Product
What does Perpetuals launch?
Perpetuals launches a Flap Tax Token V3 together with an isolated strategy vault, deterministic custody account, Lighter account, and strategy-control configuration. The token trades through Flap; the vault uses its assigned share of tax revenue to fund a perpetual strategy.
Is the token itself a perpetual contract?
No. The token is an ERC-20 asset. The perpetual positions are held in a separate Lighter account owned by the token’s custody contract.
Is the token a share of the vault?
No. The token is not redeemable for vault collateral or Lighter account value. Holding 1% of supply does not create a claim on 1% of strategy capital.
How can strategy performance benefit the token?
Value classified as strategy profit can be used to buy and burn the token, converted into a holder-dividend asset, or divided between both destinations according to the launch configuration.
Launching
What does the creator choose?
The creator chooses token metadata, launch pair, creator purchase, buy and sell tax, tax allocation, perpetual markets, long or short direction, equity allocation, leverage, strategy-control mode, strategy-profit split, and dividend asset.
Can launch settings change later?
The active strategy profile can change under the selected Fixed, DAO, or Delegated mode. The token, vault, custody contract, trading pair, control mode, profit split, and treasury are set during launch.
Does the creator purchase guarantee a token amount?
No. The app estimates and simulates the purchase, but the underlying creator-buy call does not include a minimum-output parameter.
Why does preparation expire?
Preparation builds the launch transaction using the latest fees, markets, and contract settings. It expires after nine minutes so the app can rebuild it with fresh values before you sign.
Taxes and economics
Where does trading tax go?
The creator allocates it among the strategy vault, direct holder dividends, token deflation, and liquidity. The four values total 100%.
What does the 75/25 split apply to?
It applies to revenue that reached the strategy vault and was swapped into USDG. Of that amount, 75% funds the perp strategy and 25% goes to the protocol treasury.
Where does the treasury’s 25% go?
The treasury allocates 80% of its share to protocol buybacks and 20% to operations. For every 100 USDG sent by the vault, those amounts are 20 USDG and 5 USDG.
Are buybacks automatic?
No. Funds first enter an onchain accounting bucket. A restricted operator later executes a route with amount, minimum-output, deadline, and replay-protection checks.
Vault and custody
Can tokenholders deposit into the strategy vault?
No. The vault receives token-tax revenue from Flap. It does not mint public deposit shares.
Can the creator withdraw strategy capital?
The creator has no standard principal-withdrawal function. Creator or delegated strategy authority changes portfolio instructions, not custody recipients.
Can a keeper send margin to any wallet?
No. The router loads the custody recipient from the token’s registration. The release call does not contain a recipient parameter.
Where do Lighter withdrawals go?
Secure withdrawals return to the custody contract that owns the Lighter account. Custody can then settle the funds only to the fixed revenue router through the standard interface.
Strategies
How many markets can a strategy use?
The default active limit is eight legs. The authority contract has a hard maximum of sixteen.
Can a strategy hold reserve?
Yes. Portfolio allocations may total less than 100%. The unallocated percentage is reported as reserve equity.
Does the onchain profile force Lighter to hold those positions?
No. It is an instruction to the execution system. Actual Lighter orders are signed by an API credential and must be monitored against the profile.
Can a valid strategy lose money?
Yes. Market and leverage validation does not prevent adverse price movement, funding costs, slippage, poor execution, or liquidation.
Governance
What is the difference between Fixed, DAO, and Delegated?
Fixed lets Perpetuals update the strategy. DAO lets staked tokenholders vote on changes. Delegated lets a manager chosen at launch update it.
What does DAO staking control?
Staked tokenholders control strategy-profile changes under the proposal threshold, quorum, approval, voting-period, version, and cooldown rules. They do not receive custody withdrawal rights.
Profit and settlement
How is strategy profit calculated onchain?
Custody returns USDG to the router with a keeper-supplied principal return. The router restores declared principal and recoverable finalized loss, then classifies the remainder as profit.
Does the router verify Lighter PnL?
No. It verifies accounting bounds, not Lighter account history. The keeper can misclassify returned principal as profit by understating the principal-return amount.
What happens to a finalized loss?
Finalization writes down outstanding principal and records unrecovered loss. If value later returns and is declared as loss recovery, it becomes available strategy capital again.
Data and verification
Why can the website show stale or partial data?
Token pages combine contract state, indexed events, Flap data, and Lighter APIs. Those sources update independently and can fail or lag.
What should I verify directly?
Verify the token address, vault and custody registration, current strategy profile, Lighter account, role addresses, proxy implementations, tax settings, transaction receipts, and data freshness.
Where can I find contract addresses?
See the contract reference for stable entry points, per-token contracts, external dependencies, and upgradeability notes.