# Margin Program (NET LONG) > **Status: operating.** NET LONG opened on 2026-10-09 as a window on the > trading terminal at `trading.netnet.capital`. Its contracts were deployed > to Robinhood Chain on 2026-10-08 at block 83650909 and are listed in the > Addresses section of this page. The desk is new and has not been audited > by an outside firm. Every parameter on this page is a deployed value or a > ruling of the team Safe, never a promise. NET LONG is leveraged spot. A trader posts wsNET as margin, picks a listed token and a leverage, and the desk borrows USDG from a lending pot and buys the token for real on the deepest pool it can find. The desk holds the token; the trader's entry is the actual fill. Closing sells the token back, repays the pot, and returns what is left. There is no synthetic contract and no funding rate. A position costs interest, which accrues to the pot at the pot's rate, and a fee on each leg. The program is long only, because a short would need borrowed tokens that do not exist for these names. In fund language the program is the NetLong Margin Program, a position is a margin loan, the pot is the NetLong Lending Account, and a forced sale is a margin call. This page is the controlling description of the mechanics; the terminal carries the short form. ## A position, from your seat 1. **Post margin.** The desk takes wsNET, the fund's wrapped staked share. NET and sNET are staked and wrapped on the way in. The wsNET is not spent. It sits beside the position as the first-loss layer and keeps accruing the Shareholder Dividend Program's rebases for as long as it is posted. 2. **Pick a token and a leverage.** Any token the team Safe has listed, at any leverage from 1.2x up to the token's current maximum. The ticket prints the loan, the fee, the expected entry impact and both liquidation prices before you confirm. 3. **The desk buys.** The pot lends the whole purchase in USDG, equal to the margin's credited value times the leverage. The open fee comes out of the loan, and the rest buys the token by the best route. The desk measures the tokens it received, and that count at that price is the position. A fill below the pool's time-weighted average by more than the position's slippage bound is refused. 4. **Hold.** Interest accrues on the loan at the pot's rate. The wsNET keeps earning rebases. You may add margin at any time and remove margin while the position stays above its opening requirement. 5. **Close.** The desk sells the token back, pays the close fee, repays the loan and the interest, and returns the remainder in USDG together with the wsNET margin. A partial close is allowed. Closes are never paused by a delisting, a stale measurement or a dark oracle. One position per trader per token. A position is a share of the desk's balance in that token rather than a fixed count of units, so a token that changes balances on a split or a dividend flows through to the positions that own it. ## Leverage Leverage is a property of the token, not a constant. For every listed token the fund's keeper measures two things every hour and posts them on chain: the dollars of liquidity within 1% of spot across the pools the Safe named for that token, and the realized volatility of the pool's own tape over the ten-minute liquidation horizon. The contract derives the maximum leverage from those numbers inside hard bounds it enforces itself: ``` maxLeverage = clamp(1 / (3 × sigma10m + slipBound + 2%), 1.2x, 10x) slipBound(L) = 5% × 2 / L 5% at 2x, 2% at 5x, 1% at 10x tokenCap(L) = min(slipBound(L) × depth, $250,000) positionCap = min(tokenCap(L) / 4, $50,000) ``` The keeper can only lower a token's parameters or set them from the formula. It cannot raise them and it cannot list. The team Safe may set a leverage ceiling and a cap under the formula's values for any listing, and the launch ceilings it set are **PONS 10x, CASHCAT 5x, NET 5x and Artificial Inu 3x**. Raising a ceiling is a Safe transaction with no delay. A measurement older than six hours is stale. While a token's measurement is stale, or its last probe failed, new positions on that token are refused. Closes, margin additions and margin calls never wait on a measurement. ## Listings The team Safe lists and delists tokens. A listing is live in the block the Safe's `listToken` lands and the keeper's first measurement passes; a `delistToken` stops new positions in the same block and changes nothing else. There is no review period, no timelock