Markets: Leverage, bounded.

Explanation — not permission to act

Spot is separate from configured treasury strategies. Hosted leverage, vault and liquidity designs are deferred, not an available trading tutorial.

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

Meme markets resolve to Phoenix, Arqen or an isolated Percolator market; hosted Percolator markets remain disabled until audit, oracle contract and adversarial analysis gates pass. Effective leverage is the minimum of user tier, side cap, venue cap, mode cap and risk ceiling. Every position has a gross profit ceiling of the payout multiple times margin, fixed at open in SOL or USDC depending on its collateral. Margin returns separately; winning claims queue strictly first-in first-out, head-first with no skipping, and while the queue is non-empty every other outflow waits except returned margin, liquidation bounty and the haircut attached to the payment being made. Vault shares belong to epochs, and rollover is never automatic or triggered by price alone: only when a mint is attempted, the credited assets first pay the FIFO queue; the epoch closes only if equity for shares is still zero or negative at that mint, making old shares non-redeemable. If a positive surplus remains after the queue is paid, the epoch does not close.

Spot and deferred leverage

Use Spot only when its current ticket offers a reviewed action. This historical leverage description does not enable hosted markets or every token.

Different venue types

Solana Spot, an admitted Injective treasury strategy and proposed Phoenix/Arqen/Percolator markets have different assets, authority and execution evidence.

Historical caps and settlement

Payout caps, strict FIFO and vault epochs below belong to hosted-market design. They are not current Spot fee or settlement rules.

Hosted market settlement order.
  1. Open

    Leverage respects every applicable cap; the maximum gross amount is fixed before execution.

  2. Close

    Gross = min(mark PnL, maxGross); margin returned separately.

  3. Queue

    If any claim waits, new winners enqueue; strict FIFO.

  4. Drain

    Head claim paid in full or part; its haircut realized pro rata.

Practical next reading

Buy or sell with Spot · Resolve a pending trade

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.

  • MEME_MARKET_MIN_MCAP
  • MEME_MAX_LEV_LONG
  • MEME_MAX_LEV_SHORT
  • PERCOLATOR_MAX_LEV
  • OI_CAP_OF_VAULT
  • POS_CAP_OF_VAULT
  • MAX_PAYOUT_MULT
  • BOOTSTRAP_FLOOR_USD
  • BOOTSTRAP_POS_CAP_USD
  • BOOTSTRAP_OI_CAP_USD
  • BOOTSTRAP_MAX_LEV
  • VAULT_WITHDRAW_DELAY_HOURS
  • ORACLE_CLAMP_BPS
  • ORACLE_LIQ_DROP_HALT
  • ORACLE_MAX_AGE_SECONDS

Platform spec reference

Historical source summaries, not a statement of current enforcement.

Applicability and precedence · §13 Meme leverage engine · §28 Financial Invariants Addendum (v6.6.2) · §27 Decision Ledger (v6.6.1)