Physical exposure, isolated financing.
An Axient position holds a venue-native outcome asset alongside a separate debt and cash ledger. This is not a perpetual-futures funding system: the position has identifiable collateral, an identifiable loan, and identifiable token inventory.
Direction
- Long YES acquires the YES outcome asset.
- Short YES is represented by acquiring the NO outcome asset, where the connected venue provides a valid YES/NO complete-set relationship.
This makes the terminal position a physical event claim rather than a negative inventory or an open synthetic obligation. Markets with a different payoff structure or multi-outcome topology require a separate design.
Isolated collateral
Collateral is allocated to a single market position. It is not offset against unrelated positions in the base specification. If the user contributes collateral C and selects gross leverage L ≥ 1, the acquisition budget is L × C and the initial loan is (L − 1) × C. Any budget that is not consumed by the executable entry order remains as position cash.
Position policies
- No new leverage after the reduce-only boundary.
- Debt, cash, and token balances are accounted for separately.
- Once debt is extinguished, the residual tokens are not pledged again without a new, explicit borrowing action.
- Final payout accounting uses the venue’s authoritative payout vector, not an assumed binary or void value.
What a trade preview means
An interface may show indicative exposure, but a position is constructed from the cost that can actually be settled on the connected venue. Final parameters depend on available depth, fees, lot rules, settlement costs, and active risk limits.
Leverage increases both exposure and the chance of automatic reduction. A preview is not an executable quote and does not guarantee an exit at a desired price.