Five stars were computed from Planck’s law. The Planckian locus has one parameter, so Rigel and Vega landed 1.9° apart and Arcturus and Antares 0.1° apart — three distinguishable swatches from five stars, of which two are chromatic enough to use. The footer strip prints all five and you can see it.
Liquid positions · private execution
Hold the motion,not the mass.
A concentrated liquidity position earns only while it is immobile. Orrery mints an Ephemeris against it — a transferable ERC-20 whose price is computed from a position that never has to move — and settles trades through Transit, where an order is one observation in a batch instead of a broadcast in a queue.
- Instrument time
- —running at 11 days a second · ·
- Agreement with JPL
- 10.3′ worstmedian 0.39′ over 64 checks
- Protocol status
- Design0 contracts · 0 audits
Those are the real planets, solved for the instant printed above — it starts on your clock and then runs fast, because at the true rate the Earth moves one degree a day and an orrery is a still image. Heliocentric positions from JPL's own Keplerian elements, checked against the numerically-integrated ephemeris across 1800–2050. Radii are compressed the way every orrery ever built compresses them; angles are not. How that is measured.
The problem
A position cannot be earning and useful at the same time
On a concentrated-liquidity AMM your position is not a balance, it is an NFT: one price range, one pair, one accrued fee counter, indivisible. And every order you send is published before it settles, which is why the largest orders leak the most and pay the most for leaking.
What a position is today
- Not fungibleOne NFT, one range. It cannot be split, so a large position is one indivisible object rather than a divisible balance.
- Not collateralNo lending market lists a position NFT with a bespoke range, so capital that is earning cannot also secure a loan.
- Not sellableThere is no order book for a range. Exiting means an OTC negotiation or unwinding the position entirely.
- Not privateSize and direction are published to the mempool before settlement. The broadcast is itself the tradeable information.
What Orrery changes, and what it does not
- Fungible by constructionDeposits mint an ERC-20 against a pooled position. That part is a property of the token and is true on day one.
- Composable, conditionallyA fungible token is usable as collateral only where a lending market lists it. Orrery cannot confer that. No integration exists yet.
- Priced, not quotedRedemption is at computed NAV, from a buffer first and the position second — not at whatever an OTC counterparty offers.
- Batched, not hiddenTransit removes the pre-settlement broadcast. It does not make a settled trade private: settlement is public, on a public chain.
Three instruments
One mechanism, pointed at three problems
Each name is taken from the instrument this protocol is named after, and each has to earn it. If the astronomy does not describe what the contract does, the name is wrong.
ERC-20 receipt
Ephemeris
The claim you can carry.
Deposit into an Orbit and mint Ephemeris. Its price is the pooled position marked at the pool, plus harvested yield not yet reinvested, divided by supply. Harvest raises the price; it never mints you more units, so compounding needs nothing from you.
- Price is computed per block, not quoted
- Redeem from the buffer first, the position second
- Locked class stays transferable while it is locked
Private intent router
Transit
Many observations, one answer.
You sign an intent, not a transaction: what you want, what you will accept, and by when. Solvers bid. The winning fill settles inside a batch, so there is no public order sitting in a queue for the interval that made front-running possible.
- No pre-settlement broadcast of size or direction
- Limit is enforced at settlement, not at quote
- Gas payable in the asset being traded
Tokenised equities
Sidereal
Two clocks, one book.
The same intent path pointed at tokenised equities, where the hard problems are not cryptographic. They are that the reference market is shut 81% of the week, that it halts without warning, and that a share has corporate actions a token does not.
- Priced against a reference that closes
- Halts, splits and dividends are protocol events
- The least specified part of this design, and marked so
The mechanism
One input, and every wheel moves by a fixed ratio
An orrery has no discretion in it. Turn the handle and every wheel moves by an amount the tooth counts fixed at the moment they were cut. Four transitions, each with an identity attached, and nothing between them that requires a decision.
-
01
Depositassets_in → Orbit
One or both sides of the pair go into the Orbit — a Uniswap v4 pool whose hook holds the range. Single-sided deposits are routed through the same pool to reach the ratio, and the price impact of that routing is charged to the depositor, not socialised.
-
02
Mintshares = value_in ÷ NAV
Shares are minted at the price that holds at the moment of deposit. A deposit therefore cannot dilute an existing holder, and cannot be diluted by the next one.
-
03
HarvestNAV ← NAV + fees ÷ supply
Trading fees are collected and reinvested. Supply does not change; the price does. That is what makes the receipt compound without the holder ever touching it — and what makes a chart of NAV a chart of the position, not of the token’s popularity.
-
04
Redeemvalue_out = shares × NAV
Settled from the idle buffer where the buffer covers it, and by unwinding a proportional slice of the position where it does not. The second path carries market impact, and the holder taking it pays it.
Parallax
The number you are quoted and the number you keep
Depth is unmeasurable from one viewpoint and trivial from two. A single “APY” is the same failure — it collapses five quantities with different signs, different risks and different durability into one figure, and three of the five are negative.
Of the figure normally advertised, survives the three lines that are usually left off. Illustrative figures for one pair over one period; the arithmetic is checked at build time, the market data is not real.
Trading fees
+14.20%
Earned by the position. Real, and the only durable line here.
Emissions
+6.40%
Paid in ORR. Yield to you, dilution to every holder. Falls on a published schedule.
