MarginVault
Custodies trader BOROS and separates available from locked margin.
How the loop works.
A BOROS-settled inverse perpetual market with bounded leverage and explicit insolvency controls.
Inverse position accounting
Price is ETH per BOROS. Notional remains denominated in ETH while margin and settlement remain denominated in BOROS.
PnL_BOROS = side * notionalETH * (1 / entryPrice - 1 / markPrice)
equity_BOROS = margin + clippedPnL - fees - funding
leverage = notionalETH / (marginBOROS * entryPrice)Positive PnL cannot exceed the liability reserved when the position opens.
Contract modules
PerpEngine
Opens isolated positions, accounts PnL, funding, fees and reserved liabilities.
SampledTwapOracle
Maintains a 15 minute time-weighted mark with freshness and deviation checks.
LiquidityVault
Queues LP deposits and exits by epoch while reserving trader payouts.
LiquidationEngine
Allows permissionless liquidation using only a validated oracle mark.
Insurance and ADL
Absorb deficits after margin, penalties and available LP liquidity.
Initial risk bounds
- Maximum leverage
- 5x
- Maintenance margin
- 10% of notional
- Open and close fee
- 10 bps each
- Normal utilization limit
- 80%
- Maximum funding
- 0.10% per hour
- Oracle window
- 15 minutes
Market lifecycle
The suite deploys unbound. After BOROS launches, binding validates the token, quote asset, spot venue and oracle source. The oracle then completes warm-up before normal trading begins.