance.
Protections
Oracle Lock. When a company files a major disclosure, trading pauses for 5 minutes. No front running dividend announcements.
Commit Reveal. Orders are encrypted before execution. No sandwich attacks.
Accrued pricing. The Navy price includes the dividend earned so far (Market Price + Accrued Dividend). This is the "dirty price." It rises daily as yield accrues, then resets on the ex date when the dividend pays out. Buyers always pay for the yield already earned, so there is no edge in timing the ex date.
Fees
Trading fee: 0.10%.