Documentation

Why a non-directional venue balances itself where a directional one cannot.

Variance replication over the OTM surface, interpolated to a constant tenor.

Normalising 1h and 8h funding conventions into one comparable spread.

Skew fees, the payout cap, and why the vault cannot run a shortfall.

The typed data traders sign, and the scoped key that avoids re-signing.

Ingestion, analysis, execution and settlement across a 4-tier cycle.