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PUNCH DOCS: ONCHAIN MARGIN

MARGIN TRADING. BUILT ON AEGIS.

Punch onchain margin is Long, Short, borrow, and lend on a Uniswap v4 book, built on Aegis Engine and Aegis DFM. It is not a perp and it is not a Punch Vault.

WHAT THIS IS

Punch runs margin trading on Aegis. Aegis attaches to a Uniswap v4 pool and does not replace the AMM. Engine sits on Aegis DFM: the same hook sets the live swap fee. The desk is Spot, Long, Short, Borrow, Lend, and Manage. Engine actions go through AegisRouterV1. Direct-pool Spot uses Uniswap Universal Router.

The same token can appear in a Punch Vault. That vault is a separate Uniswap v3 LP product. This page is Punch margin on the v4 book.

PROTOCOL LAYER

Punch is the margin desk. Aegis is the Engine and DFM layer under it. Contract detail is in docs.aegis.markets.

AEGIS ENGINE

Engine turns the pool's full-range liquidity into a book you can lend to and borrow from. Tokens stay in Uniswap v4. Punch does not hold them.

  • Lend. Deposit into the book. You get shares in that pool only. You earn swap fees and interest from borrowers. A one-token add sells into the book to make the other side. First supply on an empty book needs both tokens. Withdraw can wait while the book is in use.
  • Borrow, Long, Short. You open a position on one pool, deposit, and borrow from that book. Long deposits the token and buys more of it. Short deposits the other side and sells the token. Open, adjust, and close are one transaction. Debt grows with interest. There is no funding rate.
  • Health. The book checks the position against the pool itself, not a USD feed. Keepers can reduce or close an unhealthy position. Punch does not manage it for you.

AEGIS DYNAMIC FEES

Every swap through an Aegis book pays a live fee: everyday plus any extra. The next trade pays both, whether you buy, Long, Short, or trade through the book.

  • Everyday. Moves slowly with how jumpy the book has been.
  • Extra. Turns on after a sudden move and fades if the book stays calm. Another jump can turn it back on.

The live number is on the market page. Quote at trade time. A stale fee can move before you confirm.