Onboard a user

Creates the account with a temporary password and emails a welcome with a link to set their own. The user lands in your revenue tree by default.

Users

Earnings — Paper vs Actual

Paper markets (perps/spot/stocks) are B-book: we keep the whole fee + spread + the trading P&L — we route nothing to an exchange, so there's no passthrough cost. Actual = real-Hyperliquid outcome markets, where we earn only the fee.

Revenue (internal — fee markup)

Users pay the taker fee with our markup baked in; they never see the split. This is the platform P&L.

Per-market fees basis points (real, charged to the user)

Taker is charged on every fill (1 bp = 0.01%). Blank/empty row = use the global default. Maker is recorded for the schedule.

Per-asset-class tiers maker / taker bps — used when a market has no explicit override

Per-market overrides

AI Credits meter Vera against user credit balances

Vera bills each metered turn to the user: the provider token cost plus your markup, deducted from their credit balance. Exact per-query token counts come from the API, so the cost is always exact.

Settings

Markup is added on top of the provider cost — e.g. 100% means a $2 provider cost deducts $4 from the user.

Model prices USD per 1M tokens

These are Anthropic's published rates — edit when Anthropic changes pricing; the exact per-query token counts come from the API, so cost is always exact.

Leverage & margin min + max leverage + maintenance margin (liquidation buffer)

Paper markets are B-book, so leverage bounds are admin-driven (NOT venue-derived). Resolution: per-market override → asset-class tier → global default. Min ≤ max; maintenance margin (%) is the liquidation buffer — the minimum equity a position must keep, as a % of its notional — and must be below the initial margin (100 ÷ leverage %). E.g. 0.50% liquidates a $10k position when equity falls to $50. Blank/unset on a row = inherit the next tier.

Per-asset-class

Per-market overrides

Custody wallet —

Where every custodial dollar sits — on-chain USDC held vs. the per-account-type ledger breakdown. Assets must cover user liabilities.

Sweep wallet — the actual money —

Deposits consolidate into the cold treasury; the hot wallet handles withdrawals + collateral funding, refilled from the treasury. On-chain total (the whole pool) must cover what users are owed; the surplus is operator equity.

Pools by asset

On-chain stablecoin we custody, split by asset across the whole pool (master + treasury + hot).

Custody pool — hot / cold split

Every operator wallet behind the on-chain total: the master, the cold treasury (the privacy sink deposits sweep into), and the rotating hot wallets. Deposits currently consolidate into —.

Real-money parity —

What actually backs trading vs what users are owed. The Hyperliquid balance is read live (always real); the sweep wallet needs the on-chain payment rails to read. For a LIVE deployment, real assets must cover user obligations.

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Hyperliquid account —

The master Hyperliquid account that backs every user trade. Net user exposure is hedged here; user orders execute against it.

Capital adequacy —

Does the collateral backing the hedge cover aggregate net user exposure? Coverage below 1.5× warns; below 1.0× is critical.

Treasury

Where custodial USDC sits: the on-chain buffer in the central wallet (pays withdrawals) vs. trading collateral on Hyperliquid. Swept funds above the buffer auto-deposit to HL.

System health —

External dependencies. Degraded is tolerated (the platform falls back or queues); a critical dependency down drains the instance.

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