THE · INSTRUMENT

I · THE GATE

NINE · CHECKS · ONE · ORDER

Each security is checked in the program’s own order. The calendar runs first because it is the cheapest check and the one that holds most of the week; the issuer’s levers run before any oracle is read. The first condition that fails is the code the program emits, and nothing after it is evaluated: the rows after it still show their values, marked not reached.

II · THE BASIS

THE · FEED · AGAINST · THE · MARKET

The Scope entries tokenized-equity lending marks against, beside the price one share is trading at on chain right now, converted to the same unit with each mint’s multiplier, read on the server the way scripts/measure-basis.py reads them. A feed can report itself seconds old while carrying a price that has not moved since the market closed.

Reading Scope and jup.ag…

III · THE ADJUSTMENT

THE · STRIKE · RE-CUTS

Two real splits, read off the real mints, run through the SDK’s currentStrike: a series written one second before the new multiplier took effect, and the same series at the instant it did. The strike falls by the ratio, the contract grows by it, and strike × ui_size does not move. The strikes are chosen for the example; every multiplier is read from the mint.

IV · CORPORATE ACTIONS

THE · UNIT · MOVES

Every UpdateMultiplier the keeper recovered from mainnet: 119 transactions, 3 of them splits, each linked to its signature. Nothing on chain labels them; the kind column is the keeper’s reading of the ratio. Marked: the 35 that took effect inside the hackathon window, 11 to 25 September. Source: keeper/data/corporate-actions.json.

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V · SERIES AND POSITIONS

WRITE · AND · EXERCISE