# Managed Futures Desk (Test Program)

The Managed Futures Desk is a perpetual futures venue operated as an
on-chain **test program**. It offers USD-denominated leverage on SPCX, the
Robinhood tokenized stock of Space Exploration Technologies Corp., margined
in **tNET**, a freely mintable test token with no monetary value.

The terminal is at
[trading.netnet.capital](https://trading.netnet.capital/).

Read this sentence twice before trading: **every transaction on the desk is
real and permanent on Robinhood Chain, and the money is not real.** Contracts,
margin calls, carry, and fees all execute exactly as a production venue would.
The margin token is a faucet token anyone can mint. The only thing of value a
tester spends is a fraction of a cent in gas.

## 1. The test currency: tNET

| Property | Value |
|---|---|
| Symbol | tNET ("Test NET") |
| Decimals | 9 (mirrors NET) |
| Mint | Permissionless faucet: 10,000 tNET per address per 24 hours |
| Owner functions | None. The deployer is subject to the same faucet as everyone |
| Value | **None.** Do not buy it, do not sell it, do not ask why it has a price |

tNET is **priced as if it were wsNET**, the fund's non-rebasing wrapped
staked token. The risk engine reads three live values from the fund's own
contracts, all view-only:

```
tNET/USD  =  PairOracle TWAP  x  sNET dividend index
NAV floor =  backing per token  x  sNET dividend index
```

Because the real protocol distributes dividends every 8 hours, posted test
margin visibly gains value each epoch. This is the desk's signature feature,
"margin that earns dividends," exercised end to end by the real dividend
engine before a single unit of real capital touches the venue.

## 2. The market: SPCX

One market. The index is the Chainlink price feed for the Robinhood SPCX
tokenized stock (Space Exploration Technologies Corp., Nasdaq-listed). This
venue is not affiliated with, endorsed by, or connected to SpaceX or
Robinhood in any way; it consumes a public price feed.

* **Trading is 24/7.** The feed follows a 24/5 market-hours class and only
  writes on deviation or heartbeat. Between updates and outside sessions the
  index holds at its last posted price, and positions trade against that
  frozen price. A re-open gap can move the index sharply in one step, and
  margin calls fire on that step. This is intentional: gap risk is the
  scenario worth rehearsing.
* **Fail-closed staleness.** If the feed goes quiet when it should be
  updating, the desk halts new positions and permits only risk-reducing
  actions. Same posture as the fund's TWAP oracle.

## 3. Position terms

| Parameter | Value |
|---|---|
| Max leverage | 10x |
| Maintenance margin | 1% of notional |
| Taker fee | 0.05% of notional, on open and on close |
| Margin call penalty | 1% of notional |
| Carry period | 8 hours |
| Max carry | 0.1% per period at full one-sided skew |

**Margin is marked at the floor, not at spot.** Usable margin per tNET is

```
clamp( spot x 0.85,  NAV floor,  2 x NAV floor )
```

The risk engine refuses to lend against speculative premium above two times
the backing floor. A crash in the margin token's market price barely moves
its risk-engine value, which is what prevents the reflexive liquidation
cascade that sinks most volatile-collateral venues. Actual settlement always
happens at spot: a winning close pays you more tNET, a losing close deducts
from your posted tNET, both at the spot price at the moment of close.

**Carry** flows from the crowded side of the book to the thin side, scaled
by skew, with 10% of the flow skimmed to the fee route.

## 4. The house: Underwriting Vault

The counterparty to net trader PnL is the Underwriting Vault. In the test
program the vault is open: anyone may subscribe tNET and hold vault shares.
Share price floats with vault equity, so counterparty gains and losses
accrue to underwriters automatically.

* New positions must keep the book's net skew within 80% of vault equity.
* Redemptions are gated while the open book still needs the capital.
* A drawdown breaker halts new positions if vault equity falls below 25% of
  subscribed capital.

## 5. The loss waterfall

Losses settle in strict order:

1. **Trader margin.** Your own posted tNET covers your loss and the margin
   call penalty.
2. **Vault equity.** The house absorbs counterparty PnL.
3. **Clearing Reserve.** A buffer funded from margin call penalties absorbs
   gap losses beyond vault equity.
4. **Auto-deleverage.** If all of the above are exhausted, the venue halts
   and the most profitable opposing positions are closed at mark. Winning
   traders, never the fund's reserves, are the final backstop.