and no waiting rule of any kind. Whether a token's liquidity is real is the Safe's judgment at listing time; once listed, depth is what the router measures. A token whose owner can pause, blacklist or mint has its depth halved by the formula. Each listing names one mark pool, the deepest canonical pool for the token (the canonical v2 pair for NET), and a set of further pools whose depth counts toward the cap. Changing the mark pool requires an empty book. NET itself is listed. A NET position pays the fund's 5% trading fee on the buy and on the sell, which is allowed and disclosed; the terminal points to the futures window as the better venue for NET exposure. ## The mark, the floor and the margin call **Mark.** Every position is marked at the lower of the mark pool's 30-minute time-weighted average price and its spot price. Taking the worse side for the trader means a lagging average cannot hide a move that a high-leverage position cannot survive. The wsNET margin is credited by the same floor-anchored oracle the futures desk uses, so a position has two legs of health: the token and NET. A NET drawdown can call a position whose token did nothing, and the ticket shows both liquidation prices. **The floor.** Maintenance is an equity floor. A position is under when ``` (value − debt) / value < slipBound(L) + 2% ``` where value is the token at the mark plus the wsNET credit. The floor is the slippage a forced sale may cost at that leverage plus a buffer: about 7% at 2x, 4% at 5x and 3% at 10x. At 3x a fresh position has roughly 30% of room before the floor; at 10x roughly 7%. **The margin call.** A position under the floor is first recorded on chain. It must stay under for five minutes before it can be liquidated; a single wick cannot liquidate anyone, and a position that recovers, or whose owner adds margin, is cleared. After the five minutes the keeper sells enough of the token to restore health, and the whole position only when a partial sale cannot. Every dollar of a margin-call sale repays the debt. Only if a full sale leaves the loan uncovered is wsNET seized, at the oracle's credit, and handed to the pot as wsNET. The desk never sells wsNET. A margin-call sale pays a 1% penalty, half to the pot's insurance bucket and half to the fee router. The trader cannot route their own liquidation. On a liquidation only the keeper supplies a route; anyone else, the trader included, is sent through the token's canonical pool, because the uncovered rest of a liquidation is the pot's and a trader-chosen route could land the slippage on the lenders. The trader may always close on their own terms instead, with their own floor on the proceeds, as long as the proceeds plus their margin cover the loan. ## Fees Every fee the desk earns buys NET and burns it. The open fee and the close fee of 0.25% of the executed notional, the Treasury's 20% share of interest, and the Treasury's half of every margin-call penalty arrive at the fee router in USDG. The router buys NET by the best route, paying the fund's 5% trading fee on the taxed legs, and burns the NET it receives. Burning raises backing per token for every holder; the ruling chose that demand sink over a USDG deposit to reserves, and this page says so. ## The lending pot The NetLong Lending Account is the source of every loan. Anyone may deposit USDG and receives shares priced at the pot's equity, which counts idle USDG, loans outstanding with accrued interest, and any seized wsNET at the backing floor, never at market. Lenders earn the borrow rate on the pot's utilization less the Treasury's 20% cut and a 10% share that accrues to an insurance bucket inside the pot. The borrow rate is a kinked curve on utilization: 4% per year at zero utilization, rising to 20% at 80% utilization and to 60% at full utilization, accrued per second. It is the only carry a position pays. Withdrawals pay from idle USDG at once. What cannot be paid is dated and stands first in line for every repayment and deposit that follows, paid pro rata as cash arrives. While any dated withdrawal is unpaid the desk refuses new loans, so lenders are paid before new positions are opened. Nothing in the pot reverts on an empty balance. The insurance bucket absorbs a liquidation shortfall before lender equity does. If a full sale and the seized margin together cannot cover a loan, the shortfall comes from the USDG insurance bucket, then from any insurance wsNET, and only then from lender equity. The pot