Verify the report
The transaction carries the signature-verification instruction and report bytes. The oracle verifies provenance, freshness, source agreement and the market’s uncertainty band.
THE GROUND BENEATH EVERY TRADE
Clear rules.
Visible boundaries.
Verification at the roots. Separate risk chambers above. A margin engine designed around signed prices, scoped authority and transparent limits.
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THE RULES THAT TRAVEL WITH YOUA clearer path.
A clearer path.
At every step.
Price, authority, custody and risk each have a defined boundary.
VERIFICATION
BEFORE EXECUTION
Scroll to follow the rootsBEFORE EXECUTION
- 01BOUNDARY / 01
One collateral.
USDC is hard-coded as collateral. Changing collateral requires a program upgrade behind the public timelock.
- 02BOUNDARY / 02
Verified prices.
Fresh reports, source agreement and published price bands shape every executable quote.
- 03BOUNDARY / 03
A public clock.
Governance changes wait 72 hours. Emergency powers can tighten risk; loosening requires the timelock.
- 04BOUNDARY / 04
Separate risk buckets.
Each family has its own liquidity and insurance accounting. LLP NAV can decrease when traders win.
- 05BOUNDARY / 05
Visible trade-offs.
Carry, session changes, corporate actions and liquidation thresholds belong in the position view.
- 06BOUNDARY / 06
Bounded authority.
Delegates have product permissions, spending limits and expiry. Withdrawals stay off by default.
INSIDE THE ENGINE
Evidence first.
Then execution.
The signed report and the user’s price bound are checked in the same transaction as the position change.
Check the limits
The engine checks session eligibility, leverage, open-interest caps, account size limits and the user’s maximum or minimum fill price.
Write the position
An accepted trade updates the margin ledger, its position and one market shard, then emits a fill linked to the oracle sample hash.
≤ 300k CUSpecified trade design budget
Includes verification for the open/close path. This is a specification target, rather than a measured performance result.
≤ 14 accountsSpecified account footprint
The trade carries the report and signature check, then updates the margin ledger, position and selected market shard.
8 shardsDefault state distribution
The margin account’s hash selects a writable market shard. Changing the default count follows the timelock.
Mechanics and design limits follow the supplied Leveret protocol specification. Current execution limits come from the verified on-chain configuration.
A CONNECTED ARCHITECTURE
One ledger.
Purpose-built programs.
USDC
SELECT A PETAL TO EXPLORE ITS ROLEFOUNDATION / 02
Engine
lvrt_engineMargin, positions and funding
Owns the USDC margin ledger, position updates and funding. Price bounds and exposure limits are checked with the trade.
A defined responsibility.
Connected through the shared account.
Connected through the shared account.
02 / 10
The service layer in the build plan pairs Rust keepers with a Bun/Hono API, Postgres and Timescale, Redis, streamed account updates, and bundled liquidation/crank submission. Oracle, trigger, corporate-action, hedge and receipt services each have a defined job.
THE LOSS WATERFALL
Risk has
a published order.
STEP 01
The affected position’s margin absorbs the loss first.
A separate waterfall belongs to each bucket. Isolation limits spillover between families; it does not remove market losses. A depleted insurance fund can make its bucket reduce-only.
NO HIDDEN TERRAIN
Costs, in
plain sight.
CORE / FEE FRAMEWORK2.5–6 bps / side
Leverage amplifies losses as well as gains. Maintenance margin starts at 1% for the top tier.
View the full mechanicsBEFORE YOU TRADE
Understand the exposure.
Leverage amplifies losses. Small caps can halt and gap past a stop. Off-hours equity references use the last close. Squared products incur carry. Twins track through perps and are not shares. Liquidity-vault NAV can go down.
Use the current market state and limits before signing. The specified circuit breaker queues exceptional realized-profit withdrawals for one hour.
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