Run the book.

Book-level NAV, risk mandates and receipt-rooted marks. Follow the specification and the capital flow behind each market book.

The BookRunner specificationPer-market capital, agent mandates and transparent daily marks.
Book mandate parameters7 models
View
MandateTranche comparison
BookRunner
1626
NVDA Senior
NVDA Junior
TSLA Senior
TSLA Junior
Stock index Senior
Stock index Junior
Backstop

Inventory · Skew · Leverage · Drawdown

NVDA bookSpec v1.0Fee flow10/01/2026

Two-of-three review and a jury verdict

  • The mandate bounds inventory, skew, minimum quote width, hedge leverage, hedge ratios and off-hours policy. On-chain legs revert when they breach the mandate.
  • Agents use venue trade-only keys and scoped on-chain session keys. Venue capital can only be recalled to the UnderwritingVault.
  • A daily mark includes book NAV, tranche NAVs, inventory root, P&L hash and receipt root. Hourly roots cover quote, fill, hedge and decision activity.
  • Junior absorbs loss before Senior, followed by venue ADL. The backstop can cover Senior shortfalls after Junior is exhausted, up to its available balance.
  • The specification targets Robinhood Chain, chain ID 4663, with USDC or USDG capital. Stock perps are first, including canonical Stock Tokens and indices.
  • The specification describes Orderly Perp Anything and an in-house pool-vs-trader engine. Exact venue integration and symbol requirements require deployment verification.
Example charter limits by book
NVDA book
1662
TSLA book
1552
Stock index book
1489
Senior tranche
1489
Junior tranche
1308

Off-hours and held-price periods are reduce-only. A stale oracle pauses new risk. The in-house engine uses a held index and margin-only liquidation.

Export
  1. 1NVDA Senior1626
  2. 2NVDA Junior1623
  3. 3TSLA Senior1551
  4. 4TSLA Junior1546
  5. 5Stock index Senior1457
  6. 6Stock index Junior1391
  7. 7Backstop1306
Accounting & controlsRead the waterfall and mandate specification →
Specification library4 documents

Read the supplied BookRunner overview and backend specification.

  1. CapitalSpec
    Inventory$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.A fifty-fifty protocol carry allocation
  2. AgentsSpec
    JuniorRetirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.A charter defines the terms of its book
  3. CapitalSpec
    Receipt rootSenior has first claim on fee flow up to its hurdle share. Loss is absorbed by Junior before Senior. Capital can still be lost.Junior: residual fee flow and first loss
  4. AgentsSpec
    Book NAVFee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.Sponsor commitment at subscription close
BookRunner field notes39 studies

Capital structure, agent controls and accounting from Spec v1.0, dated 01 October 2026.

