Where your money is

What happens to a deposit

You sign an ordinary SPL transfer of USDC from your wallet to the treasury address below. That transaction is on Solana mainnet and you can look it up. The service watches that account, reads the transfer out of the confirmed transaction, and credits the wallet the chain says sent it.

From that point your balance is a row in this service’s ledger, not a token in your wallet. Opening and closing positions costs no gas and needs no transaction — you sign a short message to prove the wallet is yours, and the rest is bookkeeping.

Withdrawing reverses it: the treasury wallet signs a transfer back to your address, and you get a signature to check.

What you are trusting

• The treasury key can move every deposit. It is an ordinary Solana keypair held by this service. No program constrains it. If it is stolen or misused, the money is gone — there is no on-chain rule that stops it.
• The ledger is the record of who owns what. It is a database, not a chain. If it is lost without a backup, the balances it described are lost with it.
• Positions are synthetic. Nothing is bought on your behalf. A long on a ticker is an entry in the ledger marked against that ticker’s live price, and it settles in USDC.
• Solvency is a promise, not an invariant. The reconciliation below is published continuously so that promise is at least checkable.

Reconciliation, live

Held on chain is read straight from the treasury’s token account. Owed to users is the sum of every free balance, every margin balance behind an open position, and the vault. The first number should never be smaller than the second.

What changes at full deployment

The seven Anchor programs in this repository do all of the above without anyone holding a key: collateral sits in program-owned accounts, liquidation is permissionless, and the session calendar is read from the chain’s own clock. Until those are deployed and audited, this page describes what is actually running.