FOLIO 05 // EXECUTION POLICY

One route. No discretionary split.

mNAV is a valuation output, never a trading input. The production machine follows one fixed route and fails closed whenever custody, market data, account mode, or reconciliation cannot be proven.

CERTIFIED CONSTANTS — PRODUCTION PROFILE

export const MNAV_MACHINE = {
  cadenceSeconds:          60,
  creatorFeeClaimFloorSol: 0.1,
  unitRouteMinimumSol:     0.12,
  bridge:                  "Unit",
  market:                  "HYPE",
  setupInterval:           "15m",
  triggerInterval:         "5m",
  setupEmaLookbacks:       [13, 21, 50, 100],
  maxSetupEmaSpreadPct:    1.2,
  entryChannel:            12,
  exitChannel:             8,
  atrLookback:             14,
  stopAtrMultiple:         1.5,
  leverage:                10,
  riskPerTradePct:         0.5,
  maxMarginPct:            15,
  drawdownHaltPct:         10,
  maxFundingCostHourly:    0.01,
  buybackSource:           "realized profit above HWM",
} as const;

PROFILE — hl-profit-buyback · HYPE 15m/5m compression breakout · mode IDLE

FAIL-CLOSED GATES

CLAIM FLOOR

The first creator-fee claim fires at 0.1 SOL. After that, the floor contracts to the exact amount still needed to make 0.12 SOL routeable through Unit.

ACCOUNT MODE

Unified and portfolio-margin accounts are rejected; NAV requires standard/default accounting.

EXPOSURE

Any non-HYPE position or more than one open position halts the strategy.

DATA

Stale candles, missing marks, or unavailable funding prevent new orders.

RISK

Each entry risks 0.5% of equity, uses 10× isolated leverage, and caps margin at 15% of equity.

DRAWDOWN

A 10% decline from peak desk equity closes exposure and halts new risk.

BUYBACK

Only realized profit above the high-water mark can leave the desk for a $MNAV market buy.

THE ECONOMIC LAW — creator fees capitalize the desk. Principal remains in the machine. Realized profit must clear its prior high-water mark before it can settle back through Unit. Only that cleared profit can fund a Jupiter buyback. No fee-funded buybacks, burns, airdrops, or hidden rake exist in the production route.