01 · OVERVIEW

One street. Four connected roles.

Miners create HBTC, House partners supply the House, players buy cards, and the Pool keeps permanent liquidity. The flows connect, but each balance has a different owner and a different exit.

The six rules, in brief

02 · WHY

A street owned by the people who build it.

Why do miners, House partners and players share one system?

In 1792, 24 brokers signed the Buttonwood Agreement and kept Wall Street for themselves. Two centuries later the pattern holds: the people who trade pay the people who own the venue. Hooked Stock builds the venue on Robinhood Chain and hands it to its users. Nobody else holds the keys.

Each street pairs its stock token with HBTC. This example uses SPY, with three kinds of people making it run:

• Miners fund it. Their ETH buys newly mined HBTC through OreHook every 10 minutes, at a price limit they choose.
• House partners own it. A House partner sends part of each HBTC paycheck to the street. That HBTC buys SPY, pairs with HBTC in HSPY, and can become the House partner's units in the House, the bank that pays every prize.
• Players play on it. A ticket draws one card from a public random beacon and pays a multiple of its stake, in HSPY of SPY and HBTC. Each ticket also makes its player a small House partner: 5% of the stake becomes a House partner share.

Four things set it apart:

• No owner. There is no admin key, no upgrade, no pause and no rescue function. Every restricted call names its caller, fixed at deployment. Read every contract →
• Fixed numbers. Every fee, odds table and limit is set in code at deployment.
• One street. SPY has its own vault, House, pool and pot. The Miner is shared machinery. It holds deposits and unclaimed HBTC, and it holds no one's stock.
• Liquidity that stays. A slice of every prize, and surplus swept off the vault, can be locked as permanent liquidity that no one can withdraw.

Hooked Stock is not affiliated with Robinhood or endorsed by it. Stock tokens are issued by third parties and are not broker shares. A ticket is a game of chance, not an investment.

03 · THE CONTRACTS

Who holds what.

Which contract holds the balance you see?

Each pool of money has exactly one contract that holds it. Contracts pay each other exact amounts and check what arrived. None grants another a standing allowance. There is no admin, no pause, no upgrade and no rescue.

04 · MINING

ETH in, HBTC out, every 10 minutes.

What repeats, what gets spent, and what stays yours?

OreHook and HBTC

HBTC is mined through OreHook, an independent contract on Robinhood Chain. Every 10-minute round, OreHook shares out a fixed amount of new HBTC among everyone who paid into that round, by how much work each paid for. The first season mints 10,500,000 HBTC, split across 4,320 rounds, which is 30 days. The amount halves each season. It mints for 96 seasons, and then it mints none.

One payment a round for everyone

The Miner pools every plan and pays OreHook at most once a round, paying only the toll that counts as work, as the busiest outside miners do. Anyone can send that payment (Miner.mine). Its sender is paid back the gas: 1.3 million gas at the block's base fee, plus 10%, at most 0.0002 ETH, out of that round's spend. The Miner credits it to that wallet, and the wallet claims it there. The project's keeper sends the payment at the start of each round, and so can anyone on duty mode.

The mining price

The mining price, in ETH per HBTC, is the lowest of four readings: OreHook's own anchor, the official HBTC pool's spot price, that pool's one-hour average, and the outside HBTC pool's one-hour average. Taking the lowest means the Miner would rather skip a round than overpay. A price that cannot be read sets the mining price to zero, and nothing mines that round.

A plan without a max price never reads the mining price. For the others: after six rounds in which no plan with a max price paid, which is an hour, they wait for six sampled rounds in a row. A single fresh price cannot set the mining price alone. One sample can move an average by at most 5%.

Plans and max prices

A position is a plan: at most a fixed amount of ETH each time, for a number of times, at one of eight max prices. A time is a round its max price pays in, whole or in part. A round it skips is not one of its times: its ETH waits for the next one. The max price and the role are fixed. To change them, open another position.

Each round the Miner takes the levels from the highest max price down. A level whose whole ETH fits its max price at the round's forecast pays it all. A level that does not fit pays the largest part that does, every plan at it the same share of its amount, and the levels below it wait that round: the forecast is then at its max price. The time counts for every plan at that level, and what a plan did not spend stays its owner's. Everything paid is one payment. The forecast uses the round's reward, the mining price and the work others paid in the last hour. Every plan in a round pays the same price, so a large plan without a max price can push the forecast above a lower level's limit: that level then waits. A position's HBTC from a round is in proportion to the ETH it spent in that round.

Where each paycheck goes

A position is either just mining or a House partner. Of every paycheck, 1% goes to the Jackpot, including a position that is just mining. The House partner's share is a share of the 99% left: 0 for just mining, or from 3% to 100% for a House partner. The miner keeps what remains, including a few wei of rounding.

For example, a House partner share of 10% of the 99% sends 9.9% of the paycheck to the queue. The Jackpot still takes 1%, and the miner keeps 89.1%. The House partner's part is pushed into the vault's queue, in that House partner's name. The Jackpot's 1% is pushed into the same queue, in the House's name. The House later claims those HSPY into the pot, up to the pot's cap.

