# Where the money goes

> Every fee, loss, profit and refund in one trade: who pays, who receives, and what the pool keeps.

Source: https://getlanista.xyz/docs/money-flow

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.