Perp vault

How it works

A deposit takes pUSD from your SENDIT balance and gives you pLP, your share of the vault. One pLP was worth one dollar when the vault started; its price moves with what the vault wins and loses. A withdrawal sells pLP back for pUSD, into your SENDIT balance.

SENDIT shows two prices: the live pLP price counts open positions at the latest prices, funding included; the settled price counts only what has been paid into or out of the vault. The APR shown is from the last 7 days, not a promise.

What you earn

• 70% of every trading fee (opening and closing). The other 30% goes to Pickle Chain.
• The losses of traders who close in the red or are liquidated.
• Funding the bigger side pays beyond what the smaller side receives (rounding dust).

What you risk

• When traders win, the vault pays them, and the pLP price falls.
• When a liquidated position is worth less than nothing, the vault absorbs the shortfall.
• The live price moves with open positions until your withdrawal lands, so you can get a little more or less than the figure you saw.

The lock and withdrawals

Every deposit locks all the pLP you hold for one hour, pLP from earlier deposits included: the lock is per account, not per deposit. Locked pLP cannot be withdrawn or moved. This stops anyone depositing just before a known loss and leaving just after.

You can withdraw only what open positions do not need: the vault keeps back enough to pay every winning trader at the current price. SENDIT shows this as Withdrawable now.