Protocol workspace
Capital & PUT
Is the redemption backing sound? See where the collateral sits, what it is earning, and what can stop it leaving.
Key figures
calculated · sum of observed strategy deployments
Deployed into strategies
$51.41M
Methodology & sourcecalculated · observed collateral minus deployments
Undeployed in wrappers
$21.40
Methodology & source“Backing” here is the observed collateral balance, not a coverage ratio. Flying Tulip does not publish the obligations denominator, so FT Pulse does not infer one.
Collateral → yield wrapper → strategy
PUT capital flow
Current snapshot from the latest published collateral and deployment observations. Range controls on the history charts below do not change this snapshot.
Collateral in $51.41MDeployed $51.41M (100.00%)Undeployed $21.40Flow conserved
0xa0b8…eb48 to 0xa0b8…eb48 vault$22.53M
43.82% of total collateral
0xa0b8…eb48 vault to Aave$6.79M
13.21% of total collateral
0xa0b8…eb48 vault to Spark$15.74M
30.61% of total collateral
0xdac1…1ec7 to 0xdac1…1ec7 vault$17.31M
33.67% of total collateral
0xdac1…1ec7 vault to Spark$17.31M
33.67% of total collateral
0xdac1…1ec7 vault to Aave$3.00
0.00% of total collateral
0xdac1…1ec7 vault to Undeployed$21.40
0.00% of total collateral
0xc02a…6cc2 to 0xc02a…6cc2 vault$11.50M
22.37% of total collateral
0xc02a…6cc2 vault to Spark$8.81M
17.14% of total collateral
0xc02a…6cc2 vault to Lido$2.69M
5.23% of total collateral
0x4c9e…68b3 to 0x4c9e…68b3 vault$71.9K
0.14% of total collateral
0x4c9e…68b3 vault to Aave$71.9K
0.14% of total collateral
0xdc03…384f to 0xdc03…384f vault$2.4K
0.00% of total collateral
0xdc03…384f vault to Aave$2.4K
0.00% of total collateral
0xc139…ac1c to 0xc139…ac1c vault$109.76
0.00% of total collateral
0xc139…ac1c vault to Aave$109.76
0.00% of total collateral
| Source | Destination | Flow | Share of backing |
|---|---|---|---|
| 0xa0b8…eb48 | 0xa0b8…eb48 vault | $22.53M | 43.82% |
| 0xa0b8…eb48 vault | Aave | $6.79M | 13.21% |
| 0xa0b8…eb48 vault | Spark | $15.74M | 30.61% |
| 0xdac1…1ec7 | 0xdac1…1ec7 vault | $17.31M | 33.67% |
| 0xdac1…1ec7 vault | Spark | $17.31M | 33.67% |
| 0xdac1…1ec7 vault | Aave | $3.00 | 0.00% |
| 0xdac1…1ec7 vault | Undeployed | $21.40 | 0.00% |
| 0xc02a…6cc2 | 0xc02a…6cc2 vault | $11.50M | 22.37% |
| 0xc02a…6cc2 vault | Spark | $8.81M | 17.14% |
| 0xc02a…6cc2 vault | Lido | $2.69M | 5.23% |
| 0x4c9e…68b3 | 0x4c9e…68b3 vault | $71.9K | 0.14% |
| 0x4c9e…68b3 vault | Aave | $71.9K | 0.14% |
| 0xdc03…384f | 0xdc03…384f vault | $2.4K | 0.00% |
| 0xdc03…384f vault | Aave | $2.4K | 0.00% |
| 0xc139…ac1c | 0xc139…ac1c vault | $109.76 | 0.00% |
| 0xc139…ac1c vault | Aave | $109.76 | 0.00% |
Current · 5m ago·Flying Tulip API · /status/put/dashboard··
Source, methodology and coverage
Observed at
Classobserved — Read directly from the source. Not derived.
MethodologyHow much of the PUT collateral is currently working inside each external yield strategy (Aave, Spark, Lido and so on), in dollars. Strategies are read from collaterals[].vaultInfo.strategies — NOT from a top-level strategies key (the PoC read the wrong path; the production contract fixes it). Feeds signature visualization A, the capital-flow Sankey (collateral → yield wrapper → strategy). Flow conservation is tested, so capital is never double-counted across the diagram, and only relationships actually present in first-party data are drawn. No threshold. PRODUCT.md §8 has a critical rule for strategy allocation drift greater than 5 percentage points, but that rule needs the allocation PERCENT (deployedPct), which the current contract does not publish — only the dollar amount. Adding the rule requires a contract version that emits the percentage. Full methodology
SourceFlying Tulip API · /status/put/dashboard — First-party collateral, strategy deployment and circuit-breaker state by chain. Mis-scaled FT-denominated fields are quarantined and never shown. Collection contract is enabled on a cadence of 5 minutes.