  1. 10/01/2026MandateBook note
    The capital structure of a market bookA three-member bonded Risk Committee reviews each charter. Approval requires two votes and a jury verdict CID, with a specified forty-eight-hour review period.Read
    Example charter parameter
    Mark Registry
    59%
    Receipt root
    72%
    Fee flow
    70%
    Inventory
    41%
    Robinhood Chain, USDC and USDG
  2. 10/01/2026MandateSpecification
    Senior: first claim on fee flow, last lossThe specification describes Orderly Perp Anything and an in-house pool-vs-trader engine. Exact venue integration and symbol requirements require deployment verification.Read
    Example charter parameter
    Senior tranche
    Junior
    59.4
    Market sponsor
    Mandate
    57.1
    TSLA book
    Mark Registry
    52.1
    Risk Committee
    Receipt root
    50.7
    Mark Registry
    Fee flow
    45.5
    Junior tranche
    Inventory
    35.2
    A charter defines the terms of its book
  3. 10/01/2026AgentsSpecification
    Junior: residual fee flow and first lossCapital allocators subscribe to Senior and Junior tranches. A per-market book capitalises the market’s insurance fund and market-making inventory.Read
    68.3%Example charter parameter
    3,240Junior
    6 × 3 × 3Mandate
    Redemption at an eligible daily mark
  4. 10/01/2026MandateBook note
    Redemption at an eligible daily markFee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.Read
    738Fee flow
    InventoryExample charter parameter
    20 × 9Book NAV
    Scoped keys for agent bookrunners
  5. 10/01/2026CapitalSpecification
    Ten percent carry on net fee flowA daily mark includes book NAV, tranche NAVs, inventory root, P&L hash and receipt root. Hourly roots cover quote, fill, hedge and decision activity.Read
    68.9%Example charter parameter
    70.1%The loss waterfall is explicit
    6 × 3 × 3Mandate
    Redemption at an eligible daily mark
  6. 10/01/2026MandateSpecification
    Sponsor commitment at subscription closeThe specification targets Robinhood Chain, chain ID 4663, with USDC or USDG capital. Stock perps are first, including canonical Stock Tokens and indices.Read
    Example charter parameter
    Receipt root
    Junior
    65.3
    Risk Committee
    Mandate
    61.7
    Market sponsor
    Mark Registry
    41.7
    Senior tranche
    Receipt root
    31.3
    No new risk outside the session
  7. 10/01/2026MandateInventory
    $BKRN is for access and bondingHalf the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.Read
    2 + 3Pause deposits while preserving redemptions
    42 → 44Mandate
    5 × 5Mark Registry
    The capital structure of a market book
  8. 10/01/2026MandateSpecification
    Senior: first claim on fee flow, last lossJunior receives residual fee flow after expenses, protocol carry and the Senior hurdle share. Junior absorbs losses first.Read
    Example charter parameter
    Receipt root
    Junior
    65
    Risk Committee
    Mandate
    63.3
    Agent mandate
    Mark Registry
    38.8
    Market sponsor
    Receipt root
    32.9
    Redemption at an eligible daily mark
  9. 10/01/2026MandateBook note
    Ten percent carry on net fee flowThe sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.Read
    754Mandate
    40Mark Registry
    8Receipt root
    Daily signed and receipt-rooted marks
  10. 10/01/2026CapitalSpecification
    The loss waterfall is explicitThe specification targets Robinhood Chain, chain ID 4663, with USDC or USDG capital. Stock perps are first, including canonical Stock Tokens and indices.Read
    Example charter parameter
    TSLA Senior
    Junior
    41.9%
    TSLA Junior
    Mandate
    22.6%
    Senior
    Mark Registry
    20.6%
    Junior
    Receipt root
    17.4%
    Risk kills cancel, flatten and revoke
  11. 10/01/2026CapitalBook note
    $BKRN is for access and bondingHalf the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.Read
    4/4Fee flow
    67%Example charter parameter
    52%Inventory
    A charter defines the terms of its book
  12. 10/01/2026CapitalBook note
    The capital structure of a market bookSenior has first claim on fee flow up to its hurdle share. Loss is absorbed by Junior before Senior. Capital can still be lost.Read
    Example charter parameter
    Stock index Senior
    54%
    Mandate
    52%
    Mark Registry
    50%
    Receipt root
    44%
    Sponsor commitment at subscription close
  13. 10/01/2026CapitalSpecification
    Two-of-three review and a jury verdictThe mandate bounds inventory, skew, minimum quote width, hedge leverage, hedge ratios and off-hours policy. On-chain legs revert when they breach the mandate.Read
