Desk: The treasury mandate.

Explanation — not permission to act

Injective strategy admission does not prove a funded or live position. Phoenix and other strategy admission remain blocked; each mandate requires current evidence.

The mechanics and diagram include historical specification design. Current gates and finalized evidence govern; configuration is not availability or execution proof.

A desk mandate holds one to three perp legs whose shares sum to 100, with aggregate notional capped per mandate including resting orders. DESK inflows queue until a leg clears its opening minimum; legs fund in share order, a leg arms in the same database transaction as its funding row, and a leg shows LIVE only after an actual fill. Until then numbers are PAPER: live book prices with real fees and estimated slippage. Kill drawdown, take-profit milestones and liquidation step-down are pure rules. Thesis coins send 100% of realized perp profit to buying back their own coin; the house mandate keeps a 50% exception. The desk switch may be off; nothing here implies a leg is trading.

Queued, funded, armed and live

These states are distinct. Funding or arming alone is not execution; LIVE requires an actual fill.

PAPER is not an executed position

PAPER is simulated with book prices, modeled fees and slippage. Neither PAPER returns nor configured targets prove realized profit.

Funding previews

A preview describes thresholds and intended allocation. It is not a deposit receipt, order submission or promise of automatic activation.

Risk controls have limits

Drawdown, take-profit, depth and leverage rules depend on actual venue behavior. Liquidation, slippage and loss remain possible.

Desk leg lifecycle, PAPER until an actual fill.
  1. Queue

    DESK share accumulates until the opening minimum.

  2. Fund and arm

    Funding row and armed state written in one transaction.

  3. First fill

    Only an actual fill flips the leg from PAPER to LIVE.

  4. Rules each tick

    Top-up sizing, take-profit milestones, kill drawdown.

  5. Run ends

    Close or liquidation archives the run; step-down applies after liquidation.

Practical next reading

Understand existing top-ups · Verify the token

The numbers that bound it.

Live configuration is not embedded in this guide. No values are shown rather than guessed. Local settings are not chain, provider or release evidence. Spec defaults are not provider proof.

  • OPEN_MIN_USD
  • INJECTIVE_OPEN_MIN_USD
  • DESK_MIN_DEPTH_USD
  • DESK_MAX_NOTIONAL_USD
  • DESK_MAX_SLIPPAGE_BPS
  • MAX_LEGS
  • MAX_LEVERAGE
  • LEV_FLOOR
  • KILL_DRAWDOWN
  • TP_FIRST
  • TP_STEP
  • TP_CLOSE_SHARE
  • MARGIN_FEE_BUFFER_BPS
  • MANUAL_TP_MAX_SHARE
  • MANUAL_TP_COOLDOWN_HOURS
  • LIQ_COOLDOWNS_HOURS
  • LIQ_FORGIVE_DAYS

Platform spec reference

Historical source summaries, not a statement of current enforcement.

Applicability and precedence · §9 Desk engine · §27 Decision Ledger (v6.6.1)