# Token Price

Token Price

#### Exchange Rate

The HYBOND exchange rate mirrors the BNY fund's Net Asset Value (NAV) exactly:

```
exchangeRate = bny_price
```

Where `bny_price` is the NAV of the BNY Global Short-Dated High Yield Bond Fund, provided by BNY daily via electronic delivery.

An **off-chain keeper bot** automatically publishes and updates the exchange rate on-chain on a daily basis.