Overview
Squeeth is a SOL squared power perpetual on 
Solana. It is one SPL token whose fair value is
token value in dollars = NF × SOL² / 100
At SOL = $100 and NF = 1, one token is worth about $100. Because the value is SOL squared, its moves are squared too:
| SOL moves | The token's index moves |
|---|---|
| −50% | −75% |
| −25% | −43.75% |
| +10% | +21% |
| +25% | +56.25% |
| ×2 | ×4 |
The idea is 
Paradigm's: Power Perpetuals, by Dave White, Dan Robinson and Zubin Koticha (2021). 
Opyn shipped it on 
Ethereum as Squeeth (ETH squared). This project builds the same mechanism for SOL as one Anchor program. We did not invent power perpetuals.
Who is on each side
| Side | What they do | What they get | What can happen to them |
|---|---|---|---|
| Holder (long) | Buys tokens from the pool with SOL and keeps them in a wallet | SOL squared exposure, no expiry | The token loses value when SOL falls. It can never be liquidated: there is no position behind it. |
| Short | Deposits SOL into a vault and mints tokens at 150% or more | Funding: every debt shrinks while the token trades above its index | Liquidated when the vault falls under 150% |
| Liquidator | Repays up to half of an unhealthy vault's debt | The repaid value plus 10%, paid in SOL from the vault | Nothing; anyone can do it at any moment |
| Liquidity provider | Adds SOL and tokens to the program's own pool | 0.3% of every swap | Ordinary constant product pool risk |
What the program does
- Keeps one market account (PDA
["market"]) that owns the token mint, the pool's token account and the pool's SOL. - Reads SOL/USD from the
Pyth receiver's price account and refuses anything older than 120 seconds, wider than 2% confidence, partially verified or for another feed. - Hosts a constant product pool (token against SOL, 0.3% fee) with a time-weighted price accumulator.
- Applies funding to the normalization factor NF on every mint, withdraw, liquidation and permissionless
poke.
Where it runs
The program runs on Solana mainnet at 5sNmL3fVsgLEBEQBiVHDR9gwrdUo2uEn7RWhcWhE8Qf6, with its market at BuUPDFRiV6pcc6UpHxLLKJCndPHscZuVBxRPmwK7auDc.