    Example charter parameter
    Senior
    Junior
    32.6
    Junior
    Mandate
    30.2
    Senior
    Mark Registry
    20.9
    TSLA Senior
    Receipt root
    20
    The loss waterfall is explicit
  14. 10/01/2026MandateSpecification
    Mark RegistryThe specification describes Orderly Perp Anything and an in-house pool-vs-trader engine. Exact venue integration and symbol requirements require deployment verification.Read
    Example charter parameter
    Receipt root
    Junior
    63.3
    Market sponsor
    Mandate
    49.3
    Fee flow
    Mark Registry
    48.1
    Junior tranche
    Receipt root
    39.3
    A breach cancels quotes, flattens within the mandate and revokes venue and on-chain desk keys. The sponsor is notified and the committee may re-mandate.
  15. 10/01/2026CapitalSpecification
    $BKRN is for access and bondingHalf the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.Read
    Example charter parameter
    TSLA Senior
    Junior
    35.9
    TSLA Junior
    Mandate
    28.6
    Senior
    Mark Registry
    28
    Junior
    Receipt root
    10.7
    A controlled retirement for every book
  16. 10/01/2026CapitalSpecification
    A charter defines the terms of its bookCapital allocators subscribe to Senior and Junior tranches. A per-market book capitalises the market’s insurance fund and market-making inventory.Read
    Example charter parameter
    Fee flow
    Junior
    34.1
    Junior
    Mandate
    29.5
    TSLA Junior
    Mark Registry
    23.9
    Junior
    Receipt root
    19.3
    Junior: residual fee flow and first loss
  17. 10/01/2026MandateSpecification
    Redemption at an eligible daily markFee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.Read
    88.9%Example charter parameter
    11.1%Example charter parameter
    51.1%Junior
    Two-of-three review and a jury verdict
  18. 10/01/2026AgentsSpecification
    Inventory and skew limits in the mandateAgents use venue trade-only keys and scoped on-chain session keys. Venue capital can only be recalled to the UnderwritingVault.Read
    Example charter parameter
    Fee flow
    Junior
    4
    Inventory
    Mandate
    3
    Book NAV
    Mark Registry
    3
    Senior
    Receipt root
    0
    Off-hours and held-price periods are reduce-only. A stale oracle pauses new risk. The in-house engine uses a held index and margin-only liquidation.
  19. 10/01/2026CapitalBook note
    Risk kills cancel, flatten and revoke$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.Read
    Receipt root
    Fee flow
    Inventory
    74.1%
    Book NAV
    Senior
    61.1%
    Junior
    54.3%
    Mandate
    50%
    Redemption at an eligible daily mark
  20. 10/01/2026CapitalSpecification
    Ten percent carry on net fee flowThe sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.Read
    Example charter parameter
    Inventory
    Junior
    47.9%
    Example charter parameter
    Mandate
    30%
    Stock index Senior
    Mark Registry
    15.5%
    Stock index Junior
    Receipt root
    15%
    The mandate bounds inventory, skew, minimum quote width, hedge leverage, hedge ratios and off-hours policy. On-chain legs revert when they breach the mandate.
  21. 10/01/2026CapitalInventory
    Scoped keys for agent bookrunnersA daily mark includes book NAV, tranche NAVs, inventory root, P&L hash and receipt root. Hourly roots cover quote, fill, hedge and decision activity.Read
    8 / 11The loss waterfall is explicit
    7 / 11Robinhood Chain, USDC and USDG
    6 / 11Orderly and the in-house engine
    No new risk outside the session
  22. 10/01/2026MandateSpecification
    Risk kills cancel, flatten and revoke$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.Read
    Senior
    Junior
    Mandate
    63%
    Mark Registry
    53%
    Receipt root
    Example charter parameter
    47%
    Fee flow
    Inventory
    30%
    Redemption at an eligible daily mark
  23. 10/01/2026CapitalInventory
    Ten percent carry on net fee flowThe sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.Read
    7 / 29Mandate
    16 / 29Mark Registry
    2 / 10Scoped keys for agent bookrunners
    Daily signed and receipt-rooted marks
  24. 10/01/2026CapitalInventory
    InventoryRobinhood Chain, USDC and USDGRead
    1 / 8Senior
    5 / 8Junior
    2 / 8Mandate
    $BKRN is for access and bonding
  25. 10/01/2026Receipt rootInventory
    Pause deposits while preserving redemptionsRetirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.Read
    1 / 4Book NAV
    2 / 4The capital structure of a market book
    20Junior
    Junior: residual fee flow and first loss
  26. 10/01/2026MandateBook note
