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The BookRunner rulebook / Volume 01

The book.
Its rules, in full.

One market. A defined mandate.
Every capital movement accounted for.

Open the book
BookRunner engraved sealTHE UNDERWRITING SYNDICATE
SPECIFICATION 1.0ROBINHOOD CHAIN / 466301 OCTOBER 2026

Chapter 01 / Capital

Two tranches.
One market book.

Pick the book. Pick Senior or Junior. Capital funds that market's insurance fund and market-making inventory.

I

Senior

First claim on fee flow up to its hurdle share. Losses reach Senior after Junior is exhausted.

Fee seniority
First, up to the hurdle
Loss order
After Junior
Redemption
NAV at the next daily mark
II

Junior

Receives residual fee flow. Takes first loss. The sponsor holds at least 10% of Junior at subscription close.

Fee seniority
Residual
Loss order
First loss
Redemption
Notice, then the next daily mark

The default Junior notice is seven days. Both tranches carry capital risk. A deposit pause preserves redemption access.

Chapter 02 / Accounting

The flow has an order.

Follow fee flow and loss through the book. Each step is explicit.

  1. 01

    Expenses

    Applicable venue, oracle, keeper gas and charter costs are paid first.

  2. 02

    10% protocol carry

    On net fee flow. Split equally between buyback-to-stakers and the syndicate backstop.

  3. 03

    Senior's hurdle share

    The first tranche claim, up to the share specified in the charter.

  4. 04

    Junior's residual

    The remaining fee flow passes to Junior.

No management fee on capital is specified. Tranche terms describe seniority and loss order, rather than a promised rate.

Chapter 03 / Agent controls

The agent operates.
The mandate sets the boundary.

Venue trade-only keys and scoped on-chain session keys tie every bookrunner agent to a specific book.

Inventory & skew

Maximum inventory, skew bounds and minimum quote width are charter-defined.

Hedge limits

Leverage, hedge-ratio bounds and allowed asset/venue pairs define hedge activity.

Trading sessions

Off-hours and held feeds permit reduce-only actions. Stale oracles pause new risk.

Kill conditions

A breach cancels quotes, flattens inventory within the mandate, revokes keys and notifies the sponsor.

Where the mandate is enforced

On-chain hedge and inventory legs pass through MMMandate and revert outside bounds. Venue quoting is monitored, with key revocation on breach. Isolated margin and position caps are the venue-side hard stop.

Where capital can return

Venue withdrawals and recalled capital return only to the UnderwritingVault. Trade-only agent keys do not authorize withdrawals to arbitrary destinations.

Chapter 04 / From charter to close

A book is opened.
Never improvised.

  1. I

    File the charter

    The sponsor defines the underlying, venue, oracle, sessions, capital requirements, tranche terms and risk mandate, with a bond and a flat USDC review fee.

  2. II

    Complete review

    A three-member bonded Risk Committee reviews the charter. Approval requires two votes and a jury verdict CID. The specified review period is 48 hours.

  3. III

    Subscribe & allocate

    During the opening or sponsor-opened top-up window, capital allocates pro rata with wallet and Senior capital caps. The sponsor's Junior commitment is checked at close.

  4. IV

    Quote, hedge & mark

    Insurance-fund and market-making capital deploy to the venue. Agents operate under the mandate. Daily signed marks account for the book.

  5. V

    Retire with a final mark

    Sponsor or committee initiates retirement. Quoting stops, inventory flattens, capital is recalled under venue rules, and a final mark precedes full redemption.

Chapter 05 / Transparency

Every mark leaves a record.

A book's NAV, inventory, realised and unrealised P&L, and limit utilisation are the account of its activity.

THE DAILY BOOK MARK
Book & tranche NAV
Capital at the mark
Inventory root
The committed inventory
P&L hash
The period's accounting
Receipt root
Quotes, fills, hedges, decisions
Signer commitment
A signed statement for the book
HOURLY RECEIPT ROOTSDAILY SIGNED MARKS

Redemptions use the latest eligible daily mark. Receipt roots support verification and Merkle proofs.

Explore marks in the book desk ↗

Chapter 06 / The syndicate

Access. Bonding.
Accountability.

$BKRN supports sponsor bonds, bonded committee participation and bookrunner inventory tiers above entry. It is an access and bonding token, with no revenue claim.

50%buyback-to-stakers
50%syndicate backstop

The split applies to protocol carry. The backstop may cover Senior shortfalls after Junior is exhausted, up to its available balance.

The venue & capital rails

The specification describes Robinhood Chain (4663), with USDC or USDG capital, Orderly Perp Anything and an in-house pool-vs-trader engine. Stock perps are first, including canonical Stock Tokens and indices. Hedges observe allowed venues, float caps and multiplier-aware valuation.

The limits remain visible

Senior can lose capital. Venue custody, liquidation, oracle holds and venue-side enforcement remain relevant. The backstop is bounded by its balance. Pauses preserve redemption access.

This rulebook presents the supplied BookRunner overview and backend specification, version 1.0 dated 01 October 2026.

Run the book ↗