"The vault"

The house vault takes the other side of every long and short. It is an account run by the LEVER program. No private key signs for it. There is no admin access to traders' margins or depositors' shares: money leaves the vault only through the rules on this page.

It holds two kinds of money, counted apart: the house balance, which wins when traders lose and pays when they win, and the margins of open positions.

#One vault per collateral

The beta runs one vault: SOL, for coins whose pool is quoted in SOL. The program supports more collateral vaults; each would have its own balance, caps, daily loss limit and pause switch, so trouble on one could not reach another.

#Every winner is covered

When you open, the vault sets aside the most your position can ever net: +100% of margin, minus the 10% profit fee. An open is refused if the vault's free balance cannot cover that. The amount is released when the position ends. Because each position's best case is set aside before it exists, the vault can pay every open winner at the same time.

The house gains the 0.02 open fee. The set-aside grows by 0.882: the 0.98 max profit minus its 10% profit fee.

#Deposit into the vault

Anyone can deposit SOL into the vault and get vault shares. Your shares rise and fall with the vault's result:

• The vault gains its share of trading fees, the profit and skew fees, all funding and every losing trader's margin. See Fees.
• The vault loses whatever winning traders take out.

If the vault grows, each share is worth more. If traders win more than the vault earns, each share is worth less. There is no fixed return.

The smallest deposit is 0.1 SOL.

Note The vault takes the other side of every trade. When traders win, the vault pays, so its value can go down as well as up. No yield is promised. See Risks.

#Withdrawals queue

1. Minimum hold. A deposit must stay 24 h before you can queue a withdrawal. One request at a time. Queueing is never blocked, even during a pause.
2. Queue. The request unlocks 24 h after you queue it.
3. Get paid. Once unlocked, the payout is sent to you automatically; you, or anyone, can also send it. It pays at the vault's value at that moment, from the free part of the vault: the balance not reserved for open positions. If the free part is short, the rest stays queued and pays as positions close.

The wait means no one can pull out just before winners are paid or jump in just before losers are collected. Deposits are valued at the higher estimate of the vault's worth and withdrawals at the lower one, so timing a trade around the vault gains nothing.

Vault shares cannot be transferred in this version.

#Deposits in the beta

Public deposits into the SOL vault are open. The team seeded the vault and holds vault shares like any other depositor. Deposits can be switched off by the team at any time; withdrawals never can be.

#Daily settle

Once a day, if the vault made money overall since the last settle, the treasury share of the fees in that period moves out. On a day the vault lost money, nothing moves and the loss carries forward. Everything else stays in the vault for its depositors. See Fees.

#Rules that protect depositors

• No admin access to traders' margins or depositors' shares. Money leaves the vault only as trader payouts, vault withdrawals through the queue, and the fee shares described in Fees. The operator fee and the buyback treasury are withdrawable by the treasury.
• Parameter changes that add risk wait a public 6 h delay; changes that reduce risk apply at once. None changes open positions or a withdrawal already in the queue.
• If the house would lose more than 15% in a day even with every open trade at max profit, new opens pause. Closes never do. See Caps and breaker.

#Verify it yourself

The program id and the vault address are linked on the Vault page. Open the vault on Solscan: its balance is the house plus every trader's margin. The program checks after every money move that the vault holds at least the house plus all margins, and that the house covers everything set aside. Until deploy, the site shows preview data and says so.

#Why a house vault

• Borrowing to short needs someone to lend you the coin. For a week-old coin almost no one does, and lenders can leave any time.
• Matching traders needs someone on the other side at the same moment and size. On a small coin they usually are not there.

The vault is always there. It takes every trade, covers every winner up front, and refuses any open it could not pay.