was funded at launch with 200,000 USDG by the team Safe, from the proceeds of the Turbo desk's wind-down, under a ruling of the team Safe; any lender may deposit. ## Losses and LOSE When a close or a margin call draws on the posted wsNET to cover a shortfall, the dollar amount the margin covered is recorded as the trader's realized loss and LOSE is minted to the trader in the same transaction. The pot's uncovered rest is not the trader's loss and mints nothing. See [LOSE](/lose). ## Parameters | | | |---|---| | Margin asset | wsNET, unspent; NET and sNET staked and wrapped on the way in | | Leverage | 1.2x to the token's measured maximum, under a Safe ceiling per listing | | Launch ceilings | PONS 10x, CASHCAT 5x, NET 5x, Artificial Inu 3x | | Measurement | Depth within 1% of spot and ten-minute realized volatility, posted hourly by the keeper; stale after six hours | | Mark | The lower of the mark pool's 30-minute TWAP and spot | | Maintenance | Equity floor of the position's slippage bound plus 2% | | Margin call | Recorded, five minutes of persistence, then a partial sale first | | Penalty | 1% of a margin-call sale, half to insurance and half to the fee router | | Open and close fee | 0.25% of the executed notional | | Interest | 4% at zero utilization, 20% at 80%, 60% at full; 20% to the fee router, 10% to insurance, the rest to lenders | | Caps | Per token, min(slipBound × depth, $250,000); per position, a quarter of the token cap up to $50,000 | | Listing authority | The team Safe, live the same block, no waiting period | | Fee destination | NET bought on the canonical pair and burned | ## Risk factors Beyond the fund-level [Risk Factors](/risks), stated plainly: * **Smart contract risk.** The desk, the pot, the fee router, the oracle and the route executor are new code. They were reviewed internally and rehearsed on a fork of the chain, and they have not been audited by an outside firm. A defect can lose margin, lender deposits or both. * **Liquidation risk.** Leverage multiplies a move in the token and a move in NET. A position under its floor for five minutes is sold, in part or in whole, and the margin is seized for any shortfall. At 10x a 1% entry impact removes a tenth of the margin at the fill. * **Pool depth risk.** Every leg is a real swap on a pool. A pool that thins after a listing, a liquidity provider who leaves, or a token whose owner can blacklist the desk can make a position hard or impossible to sell. The caps bound that loss; they do not remove it. * **Lender risk.** A lender's deposit is lent to traders and is exposed to liquidation shortfalls that exceed the insurance bucket. A withdrawal that exceeds idle USDG is dated and waits on repayments. * **Oracle risk.** A dark token TWAP or a dark NET oracle delays margin calls and clears; it never pauses a close. * **Interest is variable.** The borrow rate moves with utilization and can reach 60% per year at full utilization. * This is a margin loan, not a deposit, and not a claim on the fund or on anything the fund holds. ## Addresses All on Robinhood Chain (chain id 4663). Every link goes to the chain's canonical explorer. Every contract was deployed at block 83650909 on 2026-10-08. | Contract | Address | |---|---| | MarginDesk (positions, listings, the margin call) | [`0xE1685b19367E066af3e499DD4B0E51866B762c84`](https://robinhoodchain.blockscout.com/address/0xE1685b19367E066af3e499DD4B0E51866B762c84) | | MarginLendingAccount (the lending pot) | [`0x068904944fCF4A18aB40cA112F385fAa430F60f2`](https://robinhoodchain.blockscout.com/address/0x068904944fCF4A18aB40cA112F385fAa430F60f2) | | MarginFeeRouter (fees buy NET and burn it) | [`0x56AE9Dd336525A9C29a10E80963cCbCaF4b3CfA0`](https://robinhoodchain.blockscout.com/address/0x56AE9Dd336525A9C29a10E80963cCbCaF4b3CfA0) | | MarginOracle (wsNET margin credit, shared with the futures desk) | [`0x90f5B57A7236A1447Ce786B1ebE42433e55D9fD0`](https://robinhoodchain.blockscout.com/address/0x90f5B57A7236A1447Ce786B1ebE42433e55D9fD0) | | MarginTwapSource (per-token mark and depth) | [`0x2Ff4b46B6BF08ecAf0c374676b9a5baa15524311`](https://robinhoodchain.blockscout.com/address/0x2Ff4b46B6BF08ecAf0c374676b9a5baa15524311) | | MarginRouteExecutor (the swap leg) | [`0x2D96BbF7859520Ac6EcD2987a69e334b57de9de6`](https://robinhoodchain.blockscout.com/address/0x2D96BbF7859520Ac6EcD2987a69e334b57de9de6) | The fund's other contracts are listed on [Official Channels](/official-channels). Not investment advice.