The volume gate and the tranches
Formulas, exclusions, deadlines.
A funded raise is released in five tranches of 20% of the funded amount.
| Tranche | Condition | Distinct traders |
|---|---|---|
| 1 (live) | fills on at least 3 distinct UTC days | 10 |
| 2 | routed notional ≥ 2,000 × 1 × tranche size | 25 |
| 3 | routed notional ≥ 2,000 × 2 × tranche size | 50 |
| 4 | routed notional ≥ 2,000 × 3 × tranche size | 75 |
| 5 | routed notional ≥ 2,000 × 4 × tranche size | 100 |
For a 2,500 USDC raise (tranches of 500): live, then 1M, 2M, 3M and 4M USDC of routed notional.
What counts
- Routed notional is the sum of
px × szover the app's builder_fills files. - Fills whose
useris one of the builder's declared addresses are removed. - Fills whose
userequals theircounterpartyare removed.
Why 2,000
A wash loop between two of one's own accounts, both routed through the code, pays about 0.03% plus 40% of the builder fee per counted dollar (taker 0.045% and maker 0.015%, counted twice, with 60% of the builder fee coming back to the builder): about 0.05% at a 0.05% builder fee. Faking a 500 USDC tranche (1,000,000 of notional) costs about what it pays. The multiplier is set per listing and printed on the app's page.
Deadlines
- Raise window: 14 days from the open record.
- Not live 60 days after funding: the escrow's balance returns to backers pro rata.
- No routed fill for 30 consecutive days while tranches remain: the remainder returns to backers.
Delivery: the builder picks Solana (a USDC transfer) or Hyperliquid (bridged by the keeper, the bridge cost taken from the tranche and shown).