Reserve
The other side of every position. Exposure is capped by what the reserve holds, so no single move can take more than it can pay.
Balance
Target
Floor
Bad debt
Balance against target
Above target, the surplus is swapped to $FLOAT and burned daily.
Global exposure against its cap
Net exposure across every market may not pass 50% of the reserve.
Reserve over time
Daily balance against the target the protocol aims to hold.
Exposure by market
Each market’s net exposure may not pass its cap. The spread widens as it fills.
| Market | House is | Net exposure | Cap | Usage | Spread |
|---|
Where the reserve came from
Every dollar in, every dollar out.
Recent burns
Each burn is two transactions: the swap, then the burn.
Public addresses
Every account that holds or moves protocol money.