Pips — Season 3
Pips measure your contribution to Panoptic. In Season 3, they are earned by paying trading fees in eligible markets and are distributed in fixed-size campaigns.
Campaign 1 is live. It awards 100,000,000 Pips for activity in the WETH/USDC 5-bps market (Uniswap v3), starting August 24, 2026.
| Season | Market | Pips | Status |
|---|---|---|---|
| Season 1 | Panoptic v1 | 1,498,552,867 | Final |
| Season 2 | ETH/USDC 30-bps (v4) | 40,000,000 | Final |
| Season 3 · Campaign 1 | WETH/USDC 5-bps (v3) | 100,000,000 | Live |
Season 1 and Season 2 balances are frozen and carried on your account. Nothing you earned expires.
How you earn
Season 3 awards Pips on fees paid. Two kinds of fees count:
- Opening commission — the commission charged when you open a position or a loan (currently 3 bps of notional).
- Option premium fees — the 2.5% fee on option premium, whether you earn the premium or owe it. It accrues daily while a position is open — you don't need to close to be credited.
Want more Pips? Trade more. Your share of each day's pot scales directly with your activity: more volume means more commissions, and more open positions mean more premium accruing — every dollar of fees counts. Start trading →
Each UTC day has its own Pips pot. At the end of the day, that pot is shared among all accounts in proportion to the fees each account paid that day.
Open positions are snapshotted daily: the premium fees accrued that day are counted toward your fees paid even if the position stays open — unrealized premium earns Pips the day it accrues, not when you close. Only completed (finalized) days count, so your total updates once per day rather than tick by tick.
Depositing into the PLP and Unicorn vaults also earns: fees paid by a vault pass through to its depositors, in proportion to how long their deposits were held that day. Deposits outside these vaults do not earn Pips in Campaign 1.
There is no longer a depositor/trader split, and profit or loss is irrelevant — only fees paid matter.
Campaigns and how they end
Season 3 runs as a sequence of campaigns. Each campaign has a fixed Pips allocation and ends when the market reaches an undisclosed revenue milestone. When the milestone is crossed, the campaign ends at the end of that UTC day — and that final day is paid out in full, so activity on the last day is never wasted.
When a campaign ends, the next one begins immediately — its market and size are announced at that moment, so there is no gap in earning. More of the campaign mechanics will be disclosed progressively as Season 3 advances.
Pips and the token
Campaign 1's 100,000,000 Pips correspond to 0.5% of the total token supply. Each campaign's supply allocation is set when the campaign starts and will not be revised afterward. Future campaigns may award different amounts of Pips against their own allocations, announced as each campaign launches. The mechanics of any token distribution — timing, structure, and per-account eligibility — have not been finalized. Pips are non-transferable, and no individual account holds a claim on tokens until a token distribution is formally announced.
Boosts
Campaign 1 launches with no boosts active. When boosts arrive, they multiply your daily fee share — they redistribute the fixed daily pot rather than inflating it — and will be announced before they take effect.
Boosts are coming soon, and they will reward consistency and engagement: showing up every day, building on your activity over time, and bringing others to Panoptic will all count for more. Staying active now means you're positioned to benefit the moment they go live.
Fair play
Pips reward genuine trading, and all fee-paying activity earns. In exceptional cases — such as large-scale manipulation aimed at capturing a campaign's allocation — Panoptic may withhold Pips from the accounts involved, at its sole discretion.
Eligibility
The Pips program and any future token distribution are not available to persons in jurisdictions where participation would be restricted or unlawful, including sanctioned jurisdictions. Residents of these jurisdictions may accrue Pips on the leaderboard, but such Pips carry no entitlement to any distribution.
FAQ
What is a Pip? Is it a token? A Pip is an off-chain point tracking your contribution to the protocol. It is not a token and cannot be traded or transferred.
How do I start earning? Open a position or a loan in the eligible market, or deposit into the PLP or Unicorn vaults. Commissions and premium fees you pay earn Pips automatically — no registration needed.
Why isn't my Pips number updating in real time? Pips are settled per UTC day. Your total includes finalized days only, so it updates once per day.
Do I earn on premium I receive, or only premium I pay? Both directions count: the 2.5% premium fee earns Pips whether you earn the premium or owe it.
Do I have to close my position to get credited? No. Premium fees accrue daily while the position stays open.
Do losses reduce my Pips? No. Pips are based on fees paid, not PnL.
Which markets are eligible? Will more be added? Campaign 1 covers only the WETH/USDC 5-bps v3 market. Future campaigns may use other markets; each is announced when the campaign starts.
What is the Pips-per-dollar rate? The daily pot is proportional to that day's share of the campaign; the exact revenue milestone — and therefore the rate — is not disclosed during the campaign.
Do my Season 1 and Season 2 Pips still count? Yes. Prior seasons are final and your balances carry forward alongside Season 3 earnings.
Why did the campaign end when it did? Campaigns end on the revenue milestone, not a calendar date. The final day is paid in full, so ongoing activity is credited through the end.
Do fees routed through a builder code earn the same? Yes. Your full fee counts, regardless of how it is split between the protocol and a builder.
How does the vault pass-through work exactly? Each day, the Pips a vault earns from its fees are split among its depositors in proportion to how long each deposit was held during that day. Vault addresses themselves do not appear on the leaderboard.
When are boosts coming, and what will they do? They'll be announced before going live. Boosts multiply your share of the daily pot; they don't create extra Pips.
Program terms — eligible markets, fee types, boosts, and similar mechanics — may evolve between campaigns. Each campaign's Pips total and its share of token supply are set when the campaign starts. Statements about the timing and structure of any future token distribution are forward-looking.
