Protocol
Execution Venues and Public Trading Wallets
Liquidity venues, capital deployment, and transparency.
Execution Venues
OpenForage routes orders to liquidity venues such as Hyperliquid and Lighter. The protocol uses algorithmic execution to achieve target vault portfolios with minimal slippage.
Capital Deployment
USDC deposited through RISKUSDC can be deployed as trading capital across supported venues. Strategies generate target positions from accepted signals; positions from many strategies are netted into final vault portfolios before orders are routed.
Key characteristics:
- Algorithmic execution — No manual trading; all orders are placed programmatically
- Market-neutral targeting — Strategies aim for market-neutral positioning (both long and short positions)
- Risk constraints — Position sizing operates under risk and cost constraints defined by the current era
Public Trading Wallets
The protocol's trading wallets are intended to be publicly visible where venue infrastructure supports it. Anyone can observe:
- Current open positions
- Historical trades
- Account balance and margin usage
This provides transparency into how depositor capital is being deployed.
Venue Risk
WARNING
Venue concentration is a risk factor. Exchange downtime, liquidity issues, or counterparty risk at the venue level can impact protocol operations. See Venue, Liquidity, and Operational Risk for details.
Future Expansion
The protocol's design supports expansion to additional venues, vaults, and asset classes over time. Additional vaults targeting different markets and alpha-generating processes may be added as the protocol matures.