BookRunner Research · April 2026·No. 01

The BookRunner specification

$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.

BookRunner
BookRunner
April 30, 2026 · 22 min read
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Half the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.

1.0Introduction

An affected component may pause deposits, new books or new risk. Redemption remains accessible without a discretionary permission gate.

Retirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.

Underlying, venue, oracle, sessions, insurance-fund target, market-making inventory, mandate, Senior hurdle and cap, subscription window and Junior notice are charter fields.

Capital allocators subscribe to Senior and Junior tranches. A per-market book capitalises the market’s insurance fund and market-making inventory.

Senior has first claim on fee flow up to its hurdle share. Loss is absorbed by Junior before Senior. Capital can still be lost.
Export
Junior receives residual fee flow after expenses, protocol carry and the Senior hurdle share. Junior absorbs losses first.
Export

Senior 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.

Fee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.

The sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.

2.0Methodology

Creative Process

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.

1. NVDA: 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.
Export

2. TSLA: 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.
Export

3. Stock index: The specification describes Orderly Perp Anything and an in-house pool-vs-trader engine. Exact venue integration and symbol requirements require deployment verification.

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

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.

Participants and input data

$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.

Half the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.

Creative ProfessionalOutput TypeModel Type
Brand DesignBrand Image AssetsText to image, image to image
Receipt keepersAd VideoImage to video
Venue operatorsDesktop ApplicationsText to code, code to code
Charter sponsorsFee flowText to code, code to code
Bookrunner agentsCapitalText to image, image to image
Domains and creative roles evaluated.

An affected component may pause deposits, new books or new risk. Redemption remains accessible without a discretionary permission gate.

Evaluation design

Retirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.

Underlying, venue, oracle, sessions, insurance-fund target, market-making inventory, mandate, Senior hurdle and cap, subscription window and Junior notice are charter fields.

Capital allocators subscribe to Senior and Junior tranches. A per-market book capitalises the market’s insurance fund and market-making inventory.

  • Senior has first claim on fee flow up to its hurdle share. Loss is absorbed by Junior before Senior. Capital can still be lost.
  • Junior receives residual fee flow after expenses, protocol carry and the Senior hurdle share. Junior absorbs losses first.
  • Senior 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.

Fee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.

Analysis

The sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.

3.0What we found

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.
Export

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.
Export

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.
Export

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.

“No new risk outside the sessionEvaluator · Desktop App Mockup
“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.Evaluator · Brand Design Ideation

Model and domain insights

$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.

  1. Half the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.
  2. An affected component may pause deposits, new books or new risk. Redemption remains accessible without a discretionary permission gate.
  3. Retirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.
Underlying, venue, oracle, sessions, insurance-fund target, market-making inventory, mandate, Senior hurdle and cap, subscription window and Junior notice are charter fields.
Export

Fee flow

Capital allocators subscribe to Senior and Junior tranches. A per-market book capitalises the market’s insurance fund and market-making inventory.
Export

Senior has first claim on fee flow up to its hurdle share. Loss is absorbed by Junior before Senior. Capital can still be lost.

Junior receives residual fee flow after expenses, protocol carry and the Senior hurdle share. Junior absorbs losses first.
Export

Senior 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.

Fee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.

The sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.
Export

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.
Export

Product Videos

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.
Export

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.

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.

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.

Ad Design

$BKRN is for access and bonding
Export

Half the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.

An affected component may pause deposits, new books or new risk. Redemption remains accessible without a discretionary permission gate.
Export

Retirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.

Capital allocators subscribe to Senior and Junior tranches. A per-market book capitalises the market’s insurance fund and market-making inventory.

Senior: first claim on fee flow, last loss
Export

Junior receives residual fee flow after expenses, protocol carry and the Senior hurdle share. Junior absorbs losses first.

Senior 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.

Fee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.
Export

Desktop Apps

Sponsor commitment at subscription close
Export

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.
Export

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.
Export

The specification targets Robinhood Chain, chain ID 4663, with USDC or USDG capital. Stock perps are first, including canonical Stock Tokens and indices.

Phase Insights

The specification describes Orderly Perp Anything and an in-house pool-vs-trader engine. Exact venue integration and symbol requirements require deployment verification.

NVDA

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.

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.

$BKRN is for access and bonding
Export

Half the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.

An affected component may pause deposits, new books or new risk. Redemption remains accessible without a discretionary permission gate.
Export

Retirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.

TSLA

Underlying, venue, oracle, sessions, insurance-fund target, market-making inventory, mandate, Senior hurdle and cap, subscription window and Junior notice are charter fields.

Capital allocators subscribe to Senior and Junior tranches. A per-market book capitalises the market’s insurance fund and market-making inventory.

Senior: first claim on fee flow, last loss
Export

Junior receives residual fee flow after expenses, protocol carry and the Senior hurdle share. Junior absorbs losses first.

Stock index

Fee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.

The sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.

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.
Export

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.

4.0Limitations

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.

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.

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.

5.0Implications

For Model Developers

$BKRN supports sponsor bonds, Risk Committee participation and bookrunner inventory tiers above entry. It is not a revenue claim.

Half the protocol carry is allocated to buyback-to-stakers and half to the syndicate backstop. No capital management fee is specified.

An affected component may pause deposits, new books or new risk. Redemption remains accessible without a discretionary permission gate.
Export

Retirement stops quoting, flattens inventory, recalls capital under venue rules and commits a final mark before full redemption.

Underlying, venue, oracle, sessions, insurance-fund target, market-making inventory, mandate, Senior hurdle and cap, subscription window and Junior notice are charter fields.

For Tool Builders

Capital allocators subscribe to Senior and Junior tranches. A per-market book capitalises the market’s insurance fund and market-making inventory.

For Creatives

Senior has first claim on fee flow up to its hurdle share. Loss is absorbed by Junior before Senior. Capital can still be lost.

For the Industry

Junior receives residual fee flow after expenses, protocol carry and the Senior hurdle share. Junior absorbs losses first.

Senior 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.

6.0Future research

Fee flow pays expenses before ten percent protocol carry. The remaining flow passes through the Senior hurdle share to the Junior residual.

The sponsor holds at least ten percent of Junior when subscriptions close. Sponsor bonds and a flat USDC charter review fee support the filing process.

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.

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