Markets and parameters

The current values below are those of the current deployment (Solana devnet). The deployment scripts state that devnet uses the same economics and execution parameters intended for mainnet. Where the runbook says mainnet values will differ, the "Mainnet" column says so; "TBD" means not yet decided. Every value marked Proposal can change only through a timelocked governance proposal after launch.

Markets

Index	Symbol	Pyth feed id	Status
0	BTC	e62df6c8b4a85fe1a67db44dc12de5db330f7ac66b72dc658afedf0f4a415b43	Live
1	ETH	ff61491a931112ddf1bd8147cd1b641375f79f5825126d665480874634fd0ace	Live
2	SOL	ef0d8b6fda2ceba41da15d4095d1da392a0d2f8ed0c6c7bc0f4cfac8c280b56d	Being added by an AddMarket proposal

Launch markets: BTC, ETH and SOL. New markets are added by an AddMarket proposal.

Market parameters (MarketParams, per market; Proposal)

Parameter	Meaning	Current (BTC, ETH, SOL)	Program bounds	Mainnet
max_leverage	Highest leverage for new opens	1000	1–1000	—
min_margin	Smallest margin per open	$1	> 0	TBD
max_position_notional	Largest notional per position	$10,000,000	> 0	TBD ("start very low")
oi_cap_long, oi_cap_short	OI ceiling per side (live + pending)	$5,000,000,000	—	TBD (size to Pyth depth)
impact.base_rate_bps	Win haircut floor	770 (7.7%)	< 10,000	—
impact.c_e9	Haircut curve constant	185,000 (1.85 bps)	< 1e9	—
impact.deadband_e9	Moves at or below this pay no win	31,000 (0.31 bps)	< 1e9	—
retired	No new opens; closes continue	false	—	—
crowd_oi, avg_samples, avg_step_s	Crowded-side averaging (disabled)	u64::MAX, 8, 4	Production builds require crowd_oi = u64::MAX. All builds require avg_samples 3–8, avg_step_s 1–30, and (avg_samples − 1) × avg_step_s ≤ 120	Disabled

Live market state (not parameters)

Field	Changed by	Meaning
oi_limit_long/short	Risk keeper, instantly; must stay between current usage and the ceiling	Trailing OI limit for new requests. The keeper keeps it at usage + $5M, ±10%.
oi_brake_long/short	Admin or guardian lower it; only the admin raises it	Emergency cap on requests and fills. Off = u64::MAX.
last_oracle_ts, last_oracle_price	Fills, heartbeats and liquidations; a liquidation price that fails the confidence check advances only last_oracle_ts	Oracle watermark: newest recorded publish time and its price
settle_pin_ts	propose(SettleMarket) sets it to the proposal's eta; cancelling the proposal or re-opening the market clears it, allowed only while both the Solana clock and the market's last_oracle_ts are more than 1 h before its pin, or after the settlement lapses (more than 7 days after the pin)	Settlement pin (0 = none). From it on, close requests must be pinned before it and liquidations must use prices published before it
settle_price	SettleMarket proposal, once	A retired market's final price: the Pyth update pinned at settle_pin_ts if it is admissible under the limits recorded in the proposal, otherwise the proposed price (Oracle and safety)

Economics (Economics, global; Proposal)

Parameter	Meaning	Current	Program bounds
fee_bps	Loss fee and payout fee	200 (2%)	≤ 1,000
staker_share_bps	Stakers' share of fees (the rest goes to dev)	5,000 (50%)	≤ 10,000
bust_buffer_e9	Bust trigger distance before zero equity	500,000 (0.05%)	< 1,000,000
staker_cap	Treasury above this is swept to stakers while the queue is empty	$5,000,000	0 to i64::MAX base units
cliff	House size where the mint rate starts decaying	$2,000,000	0 to i64::MAX base units
decay_s	Mint decay constant S	$120,000,000	> 0
flat_per_usd	$NOTE per $1 of PnL basis (wins and losses) in the flat region	44	0–1,000,000 (0 stops emission)
reward_stream_s	Staker revenue vesting window	3,600 s	3,600 s–7 days (0–7 days in test and devnet-feature builds)
monotonic_mint	Mint rate never resets to flat	true	—

