Resources

Reference

Formulas and parameters behind the pages above. Values on the contract take precedence over values here.

Profit retention

The price buffer is applied first, then the retention coefficient, then the protocol fee.

\begin{aligned} band & = \frac{P_{entry}}{50, 000} \\ long: X^{'} & = \max (P_{entry}, P_{exit} - band) short: X^{'} = \min (P_{entry}, P_{exit} + band) \\ Δ & = \frac{∣ X^{'} - P_{entry} ∣}{P_{entry}} raw profit = margin \times leverage \times Δ \\ k & = \frac{0.9}{1 + \frac{1}{15, 000 Δ} + \frac{100, 000}{1 0^{6} Δ m}} \\ profit received & = raw profit \times k \times (1 - fee) \end{aligned}

m is the market multiplier: BTC 814.598; ETH and BNB 483.979. Δ is a fraction (0.005 = 0.5%). k depends only on the price move, not on position size, and approaches 0.9 for large moves.

Retained profit coefficient · BTC parametersbefore the 2% profit fee

Equity per share

\begin{aligned} U & = \sum_{markets, sides} side \times (open size \times mark - open entry value) \\ A & = Vault USDT - queued claims - U \\ S & = TLP supply NAV = \frac{\max (A, 0)}{S} \\ floor & = 0.3 \times high-water-mark NAV \end{aligned}

U is the open profit and loss of every position facing the Vault; the contract keeps each market's total size and entry value per side so it marks the whole book without looping over positions. A is the Vault's equity and can be negative; NAV in the formulas denotes equity per share. The high-water mark includes unrealized profit and loss.

\begin{aligned} deposit D : s & = \frac{D}{\max (A_{swept} / S, floor)} \\ rebate on L : s & = \frac{r L}{\max ((A^{'} - r L) / S, floor)} \\ redeem s : USDT & = s \times \min ({NAV}_{request}, {NAV}_{claim}) \end{aligned}

A_swept is equity after the liquidation sweep; A' is equity after the close batch is settled and before the rebate is minted. Above the floor, a rebate mints shares worth exactly rL. Deposit shares are capped at 20% of S, checked on submission and on processing.

Rebate rate

\begin{aligned} g (A) & = 0.01 + 0.005 \times \max ⁣ (0, 1 - \frac{A}{5, 000, 000}) \\ boost (C) & = 1 + 0.5 \times \max ⁣ (0, 1 - \frac{C}{2, 000, 000}) \\ r & = \min (0.02, \max (0.005, boost (C) \cdot g (A^{'}))) queue empty and A^{'} > 0 \\ r & = 0.02 + 0.08 \times \min ⁣ (1, \frac{\max (0, - A^{'})}{500, 000}) winners queued or A^{'} \leq 0 \end{aligned}

C is cumulative credited losses before this one. Governance can adjust the coefficients, the shortfall scale and the floor ratio through the timelock; r stays within 0.5% to 10%.

Why equity includes open positions

If equity per share moved only when positions closed, anyone who could anticipate a close could profit at other holders' expense.

1Front-running a redemption: redeem at an inflated value while a large open profit is still unclosed.
2Buying the dip: deposit at a depressed value just before a large losing position is liquidated.
3Self-hedging: open a long and a short, close the winner to push the value down, deposit, close the loser so the value rises, redeem with no price risk.

Marking open positions into equity, sweeping liquidations before deposits, and paying redemptions at the lower of two values close all three.

Parameters

Parameter	Value
Markets	BTC, ETH, BNB
Leverage	1–1,000×, whole numbers
Minimum margin / notional	10 USDT / 1,000 USDT
Max notional per position	BTC, ETH $10M; BNB $1M
Open-interest cap per side	BTC, ETH $1B; BNB $100M
Positions closed per signature	25
Price buffer	0.2 bp of entry price
Liquidation buffer	about 5 bp
Oracle staleness	30 s (feed switch); 3 s (signed price)
Market pause	1 h no trading, then close only
Rebate rate	0.5%–10% hard range; 1–2% normal
Launch boost	1.5× to 1× over first $2M of credited losses
Floor price	30% of high-water-mark NAV
External deposit cap	20% of TLP supply
Redemption wait	24 hours
Protocol fee	2% of profit, loss or forfeited margin; half to the Vault
Referral	10% of referee's fees; 5% back to referee for 30 days

Contract addresses will be published here at launch.