**The Treasury is never in the waterfall.** The desk's only interaction with
the fund's live contracts is read-only price and index queries. No desk
contract can hold, move, or mint NET, sNET, or USDG, and none holds any
permission on any fund contract. This is enforced by the contract
architecture and covered by the invariant test suite, not merely promised.

## 6. Fees

100% of venue fees (taker fees, the carry skim, and the fee share of margin
call penalties) route to a single fee collector. In the test program the
terminal sink is a holding contract, since the fees are denominated in a
valueless token. In a production deployment the identical route points at
the Treasury. There is no fee share to underwriters, management, or anyone
else.

## 7. Contract addresses (Robinhood Chain mainnet)

| Contract | Address |
|---|---|
| tNET | [`0xCeF73866b088766DeD46Ba71d9Bd7591B5e931d2`](https://robinhoodchain.blockscout.com/address/0xCeF73866b088766DeD46Ba71d9Bd7591B5e931d2) |
| PerpOracle | [`0xc8a11E8793F8714a159061369173dc86A0A5E23F`](https://robinhoodchain.blockscout.com/address/0xc8a11E8793F8714a159061369173dc86A0A5E23F) |
| FuturesClearinghouse | [`0xf6ec124ca62C841384ABD0e128552cF9Eb446205`](https://robinhoodchain.blockscout.com/address/0xf6ec124ca62C841384ABD0e128552cF9Eb446205) |
| UnderwritingVault | [`0x3a7Dce19447f9028C360592fDfdb3f27c50daE29`](https://robinhoodchain.blockscout.com/address/0x3a7Dce19447f9028C360592fDfdb3f27c50daE29) |
| PerpFeeRouter | [`0x8d8A68884134b49EC8549f6F5D7b43b8Ca327814`](https://robinhoodchain.blockscout.com/address/0x8d8A68884134b49EC8549f6F5D7b43b8Ca327814) |
| FeeSink | [`0x82d04c79424FA36BD252Aa0D031de512f5F7aeFa`](https://robinhoodchain.blockscout.com/address/0x82d04c79424FA36BD252Aa0D031de512f5F7aeFa) |
| WrappedStakedNET (wsNET) | [`0x63C12667638f2Ae6fC6ae09B43D98Ec84a8586eA`](https://robinhoodchain.blockscout.com/address/0x63C12667638f2Ae6fC6ae09B43D98Ec84a8586eA) |
| Zap | [`0xA1ee052EC32532304a7522bd9A4b594eC28fF1b1`](https://robinhoodchain.blockscout.com/address/0xA1ee052EC32532304a7522bd9A4b594eC28fF1b1) |

There are no owner functions on any desk contract. Every parameter above is
a compile-time constant, verifiable on-chain.

## 8. How to participate

1. Add Robinhood Chain to your wallet (chain id 4663) and hold a small
   amount of ETH for gas.
2. Open [trading.netnet.capital](https://trading.netnet.capital/) and
   connect.
3. Mint 10,000 tNET from the faucet button.
4. Either trade on the Trading Floor, or subscribe tNET to the Underwriting
   Vault and be the house.
5. Your settled contracts and running PnL are on the My Stats page, built
   entirely from on-chain events.

A keeper monitors the book and executes margin calls within minutes. If your
position crosses its liquidation price, expect to be closed out; that is the
system working.

## 9. Production path

The test program exists to prove the machine before real capital enters it.
The production design, documented in the fund's specifications, swaps tNET
for wsNET (real staked NET, wrapped non-rebasing, entered in one transaction
via the Zap), funds the vault through a strategic raise of Founding
Underwriters, and points the fee route at the Treasury so venue fees grow
backing per share. None of that is live today, and nothing on this page
should be read as a claim that it is.

## RISK DISCLOSURES

THE MANAGED FUTURES DESK IS A TEST PROGRAM. tNET IS A TEST TOKEN WITH NO
MONETARY VALUE, NO BACKING, AND NO CLAIM ON THE FUND, ITS TREASURY, OR
ANYTHING ELSE. TRANSACTIONS ARE REAL AND IRREVERSIBLE; THE CURRENCY IS NOT.
POSITIONS CAN BE LIQUIDATED, INCLUDING BY PRICE GAPS WHILE THE INDEX FEED IS
NOT UPDATING. UNDERWRITING CAPITAL IS THE FIRST POOLED LOSS LAYER AND CAN BE
DRAWN DOWN. NOTHING ON THIS PAGE IS AN OFFER, A SOLICITATION, OR INVESTMENT
ADVICE. THIS VENUE IS NOT AFFILIATED WITH SPACEX, ROBINHOOD, OR CHAINLINK.