Workbook Guide
Developer Hedging Workbook
The workbook turns your project's budget, timeline, and downside case into a sized ZipToken hedge: which contracts to buy, how many, and what they cost. Six asset-class calculators arrive pre-filled with worked examples, so you start from a hedge that already works — not a blank grid.
10 minutes to your first hedge estimate.
9 sheets · 6 asset-class calculators · methodology & glossary included · no account required
Every calculator sheet reads top to bottom: your inputs in section 1, capital at risk in section 2, the hedge program in section 3, and underwriting benchmarks in section 4. Blue cells are yours to edit; black cells recalculate — never type over them.
Pick your asset-class sheet
Multifamily, Single-Family, Office, Retail, Industrial, or Warehouse. Each is the same calculator tuned to how closely that asset tracks home prices, and each ships seeded with its research example — a Brooklyn 200-unit rental, a Sacramento 40-home community — so you can watch a working hedge before entering your own deal.
In the sheetSheet tabs · Start Here directory
Enter your project inputs (the blue cells)
Replace the blue cells with your deal: name and geography, the five budget lines, loan-to-cost, months per stage, and your current stage from the dropdown. Total development cost, debt, and equity recompute instantly.
In the sheetSection 1, cells B6–B27
Set your downside scenario
Two numbers define the scenario: the index decline you underwrite (d) and the decline your pro forma can absorb before it hurts (a). Then choose your hedge level and copy live YES prices from the matching ZipToken market pages into the strike ladder.
In the sheetCells B29–B36 · ladder rows 61–63
Read your capital at risk by stage
The stage table shows how many dollars are exposed at each phase of the project, which risk dominates each phase, and — crucially — how much of that risk a home-price hedge can actually see.
In the sheetSection 2, rows 39–44
Read your hedge program
Section 3 is the answer: the coverage target, contracts per strike, total premium and its share of project cost, the downside payout check, and three guardrail flags. Section 4 sanity-checks your deal against sourced underwriting ranges.
In the sheetSection 3, rows 46–81 · Section 4 benchmarks
Cell references throughout this guide follow the Multifamily sheet; the other five calculators share the same layout. Formulas and sources live on the Methodology sheet, definitions on the Glossary sheet.