Resources · 20 / 21

Reference

Formulas and parameters behind the pages above. Values on the contract take precedence over values here.

Profit retention

The price buffer is applied first, then the retention coefficient, then the protocol fee.

\begin{aligned} band & = \frac{P_{entry}}{50, 000} \\ long: X^{'} & = \max (P_{entry}, P_{exit} - band) short: X^{'} = \min (P_{entry}, P_{exit} + band) \\ Δ & = \frac{∣ X^{'} - P_{entry} ∣}{P_{entry}} raw profit = margin \times leverage \times Δ \\ k & = \frac{0.9}{1 + \frac{1}{15, 000 Δ} + \frac{100, 000}{1 0^{6} Δ m}} \\ profit received & = raw profit \times k \times (1 - fee) \end{aligned}

m is the market multiplier: BTC 814.598; ETH and BNB 483.979. Δ is a fraction (0.005 = 0.5%). k depends only on the price move, not on position size, and approaches 0.9 for large moves.

Retained profit coefficient · BTC parametersbefore the 2% profit fee

Price change in the position's favour, after the 0.2 bp buffer

0.05%0.650.1%0.760.25%0.840.5%0.87

Equity per share

\begin{aligned} U & = \sum_{markets, sides} side \times (open size \times mark - open entry value) \\ A & = Vault USDT - queued claims - U \\ S & = TLP supply NAV = \frac{\max (A, 0)}{S} \\ floor & = 0.3 \times high-water-mark NAV \end{aligned}

\begin{aligned} deposit D : s & = \frac{D}{\max (A_{swept} / S, floor)} \\ rebate on L : s & = \frac{r L}{\max ((A^{'} - r L) / S, floor)} \\ redeem s : USDT & = s \times \min ({NAV}_{request}, {NAV}_{claim}) \end{aligned}

Rebate rate

\begin{aligned} g (A) & = 0.01 + 0.005 \times \max ⁣ (0, 1 - \frac{A}{5, 000, 000}) \\ boost (C) & = 1 + 0.5 \times \max ⁣ (0, 1 - \frac{C}{2, 000, 000}) \\ r & = \min (0.02, \max (0.005, boost (C) \cdot g (A^{'}))) queue empty and A^{'} > 0 \\ r & = 0.02 + 0.08 \times \min ⁣ (1, \frac{\max (0, - A^{'})}{500, 000}) winners queued or A^{'} \leq 0 \end{aligned}

C is cumulative credited losses before this one. Governance can adjust the coefficients, the shortfall scale and the floor ratio through the timelock; r stays within 0.5% to 10%.

Why equity includes open positions

If equity per share moved only when positions closed, anyone who could anticipate a close could profit at other holders' expense.

1Front-running a redemption: redeem at an inflated value while a large open profit is still unclosed.
2Buying the dip: deposit at a depressed value just before a large losing position is liquidated.
3Self-hedging: open a long and a short, close the winner to push the value down, deposit, close the loser so the value rises, redeem with no price risk.

Marking open positions into equity, sweeping liquidations before deposits, and paying redemptions at the lower of two values close all three.

Parameters

Parameter	Value
Markets	BTC, ETH, BNB
Leverage	1–1,000×, whole numbers
Minimum margin / notional	10 USDT / 1,000 USDT
Max notional per position	BTC, ETH $10M; BNB $1M
Open-interest cap per side	BTC, ETH $1B; BNB $100M
Positions closed per signature	25
Price buffer	0.2 bp of entry price
Liquidation buffer	about 5 bp
Oracle staleness	30 s (feed switch); 3 s (signed price)
Market pause	1 h no trading, then close only
Rebate rate	0.5%–10% hard range; 1–2% normal
Launch boost	1.5× to 1× over first $2M of credited losses
Floor price	30% of high-water-mark NAV
External deposit cap	20% of TLP supply
Redemption wait	24 hours
Protocol fee	2% of profit, loss or forfeited margin; half to the Vault
Referral	10% of referee's fees; 5% back to referee for 30 days

Contract addresses will be published here at launch.

Reference

Profit retention

Equity per share

Shares

Rebate rate

Why equity includes open positions

Parameters

Reference

Profit retention

Equity per share

Shares

Rebate rate

Why equity includes open positions

Parameters