Limits and the cut line

Every fund runs inside the same hard limits. They are set at launch and the signer enforces them on every trade.

Leverage cap

3x. No position may be larger than three times the fund's value.

Max drawdown

3,000 bips (30%) below the high-water mark.

Markets

Solana perps only.

Changes

None. Limits can't be raised or lowered after launch.

Drawdown in bips

Drawdown is how far the fund sits below its high-water mark. It is shown in bips: a fund 1,240 bips down is 12.4% below its best. The meter on each fund page fills toward 3,000.

The cut line

At 3,000 bips of drawdown the fund is cut. Open positions are closed, and the fund never trades again. Its page stays up, with its whole record, marked Cut.