Economics
Fees
| Fee | Value | Paid how |
|---|---|---|
| Management fee | 0 | Nothing is charged for holding |
| Performance fee | 5% of the gain in value per share above the high-water mark | New shares to the fee account, minted by crystallize (anyone) or at the next deposit |
| Deposit fee | 0.1% | Kept by the pool, not by the operator |
| Redemption fee | 0 |
The hard ceilings in the program: performance fee at most 30%, deposit fee at most 1%.
Worked example of the performance fee: value per share goes from 1.0000 to 1.0500 with 1,000,000 shares outstanding. The gain above the mark is 0.05 per share, 50,000 USDC in total. The fee is 2,500 USDC of value, minted as about 2,381 new shares at 1.0500, and the mark moves to the new value per share.
Bands
| Band | Value | Ceiling in code | Error when breached |
|---|---|---|---|
| Turnover per UTC day | 20% of the pool's value at the start of the day | 50% | TurnoverCapExceeded |
| Slippage per trade, against the oracle price | 0.5% | 3% | SlippageExceeded |
| Order lifetime | 300 s | 3,600 s | OrderExpired |
| Time between decisions | 900 s | DecisionCooldown | |
| Delay before a new rule set applies | 7 days | at least 1 day | RulesDelayNotElapsed |
The rebalancing band itself (how far a weight may drift before the rules act) lives inside the sealed rule set and is not public.
Assets
| Asset | Why |
|---|---|
| USDC | the deposit asset |
| SOL | deepest Orca pool against USDC, $28.7M TVL measured 2026-10-19 |
| cbBTC | SOL/cbBTC $8.9M and cbBTC/USDC $5.8M on Orca |
| JitoSOL | SOL/JitoSOL $5.4M on Orca |
| NVDAx | NVDAx/USDC $316k on Orca, measured 2026-10-29 |
| SPYx | SPYx/USDC $173k on Orca |
| TSLAx | TSLAx/USDC $116k on Orca |
| XAUt0 | XAUt0/USDC $109k on Orca |
USDC, SOL, cbBTC and JitoSOL each have their own Pyth push feed; the stocks and gold are priced by Kamino Scope. A pair without a pool of its own, SOL and SPYx for example, trades through USDC in one two-hop swap.
Who is on each side
- Depositors: people who want a manager that cannot take the money and whose positions nobody can total. Their exit is pro-rata redemption, always available.
- The rules author: writes the rule set and knows it; any change waits seven days in public.
- Keepers: anyone may ask for a decision and execute an order; there is no on-chain keeper reward, and the operator runs a keeper.
- Swap counterparties: ordinary liquidity on the routes Orca and Jupiter use.
Day one
Before the first deposit the pool is empty and the value per share is 1.0000. A decision needs a pool worth at least $100. The first deposit opens the pool; the first executed order prints the first trade.