The contract
The terms a position opens under, and the limits that protect the vault and your margin. Numbers come from the program's launch settings; changes that add risk wait a public 6 h delay, changes that reduce risk apply at once, and none touches open positions.
Terms
| Term | Setting |
|---|---|
| Leverage | 2x, isolated per position |
| Margin | 0.005 to 2.5 SOL per position · size cap 5 SOL |
| Max profit | +100% of margin before the profit fee, set aside by the vault when you open |
| Liquidation | when 10% of your margin is left, confirmed by both the live price and the 1-minute average |
| Fees | 1% to open, 1% to close · 0.25% on limit fills and take-profit exits · 10% of profit on a winning close · first trade free up to 0.5 SOL · up to 0.5% more on the crowded side |
| Funding | 0.05%/h on size, paid to the vault |
| Price | each coin's own pool (pump.fun or Raydium), averaged over 1 minute |
| Entry and exit | the less favourable of the live price and the 1-minute average; usually the same |
| Daily settle | 00:00 UTC · on a net-positive day the treasury share of fees moves out; the rest stays with the vault (see Fees) |
| Expiry | 7 days; anyone can close an expired position, paid to its owner |
Safety
| Limit | Rule |
|---|---|
| Custody | margin sits in a program vault; it can only go back to you, or to the house on a loss |
| House loss cap | 15% per rolling 24 h; opens stop before it, closes never do |
| Open-profit budget | 15% of the house can be set aside for open positions' max profit |
| Tests | 231 program tests, 41 client tests |
| Reviews | 2 security reviews · 32 attack paths replayed as tests that must fail |
| Build | reproducible build; source available to auditors on request |
| Settings changes | risk-reducing changes apply at once; every other change waits a public 6 h delay; none touches open positions |
| Upgrades | Squads multisig with a 6 h time lock, then frozen |
| Program | 4wA3M1Wdwq8E1Aavr4KVnGJM79yYRagGndnhLX1B4FRY · not deployed yet |
See Security for how each limit is enforced and Risks for what can still go wrong.