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Liquidity/Earn USDG

FOREVER MARKETS

Earn USDG

One user-facing liquidity vault earns trading fees while isolated sleeves control market risk.

2 min readUpdated Aug 27, 2026Capped beta

One vault, one share price

Users deposit USDG and receive internal vault shares. Those shares represent a proportional claim on conservative global NAV across idle capital and every approved market sleeve.

The vault receives 80% of trading fees plus realized trader losses, and pays realized trader profits or uncovered losses within each sleeve’s cap.

Conservative NAV

Raw market liquidity overstates LP value when traders have profitable open positions. Forever subtracts aggregate positive open trader PnL before pricing deposits and withdrawals. Unrealized trader losses are not counted as LP profit until realized.

If an oracle is unavailable or stale, NAV uses the larger positive PnL at D = 0 and D = 1.

global NAV = idle USDG + Σ (sleeve liquidity − positive open trader PnL)

What LPs are exposed to

  • Trader PnL and liquidation shortfall

  • Oracle and smart-contract risk

  • Funding and inventory imbalance

  • Withdrawal delays when capital is reserved

  • Admin and upgrade-key risk during capped beta

Earn is not a savings account

Shares can lose value. The displayed APY, if any, is historical and never guaranteed.