    Redemption at an eligible daily markTen percent carry on net fee flowRead
    Example charter parameter
    0.00.20.40.60.81.00Fee flowInventory0.40Book NAVSenior0.45JuniorMandate0.55Mark RegistryReceipt root0.75Fee flowInventory
    $BKRN is for access and bonding
  27. 10/01/2026MandateInventory
    A fifty-fifty protocol carry allocationAn affected component may pause deposits, new books or new risk. Redemption remains accessible without a discretionary permission gate.Read
    60 → 100%A controlled retirement for every book
    5 / 5A charter defines the terms of its book
    ≤40%The capital structure of a market book
    Senior: first claim on fee flow, last loss
  28. 10/01/2026CapitalBook note
    Junior: residual fee flow and first lossSenior redeems at NAV on the next daily mark. Junior redeems after its notice period and the next daily mark. The default Junior notice is seven days.Read
    +3 / +3 / +1Ten percent carry on net fee flow
    −1 / −3Sponsor commitment at subscription close
    0Two-of-three review and a jury verdict
    Inventory and skew limits in the mandate
  29. 10/01/2026CapitalInventory
    Scoped keys for agent bookrunnersDaily signed and receipt-rooted marksRead
    5 / 41Inventory
    33 → 59%Book NAV
    60-65%Senior
    No new risk outside the session
  30. 10/01/2026CapitalSpecification
    Risk kills cancel, flatten and revoke$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.Read
    Example charter parameter
    TSLA Senior
    Junior
    40.7%
    Receipt root
    Mandate
    22.3%
    Receipt root
    Mark Registry
    22.2%
    Example charter parameter
    Receipt root
    14.8%
    Pause deposits while preserving redemptions
  31. 10/01/2026CapitalSpecification
    A controlled retirement for every bookUnderlying, venue, oracle, sessions, insurance-fund target, market-making inventory, mandate, Senior hurdle and cap, subscription window and Junior notice are charter fields.Read
    Senior
    TSLA Senior
    Junior
    3.53
    Junior
    Mandate
    3.39
    Example charter parameter
    Mark Registry
    2.74
    Receipt root
    Receipt root
    2.42
    Junior: residual fee flow and first loss
  32. 10/01/2026CapitalSpecification
    Redemption at an eligible daily markFee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.Read
    Example charter parameter
    Receipt root
    Junior
    63.9%
    Example charter parameter
    Mandate
    52.8%
    Mark Registry
    Mark Registry
    44.4%
    Stock index Senior
    Receipt root
    38.9%
    Sponsor commitment at subscription close
  33. 10/01/2026Receipt rootBook note
    Two-of-three review and a jury verdictThe mandate bounds inventory, skew, minimum quote width, hedge leverage, hedge ratios and off-hours policy. On-chain legs revert when they breach the mandate.Read
    SeniorJuniorMandateMark Registry“Receipt root”“Fee flow”“Inventory”“Book NAV”
    A fifty-fifty protocol carry allocation
  34. 10/01/2026AgentsInventory
    Pause deposits while preserving redemptionsRetirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.Read
    Example charter parameter
    NVDA
    Example charter parameter
    46%
    TSLA
    44%
    Stock index
    Example charter parameter
    56%
    A charter defines the terms of its book
  35. 10/01/2026Receipt rootBook note
    The capital structure of a market bookSenior has first claim on fee flow up to its hurdle share. Loss is absorbed by Junior before Senior. Capital can still be lost.Read
    NVDA
    Inventory
    TSLA
    Book NAV
    Stock index
    Senior
    Sponsor commitment at subscription close
  36. 10/01/2026AgentsInventory
    Two-of-three review and a jury verdictInventory and skew limits in the mandateRead
    Example charter parameter
    NVDA
    Receipt root
    61.1%
    TSLA
    55.6%
    Stock index
    Example charter parameter
    38.9%
    Daily signed and receipt-rooted marks
  37. 10/01/2026Receipt rootBook note
    The loss waterfall is explicitRobinhood Chain, USDC and USDGRead
    66%
    Orderly and the in-house engine
    Junior
    Risk kills cancel, flatten and revoke
  38. 10/01/2026MandateSpecification
    $BKRN is for access and bondingA fifty-fifty protocol carry allocationRead
    Example charter parameter
    NVDA
    Fee flow
    79.8%
    TSLA
    Example charter parameter
    68.9%
    Stock index
    Inventory
    60%
    A charter defines the terms of its book
  39. 10/01/2026Receipt rootBook note
    The capital structure of a market bookSenior: first claim on fee flow, last lossRead
    <25%
    Junior: residual fee flow and first loss
    Redemption at an eligible daily mark
    Ten percent carry on net fee flow

