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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. Three things push your yield 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.
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.