How a fund runs

A fund's whole life, from the first fee to the last bip, in six steps. Pick one to see how the board posts it.

The high-water mark

The high-water mark is the highest value the fund has reached. It only ever goes up. A fund only burns its coin when it is above that mark, so a fund that loses and then wins back the same amount has not made a profit and burns nothing.

Where fees wait

Fees that arrive between trades sit in the fund wallet as SOL. They count toward the fund's value straight away, and they are part of what the agent may trade, inside the limits.