One entry. An ordered path.
All legs share an entry price. Moves are percentages of that entry, joined by straight segments: entry → first move → final move. A leg exits permanently at its assumed full-margin threshold; survivors close at the final point. Positions do not net, rebalance or reopen.
The assumed adverse threshold is 100 ÷ leverage − buffer bps ÷ 100, in percent. This is an explanatory approximation, not a verified liquidation quote. A reversal can take both margins. The initial hedge ends when one leg exits.
Winning and losing are asymmetric.
For a surviving winner, the entered price-move deadband is removed before applying your constant profit-retention percentage. Actual documented impact varies with the move and market parameters; this model does not reproduce that curve.
A voluntary loss contributes its raw loss less your assumed LP carve to the mint basis. A full-margin exit contributes the entire lost margin. A 2% carve illustrates a solvent pool; 0% illustrates no carve. Pool state and settlement order can change actual eligibility.
Payout share and LP carve are independent sensitivity inputs here. Some combinations may not represent a feasible protocol state; the model does not simulate pool solvency or settlement order.
A claim is not available cash.
Only your entered paid share of adjusted profit joins returned margin and idle funds as available cash. The rest is a queued claim. Scenario PnL includes that claim at face value; its payment is not guaranteed. Additional costs are funded outside the margin budget and charged once per opened leg.
Gas, spread, slippage, latency, funding or other applicable costs are not inferred. Enter an aggregate cost assumption. The model cannot predict failed fills, changing OI headroom or mismatched entry/exit prices; the missing-second-leg switch tests one exposure failure.
PAPER is a separate quantity.
PAPER is a loss-minted LP fee-claim token, not an unspecified points score. An optional constant rate shows only a sensitivity calculation. The documented default flat rate is 100 PAPER per eligible USD before the tracked-LP threshold of $2 million; above it, minting depends on cumulative tail progress and can require integration across the threshold.
This calculator does not know that state and never applies a mint-curve tier automatically. A rate you enter can be inapplicable. PAPER has no assumed dollar value here; there is no APR, ROI, reward guarantee or best-strategy ranking.
Evidence boundaryBased on public documentation dated April 22, 2026, reviewed October 2, 2026. Documentation defaults and illustrative examples are not verified launch configuration. Canonical contract, API and ABI inputs are expected after launch. All calculations stay in your browser; saved drafts remain on this device.