Run the book.

Book-level NAV, risk mandates and receipt-rooted marks. Follow the specification and the capital flow behind each market book.

The BookRunner specificationPer-market capital, agent mandates and transparent daily marks.
Book mandate parameters7 models
View
MandateTranche comparison
BookRunner
1626
NVDA Senior
NVDA Junior
TSLA Senior
TSLA Junior
Stock index Senior
Stock index Junior
Backstop

Inventory · Skew · Leverage · Drawdown

NVDA bookSpec v1.0Fee flow10/01/2026

Sponsor commitment at subscription close

  • A three-member bonded Risk Committee reviews each charter. Approval requires two votes and a jury verdict CID, with a specified forty-eight-hour review period.
  • The mandate bounds inventory, skew, minimum quote width, hedge leverage, hedge ratios and off-hours policy. On-chain legs revert when they breach the mandate.
  • Agents use venue trade-only keys and scoped on-chain session keys. Venue capital can only be recalled to the UnderwritingVault.
  • A daily mark includes book NAV, tranche NAVs, inventory root, P&L hash and receipt root. Hourly roots cover quote, fill, hedge and decision activity.
  • Junior absorbs loss before Senior, followed by venue ADL. The backstop can cover Senior shortfalls after Junior is exhausted, up to its available balance.
  • The specification targets Robinhood Chain, chain ID 4663, with USDC or USDG capital. Stock perps are first, including canonical Stock Tokens and indices.
Receipt root
Junior tranche
0.86Example charter parameter
NVDA book
2.71Example charter parameter
TSLA book
3.14Example charter parameter
Stock index book
3.33Example charter parameter
Senior tranche
3.64Example charter parameter

Off-hours and held-price periods are reduce-only. A stale oracle pauses new risk. The in-house engine uses a held index and margin-only liquidation.

Export
  1. 1NVDA Senior1626
  2. 2NVDA Junior1623
  3. 3TSLA Senior1551
  4. 4TSLA Junior1546
  5. 5Stock index Senior1457
  6. 6Stock index Junior1391
  7. 7Backstop1306
Accounting & controlsRead the waterfall and mandate specification →
Specification library4 documents

Read the supplied BookRunner overview and backend specification.

  1. CapitalSpec
    Inventory$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.A fifty-fifty protocol carry allocation
  2. AgentsSpec
    JuniorRetirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.A charter defines the terms of its book
  3. CapitalSpec
    Receipt rootSenior has first claim on fee flow up to its hurdle share. Loss is absorbed by Junior before Senior. Capital can still be lost.Junior: residual fee flow and first loss
  4. AgentsSpec
    Book NAVFee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.Sponsor commitment at subscription close
BookRunner field notes39 studies

Capital structure, agent controls and accounting from Spec v1.0, dated 01 October 2026.

