> For the complete documentation index, see [llms.txt](https://docs.openeden.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.openeden.com/hybond/token-price.md).

# Token Price

Token Price

#### Exchange Rate

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

```
exchangeRate = bny_price * share_per_token_ratio
```

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.