How fxUSD Observer classifies and displays data

1. Overview

fxUSD Observer is an independent dashboard that aggregates publicly available data about yield and lending opportunities in the f(x) Protocol ecosystem. Data is collected from protocol APIs, provider APIs, a static internal registry, and on-chain-derived values.

• All metrics are indicative and provided for informational purposes.
• APR, APY, and TVL values can change quickly and may be delayed.
• Some opportunities expose live data; others are static or provider-derived and are updated less frequently.
• We display values as reported by the source. We do not infer or back-fill missing values.

2. Opportunity surfaces

Earn and Lending are mutually exclusive user-facing surfaces.

Opportunities are presented across two distinct user-facing surfaces, each with its own sections:

• Earn - opportunities without direct borrowing or liquidation risk. Sections: Main opportunities and Advanced setup.
• Lending - borrowing, collateral, and leverage exposure. Sections: Borrowing / Collateral and Leveraged / Loop.

Behind these surfaces, /api/opportunities remains the canonical registry of all tracked opportunities. The Earn and Lending surfaces are derived views served by /api/earn-opportunities and /api/lending-opportunities respectively. An opportunity appears in at most one of the two surfaces.

3. Earn classification

• Main opportunities - standard opportunities that do not require heavy manual setup.
• Advanced setup - positions that require manual setup, ranges, or NFT/concentrated-liquidity management. Currently includes Aerodrome Slipstream and Hydrex.

Exclusions (surface-level only - these rows remain in the canonical registry and are not deleted):

• sUSG is out of scope for Earn.
• Tangent opportunities are not shown in Earn.
• Morpho and Monarch markets are not shown in Earn (they are lending).

4. Lending classification

• Borrowing / Collateral - collateralized borrowing/lending markets. Currently Morpho and Monarch.
• Leveraged / Loop - loop or leverage-style lending exposure. Currently Tangent fxUSD/USDC and Tangent reUSD/fxUSD.

The leveraged Tangent rows preserve lending_kind=cdp. Where a market has no direct APY, the value is labelled apy_status=null_by_design rather than shown as zero.

5. Metric formulas and display logic

Displayed metrics use simple, conservative definitions:

• Active opportunities - count of active opportunities in the relevant surface.
• Tracked TVL - sum of available TVL values for tracked opportunities, excluding null or unknown values.
• Average APR - a simple (unweighted) average over the displayed opportunities that have numeric APR values, unless otherwise specified. It is not necessarily a weighted average.
• Top APR - the highest numeric APR among eligible routes where used.

fxUSD peg deviation is shown as a percentage deviation from $1:

peg deviation (%) = (fxUSD price - 1.00) / 1.00 * 100

APR vs APY. APR is the primary display metric unless the source provides an APY or a status-specific value. We do not promise compounded returns unless the source explicitly does.

TVL. TVL is displayed when the source provides it. Unknown or null values are not inferred.

6. Data quality and status tags

Only tags actually used in the project are listed.

Opportunities can carry status labels describing data quality or the nature of the value. Currently used examples include:

• live - data retrieved successfully and current.
• stale - last retrieval is older than the freshness threshold.
• unavailable - data could not be retrieved.
• estimated - a derived or approximate value.
• null_by_design - no direct APY/value exists for this market by design (e.g. some Tangent leveraged rows).
• reward_only - yield is reward-driven (e.g. token incentives) rather than a base rate.
• debt_cap_full / "Capacity limited" - the market cap or debt ceiling is reached.

Where a status is uncertain or not implemented, no tag is shown - tags are never invented to fill gaps.

7. Signals and tooltips

Some surfaces show lightweight display aids alongside an opportunity:

• a signal label and a direction pill;
• a methodology tooltip (the small information icon);
• a secondary descriptive line;
• a freshness indicator.

These are display aids based on available deltas, freshness, and source status. They do not represent a single centralized scoring formula and should not be read as a prediction or recommendation.

8. Banners and informational cards

• A Merkl banner may appear when a reward campaign is active (feature flagged).
• A Nexus Mutual coverage card is shown in Safety for informational purposes.
• Data warnings and disclaimers appear where data quality or risk warrants it.

Informational cards do not imply any official endorsement, affiliation, or guarantee by the protocols mentioned. Nothing shown is financial advice.

9. Sources and data freshness

• Data may come from protocol APIs, a static internal registry, provider APIs, or on-chain-derived values.
• Refresh intervals vary by source.
• Stale and unavailable states are shown when data cannot be retrieved, rather than hiding the opportunity.

10. Known limitations

• Metrics may be delayed and do not update in real time.
• APR and TVL can change quickly.
• Missing values are not always errors.
• Advanced positions may require manual setup and carry range/LP risk.
• Lending and leverage positions can carry liquidation or collateral risk.
• Always verify any figure directly with the source protocol before acting.