Fund flow
How rewards move
Five steps. UETH in at mint. USDC out only if the treasury distributes it and your jet is staked. The deposit itself stays in the system.
01
Mint
You approve UETH and call mint. The fee goes to the dev wallet. The deposit goes to the vault. The NFT stores that deposit as its weight.
02
Treasury
The vault holds the UETH. An operator can send it only to addresses the Safe has allow-listed, after a delay on new destinations. The NFT contract cannot pull it back.
03
papertrade
The trading account moves UETH to HyperCore, sells it for USDC, and deposits USDC into its papertrade account. From 10 Oct 2026 that account can trade.
04
PAPER
Realised losses mint PAPER to the treasury account. The treasury stakes it. Staked PAPER can accrue USDC dividends. The tokens stay there because they cannot be transferred at launch.
05
Claim
USDC the treasury sends into the distributor is split by deposit weight across staked jets. You claim to your wallet. An unstaked jet’s share stays with the staked ones.
Staking, approach B
Rewards use an accumulator. The distributor tracks a running USDC-per-weight figure. Your pending amount is your staked weight times that figure, minus what was already accounted when you staked or last changed your position. Stake pulls the NFT into the distributor. Unstake pays what is pending and sends the NFT back. After that, the jet stops earning. If nobody is staked when USDC arrives, it waits until someone is.
A worked illustration
This is arithmetic, not a forecast. Suppose one F-35 is minted at full capacity and one Su-57 is minted at full capacity, and both are staked. The treasury later distributes 100 USDC into the distributor and nothing else is staked.
The F-35 weight is 0.25 / 0.35 of the distribution, about 71.43 USDC. The Su-57 weight is 0.10 / 0.35, about 28.57 USDC. If the F-35 is not staked, the illustration gives the full 100 USDC to the Su-57. Fees are not weight. A jet minted at the minimum deposit earns a smaller share than a jet minted at capacity.
What gets distributed
The default policy sends claimed PAPER dividends out to stakers. Trading profit stays as trading capital unless the treasury decides to distribute it. Cadence is weekly, and can be sooner when a large balance is sitting claimable. There is no published APR until real distributions exist. After that, any rate shown is trailing, for a stated period.