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perps_

risk_

read this before depositing

The program is unaudited

The Percolator program is an experimental risk engine published as an open bounty target. Anatoly Yakovenko deployed it specifically so third parties would try to drain its insurance fund. It has not been independently audited. The current bounty (bounty-4) is live. Bugs that have been found and patched in previous versions exist as commit history; bugs that haven't been found yet exist on chain right now.

20× leverage means small moves liquidate you

Maintenance margin = initial margin = 5%, so any move beyond ~5% against your position depletes your account. The market has no opening-margin buffer — the moment you cross the line, anyone can liquidate you and collect the 5bp liquidation fee. Liquidation is permissionless in v12.21+.

The mark can move while no one is trading

During EU equity off-hours the STOXX leg goes stale and the wrapper falls back to an EWMA-tracked mark. Your position is marked to the EWMA, not to a fresh oracle. If the EWMA drifts in your direction, great; if it drifts against you, you may be liquidated overnight by a price that no real trade ever printed on a real exchange.

Insurance can be exhausted

The insurance fund starts at 5 SOL and grows from new_account_fee and liquidation_fee revenue. tvl_insurance_cap_mult = 50 means total user capital can reach 50× the insurance fund. If a sequence of liquidations exceeds the insurance balance, the engine socialises remaining losses across same-side positions via the B-index mechanism — you can lose realised PnL without ever having a position yourself.

The bounty market is not burned

Unlike bounty-2, bounty-4's market authorities and program upgrade authority are not burned. The operator can wind down the market if needed and can rotate the insurance authority. The upgrade authority can deploy a new binary at any time. Read README.md in the CLI for the full operational picture.

This frontend can break

We don't run the contract. We parse the slab in JavaScript using offsets pinned to v12.20+ hybrid build. If the deployed binary changes, our reads can show garbage numbers or stop working entirely. The displayed PnL is an approximation derived from public account fields; the engine is the source of truth.

What this frontend does NOT do

  • No exploit code. No oracle-manipulation tooling. No mark-EWMA arb helpers.
  • No fee discount, points program, or airdrop promise for $PERPS holders.
  • No access to non-public RPC endpoints.
  • No custody of your funds — every transaction is signed by your wallet.

Educational use only

All of this is for educational purposes. Don't put in more than you can light on fire. Don't trade against funding rates you don't understand. Don't deposit your rent.