# Flying Tulip’s ftPUT Marketplace Exceeds $5 Million in Volume

By Simon Yoon

Canonical URL: https://www.tokenpost.com/news/technology/27527
Published: 2026-10-07T15:57:42.000Z
Updated: 2026-10-07T15:57:42.000Z
Section: Technology

> The ERC-721 product packages FT tokens, collateral and perpetual redemption rights into transferable positions.

Flying Tulip’s ftPUT marketplace has exceeded $5 million in cumulative trading volume, highlighting demand for transferable on-chain positions that combine token exposure with redemption rights.

The marketplace turns each position into an ERC-721 non-fungible token (NFT), allowing the position itself to be transferred to another buyer.

An ftPUT contains FT tokens, collateral and a perpetual redemption right. Buying one transfers the remaining tokens and redemption rights attached to the position. Buying FT tokens on the spot market does not include that protection.

The redemption right has no expiration date. Exercising it returns the original asset and amount contributed to the position. A holder can keep the position, redeem the backing capital or withdraw FT tokens.

Withdrawing tokens removes the put protection only for the portion withdrawn. This allows a holder to reduce the position while preserving the structure for the remaining amount.

The product differs from a conventional collectible NFT because the token represents a financial position rather than an image or other standalone digital item. Its ERC-721 format makes the position transferable through a marketplace.

Flying Tulip announced a $200 million private funding round in Sept. 2025. Of the $200 million in private-round commitments, $58,511,770 had later been funded and was being held. The figures describe different stages of the financing and are not equivalent.