Execution (ExecParams, global; Proposal)

Parameter	Meaning	Current	Program bounds	Mainnet (runbook)
pin_delay_s	Pin = max(clock, watermark + 1) + this	6 s	4–60 (1–60 in test and devnet-feature builds)	6, open decision (possibly 8) after mainnet measurement
fill_window_s	Fill deadline after the pin	30 s	5–600	30–60
liq_max_age_s	Maximum age of a liquidation price (also of a heartbeat price)	10 s	1–120	10
max_conf_bps	Maximum Pyth confidence / price	50 (0.5%)	1–1,000	50
max_ema_dev_bps	Maximum price deviation from EMA	500 (5%)	1–5,000	500
max_obs_age_s	Maximum watermark age for new requests	60 s	1–60	60
max_clock_lag_s	Maximum watermark lead over the Solana clock	5 s	1–60	5
exec_fee_lamports	SOL per request, paid to the price poster	500,000	≤ 10,000,000	200,000–1,000,000

Other global settings

Setting	Meaning	Current	Changed by
max_trader_notional	Open + pending notional per trader, all markets	$10,000,000	Proposal (> 0); mainnet TBD
timelock_delay_s	Delay before a proposal can execute	60 s (devnet, set before the launch floor existed)	Proposal, ≤ 30 days and never below the lesser of the current delay and 24 h. Production builds refuse to launch below 24 h. Mainnet ≥ 48 h per runbook
paused	Blocks new opens	false	Guardian or admin pause; admin unpause
guardian, risk_keeper, admin	Roles	Devnet: admin = guardian = upgrade authority; risk keeper = the primary keeper	Proposal (admin handover also needs accept_admin)

Fixed in the program (an upgrade is needed to change these)

Constant	Value
Maximum leverage	1000
Pyth receiver program	rec2HHDDnjLfj4kE7VyEtFA1HPGQLK33259532cRyHp
Pinned update may lead the Solana clock by	≤ 60 s
Maximum session-key lifetime	30 days
Cancel bounty	¼ of the execution fee
Proposal grace period after eta	7 days
Maximum timelock	30 days
Settlement price band	Proposed price within 10% of the last verified oracle price (checked when proposed, and again on the dead-feed path)
Settlement execution delay	Only after pin + 120 s (the liq_max_age_s ceiling), when no pre-pin price can still liquidate
Settlement veto margin	3,600 s (2 s in test and devnet-feature builds): a settlement can be cancelled, or its market re-opened, only while both the Solana clock and last_oracle_ts are earlier than pin − this, or after it lapses
Dead-feed settlement	Admin only, at least 24 h after the pin, and only if no update at or after the pin was ever recorded
Production floors	Launch timelock ≥ 24 h; reward_stream_s ≥ 3,600 s; pin_delay_s ≥ 4 s (relaxed in test and devnet-feature builds)
Timelock change floor (all builds)	≥ the lesser of the current delay and 24 h
Staking tranches	10 slots; epoch = ceil(reward_stream_s / 8)
Units	USDC 6 decimals; prices 8 decimals; $NOTE 6 decimals

Keeper settings (off-chain, operational)

These are defaults of the Papersol keeper software, not program rules:

Setting	Default
Heartbeat period	30 s per quiet market
Liquidation scan	every 1 s per market
Trailing OI headroom	$5,000,000 per side, re-targeted outside ±10%
Harvest attempt	every 2 s while the queue has backing
Retired-market settlement	every 10 s: executes a due SettleMarket proposal with the pinned update as soon as the program allows, keeps filling closes committed before the pin, and runs settle_retired on each position in a settled market that has no pending close
Stuck-settlement alert	a due settlement still not executed 10 min after its pin
Undecodable-request alert	request accounts are decoded one by one; one that doesn't decode (a pre-upgrade layout) is skipped and alerted (undecodable-requests) until someone runs migrate_request on it
Standby keeper	takes over fills unfilled 6 s after their pin; posts heartbeats once the watermark is 4 s old