Anyone can settle a position. Settlement takes the HBTC mined since the last settlement, splits it, and pushes the House partner and Jackpot parts to the vault. If the push fails, both parts become the miner's own HBTC, so a failing vault cannot strand them. A claim settles the position first.

A House partner's share has one of three destinations, chosen when the plan opens. The queue turns it into HSPY at the hourly auction. Auto-HSPY pairs it with SPY bought with ETH the owner set aside, at most 1% over SPY's 30-minute average, and mints the HSPY to the owner's wallet without the queue. The Miner Draw puts it into the day's draw: one entry wins in proportion to its HBTC, 95% of the day goes to that miner and 5% to the pot. A plan has one destination. For a mix, open several plans.

Deposits and withdrawals

• A plan's deposit is its amount each time times its times, sent when it opens. The least a time is 0.00001 ETH. ETH already paid stays paid.
• Withdrawing drops any number of the times a plan has left, or all of them, and returns their ETH with whatever partly paid times did not spend. It needs no harvest and no settlement, so nothing outside can hold the ETH. Adding times keeps the plan's amount each time.
• Claiming brings a position up to date and sends you its HBTC. A round not harvested yet is paid at a later claim.
• No round is paid while an earlier round's HBTC has not come in: if OreHook's claim stalls, mining stops and the ETH waits for you to take it back.

The accounting keeps, for each max price, the ETH its running plans spend each round, a count of the rounds it has paid, and a running sum of HBTC per wei. A position is brought up to date in a few steps, however many people mine.

05 · THE STREET

One HSPY is one HBTC share plus one SPY share.

How does queued HBTC turn into two redeemable shares?

The vault holds the queue, mints HSPY, buys SPY and redeems shares. One HSPY is one HBTC share and one SPY share, minted together. You can redeem either share on its own. One of each is one HSPY again.

The queue

The queue holds HBTC until a fill, which is a sale of SPY to the street. A House partner's share of a paycheck lands here, and so does the Jackpot's 1% of mining, in the House's name. You can leave at any time and take your remaining HBTC back, no conditions. You can also claim the HSPY a fill has credited to you, which moves them to your shares. Joining the House with them is a separate step. The vault never calls the House.

The queue keeps one book for everyone in it. Each fill takes the same fraction from every balance still there, and credits HSPY in that proportion, rounded down. The vault keeps the dust.

The first fill, and minting

The first fill defines the HSPY. It keeps whole HSPY of HBTC equal to what it pays the seller, and it has to mint more than 1,000 of them. It mints 1,000 HSPY to an account that never redeems, so the supply of shares cannot fall to zero. For the SPY deployment example, that first HBTC share is 0.000001 HBTC, which is 1e12 raw units. The H share keeps that HBTC amount; the first fill also fixes the SPY mix, subject to rounding and issuer burns. Until that fill, nobody can mint. After it, anyone can mint at least 10 HSPY by paying the HBTC and the SPY the shares require.

The hourly auction

Anyone can sell SPY to the street during the hour. The quote is the reference times a factor that runs from 98% to 105%. SPY has to arrive before any HBTC leaves. A fill pays the seller, and it keeps HBTC for the HSPY it credits to everyone left in the queue, in proportion to what each one still has there.

The reference is a price for SPY in HBTC. The SPY leg is the lower of the spot and the 30-minute average on the street's one fixed pool. The HBTC leg is the highest of four HBTC averages: each pool's one-hour average and its slow average. The official pool's two averages are counted at 90%, after OreHook's 10% sell toll. The street then pays the lower of that reference and a rise limit. The reference rises at most 1% an hour above the last hour that had a fill. A drop is not limited. Past 8,000 hours the rise limit stops binding.

In the SPY deployment example, the hour's budget is at most 500 HBTC, at most a tenth of the shallower 2% depth, and at most the HBTC still in the queue. The two depths are the fixed pool and the outside HBTC pool. The first fill of the hour sets the budget. A later fill may raise it and never lowers it, and it stays within 500 HBTC. An order over what remains is refused.

There is no fill while a reading is missing. The fixed pool's history must cover 30 minutes, and the HBTC averages must have been sampled within the last hour. The money waits in the queue. You can leave.

Redeeming

You can redeem either share at any time. An HBTC share never depends on SPY, on a price, on the House or on the game. A SPY share needs the token to transfer. If that transfer fails, the shares stay yours. There is no separate claim to collect. The share is the claim.

If the SPY token cannot be read, fills, mints and SPY redemptions wait. HBTC redemptions and leaving the queue do not. A burn of SPY lowers the SPY behind every SPY share at once, by the same factor, and nothing restores it. HBTC shares do not move because of that burn. Surplus, such as a donation or rounding dust, is not added to the value of a share. Anyone can sweep it, and the sweep mints it to the Pool as shares.