Rebalancing loss
−3.10%
Every range shift sells the asset that fell and buys the one that rose. Realised, not paper.
Divergence vs holding
−7.85%
What the pair would have been worth unpooled. The term the reference design never names.
Performance fee
−1.42%
10% of harvested trading fees. Charged before the NAV credit, so it moves price, not supply.
In practice
Three moves, and the third is optional
01
Connect and pick an Orbit
Each Orbit is one pair with one hook-managed range. Its parameters, bounds and current state are published on the Almanac before you deposit, not after.
02
Deposit and receive Ephemeris
Minted at the NAV that holds in your block. The receipt is a plain ERC-20 from that moment: transferable, divisible, and redeemable at computed price.
03
Lock, if the trade is worth it
Locking raises your share of emissions and gives you a vote on where the next epoch’s emissions go. It costs you the right to redeem until the term ends — though not the right to sell.
What holds and what does not
Guarantees, and the ones we cannot make yet
A security section that lists only the first half is marketing. Both halves are on this page, and the second half is longer.
Holds today
- Non-custodialDeposits sit in the pool the hook manages. There is no operator balance and no address that can move a depositor’s assets.
- Redemption is not gatedDetent — the emergency stop — halts deposits, rebalancing and routing. It does not halt redemption. A stop that traps holders is not a safety mechanism.
- Parameters are published with boundsEvery governance-adjustable value has a hard range enforced in the contract, so a compromised vote has a floor and a ceiling rather than a blank field.
- Price is derived, not assertedNAV is computed from pool state. Nobody publishes it and nobody can post a different one.
Does not hold yet
- No auditNo contract has been reviewed by anyone. There is no auditor engaged, no report, and no bug bounty. Nothing is deployed to any network.
- NAV marks at pool spotMint and redeem both price off the pool’s own price. Without a TWAP or a deviation band, a large enough single-block move is a mint-and-redeem attack. Specifying the guard is on the roadmap and is not done.
- MEV is relocated, not removedTransit takes your order out of a public queue and gives it to a solver set. That set does not exist yet: no registration, no bonding, no minimum count, no anti-collusion rule. With one solver, "best price wins" is a tautology.
- Composability is somebody else’s decisionEphemeris is usable as collateral only where a lending market lists it. No listing has been agreed, so treat "composable" as a property of the token’s shape, not of its acceptance.
Composability
The logo wall this section would normally be
Every protocol at this stage prints a row of partner marks. Orrery has no integrations, so it has no marks to print — and a row of them would be the single most misleading thing on the site, because “composable” is a claim about other people’s contracts, not about ours.
A lending market listing Ephemerisnonewith its own oracle for NAV and its own view on liquidation. Not requested.
A venue making a two-sided marketnoneso that "sellable" means an executable bid rather than a transfer function. Not requested.
A solver set with more than one solvernonecompeting on price, bonded against misbehaviour. Not built.
A tokenised-equity issuernonewhose transfer restrictions can coexist with a bearer share token. Not approached.
When one of these is real it will appear here with a contract address and a date. Until then the row stays empty, which is information.
What is measured here
The real numbers on this page are about the page
Three things on this site were measured rather than asserted: where the planets are, what colours the physics allows, and how much of it is deployed.
10.3′
Worst disagreement with JPL Horizons
The planets in the hero are where the planets are. js/kepler.js — the module the canvas runs, not a copy of it — is checked against the numerically-integrated ephemeris at 64 points spanning 1800–2050. Median 0.39′. The Moon is about 31′ across, so the worst case is a third of a Moon and the typical case an eightieth.
0
Contracts deployed
On any network, testnets included. This is a design.
0
Audits completed
And none commissioned. The security page says so at the top rather than at the bottom.
2
Pairs that came out the same colour
15
Parameters published unset
Of 17 parameters, 15 have no value yet and are listed with their bound anyway. A table with a hole in it is worse than no table, because you find the hole at sea.
Questions
The ones with uncomfortable answers
What exactly is an Ephemeris?
A plain ERC-20. It represents a proportional claim on one Orbit’s pooled liquidity position and on the yield accrued inside it. Its price is computed — the position marked at the pool, plus harvested-but-unreinvested yield, divided by supply — so it is not quoted by anyone and cannot be posted incorrectly.
What is actually private?
The interval between wanting a trade and settling it. Today that interval is a public broadcast of your size and direction; under Transit it is a signed intent that only the solver set sees, filled inside a batch. Settlement itself is a public transaction on a public chain and is not private, and anyone can read it afterwards.
Why is this the least finished part?
Because the difficulty is not on-chain. A tokenised share references a market that is open six and a half hours a day, five days a week, and closed for holidays — roughly 19% of the week. The rest of the time there is a price on-chain and no price to check it against.
What is the largest risk?
Divergence loss on the pooled position, by a wide margin. A concentrated range that is actively rebalanced sells the falling asset and buys the rising one at every shift, and the loss is realised rather than paper. The Parallax breakdown puts it on the page beside the fees rather than under them.
Why does my balance never go up?
Because harvest raises the price rather than minting units. Reinvesting fees into the position increases what each share is worth; a chart of NAV is therefore a chart of the position and not of the token’s popularity. It also means there is no rebase to break integrations.
Every parameter, including the empty ones
The Almanac is the whole design: the mechanism, each parameter with its hard bound, a fee table that shows its holes, and the seven problems this design has not solved.