Click a row to open its detail
Strategies
| Strategy | Chain | Deployed (USD) | Share of deployed (%) | Share of backing (%) | Weighted APY (%) | Collateral | Address |
|---|---|---|---|---|---|---|---|
| Ethereum | $41.86M | 81.41% | 81.41% | 2.79% | 0xa0b8…eb48, 0xc02a…6cc2, 0xdac1…1ec7 | 0x3f53…0aeb+2 more | |
| Ethereum | $6.87M | 13.35% | 13.35% | 3.20% | 0x4c9e…68b3, 0xa0b8…eb48, 0xc139…ac1c, 0xdac1…1ec7, 0xdc03…384f | 0x061d…eadb+4 more | |
| Ethereum | $2.69M | 5.23% | 5.23% | 0.00% | 0xc02a…6cc2 | 0xae7a…fe84 |
Rows 1–3 of 3
1 / 1
Share is computed from deployed dollars, never from the upstream deployedPctfield — that field does not reconcile (the WETH vault reports Spark at 100% and Lido at 30.5% of the same vault). Weighted APY is capital-weighted across each protocol’s deployments on that chain; a deployment with no observed APY contributes its capital but not its rate.
PUT collateral value — the only PUT value series we publish
Collateral backing over time
All 30 in 30D
Ethereum: latest $51.41M (2026-07-17 00:00 UTC). Over the last 30 days it moved down $383.7K, from $51.80M to $51.41M. Range low $50.62M on 2026-06-30, high $52.24M on 2026-07-14, across 30 observations. Sources: Flying Tulip API · /status/put/dashboard.
Current · 11h ago·Flying Tulip API · /status/put/dashboard··
Source, methodology and coverage
Observed at
Classobserved — Read directly from the source. Not derived.
MethodologyThe dollar value of the collateral standing behind the put obligation, one point per day. This is the history of the headline backing figure — the same money, tracked over time. From the collateralPutValues daily series. This is the ONLY value series published from the PUT dashboard: ftPutValues, ftWithdrawnValues and cumulativeFtBurned are quarantined for an undocumented ~1e15 scale defect and are plotted nowhere. A daily bucket is a snapshot, not a flow, so a range aggregates as LAST — adding consecutive days together would count the same collateral once per day. A stock, so the series and the headline put_collateral_usd must agree at the latest point (fixture observed 2026-07-13: $51.53M). Full methodology
SourceFlying Tulip API · /status/put/dashboard — First-party collateral, strategy deployment and circuit-breaker state by chain. Mis-scaled FT-denominated fields are quarantined and never shown. Collection contract is enabled on a cadence of 5 minutes.
Cumulative, harvested from the strategies
Yield claimed
All 4 in 30D
Ethereum: latest $1.08M (2026-07-13 00:00 UTC). Over the last 30 days it moved up $81.0K, from $997.6K to $1.08M. Range low $997.6K on 2026-06-22, high $1.08M on 2026-07-13, across 4 observations. Sources: Flying Tulip API · /status/put/dashboard.
Current · 4d ago·Flying Tulip API · /status/put/dashboard··
Source, methodology and coverage
Observed at
Classobserved — Read directly from the source. Not derived.
MethodologyThe running total of yield the PUT vault has harvested from its strategies, one point per UTC week. CUMULATIVE, so it aggregates as LAST and never as SUM. Adding two weekly snapshots of a running total together would count every dollar of yield twice. The upstream series is Monday-labelled and weekly. Freshness accepts the current partial UTC week or the previous completed UTC week, while independently requiring a current collection. This is strategy yield earned BY the vault. It is not application-fee revenue, and the two are never added — see the Revenue workspace and discrepancy_fees. Full methodology
SourceFlying Tulip API · /status/put/dashboard — First-party collateral, strategy deployment and circuit-breaker state by chain. Mis-scaled FT-denominated fields are quarantined and never shown. Collection contract is enabled on a cadence of 5 minutes.
Backing is not the same as exit headroom
Withdrawal capacity by collateral
The vault reports $51.41M of collateral across these assets and only $2.17M as withdrawable now under the reported breaker state. The tightest reported headroom is USDC on Ethereum at 3.5% of its backing.
