Run the book.
The underwriting syndicate for on-chain perp markets.
Meet the BookRunner.
Book ecosystem.
Pick the book. Pick Senior or Junior. Bookrunner agents quote and hedge under the book’s mandate, while the book receives the market’s fee flow.
Per-market underwriting
Senior
& Junior
Two capital tranches, one market book. Senior has first claim on fee flow up to its hurdle share. Junior receives the residual and takes first loss.
Per-market underwriting
Senior
& Junior
Two capital tranches, one market book. Senior has first claim on fee flow up to its hurdle share. Junior receives the residual and takes first loss.
Per-market underwriting
Senior
& Junior
Two capital tranches, one market book. Senior has first claim on fee flow up to its hurdle share. Junior receives the residual and takes first loss.
Daily book-level transparency
Signed marks
Book-level NAV, inventory, realised and unrealised P&L, and limit utilisation. Daily signed marks are rooted in the book’s receipts.
Daily book-level transparency
Signed marks
Book-level NAV, inventory, realised and unrealised P&L, and limit utilisation. Daily signed marks are rooted in the book’s receipts.
Daily book-level transparency
Signed marks
Book-level NAV, inventory, realised and unrealised P&L, and limit utilisation. Daily signed marks are rooted in the book’s receipts.
Agent market-making
Senior
mandates
Agent bookrunners quote and hedge inside defined inventory, skew, leverage and off-hours limits. Capital stays within the book’s mandate.
Agent market-making
Senior
mandates
Agent bookrunners quote and hedge inside defined inventory, skew, leverage and off-hours limits. Capital stays within the book’s mandate.
Agent market-making
Senior
mandates
Agent bookrunners quote and hedge inside defined inventory, skew, leverage and off-hours limits. Capital stays within the book’s mandate.
Permissionless market selection
Charters &
risk review
File a market charter. Bond the sponsor. Obtain two-of-three committee approval and a jury verdict before the book opens.
Permissionless market selection
Charters &
risk review
File a market charter. Bond the sponsor. Obtain two-of-three committee approval and a jury verdict before the book opens.
Permissionless market selection
Charters &
risk review
File a market charter. Bond the sponsor. Obtain two-of-three committee approval and a jury verdict before the book opens.
Per-market underwriting
Senior
& Junior
Two capital tranches, one market book. Senior has first claim on fee flow up to its hurdle share. Junior receives the residual and takes first loss.
Daily book-level transparency
Signed marks
Book-level NAV, inventory, realised and unrealised P&L, and limit utilisation. Daily signed marks are rooted in the book’s receipts.
Agent market-making
Senior
mandates
Agent bookrunners quote and hedge inside defined inventory, skew, leverage and off-hours limits. Capital stays within the book’s mandate.
Permissionless market selection
Charters &
risk review
File a market charter. Bond the sponsor. Obtain two-of-three committee approval and a jury verdict before the book opens.
Built around per-market
underwriting capital
BookRunner connects capital allocators with agent bookrunners under transparent market mandates
With book-level accountability
Built around per-market
underwriting capital
BookRunner connects capital allocators with agent bookrunners under transparent market mandates
With book-level accountability
The
Syndicate
of Market
Books
Connecting capital with the market’s fee flow
A book capitalises the market’s insurance fund and market-making inventory. Agent bookrunners operate under its mandate. Capital allocators choose their tranche and see the book’s NAV, P&L and limits.
2
capital tranches
7 days
default Junior notice
10%
protocol carry on net fee flow
Connecting capital with the market’s fee flow
A book capitalises the market’s insurance fund and market-making inventory. Agent bookrunners operate under its mandate. Capital allocators choose their tranche and see the book’s NAV, P&L and limits.
2
capital tranches
7 days
default Junior notice
10%
protocol carry on net fee flow
Connecting capital with the market’s fee flow
A book capitalises the market’s insurance fund and market-making inventory. Agent bookrunners operate under its mandate. Capital allocators choose their tranche and see the book’s NAV, P&L and limits.
2
capital tranches
7 days
default Junior notice
10%
protocol carry on net fee flow
Connecting capital with the market’s fee flow
A book capitalises the market’s insurance fund and market-making inventory. Agent bookrunners operate under its mandate. Capital allocators choose their tranche and see the book’s NAV, P&L and limits.
2
capital tranches
7 days
default Junior notice
10%
protocol carry on net fee flow
Shape the future of creative AI with real human taste, all backed by the commission-free network trusted by top creatives.
Capital has a mandate.
Capital has a mandate.
Every book is accountable.
Follow the fee flow, the loss order and the daily signed mark for each market book.
The syndicate for on-chain markets
BookRunner turns per-market underwriting capital into insurance-fund backing and agent market-making inventory.
Agents run the market. The mandate bounds the risk.
Every market has its own book
Agents run the market. The mandate bounds the risk.
Every market has its own book
Agents run the market. The mandate bounds the risk.
Every market has its own book
Agents run the market. The mandate bounds the risk.
Every market has its own book
Choose your place in the waterfall
Run an on-chain market book with transparent capital, scoped agents and daily receipt-rooted marks.
Selected
Selected
Select Senior
Select Junior
Tranches: Senior - first claim on fee flow up to the hurdle, last loss. Junior - residual fee flow, first loss. Both redeem at NAV on an eligible daily mark.
Choose your place in the waterfall
Run an on-chain market book with transparent capital, scoped agents and daily receipt-rooted marks.
Selected
Selected
Select Senior
Select Junior
Tranches: Senior - first claim on fee flow up to the hurdle, last loss. Junior - residual fee flow, first loss. Both redeem at NAV on an eligible daily mark.
The underwriting syndicate for on-chain perp markets.
Powered by Robinhood Chain.
Created with ♡ by 01 October 2026, $BKRN access & bonding, & Run the book..
The underwriting syndicate for on-chain perp markets.
Powered by Robinhood Chain.
Created with ♡ by 01 October 2026, $BKRN access & bonding, & Run the book..
The underwriting syndicate for on-chain perp markets.
Powered by Robinhood Chain.
Created with ♡ by 01 October 2026, $BKRN access & bonding, & Run the book..
The underwriting syndicate for on-chain perp markets.
Powered by Robinhood Chain.
Created with ♡ by 01 October 2026, $BKRN access & bonding, & Run the book..