How NevraPerps works

Supported markets

NevraPerps lists exactly the perpetual markets that Lighter · Robinhood Chain domain publishes in its registry; nothing is added from a local list. Collateral is USDG (6 decimals) on Robinhood Chain (chain 4663). Orders are signed with a venue API key held in your browser and matched by the venue’s sequencer; they are not Ethereum transactions and carry no gas.

Live registry counts are unavailable right now (the venue API did not answer).

Three different things

• Underlying stock: the share traded on its exchange during NYSE/Nasdaq sessions. NevraPerps never touches it.
• Tokenized stock instrument: an ERC-20 on Robinhood Chain issued against shares. Not used by NevraPerps; a perpetual position does not give ownership of shares or of such tokens.
• Perpetual contract referencing an index: what NevraPerps trades. Its index follows the underlying’s price through the venue’s oracle set; PnL is settled in USDG.

Equity-linked markets outside market hours

The venue trades its equity-linked and commodity perpetuals continuously (venue documentation: RWAs are tradeable 24/7). While the underlying’s session is closed, the index comes from external oracle feeds as long as they update and from the venue’s internal pricing (order-book impact prices smoothed by a time-weighted EMA, capped relative to the last oracle price) when they are stale. NevraPerps shows the New York session state next to each equity-linked market and flags the pricing method; it never invents a stale-price fallback of its own and it never liquidates anything (the venue’s risk engine does). Leverage does not change outside trading hours, but volatility can increase at the open. The NYSE holiday calendar (2026–2028, including early closes) is built in; daylight-saving changes are handled through the America/New_York time zone. Corporate actions are handled by the venue; pre-IPO markets can be converted or settled early after an IPO or a split.

Pricing and funding

• Mark price: the venue’s fair price, the median of the order-book impact price, the index plus a clamped premium EMA, and external exchange marks (venue docs). Liquidations and unrealized PnL use it.
• Index price: the underlying’s price from the venue’s oracles; for pre-IPO markets, the venue’s internal pricing only (docs).
• Last trade: the last print on the venue tape. Never used as an oracle.
• Execution quote: what the order ticket estimates by walking the live order book; the venue’s matching engine decides the real fill, bounded by the price limit you review.

Funding is settled every hour, peer-to-peer between longs and shorts; a positive rate means longs pay shorts (docs). NevraPerps shows the hourly rate actually charged (the venue’s funding-rates endpoint quotes an 8-hour-equivalent, divided by eight) and projects it only at the current rate, with a warning that the rate changes every hour. Standard venue accounts pay 0 maker / 0 taker fees on regular orders (docs); the fee shown is whatever the registry publishes for the market.

Pair execution behavior

The venue has no transaction that fills two markets atomically, so the Pair Trade Builder executes sequentially: leg A is submitted as a market (immediate-or-cancel) order and awaited; leg B is submitted only after leg A fills in full. If leg A fills partially, or leg B is rejected or fails, the run stops and shows your real remaining exposure with three user-approved choices: retry leg B, close the filled leg with a reduce-only market order, or leave it. Nothing is closed automatically. Each leg has its own receipt tagged with the pair id, one pair run can be in flight per account, and the same leg is never submitted twice by the builder. Prices can move between the two fills; the plan’s figures are estimates at the mark prices shown.

An equal-dollar long and short is not market-neutral: the two underlyings move independently, so the position is a view on their relative moves, not a hedge. The signed net notional on screen is an arithmetic summary only.

Liquidation estimates

The venue liquidates an account when its value (collateral plus unrealized PnL) falls below the maintenance margin requirement, which is the sum over positions of size × mark × the market’s maintenance fraction; between the initial and maintenance levels only risk-reducing actions are allowed, and below the close-out level the account is taken over by the venue’s liquidity provider or auto-deleveraged (docs). NevraPerps shows two kinds of numbers and labels them:

• Venue liquidation price on open positions: read from the venue’s account endpoint; this is the venue’s own figure.
• Estimates before an order: a cross-margin estimate that uses your whole account (collateral, unrealized PnL and the maintenance requirement of your other positions) when an account view exists, otherwise an isolated-style estimate on the order’s own margin. Both use the venue’s per-market maintenance fraction and the market’s price tick; both ignore fees, funding and liquidation fees and assume entry at the estimated fill price. They are not the venue’s result.

A take-profit or stop-loss is a venue-managed trigger that becomes a market order once mark reaches the trigger; it does not guarantee a maximum loss. Every estimate on the site lists its assumptions and excluded costs; the methodology is written up in docs/risk-methodology.md.

Copilot limitations

Nevra Copilot starts from deterministic findings computed in the browser from the data on screen: margin usage, concentration, distance to the estimated liquidation, funding cost, oracle method and underlying session, market status, leverage and pair-execution risk. Each finding states the numbers it is based on and their source. When a language-model key is configured on the server, the findings and the on-screen facts are sent to the model, which rephrases them in plain English and must cite the supplied data; it cannot add numbers, produce transaction data, sign or place orders, and the text you type is treated as data. Without a key the panel is labelled “Rule-based analysis” and the answers are assembled from the findings alone. No confidence scores, no return promises, no automatic trading.

Current mode: checking…

Network and deployment status

Capabilities of this build

Verified integrations

Full write-ups: docs/integrations.md, docs/architecture.md, docs/risk-methodology.md, docs/deployment.md, docs/limitations.md in the repository.