Collateral backing Withdrawable now Capital divesting
- Liquidity normal
USDC · Ethereum
0xa0b869…06eb48
Collateral$22.53MWithdrawable now$786.8KCapital divesting$954.93Breaker used: 0.0 bpsProtocol share of token supply: 0.00%Current · 5m ago - Liquidity normal
USDT · Ethereum
0xdac17f…831ec7
Collateral$17.31MWithdrawable now$865.5KCapital divesting$1.9KBreaker used: 0.0 bpsProtocol share of token supply: 0.00%Current · 5m ago - Liquidity normal
WETH · Ethereum
0xc02aaa…756cc2
Collateral$11.50MWithdrawable now$440.6KCapital divesting$36.8KBreaker used: 0.0 bpsProtocol share of token supply: 0.00%Current · 5m ago - Liquidity state unavailable
USDe · Ethereum
0x4c9edd…1e68b3
Collateral$71.9KWithdrawable now$71.9KCapital divesting$17.09Breaker used: unavailableProtocol share of token supply: 0.00%Current · 5m ago - Liquidity state unavailable
USDS · Ethereum
0xdc035d…07384f
Collateral$2.4KWithdrawable now$2.4KCapital divesting$89.12Breaker used: unavailableProtocol share of token supply: 0.00%Current · 5m ago - Liquidity state unavailable
USDtb · Ethereum
0xc13919…18ac1c
Collateral$109.76Withdrawable now$109.76Capital divesting$100.00Breaker used: unavailableProtocol share of token supply: 0.00%Current · 5m ago
View exact values as a table
| Asset | Chain | Collateral | Withdrawable now | Capital divesting | Breaker used | Observed |
|---|---|---|---|---|---|---|
| USDC | Ethereum | $22.53M | $786.8K | $954.93 | 0.0 bps | |
| USDT | Ethereum | $17.31M | $865.5K | $1.9K | 0.0 bps | |
| WETH | Ethereum | $11.50M | $440.6K | $36.8K | 0.0 bps | |
| USDe | Ethereum | $71.9K | $71.9K | $17.09 | Unavailable | |
| USDS | Ethereum | $2.4K | $2.4K | $89.12 | Unavailable | |
| USDtb | Ethereum | $109.76 | $109.76 | $100.00 | Unavailable |
Current · 5m ago·Flying Tulip API · /status/put/dashboard··
Source, methodology and coverage
Observed at
Classobserved — Read directly from the source. Not derived.
MethodologyHow much of the put backing each individual asset provides, in dollars — how much of the $51.5M is USDC, how much is WETH, and so on. The SOURCE layer of signature visualization A: each asset is one collateral node, and its supply is the capital that node routes into its vault. Summed across assets it reconciles to put_collateral_usd, and the Sankey test asserts that it does. Keyed on the collateral CONTRACT ADDRESS, not the symbol. Symbols are reused across chains and re-pointed upstream; addresses are not. Full methodology
SourceFlying Tulip API · /status/put/dashboard — First-party collateral, strategy deployment and circuit-breaker state by chain. Mis-scaled FT-denominated fields are quarantined and never shown. Collection contract is enabled on a cadence of 5 minutes.
What can stop the capital leaving
Circuit breaker
EthereumArmed
- Withdrawal buffer
- $2.09MWhat can leave right now before throttling.
- Monitored value
- $51.34MThe base the draw limit is computed against.
- Max draw rate
- 500.0 bps (5.00%)A configured parameter, not a measurement.
- Replenishment
- Fully replenishedUntil the buffer is full again.
Current · 5m ago·Flying Tulip API · /status/put/dashboard··
Source, methodology and coverage
Observed at
Classobserved — Read directly from the source. Not derived.
MethodologyWhether the PUT vault's circuit breaker is currently armed and limiting how fast capital can leave. The breaker limits the draw rate (maxDrawRateBps, fixture observed 2026-07-13: 500 = 5%) over a 6-hour main window with a 2-hour elastic window. Active does not mean tripped — it means the control is armed. Every transition is an event, and history accrues from the day collection starts. Nobody else keeps this history. Full methodology
SourceFlying Tulip API · /status/put/dashboard — First-party collateral, strategy deployment and circuit-breaker state by chain. Mis-scaled FT-denominated fields are quarantined and never shown. Collection contract is enabled on a cadence of 5 minutes.
Charting by TradingView — TradingView