Caps and circuit breaker

Every limit on this page stops new opens only. None of them can block a close, a liquidation, a TP or SL, or a price update.

#Size caps

Caps count position size, in the vault's currency.

Pool depth is the lower of the pool's live depth and its recent recorded depth. The depth cap is also tied to the pool's swap fee, so pushing the price costs more in fees than a capped position can win.

Example: house 200 SOL, pool depth 5,000 SOL. House cap 20 SOL, depth cap 3 SOL. Each side of that market takes at most 3 SOL of size.

#Set-aside caps

Every open sets aside its max profit (see The vault). Those amounts are capped too:

#Skew fee

An open that makes a market more one-sided pays an extra fee, up to 0.5% of size, rising with the imbalance. The part of an open that evens the book pays none. Splitting a trade into pieces does not lower it. It goes to the vault.

#Daily house-loss limit

An open is allowed only if the house would stay within 15% of its highest balance in the last 24 hours even if every open position, this one included, hit max profit:

house − everything set aside ≥ (1 − 15%) × 24 h high

Deposits and withdrawals do not count, only trading. Because the worst case is checked before every open, the house cannot lose more than 15% in any 24 hours.

Opens come back as positions close or the old high drops out of the 24 hours.

#Pauses and close-only

Under every switch, closes, liquidations, TP and SL, expired-position closes, price updates and withdrawal requests keep working.

#Why an open was refused