Feature · Sep 2026 · Punch
Vaults and margin are live. Perps are a paper.
punch.markets ships vaults and onchain margin on Robinhood and Base. Flow KLP still takes deposits. Isolated perps and lose-to-earn are published design, not a live desk. Punch is moving; the layers are not the same product.
What is live on punch.markets
Punch Vaults take one-sided deposits into Uniswap ranges. Onchain margin is an Aegis book — spot, long, short, borrow, lend. It is not a perp and it has no funding rate. Those two surfaces are live on Robinhood and Base.
Flow KLP still takes deposits. The Punch UI does not take perp orders. Credit is marked soon. Do not read a live vault screen as a live isolated-perp desk.
What is still a paper
Lose-to-earn — rewards on win, loss, or liquidation if you lock PUNCH first — is the published perp design. PUNCH20 can be redeemed 20:1 to prepare that lock. That does not make Robinhood meme perps live.
Vaults and margin are shipping. Isolated perps are a document. Keep those sentences apart.
Two token stories, one fee path
Punch token docs cap PUNCH at 1B and back PUNCH20 with 50M. They describe PUNCH burns. They do not describe a FROTH burn. KittyPunch docs still mention a 10% Punch fee path into FROTH. We keep that as a studio-doc path, not a Punch-doc path.