Yield

Your payout is paid at the start of each cycle by the Print liquidity pool and credited straight to your order, where it stays as part of your locked margin rather than being paid out. It is shown as an annualized APY. Each cycle’s payout is sized from your original deposit and current market conditions — it isn’t calculated on the yield you’ve already banked, so payouts don’t snowball. What the banked yield does do is add to your margin, which nudges your liquidation price a little further from your target each cycle. Four things push each payout up:

• Conviction (target distance). The closer your target is to the current market price, the higher the yield — you’re more likely to fill, so the pool pays you more to wait.
• Leverage. More leverage means a larger position, which means a larger payout.
• Market volatility. The more the market is moving, the larger the payout.
• Cycle length. Each payout covers a whole cycle, so a 7-day or 30-day block pays much more per payout than a 24-hour one — it just arrives once a week or once a month instead of daily.

Because the first three are read fresh at every roll-over, the same order can pay very different amounts from one cycle to the next. No trading fee is taken out of your yield. The protocol applies an internal floor and ceiling to the rate, so the very tightest targets don’t pay disproportionately. Your APY isn’t fixed. It’s recalculated every cycle from current market conditions, and every roll-over re-prices at the new market — so expect it to move over time.