PrismPerp

System architecture

Four stages from venue data to settled position. The index is computed off-chain; the limits on it, the payout cap and signature checks are enforced by the contracts. Nothing is deployed to a public chain yet.

Architecture notes

Pipeline

Each component is marked with what exists today, not with what is planned.

  1. 1

    Ingestion

    Venue reads, every 15 seconds. Each source reports its own latency and health.

    • Deribit option surface — BTC and ETH, all listed expiries, one request each
      Live
    • Binance funding — premiumIndex, 8h interval
      Live
    • Hyperliquid funding — metaAndAssetCtxs, 1h interval
      Live
    • Lighter funding — the native leg: Robinhood Chain perps, unit-checked against Hyperliquid every round
      Live
    • Aevo option surface — second options venue for the index
      Planned
  2. 2

    Analysis

    The index is computed off-chain; the limits on it are enforced on-chain.

    • C-VIX index engine — variance replication, 30-day constant maturity · core/cvix.ts
      Live
    • Oracle dampener — ±20% per block, 5% step on a distrusted push · CVIXOracleDampener.sol
      Built
    • Dynamic skew engine — quadratic borrow rate with a depth floor · DynamicSkewEngine.sol — charged through a borrow index
      Built
    • FR-BASIS accrual — size × ΔFR × Δt ÷ 28800 into a carry index · PrismPerpSettlement.sol; per round on the paper venue
      Built
  3. 3

    Execution

    Signed intents are verified and queued off-chain, then settled in batches.

    • Session keys — one wallet signature delegates a scoped, expiring key; orders then sign in the browser · /api/session
      Live
    • Intent intake — EIP-712 verification, delegation, nonce, deadline, size, leverage and balance checks · /api/orders
      Live
    • Matcher — re-verifies, enforces limit price, fills at the index against the pool
      Live
    • Paper settlement — positions, fees, capped PnL and a ledger under the contract's rules, on test collateral
      Live
    • PrismPerpSettlement — on-chain signature recovery, batch settlement, all-or-nothing
      Built
    • Relayer → settleBatch — submitting matched intents on-chain
      Planned
  4. 4

    Settlement

    Collateral, the payout pool and liquidation.

    • PrismPerpVault — USDG at 6 decimals; pool-only escrow of the 8× cap at open
      Built
    • LiquidationModule — capped PnL, maintenance threshold at 90% of margin
      Built
    • Liquidation keeper — liquidates past 90% with costs counted — paper ledger, or liquidate() on-chain for a bounty
      Live
    • Indexer — positions, balances, ledger and open interest from settlement, vault and oracle events
      Built

Live — running against a real source nowBuilt — implemented and tested, not deployedModelled — stands in for a source that does not exist yetPlanned — specified, not implemented

Modules

One page per module: what it is responsible for, the formula it implements and its parameters.

ModuleRoleImplementationReads fromWrites to
C-VIX Index Enginepricingcore/cvix.ts · off-chainDeribit REST · BTC + ETH option surfaceCVIXOracleDampener.sol
Oracle DampenersafetyCVIXOracleDampener.solKeeper-signed index pushesPrismPerpSettlement.sol
FR-BASIS EnginepricingPrismPerpSettlement.sol · carry indexBinance fapi · Hyperliquid info · LighterPrismPerpVault.sol
Dynamic Skew EngineriskDynamicSkewEngine.solPosition state machineBorrow index · charged at close
8× Payout CapsolvencyLiquidationModule.solSettlement · mark priceVault escrow release
Intent SettlementexecutionPrismPerpSettlement.solEIP-712 intents signed by the traderVault · skew engine

Open the terminal

Charts, books and quotes need no wallet. Connecting one starts a paper session: test collateral, settled by the relayer, not on-chain.

Open terminal