  1. 10/01/2026MandateBook note
    The capital structure of a market bookA three-member bonded Risk Committee reviews each charter. Approval requires two votes and a jury verdict CID, with a specified forty-eight-hour review period.Read
    Example charter parameter
    Mark Registry
    59%
    Receipt root
    72%
    Fee flow
    70%
    Inventory
    41%
    Robinhood Chain, USDC and USDG
  2. 10/01/2026MandateSpecification
    Senior: first claim on fee flow, last lossThe specification describes Orderly Perp Anything and an in-house pool-vs-trader engine. Exact venue integration and symbol requirements require deployment verification.Read
    Example charter parameter
    Senior tranche
    Junior
    59.4
    Market sponsor
    Mandate
    57.1
    TSLA book
    Mark Registry
    52.1
    Risk Committee
    Receipt root
    50.7
    Mark Registry
    Fee flow
    45.5
    Junior tranche
    Inventory
    35.2
    A charter defines the terms of its book
  3. 10/01/2026AgentsSpecification
    Junior: residual fee flow and first lossCapital allocators subscribe to Senior and Junior tranches. A per-market book capitalises the market’s insurance fund and market-making inventory.Read
    68.3%Example charter parameter
    3,240Junior
    6 × 3 × 3Mandate
    Redemption at an eligible daily mark
  4. 10/01/2026MandateBook note
    Redemption at an eligible daily markFee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.Read
    738Fee flow
    InventoryExample charter parameter
    20 × 9Book NAV
    Scoped keys for agent bookrunners
  5. 10/01/2026CapitalSpecification
    Ten percent carry on net fee flowA daily mark includes book NAV, tranche NAVs, inventory root, P&L hash and receipt root. Hourly roots cover quote, fill, hedge and decision activity.Read
    68.9%Example charter parameter
    70.1%The loss waterfall is explicit
    6 × 3 × 3Mandate
    Redemption at an eligible daily mark
  6. 10/01/2026MandateSpecification
    Sponsor commitment at subscription closeThe specification targets Robinhood Chain, chain ID 4663, with USDC or USDG capital. Stock perps are first, including canonical Stock Tokens and indices.Read
    Example charter parameter
    Receipt root
    Junior
    65.3
    Risk Committee
    Mandate
    61.7
    Market sponsor
    Mark Registry
    41.7
    Senior tranche
    Receipt root
    31.3
    No new risk outside the session
  7. 10/01/2026MandateInventory
    $BKRN is for access and bondingHalf the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.Read
    2 + 3Pause deposits while preserving redemptions
    42 → 44Mandate
    5 × 5Mark Registry
    The capital structure of a market book
  8. 10/01/2026MandateSpecification
    Senior: first claim on fee flow, last lossJunior receives residual fee flow after expenses, protocol carry and the Senior hurdle share. Junior absorbs losses first.Read
    Example charter parameter
    Receipt root
    Junior
    65
    Risk Committee
    Mandate
    63.3
    Agent mandate
    Mark Registry
    38.8
    Market sponsor
    Receipt root
    32.9
    Redemption at an eligible daily mark
  9. 10/01/2026MandateBook note
    Ten percent carry on net fee flowThe sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.Read
    754Mandate
    40Mark Registry
    8Receipt root
    Daily signed and receipt-rooted marks
  10. 10/01/2026CapitalSpecification
    The loss waterfall is explicitThe specification targets Robinhood Chain, chain ID 4663, with USDC or USDG capital. Stock perps are first, including canonical Stock Tokens and indices.Read
    Example charter parameter
    TSLA Senior
    Junior
    41.9%
    TSLA Junior
    Mandate
    22.6%
    Senior
    Mark Registry
    20.6%
    Junior
    Receipt root
    17.4%
    Risk kills cancel, flatten and revoke
  11. 10/01/2026CapitalBook note
    $BKRN is for access and bondingHalf the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.Read
    4/4Fee flow
    67%Example charter parameter
    52%Inventory
    A charter defines the terms of its book
  12. 10/01/2026CapitalBook note
    The capital structure of a market bookSenior has first claim on fee flow up to its hurdle share. Loss is absorbed by Junior before Senior. Capital can still be lost.Read
    Example charter parameter
    Stock index Senior
    54%
    Mandate
    52%
    Mark Registry
    50%
    Receipt root
    44%
    Sponsor commitment at subscription close
  13. 10/01/2026CapitalSpecification
    Two-of-three review and a jury verdictThe mandate bounds inventory, skew, minimum quote width, hedge leverage, hedge ratios and off-hours policy. On-chain legs revert when they breach the mandate.Read
    Example charter parameter
    Senior
    Junior
    32.6
    Junior
    Mandate
    30.2
    Senior
    Mark Registry
    20.9
    TSLA Senior
    Receipt root
    20
    The loss waterfall is explicit
  14. 10/01/2026MandateSpecification
