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Launch parameters

These are the values the service runs with, from its protocol configuration. Curators change them only through governance, and the app and the API always read the live values.

Rounds and prices

Parameter	Launch value
Round cadence	every 15 minutes
Attestation roots	2, both required
Root tolerance	0.5%
Circuit band	±10% against the hourly close 24 hours earlier
Confirmation rounds beyond the band	2
Side pause after a beyond-band round	up to 6 hours
Failed rounds before a halt	4
Price history on chain	168 hourly closes
Settlement price	24-hour TWAP of the last valid prints

Markets and caps

Parameter	Launch value
Launch markets	20 artists
Index divisor	1,000,000 listeners per index point
Cap fraction $\kappa$	0.25 of break-even open interest
Launch caps per market	2,500 USDC long, 7,500 USDC short
Short cap against long cap	3×

Trading

Parameter	Launch value
Maximum leverage	3×
Maintenance margin	20% of notional
Trading fee	10 bps on opens, additions and closes
Liquidation fee	1% of notional
Keeper fee	0.01 USDC per fill, liquidation or settlement
Order cancellation	after 2 rounds without an eligible print

Funding and borrow

Parameter	Launch value
Skew scale $S$	1,000,000 USDC
Funding velocity $\dot f$	0.000001 per hour², at a skew equal to $S$
Borrow base rate $b_0$	0.0001%/h
Borrow slope $b_1$	0.0009%/h at full utilization

Vault and fees

Parameter	Launch value
Deposits	fill at the next NAV
Withdrawal queue	72 hours
Fee split	60% vault, 20% protocol, 10% insurance fund, 10% proposer
Protocol share	buys ANYPERP and burns it (Token)
Buyback	at most 1,000 USDC per claim, at most once an hour

Listing and governance

Parameter	Launch value
Proposal bond	5,000 to 25,000 USDC
Shadow mode	at least 14 days, at least 99% root agreement
Curator approval	3 of 5
Listing timelock	48 hours
Probation	at least 30 days at 25% of approved caps
Program upgrades	3 curator votes, then 72 hours