The House
Every trade settles against one pool. It starts at zero and grows only from losses.
Net equity—Cash + reserved − queued
House cash—Pays winners immediately
Side bucket—Losses reserved for the queue
Payout queue—— entries, FIFO
High watermark—
Current emission—Minted on every realised loss
Staker cap—Cash above this is swept to stakers
How it works
- Trades are synthetic. Your entry is the oracle price (Hyperliquid BBO mid) when your signed order executes; PnL settles in HYPE against the House when you close. No order book, no funding.
- Losses refill the House and mint $REKT to the loser at the current emission rate. Emissions are highest while the House is small and decay as its high watermark grows.
- Wins are paid from House cash. If the House can't cover a win, the remainder enters a FIFO queue that new losses pay down before anything else. Anyone can call Harvest.
- Stakers get paid. Half of win/loss fees, plus all House cash above the staker cap, go to $REKT stakers, paid in HYPE.