TILT

A synthetic trading engine for approved Solana token markets. Traders post USDC margin; a shared USDC vault settles their P&L. The engine does not buy, sell or borrow the underlying token.

The implementation uses Solana programs, program-controlled USDC token accounts and SPL vault-share tokens, including tokens launched on platforms such as pump.fun. Program authorities, account validation, token restrictions and share accounting must be specified beforehand and independently reviewed.

A long gains when the executable reference price rises; a short gains when it falls. Margin remains in USDC. Position exposure is recorded by the engine rather than executed in the spot pool. Each approved market has independent leverage, position and open-interest limits.

Initial notional equals posted margin multiplied by leverage. A 0.10% opening fee is charged on notional and deducted from margin. Entry must pass price freshness, liquidity, exposure and collateral checks.

Borrow or utilization charges go entirely to the vault. Imbalance funding goes to the less crowded side. Rates accrue over time on notional. Funding uses long OI L, short OI S, and a capped base rate k per funding period. The larger side pays rate r = k × |L − S| / (L + S). Total transferred is r × larger-side OI. The smaller side receives that amount pro rata by notional. If either side is empty, funding transfers are zero; utilization charges still apply. A small receiving side can earn a high effective rate.

Gross P&L = direction × initial notional × (exit reference / entry reference − 1), where direction is +1 for longs and −1 for shorts. Net equity equals remaining margin plus P&L, minus accrued utilization charges, plus or minus funding, and minus closing fees. Partial closes will settle a proportional part and release its reservation. Positive payouts depend on available vault solvency.

A position becomes liquidatable when equity reaches its maintenance requirement. Keepers will submit liquidation transactions permissionlessly. Violent moves, stale pricing or execution delays can create bad debt; the vault absorbs unrecovered losses.

The reference is a 15-minute rolling average from validated Solana market observations. Feed freshness and confidence checks matter. The protocol inspects possible price manipulations to prevent extracting value from the vault.

Depositors will receive USDC shares representing their portion of conservatively valued net assets. Accrued trader profits should reduce net assets; unrealized trader losses should not inflate redeemable value. Only unreserved capital can be withdrawn. The vault takes market, stablecoin and program risk; there is no fixed yield or guarantee of principal.

Transaction fees: 0.10% to open, 0.10% to close and 1% liquidation charge. Transaction fees split 70% to the vault and 30% to holders. Position holding fees accrue over time on notional and go entirely to the vault. The rate increases with vault utilization. Imbalance funding transfers between opposing traders and is not vault revenue.

Create a Tilt profile and publish a directional call on an SPL token: PUMP for a long view or DUMP for a short view. Callouts require no deposit into the vault and do not open a funded trading position. An unsuccessful call costs the caller no funds. Successful calls earn USDC rewards, with reward allocation based on the traction and engagement generated by the caller’s Tilt followers.

Margin: USDC posted for a position. Notional: reference exposure, not an actual spot purchase. OI: aggregate open notional. TWAP: a price averaged over time. Equity: margin adjusted for P&L and charges. Utilization: how much vault capacity is committed. Funding: payments between crowded and opposing positions. Vault shares: a claim on net vault assets, subject to reservations and losses.