fLP is a share of pool equity. Deposits are priced at the current share price; withdrawals pay out at it, and are blocked when they would push available liquidity below the reserve requirement.
When a win exceeds what the pool can pay at once, the trader is paid from available liquidity and the rest is minted as yIOU: an ERC20 claim on the pool, redeemable 1:1 for qYUAN as losses and deposits refill it. It trades on PancakeSwap (yIOU/qYUAN pool) for holders who want out early. It is transferable, and anyone may redeem on behalf of a holder.
| Market | Status | Live max lev | Bust buffer | Long OI | Short OI | Net | Caps L / S |
|---|---|---|---|---|---|---|---|
| pre-launch | |||||||
The pool is the unhedged counterparty to every position. Skew pricing leans the mark against the crowded side, the keeper lowers live leverage and widens the bust buffer with realised volatility, wins on moves inside 0.3 bp pay nothing and small moves are discounted by the impact keep curve, and a single win is capped at 50x margin or 0.5% of pool equity. The reserve requirement is enforced before every open, including debt-funded (yIOU-margin) opens.