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.

Deposit & withdrawal fees platform profit over gas — never shared with partners

Levied on top of network gas and kept by the platform. Flat is a fixed $ amount; % is basis points of the amount (1 bp = 0.01%). Deposits default free; withdrawal defaults to $0.50 flat. Withdrawal % is reserved (flat applies today).

Social & contact links public — shown on the landing page & funds screen

Full URLs (must start with https://). Leave a field blank to hide that link. X, LinkedIn, Instagram & Telegram show in the marketing site footer; Discord & Telegram show in the in-app “buy with fiat / need USDC” help on the Funds page.

Beta access closed beta — only approved emails can sign up or log in

Pending rows are people who tried to sign up and were shown the thank-you page. Approve them to let them in. Add an email directly to pre-approve someone before they sign up. Existing accounts are already approved.

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

Mode / Dial per-line hedge treatment — paper (warehoused) · hybrid (partial) · real (fully hedged)

Each hierarchy line carries a mode and, for hybrid, a dial w — the % of that line's net exposure we warehouse on our own book. The rest (100 − w) is hedged into our net-exposure book. Lines inherit down the onboarding tree: a user resolves to the nearest configured ancestor, else the global default. Coherence is enforced — paper ⇒ 100% warehoused, real ⇒ 0% warehoused (fully hedged), hybrid ⇒ strictly 1–99%.

Editor

The dial is enabled only for hybrid; paper forces 100% warehoused and real forces 0%, so an incoherent combination can't be submitted. Switching a line to/from real or hybrid — or a large dial move — asks for confirmation first.

Configured lines (unconfigured lines inherit the nearest ancestor, else the global default)

Set vs Effective and ETA are placeholders — today effective equals set. A later rate-limited dial-slew step will make the effective w converge to the set w gradually and populate the ETA.

Hybrid / Exposure Refresh

A live, truthful view of our book: fee economics (what users paid → hedge cost → what we kept → margin revenue-shared → residual), per-market net / hedged / warehoused exposure, bankruptcy headroom, and hedge P&L. Read-only — this reflects ledger + engine state and changes nothing.

Fee economics

Exposure by market

Bankruptcy headroom

Hedge P&L / collateral / insurance

Settlement Refresh

Paper-line partner loss-share is netted per window — partners are paid the house's net profit at each settlement. Each open window accrues every user's signed house P&L for a market; at settlement we net winners against losers and distribute only what the house actually kept up the losing users' partner chains. Matched flow nets to zero, so partners get nothing.

Cadence how long each settlement window runs before it can roll

Bounded to 5 minutes – 30 days. The new length governs the next window opened per market; already-open windows keep their close time until they roll. This is an in-memory setting and resets to the deployment default on restart.

Open windows (accruing now — settle to net & distribute)

Recent settlements

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.

Partner network drag to pan · scroll to zoom · drag a card to rearrange · click a node to configure