Aera Perps: trade SOL-PERP
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How settlement in bCOOK works
- COOK settlement price
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- bCOOK rate
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- Redemption fee
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- Book capacity
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Every USD result becomes bCOOK through COOK’s price, read as a band: fees, losses and margin requirements at the low end (less the stake pool’s redemption fee), wins at the high end. The book is small on purpose: COOK’s pools are about 0.5 SOL deep, and a winner who sells their bCOOK sells COOK into those pools, so the whole book may owe winners only a few dollars at a time. Without someone keeping the two pools in line, a sustained push can still move the average a little; the caps bound what that can be worth. Anyone can stop fills for a while by moving the pools more than 3% apart. bCOOK redeems for COOK at the stake pool’s rate less its fee while the pool’s reserve has COOK free, and its rate grows only while a sponsor funds it.
How Aera Perps work
- Fair fills
Your order fills on the first asset price and the first COOK settlement price published 2–32 seconds after you submit, within 1% of the price you saw. If it cannot fill, refund it after its 55-second deadline.
- Prices verified on chain
The program accepts a RedStone price only when enough of RedStone’s official signers agree on it, and only while it is fresh. COOK’s price is built by the program itself from two COOK/SOL pools on Cookie Chain.
- Capped, funded wins
Each position’s maximum win is set when it opens and reserved from the vault behind it, within the settlement capacity: the most the whole book may owe winners while COOK’s pools are this thin. The vault takes the other side: it earns 40% of fees plus traders’ losses, and pays traders’ wins. BTC-PERP, ETH-PERP, SOL-PERP and HYPE-PERP share one Pool vault; each market may reserve up to its share of it.
- bCOOK margin
Margin, payouts, fees, LP deposits and referral payments are bCOOK, BakeYourStake’s staked COOK. Every market settles its USD result in bCOOK through COOK’s price, so a falling COOK price means more bCOOK owed on a loss and fewer paid on a win. If no asset price arrives for six hours (72 for COOK’s settlement price), positions can be closed at zero PnL and LPs can withdraw.
Program AE5G6…p4m2 on Cookie Chain. Not audited: internal review only. Perpetuals are leveraged and you can lose your margin. Keys: / markets, B long, S short, Enter submit.