Docs
What a basket is, what the contracts guarantee, what holding $SUMMA changes, and what is still unfinished.
What a basket is
A basket is a set of perpetual-futures positions held at a target leverage and issued as a single ERC-20. Buying the token is holding the whole strategy: the weights, the leverage and the rebalance rule are enforced by the vault, not by you.
Weights are signed. A positive weight is long, a negative weight is short, and the absolute values always sum to exactly 1 — that invariant is checked on chain at launch and on every strategy change.
The four rules
NAV is what the venue says
nav() == engine.equity(vault). Margin plus unrealised PnL, nothing else. Tokens sent to the vault are never counted, so there is no first-depositor inflation trick.
Flow never rebalances
A deposit scales every open leg by the fraction NAV grew; a redemption scales every leg down by the supply burned. Existing holders keep exactly the exposure they had.
You pay for your own trades
Shares are minted from the NAV move your trades produced — (navAfter − navBefore) × supply / navBefore — not from the notional you sent. Your slippage stays yours.
Fees are minted, never withdrawn
Management and performance fees dilute shares instead of drawing down margin, so a fee accrual can never push the account closer to liquidation.
Fee discounts for $SUMMA holders
Holding $SUMMA cuts the entry and exit fee you pay on every basket. The discount is a share of the fee waived, not of your deposit: at 25%, a 0.10% entry fee becomes 0.075%.
| Hold at least | Fee reduced by | 0.10% fee becomes |
|---|---|---|
| 1,000 SMA | 10% | 0.090% |
| 10,000 SMA | 25% | 0.075% |
| 100,000 SMA | 50% | 0.050% |
| 1,000,000 SMA | 75% | 0.025% |
It is checked at the moment you deposit or redeem, from your wallet balance. Nothing is locked, staked or transferred — hold the tokens and the fee is lower.
The module is immutable and ownerless. Tiers are fixed when it is deployed and there is no admin function to change them, so nobody can raise a fee through it. Management and performance fees are unaffected; only entry and exit are discounted.
Deployed contracts
Robinhood Chain mainnet, chain ID 4663. Collateral is USDG, the Paxos Global Dollar.
Baskets start empty. The first USDG deposit into a basket opens its legs and mints the first shares.
What is not finished
Baskets launched from 13 September 2026 trade on the priced engine. Its prices come from two places, and they are not equally trustworthy:
- Chainlink for BTC, ETH, TSLA, NVDA and GME. Nobody at SUMMA can set these. Stock feeds only update while US markets are open, so a basket holding a stock pauses deposits and redemptions on weekends and holidays until the feed is fresh again.
- A price bot for SOL, HYPE, HOOD, DOGE, PEPE, PENGU and the CryptoPunks floor, where Chainlink has no feed on this chain. The bot copies Hyperliquid and CoinGecko. The contract caps each update at a 15% move and refuses prices older than 15 minutes, but within those limits the bot's key is trusted.
Winning trades are paid from a house pool. The engine refuses any trade that would leave the pool unable to cover a 30% move against it, so it cannot promise profits it does not hold. When it is full, new exposure is refused and exits still work.
Baskets launched before that date stay on the original engine, whose prices are posted by its owner. Whoever holds that key can value those positions at anything.
The contracts are also unaudited. They pass 95 tests written alongside them; nobody independent has reviewed them.
- There is no liquidity pool for any basket token. You get shares by depositing USDG through the app, not by swapping.
- The app has no price history. There is no indexer, so 24h and 7d columns stay blank until your browser has watched a basket long enough to sample it.
- Pausing deposits is a manager power in the contracts but is not wired into the app.
- The engine has no timelock or multisig on its owner key, which can change the price bot and withdraw pool surplus above the stress buffer.
Risk
Leveraged perpetual exposure can lose more than it makes and a basket can go to zero. A basket move of −50% at 2× is a total loss. Nothing here is an offer, a solicitation, or investment advice.