Rent exposure by the minute.

Mithril is a time-priced, options-like primitive where renters stream rent for up or down exposure, and LPs earn that rent by supplying vault liquidity while temporarily giving up exposure on encumbered assets.

Testnet coming soonWhitepaper (soon)For LPs →

Exposure

Up / Down

Billing

Per minute

Settlement

Oracle tick

Network

Sui

Protocol

Two-sided system: renters buy time-based directional exposure; LPs sell exposure rights in exchange for rent.

Renters (Traders)

Pick a direction: Up or Down.
Pay rent over time; stop paying to exit.
Short-horizon positioning without long expiries.
Clear rules, deterministic settlement.

LPs (Vault liquidity)

Deposit liquidity to earn rent when utilization is active.
When liquidity is encumbered, you give up exposure on that portion.
Free liquidity is withdrawable; encumbered liquidity unlocks when positions end.
LP returns = rent earned − payouts to renters (funded by vault assets).

LPs earn rent by giving up exposure

LPs supply assets to a vault. As renters open exposure, a portion becomes encumbered. While encumbered, LPs earn rent, but the renter receives the price-move payoff for that portion.

Lifecycle

Deposit to a vault
Vault advertises capacity
Demand encumbers liquidity
Rent accrues to LPs
Unlock when exposure ends

Trade-offs

Exposure forfeited on encumbered liquidity
Temporary lock until positions end
Pricing risk if rent misprices realized moves
Oracle risk via settlement rules

Why LPs participate

Time-based yield (rent stream)
Utilization-driven rent can spike in demand
Transparent parameters and limits

Built on Sui

Sui's high throughput and fast finality make it an ideal home for Mithril.

Fast finality

Frequent updates with fast settlement and minimal latency.

Composable

Integrate with vaults, routers, and on-chain liquidity over time.

FAQ

Common questions.

Is this live?

Not yet, testnet is coming soon.

What does “rent exposure” mean?

You pay a time-based fee to hold directional exposure. Stop paying to exit.

What’s the LP model?

LPs earn rent while their liquidity is encumbered, but give up price movement rights on that portion.