The house and the payout queue

The house

All trades settle against one pool. It starts at zero and grows only from trader losses, plus a seed from the token launch proceeds (up to $250,000, SAMPLE) that never counts toward emissions or the staker cap.

• LP cash: free cash that can pay winners. It is zero whenever anything is queued.
• Queue reserve: losses that arrive while the queue is not empty. It pays queued winners first.
• Queue debt: everything the house still owes to queued winners.
• Net LP equity: cash plus reserve minus queue debt (and minus margin that came from queued balance). It can be negative for a while, by design.

The payout queue

When the house cannot pay a winner in full, the unpaid part becomes a claim at the back of a single first-in, first-out queue. Claims are paid strictly in order as later losses arrive: losing closes and liquidations pay a few claims at the front right away, and anyone can run the payout for more.

Your place, the amount ahead of you and the total are shown on the portfolio and house pages.

There is no promise of when a queued claim will be paid. It depends on later trader losses.

Using queued balance as margin

You may open a position with your queued balance instead of your available balance. The claims used leave the queue at once and give up their place; your newest claims are used first. If that order is refunded, the amount rejoins the queue at the back.

Surplus to stakers

When nothing is queued and net LP equity is above the staker cap ($5M, SAMPLE), the surplus is moved to stakers.