    Mark RegistryThe specification describes Orderly Perp Anything and an in-house pool-vs-trader engine. Exact venue integration and symbol requirements require deployment verification.Read
    Example charter parameter
    Receipt root
    Junior
    63.3
    Market sponsor
    Mandate
    49.3
    Fee flow
    Mark Registry
    48.1
    Junior tranche
    Receipt root
    39.3
    A breach cancels quotes, flattens within the mandate and revokes venue and on-chain desk keys. The sponsor is notified and the committee may re-mandate.
  15. 10/01/2026CapitalSpecification
    $BKRN is for access and bondingHalf the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.Read
    Example charter parameter
    TSLA Senior
    Junior
    35.9
    TSLA Junior
    Mandate
    28.6
    Senior
    Mark Registry
    28
    Junior
    Receipt root
    10.7
    A controlled retirement for every book
  16. 10/01/2026CapitalSpecification
    A charter defines the terms of its bookCapital allocators subscribe to Senior and Junior tranches. A per-market book capitalises the market’s insurance fund and market-making inventory.Read
    Example charter parameter
    Fee flow
    Junior
    34.1
    Junior
    Mandate
    29.5
    TSLA Junior
    Mark Registry
    23.9
    Junior
    Receipt root
    19.3
    Junior: residual fee flow and first loss
  17. 10/01/2026MandateSpecification
    Redemption at an eligible daily markFee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.Read
    88.9%Example charter parameter
    11.1%Example charter parameter
    51.1%Junior
    Two-of-three review and a jury verdict
  18. 10/01/2026AgentsSpecification
    Inventory and skew limits in the mandateAgents use venue trade-only keys and scoped on-chain session keys. Venue capital can only be recalled to the UnderwritingVault.Read
    Example charter parameter
    Fee flow
    Junior
    4
    Inventory
    Mandate
    3
    Book NAV
    Mark Registry
    3
    Senior
    Receipt root
    0
    Off-hours and held-price periods are reduce-only. A stale oracle pauses new risk. The in-house engine uses a held index and margin-only liquidation.
  19. 10/01/2026CapitalBook note
    Risk kills cancel, flatten and revoke$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.Read
    Receipt root
    Fee flow
    Inventory
    74.1%
    Book NAV
    Senior
    61.1%
    Junior
    54.3%
    Mandate
    50%
    Redemption at an eligible daily mark
  20. 10/01/2026CapitalSpecification
    Ten percent carry on net fee flowThe sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.Read
    Example charter parameter
    Inventory
    Junior
    47.9%
    Example charter parameter
    Mandate
    30%
    Stock index Senior
    Mark Registry
    15.5%
    Stock index Junior
    Receipt root
    15%
    The mandate bounds inventory, skew, minimum quote width, hedge leverage, hedge ratios and off-hours policy. On-chain legs revert when they breach the mandate.
  21. 10/01/2026CapitalInventory
    Scoped keys for agent bookrunnersA daily mark includes book NAV, tranche NAVs, inventory root, P&L hash and receipt root. Hourly roots cover quote, fill, hedge and decision activity.Read
    8 / 11The loss waterfall is explicit
    7 / 11Robinhood Chain, USDC and USDG
    6 / 11Orderly and the in-house engine
    No new risk outside the session
  22. 10/01/2026MandateSpecification
    Risk kills cancel, flatten and revoke$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.Read
    Senior
    Junior
    Mandate
    63%
    Mark Registry
    53%
    Receipt root
    Example charter parameter
    47%
    Fee flow
    Inventory
    30%
    Redemption at an eligible daily mark
  23. 10/01/2026CapitalInventory
    Ten percent carry on net fee flowThe sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.Read
    7 / 29Mandate
    16 / 29Mark Registry
    2 / 10Scoped keys for agent bookrunners
    Daily signed and receipt-rooted marks
  24. 10/01/2026CapitalInventory
    InventoryRobinhood Chain, USDC and USDGRead
    1 / 8Senior
    5 / 8Junior
    2 / 8Mandate
    $BKRN is for access and bonding
  25. 10/01/2026Receipt rootInventory
    Pause deposits while preserving redemptionsRetirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.Read
    1 / 4Book NAV
    2 / 4The capital structure of a market book
    20Junior
    Junior: residual fee flow and first loss
  26. 10/01/2026MandateBook note
    Redemption at an eligible daily markTen percent carry on net fee flowRead
    Example charter parameter
    0.00.20.40.60.81.00Fee flowInventory0.40Book NAVSenior0.45JuniorMandate0.55Mark RegistryReceipt root0.75Fee flowInventory
    $BKRN is for access and bonding
  27. 10/01/2026MandateInventory
    A fifty-fifty protocol carry allocationAn affected component may pause deposits, new books or new risk. Redemption remains accessible without a discretionary permission gate.Read
    60 → 100%A controlled retirement for every book
    5 / 5A charter defines the terms of its book
    ≤40%The capital structure of a market book
