TESSELEXGPU derivatives venueA compute derivatives market.
AI teams rent GPUs at floating hourly rates, and most of that exposure is still carried unhedged. Tesselex lists cash-settled forwards, options and a basis swap on GPU-hour rates — priced against a multi-source rental index, cleared on-chain, collateral held by the clearing contract rather than by us.
Trading is invite-only during the guarded launch — access by invite, a house-funded clearing pool, and limits that lift on evidence rather than on a date. Every number below is public and needs no invite; to trade, ask for one in our Discord.
On-chain marks
Waiting for the published index.H100 index
Explore
the market.
GPU rental rates, by tier.
Select a tier to inspect its history.
All index prices
Venue at a glance
Ledger residual is the clearing pool's accounting identity, recomputed from public state. Zero means the books balance to the wei. It is not a guarantee that every claim is covered in a crash — margin, the insurance fund and, past it, socialisation are what stand behind that.
From observations
to one price.
Rental markets
We collect GPU rental listings from independent compute markets. Each observation carries its source, hardware specification and timestamp.
Source availability varies by tier. Published market data shows source counts and distinguishes live marks from frozen ones.
Normalize
Listings are matched to the correct GPU tier and compared in USD per GPU-hour, with hardware interconnect adjustments where relevant.
The goal is a comparable rate for the same underlying hardware, rather than a mixture of unrelated GPU models and listing formats.
Aggregate
Qualified observations are combined into a single tier index in USD per GPU-hour.
A tier that cannot be priced freezes rather than fabricating a price. Frozen tiers are marked STALE on the tape. The composite and H200−H100 basis are derived from the tier marks.
On-chain print
Index marks are published on-chain, where anyone can read the value, the print timestamp and its age.
The signer keys are house-held today. Independent signers are part of the planned second phase; the current setup is disclosed openly.
Settlement
At expiry, contracts use a 72-hour time-weighted average of the index. Gains and losses are cash-settled through the clearing contract, with no GPU delivery.
Margin, the insurance fund and, beyond it, socialisation determine loss handling. A balanced clearing ledger is not a guarantee that every claim is covered in a crash.
Market data.
| Index | Mark $/GPU-hr | 24h | Sources | Last print | Status |
|---|---|---|---|---|---|
| loading… | |||||
Each tier mark is posted on-chain and readable by anyone, with its source count, age and status. A tier that cannot be priced freezes: it never fabricates. Independent signers are Phase 2. The composite and the H200−H100 basis are derived from those tier marks, not polled directly.
Products.
Interaction: drag the expiry rate · switch instrument
Forwards.
Fix a GPU-hour rate for a future month. Cash-settled on a 72-hour TWAP at expiry.
Options.
European calls and puts across a strike ladder, priced Black-76. The ladder re-grids itself as the index moves.
Basis swaps.
One tier against another — the H200−H100 spread without outright exposure.
Contract specifications
| Contract unit | — |
| Quotation | USD per GPU-hour, settled in USDC (testnet mock) |
| Settlement | Cash. 72-hour TWAP of the index at expiry — no delivery. |
| Initial margin | — |
| Maintenance | — |
| Execution | Request-for-quote. Makers return signed firm quotes. |
| Liquidity | — |
| Listed expiries | — |
| Trading hours | Continuous. Clearing on-chain, Base Sepolia. |
Roadmap.
Q1 2027.
- Independent signer set: the on-chain quorum moves off a single operator to external parties.
- Dispute panel seated, so a contested mark has a resolver who isn't us.
- Every live tier carried above the settlement grade, not just the majors.
Q2 2027.
- Named-firm security audit of the contract core, published in full — findings and dispositions.
- Public audit contest over the same freeze.
- Hardware-backed key custody; governance keys to a multisig.
Q3 2027.
- Options to production grade: calibrated shock grid and vol add-on, portfolio netting across legs.
- Programmatic access generally available — agent API and MCP, metered.
- Compliance screening integrated with a real provider rather than an attestation stub.
Q4 2027.
- Mainnet under guarded launch: per-product OI caps, withdrawals never pausable.
- Capital limits lifted on evidence — settled notional and clean solvency runs, not a calendar.
Targets, not commitments — this is a testnet venue and the sequence is what we intend to build, in the order we intend to build it. Partnerships, listings and regulatory status are absent by policy: we publish those once they are official, never as plans.
Clearing & solvency.
The clearing pool must equal the sum of every account, to the wei, at every block. This page re-derives that identity in your browser from the published snapshot, reports whether it closes, and states the snapshot's age. Same endpoint, no key required. Closing to the wei means the books balance; it is not a proof that every claim would be covered in a crash. That depends on margin, the insurance fund and, past it, socialisation.
# verify from your own machine $ curl https://tesselex.xyz/v1/solvency
Getting started.
Illustrative walkthrough. No orders are submitted here.
Redeem an invite
You're funded with $100,000 of test USDC, which has no value. Real prices; nothing you own is on the line.
Connect a wallet
One signature to sign in. Your wallet signs every trade thereafter.
Quote and fill
Firm quotes from the venue's house market makers. Sign to fill; positions settle on-chain.