Perps that can't go insolvent. HoodLiquid brings the percolator risk engine to Robinhood Chain — a permissionless perpetual-futures DEX that is solvent by construction. Capital is senior, profit is junior — so the exchange is solvent by construction. No ADL queues. No insurance black box. No admin.
Trades fill against an oracle-priced vault — no matching engine, no liquidity mining games. The real innovation is underneath: a risk engine where solvency is math, not a promise. Three invariants do the work, and anyone can verify them on-chain.
Every trade fills against a shared USDC vault at the oracle price ± spread. Liquidity providers are the house — they earn the spread and fees. No order book, no fragmented liquidity, instant fills on any size the vault can back.
Capital is a senior claim; profit is junior. The exchange only pays profit out of its real residual buffer. If open profit ever exceeds it, every winner is paid the same fraction H — instantly and equally. You can never withdraw more value than actually exists.
Most exchanges run an ADL queue that force-closes one unlucky winner to cover a blow-up. HoodLiquid doesn't. Three lazy per-side indices socialize a liquidation across the whole side, pro-rata, in O(1). No victim is chosen — the loss is shared in microscopic, fair slices.
Repricing is capped per slot: a single oracle wick or funding spike physically cannot move open interest through more loss than the exchange budgeted for. The cause of most "got liquidated on a wick" stories is closed off at the protocol level.
Every market marks to a live Pyth feed today — in paper mode. The marks, funding, liquidations and the haircut you see are the genuine engine running on genuine prices. Only custody is simulated.
Anyone can run a keeper to mark prices and liquidate underwater positions, paid by liquidation fees. There is no privileged operator who can halt the book or front-run you. The exchange runs itself.
The percolator risk engine HoodLiquid follows ships 471 model-checking proofs covering the H + A/K/F math — haircut conservation, ADL fairness, funding zero-sum. The solvency guarantee isn't marketing; it's proven.
Anatoly Yakovenko (Solana's co-founder) authored the H + A/K/F risk-engine math and an open-source reference. HoodLiquid is a faithful port of that engine wrapped into something you can actually trade — a live exchange, not a reference implementation.
Trade every mechanic — mark-to-market, funding, liquidations, the haircut — live on real oracle prices, with paper USDC. No signup, no signing, no risk. See the solvency engine work in real time.
HoodLiquid auto-discovers the Robinhood ecosystem straight from on-chain liquidity and lists each coin as a live perp — long or short, on an engine that can't go insolvent. Leverage scales to real depth. No listing committee. No market makers. No permission.
Straight answers. If something's missing, ask on X.