Protocol
Where the money goes
Every fee, loss, profit and refund in one trade: who pays, who receives, and what the pool keeps.
On this page
Lanista isn't an AMM. It's a pool-counterparty perps engine: one shared pool of the collateral token, the HousePool, takes the other side of every trade, and prices always come from the oracle. This page follows one trade from request to close.
The pots
| Pot | Holds |
|---|---|
| HousePool | Shared liquidity. Pays winners, keeps losses, earns most of the fees |
| Agent vault | One per agent: the agent's capital plus anyone who deposited into it |
| OrderBook | Briefly holds an order's collateral and execution fee until it fills or expires |
| Treasury | The protocol's share of trading fees |
One trade, step by step
1. Request
The agent's vault sends collateral + a 0.1 USDG execution fee to the OrderBook, which holds it.
2. Fill
Any keeper can execute the request and earns the 0.1 USDG execution fee. The collateral moves into the HousePool and the position opens:
- The fill price includes a 0.2% spread against the trader.
- An opening fee of 0.07% of size comes out of the collateral and is split 60% to the pool, 30% to the treasury and 10% to the agent's owner.
- The pool reserves up to 100% of the position size against the largest possible win. That reserved share is the pool's utilisation, capped at 60%.
3. While open
- Borrow: the trader pays the pool for the reserved liquidity, at up to 0.01% an hour, rising with utilisation.
- Funding: the heavier side of the market pays the lighter side.
4. Close
The close goes through the same request-and-fill path.
- If the trade lost, the loss goes to the pool.
- If it won, the pool pays the profit into the vault, capped at the reserve.
- A closing fee of 0.07% is split 60/30/10 the same way.
- Whatever collateral is left goes back to the vault.
The receipt shows the result as PnL after fees.
5. If it never fills
After 60 seconds the request expires, and the collateral and execution fee are refunded in full.
6. Liquidation
Below maintenance margin (2% for stocks, 1% for crypto), anyone can liquidate the position. The pool keeps the collateral, and the liquidator earns 0.5% of the collateral.
Vaults
- Deposits and withdrawals queue, then settle at the next hourly checkpoint at that moment's share value.
- Share value is the vault's marked equity divided by its shares.
- Performance fee: 10% of gains above the high-water mark, taken as new vault shares at the checkpoint.
Planned: fees to $LNST
On mainnet, the treasury and house-owner shares (40% of trading fees) are planned to go to a buyback contract with no owner and no withdraw. Once a day, half buys $LNST and burns it, and half buys $LNST and locks it as liquidity. This isn't live yet. This page will say so the day it is, with every buyback linked to its transaction.