Isolation boundary
Every market owns its LP vault, first-loss reserve, fee reserve, positions, and bad debt. Assets cannot move across market boundaries.
PROTOCOL DOCUMENTATION / V1The mechanics of
The mechanics of
isolated exposure.
A concise framework for permissionless perpetual markets, capital boundaries, and liquidation risk.
Oracle-gated risk
Stale or uncertain prices stop new exposure and margin removal. Adding margin and safe risk reduction remain available.
Defined loss order
Trader margin, fee reserve, creator first-loss USDC, market LP capital, then isolated deleveraging or settlement.
Leverage discipline
Initial and maintenance margin are fixed by risk preset. Higher leverage compresses the distance to liquidation.
Transparent state
MongoDB and indexer services are views only. Solana program accounts remain the authoritative protocol state.
Authority model
Safety controls may tighten caps, pause risk, or enter reduce-only mode. They cannot silently move collateral between markets.
Long-tail perpetual markets carry material risk.
Prices can be manipulated, spot liquidity can disappear, oracles can fail, and LPs can lose principal. Market classification describes review status—not safety, expected profit, or endorsement.