How to read Pts/$

Pts/$ is a market's points multiplier divided by the share of the underlying that one YT costs. A dollar of YT buys exposure to more than a dollar of the underlying, because YT is only the yield half of what the underlying costs, and the multiplier then applies on top of that exposure.

As an illustration and not a live figure: a YT trading at 3% of par is 33x exposure on its own. Multiply that by the market's points multiplier and you have its Pts/$.

The multiplier is not one number a programme publishes. It is the larger of two figures on record here, the market's and the campaign's, and where neither is on record the term falls back to one — which is the state the dagger below marks. So a Pts/$ figure can move because a price moved, because a record was updated, or both.

The share one YT costs is not a published field, so the figure a row shows and the multiplier beside it are what this page prints; the division between them is the formula above, and it is yours to do.

The row below is the first on the board that has a reported multiplier and no flag against it. Its multiplier and its Pts/$ are both published fields, and the third term in the formula — the share of the underlying its YT costs — is not, which is why the arithmetic is not shown.

USDai on Arbitrum — multiplier ×25, Pts/$ 814.

Pts/$

points exposure per dollar: this market's points multiplier divided by the share of the underlying that YT costs

Pts/$ †

YT price leverage per dollar. No points multiplier has been reported for this market, so this is how much exposure a dollar buys — not a points multiple. Multiply by the programme's own multiplier when you learn it.

A Pts/$ figure marked † has no reported multiplier behind it, so it is that price leverage alone — how much exposure a dollar buys, not how many points. Compare a † figure only with another †.

The two are different quantities and not two sizes of one. They do not rank against each other and they do not sum: a large † figure is not more points than a small plain one, because it is not a points quantity at all. Multiply it by the programme's own multiplier when you learn it, and it becomes one.

That is why the two lists further down are two lists. Ordering them together would put a number with no unit at the top.

It is not an APY. Pts/$ is a quantity per dollar deployed, not a return over a period, and there is no period in it to annualise.

It is also not a valuation. Nothing on this site converts points into money: what a point turns out to be worth is decided by a programme long after these figures are read, and no figure here anticipates it.

No points emission rate exists anywhere in this data, so nothing here is per day. Pts/$ cannot be divided into a daily figure of points.

It is a reading at the price the board last took. It moves when the YT price moves and when a multiplier on record changes, and it carries no claim about how long it will hold.

Pts/$ does not say what the points will be worth, whether a programme will distribute anything, or when. Whether and when are the airdrop and date columns' subject. What a point is worth, this site does not say at all.

It does not say what holding the position costs. YT decays to zero over the life of the market, and Carry on the board is that other side of the number.

It does not say the multiplier is still in force. It is the larger of the figures on record here, and a programme can change or end one before that record moves.

And it does not carry the board's flags. A market the board has flagged is left out of the lists below and counted beneath each one instead.

These are the top few of each kind. The board carries every live market and sorts on Pts/$; the public JSON endpoint documents points_basis, the field that says which of the two lists below a market belongs in.

With a reported multiplier

32 markets of this kind are left out of this list because the board flagged them.

With no reported multiplier (†)

11 markets of this kind are left out of this list because the board flagged them.