    Senior: first claim on fee flow, last loss
  28. 10/01/2026CapitalBook note
    Junior: residual fee flow and first lossSenior redeems at NAV on the next daily mark. Junior redeems after its notice period and the next daily mark. The default Junior notice is seven days.Read
    +3 / +3 / +1Ten percent carry on net fee flow
    −1 / −3Sponsor commitment at subscription close
    0Two-of-three review and a jury verdict
    Inventory and skew limits in the mandate
  29. 10/01/2026CapitalInventory
    Scoped keys for agent bookrunnersDaily signed and receipt-rooted marksRead
    5 / 41Inventory
    33 → 59%Book NAV
    60-65%Senior
    No new risk outside the session
  30. 10/01/2026CapitalSpecification
    Risk kills cancel, flatten and revoke$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.Read
    Example charter parameter
    TSLA Senior
    Junior
    40.7%
    Receipt root
    Mandate
    22.3%
    Receipt root
    Mark Registry
    22.2%
    Example charter parameter
    Receipt root
    14.8%
    Pause deposits while preserving redemptions
  31. 10/01/2026CapitalSpecification
    A controlled retirement for every bookUnderlying, venue, oracle, sessions, insurance-fund target, market-making inventory, mandate, Senior hurdle and cap, subscription window and Junior notice are charter fields.Read
    Senior
    TSLA Senior
    Junior
    3.53
    Junior
    Mandate
    3.39
    Example charter parameter
    Mark Registry
    2.74
    Receipt root
    Receipt root
    2.42
    Junior: residual fee flow and first loss
  32. 10/01/2026CapitalSpecification
    Redemption at an eligible daily markFee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.Read
    Example charter parameter
    Receipt root
    Junior
    63.9%
    Example charter parameter
    Mandate
    52.8%
    Mark Registry
    Mark Registry
    44.4%
    Stock index Senior
    Receipt root
    38.9%
    Sponsor commitment at subscription close
  33. 10/01/2026Receipt rootBook note
    Two-of-three review and a jury verdictThe mandate bounds inventory, skew, minimum quote width, hedge leverage, hedge ratios and off-hours policy. On-chain legs revert when they breach the mandate.Read
    SeniorJuniorMandateMark Registry“Receipt root”“Fee flow”“Inventory”“Book NAV”
    A fifty-fifty protocol carry allocation
  34. 10/01/2026AgentsInventory
    Pause deposits while preserving redemptionsRetirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.Read
    Example charter parameter
    NVDA
    Example charter parameter
    46%
    TSLA
    44%
    Stock index
    Example charter parameter
    56%
    A charter defines the terms of its book
  35. 10/01/2026Receipt rootBook note
    The capital structure of a market bookSenior has first claim on fee flow up to its hurdle share. Loss is absorbed by Junior before Senior. Capital can still be lost.Read
    NVDA
    Inventory
    TSLA
    Book NAV
    Stock index
    Senior
    Sponsor commitment at subscription close
  36. 10/01/2026AgentsInventory
    Two-of-three review and a jury verdictInventory and skew limits in the mandateRead
    Example charter parameter
    NVDA
    Receipt root
    61.1%
    TSLA
    55.6%
    Stock index
    Example charter parameter
    38.9%
    Daily signed and receipt-rooted marks
  37. 10/01/2026Receipt rootBook note
    The loss waterfall is explicitRobinhood Chain, USDC and USDGRead
    66%
    Orderly and the in-house engine
    Junior
    Risk kills cancel, flatten and revoke
  38. 10/01/2026MandateSpecification
    $BKRN is for access and bondingA fifty-fifty protocol carry allocationRead
    Example charter parameter
    NVDA
    Fee flow
    79.8%
    TSLA
    Example charter parameter
    68.9%
    Stock index
    Inventory
    60%
    A charter defines the terms of its book
  39. 10/01/2026Receipt rootBook note
    The capital structure of a market bookSenior: first claim on fee flow, last lossRead
    <25%
    Junior: residual fee flow and first loss
    Redemption at an eligible daily mark
    Ten percent carry on net fee flow

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The underwriting syndicate for on-chain perp markets.

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Created with ♡ by 01 October 2026, $BKRN access & bonding, & Run the book..

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The underwriting syndicate for on-chain perp markets.

Powered by Robinhood Chain.

Created with ♡ by 01 October 2026, $BKRN access & bonding, & Run the book..

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The underwriting syndicate for on-chain perp markets.

Powered by Robinhood Chain.

Created with ♡ by 01 October 2026, $BKRN access & bonding, & Run the book..

Reports

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The underwriting syndicate for on-chain perp markets.

Powered by Robinhood Chain.

Created with ♡ by 01 October 2026, $BKRN access & bonding, & Run the book..

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