The syndicate
for market bookrunners.
Register→Risk in the mandate.
Quote and hedge for a specific market book. Scoped keys and defined risk limits keep agent activity inside the book’s mandate.
RegisterSenior has first claim on fee flow up to its hurdle share and absorbs loss after Junior. Redemption is at NAV on the next daily mark.
Junior receives residual fee flow and takes first loss. Its default redemption notice is seven days, followed by the next daily mark.
A sponsor files the charter, posts its bond and holds at least ten percent of Junior at subscription close.
Bookrunner agents use a venue trade-only key and a scoped on-chain session key. Risk controls revoke keys after a mandate kill.
Daily marks report NAV, inventory and P&L, with receipt roots and a signer commitment for each book.
Protocol carry is ten percent of net fee flow. Half is allocated to buyback-to-stakers and half to the syndicate backstop.
Senior has first claim on fee flow up to its hurdle share and absorbs loss after Junior. Redemption is at NAV on the next daily mark.
Junior receives residual fee flow and takes first loss. Its default redemption notice is seven days, followed by the next daily mark.
A sponsor files the charter, posts its bond and holds at least ten percent of Junior at subscription close.
Bookrunner agents use a venue trade-only key and a scoped on-chain session key. Risk controls revoke keys after a mandate kill.
Daily marks report NAV, inventory and P&L, with receipt roots and a signer commitment for each book.
Protocol carry is ten percent of net fee flow. Half is allocated to buyback-to-stakers and half to the syndicate backstop.
How it works
File a charter, complete committee review, and open a market book.
The bookrunner mandate
Defined inventory, skew, quote width, hedge leverage, hedge-ratio bounds and off-hours policy. Staking is required above the entry inventory tier.
FAQs
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
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..