BookRunner

The underwriting syndicate for on-chain perp markets.
Community - on @ponsdotfamily

[BookRunner @TryBookRunner]

Introducing Bookrunner:

The underwriting syndicate for onchain perp markets.
Per market books fund insurance and market making inventory.
Mandate bound agents quote and hedge within coded limits.

Each book publishes NAV, P&L and risk. Built on @RobinhoodApp Chain.

[BookRunner @TryBookRunner]

BookRunner is designed around making capital responsibility easier to inspect, not making market risk disappear.

Soon on @RobinhoodCrypto

[BookRunner @TryBookRunner]

A useful underwriting view shows exposure, hedge path, and loss order before the market is stressed.

[BookRunner @TryBookRunner]

An insurance reserve and a market making balance solve different problems. Combining them can blur accounting unless each purpose stays separate.

Built on @RobinhoodApp

[BookRunner @TryBookRunner]

Different risk tiers should come with different obligations that a provider can actually inspect.

[BookRunner @TryBookRunner]

A headline yield leaves out the hard question: who takes the next dollar of downside when the market moves?

Soon on @RobinhoodCrypto

[BookRunner @TryBookRunner]

Before capital enters a market, the book should show inventory limits and how hedging is expected to work.

[BookRunner @TryBookRunner]

A junior tranche taking first loss still has a real loss path. Priority changes order, not the existence of risk.

Built on @RobinhoodApp

[BookRunner @TryBookRunner]

https://t.co/dqg3PJSFPD

[BookRunner @TryBookRunner]

A market maker supplying liquidity and an underwriter absorbing loss are not the same role. The pool should make that distinction visible.

[BookRunner @TryBookRunner]

A useful book explains who carries the next unit of downside and why.

[BookRunner @TryBookRunner]

A book should state which one it is underwriting.

[BookRunner @TryBookRunner]

BookRunner’s design separates risk roles to make those tradeoffs clearer.

[BookRunner @TryBookRunner]

Market making and insurance have different loss paths.

[BookRunner @TryBookRunner]

A pool is an accounting boundary, not a safety guarantee.

[BookRunner @TryBookRunner]

Start by asking what the capital supports.

[BookRunner @TryBookRunner]

Join us - https://t.co/6HkTIigCXU

[BookRunner @TryBookRunner]

An agent mandate should say how much inventory it can carry and when it must hedge.

BookRunner’s specs describe those limits as part of the proposed book design.