What is the vault?
Piperperps is an HLP-style vault. Depositors put SOL into it and the vault uses that SOL to quote both sides of every perp on every Solana coin. The open fees and the hourly funding it collects are split across depositors pro rata to their share.
How are fills quoted?
The vault posts a bid and an ask on every market, so a perp on any Solana coin with a pool has deep liquidity from its first trade. Your entry is the live mark price shown on the ticket when you sign, and the fill settles against the vault’s book in under a second.
When is funding paid?
Every hour. Funding is the periodic payment between longs and shorts that keeps the mark price near the oracle price. Whatever the vault collects in an hour is added to the depositors’ share, pro rata.
How does liquidation work?
Maintenance margin is 1%. A long is liquidated at entry × (1 − 1/leverage + 0.01) and a short at entry × (1 + 1/leverage − 0.01). At 25x that is a 3% move against you; at 5x it is 19%. The liquidation price is on the ticket before you open.
What happens when I close?
You close from the same page you opened on, with another signed message. The profit or loss is settled in SOL against your collateral. The open fee, 0.1% of position size, was taken when the position opened.
What is the signature for?
Every deposit, withdrawal, order and close is a plain-text message that your wallet signs with its ed25519 key. It is not a transaction: the browser sends nothing on-chain, and the signature proves the message came from your address. An order message carries the side, the coin, the collateral, the leverage, the entry price and a timestamp.
What is the minimum size and the maximum leverage?
Collateral starts at 0.1 SOL. Leverage goes up to 25x on every market, because the vault backs the other side of every position.