🗓️Market Listing & Delisting

How assets join and leave the platform in an orderly way

Listing a new asset

Pre-open orders — 7 days before the new asset's markets launch, users can place one-sided limit orders. The book freezes 1 hour before opening.
Itayose — the opening auction sets a fair initial price. See Itayose.
Order book expansion — a newly listed asset typically starts with four order books (~1 year of maturities). One additional 3-month book is added each week until the full set of eight books (2 years) is reached, matching other assets. The starting count is decided per market: depending on liquidity, a market may open with fewer books (for example two, covering six months).

Delisting is gradual — no forced closures:

Auto-Roll stops for the asset: matured positions no longer roll into the next market.
Loans expire naturally at their maturity dates.
Repayment window — after maturity, borrowers have 1 week to repay. Unrepaid debt is then covered by liquidating the borrower's collateral, protecting lenders.
Redemption — after the repayment window, lenders redeem their principal plus interest in full.

Trading remains available throughout the delisting process so users can unwind or clean up positions at any point.

Last updated 9 days ago