Last updated 6 August 2026
The whole thing in one page. Every number here is generated from the economic model rather than chosen, and the arithmetic is in the repository.
Tokenized equities on Solana trade continuously. The equities behind them do not. Off-hours, price is discovered against a reference that stopped updating at the close, so spreads widen overnight and positions gap when the underlying reopens. That gap is the only recurring event in this game nobody has to cause.
A firm name, a risk profile, a plan, and the amount of your own capital you are committing. It is public and permanent — you cannot edit it afterwards, which is the only reason the Tape can measure you against it.
Risk tolerance is a set of numbers, not an adjective. “Conservative” means no more than 25% in one name, 60% deployed, two round trips a month. Those limits do not block a trade; breaching one prints on the Tape.
You deposit your own trading capital into a program-owned vault. An agent you appoint can swap between allowlisted mints inside a policy you set — size cap, expiry, revocable at any moment.
The vault has no instruction for transferring to a third party. Withdraw requires your signature and can only pay an account you own. Every trade is checked by measuring the vault’s balances before and after the swap, so a route that quietly pays someone else fails even when every program involved was permitted.
2% of notional, taken at the moment of the swap, while you owe backers. 90% of it repays them; 10% is ours. Once they are clear the fee drops to 0.4% — an 80% cut, permanently, which is why clearing them early is worth doing.
You may settle the outstanding balance at any time from any source. It is a debt prepaid, not a share of profit.
You cannot hire anyone you cannot already pay for eight weeks — the runway is escrowed at hire time and pays out weekly regardless of how trading went. At zero the employee walks and the chair stays pushed back. There are no surprise bills, because every cost is chosen and funded in advance.
A funded desk that goes seven days without a trade winds down. Backers reclaim their share of the raise that has not been drawn, staff are released, and the desk is restricted to closing positions and withdrawing.
The raise is a spending account rather than a lump sum — drawn against as onboarding and runway are paid — so there is always an unspent balance to reclaim while a desk is alive. Running a firm requires running it.
Each evening it prints what happened against what you said. It quotes the commitment, states the fact, and stops: “You said no more than 25% in one name. NVDAx is 44% of the book.” It never says what that means — that is left to whoever is reading, including your backers.
backers ──$──> ESCROW ──fills in 7d──> the firm's runway
└──doesn't fill──> refunds, claimable by each backer
operator ──own capital──> THE VAULT ──> trades. P&L is theirs alone.
│
└─ 2% at swap ──> 90% backers (to 1.25x)
10% platform
cleared? the fee drops to 0.4%
7 days with no fill ──> wind-down: unspent raise reclaimed, staff released,
positions closed, operator withdraws