New streets

SPY is the open street. NVDA, AAPL, QQQ, TSLA, META and SPCX are next in line, and none of them is open yet. Nothing on the chain opens a street by itself: each one is a new deployment of the same contracts, made only after its stock passes the listing checks.

• The reference market. The stock's own WETH market on chain, with 30 minutes of price history.
• Deep enough. Moving its price up 2% takes at least 5 WETH.
• Trading every day. Trades in at least 160 of the last 168 hours, and at least 500 swaps a day.
• Day after day. It passes these checks on daily reads for 14 days in a row.

An open street never changes, and a new street changes no other street. Your HBTC is shared by every street; HSPY, House units and tickets belong to the street that made them.

06 · THE HOUSE

The bank behind every prize, owned by its House partners.

What do your units own, and when can you leave?

The House holds HSPY and pays every prize. House partners own it as units. Units come from joins, and from the House partner share on a ticket, which is 5% of the stake. Whoever holds units shares what the House keeps, and shares its losses. The pot is HSPY too, but it sits apart from the inventory. A daily draw does not change the HSPY behind a unit.

The hourly bell

Once an hour, anyone can ring the bell, after the hour has turned and no ticket is still open. A single unproven round holds up the bell. Refunds open 24 hours after that round's time, and then the bell can ring. The bell does four things:

1. It checks that no ticket from before it is still open.
2. It snapshots the inventory and the units, and that snapshot is the rate for every join and exit waiting on it.
3. It turns joins into units, and exits into HSPY owed to the House partners who asked. It refuses joins when units are outstanding and less than a millionth of one HSPY of inventory is left behind them. A refused join comes back as HSPY.
4. It pays the ringer every bell fee collected since the last bell, and sales can open again.

The bell does not buy SPY or forward the prize fee. The pot's cap is 5% of the inventory this bell records.

Joining, leaving, and claiming a request

You join with HSPY: at least 1,000, in steps of 1,000. You approve both shares for that exact amount, and you pay the bell fee in ETH with the request. You leave with units: your whole balance, or at least 1,000 units. An exit pays the same bell fee. Both take effect at the next bell, at that bell's rate.

At the start, one HSPY backs one unit. After that, a join or an exit converts at the snapshot: HSPY in proportion to the inventory and the units. After the bell, anyone can claim the request. The units, or the HSPY, go to the House partner who asked. An exit pays both shares.

The bell fee is 200,000 gas at the chain's base fee, and the base fee counts as at least 0.01 gwei. The person who asks to join or leave pays it. The ringer receives it. The page adds 50%, so a rise in the base fee does not leave the fee short.

The reserves

Every prize is reserved up front. Each ticket reserves its desk's largest card times its stake: 10 times on Index, 30 times on Spot and on Options. The tickets drawn on one drand round may reserve at most a tenth of the inventory, and all reservations together never exceed the inventory.

A ticket is also refused when the drawdown, plus the prizes still reserved, less what the House has already taken in for open tickets, would pass a bound. The bound is 25% of the last bell's inventory, plus four rounds of that tenth, measured on the inventory after the purchase.

The loss circuit

The drawdown is the House's net loss on tickets it has settled. If that loss passes 25% of the inventory at the last bell, ticket sales stop until the hour ends, and then for six hours. The count restarts at zero. Tickets already sold still settle. The bell carries a drawdown forward and judges it at the next settlement, not at the bell itself.

07 · TICKETS

One ticket, one card.

What did you pay, what is the stake, and where does a prize go?

A ticket plays for a stake of at least 10,000 HSPY, in steps of 1,000, and costs 1.2 times that stake. You can pay with HSPY you already hold. Or you can pay in ETH through the Zap: it buys both legs, mints the HSPY, buys the ticket, and returns what is left as HBTC and SPY. The page allows 5% of room on each leg so the mint can clear. Either way you send the pack fee in ETH.

The card pays a multiple of the stake, not of the ETH you sent. A 5% prize fee goes to the Pool. While the pot has room under its cap, up to 1% of the gross prize goes to the pot, and the player receives between 94% and 95% of the gross, depending on the remaining room. When the pot is full, that 1% stays in the card, and the player receives 95%. At purchase, 5% of the stake becomes your House partner share, a join waiting for the next bell.

Sales stop one minute before each hour. They also stay closed while the bell is due, while the loss circuit is stopped, before the first drand proof, and while a proof shows the chain's clock more than 5 seconds behind.

Auto-packs is a standing order. You choose a desk, a stake and up to 24 packs a day, and you allow it an amount of HSPY. While the House sells, anyone can open your next pack of the day from your wallet, within that allowance, with the pack fee from ETH you left for it. The ticket, its card and its House partner share are yours.

Packs and cards

Three packs, one for each desk, and twelve cards: four on each desk, from Chop to Moonshot. Each card has two multiples of the stake; the chance of each and what it pays back on the ticket's price, after the 5% prize fee, are below.

Three desks

Every desk draws the same rarity tiers with the same odds: Chop 80%, Pump 15%, Send It 4%, Moonshot 1%. The desks differ in how far the card can swing. A draw is a number from 0 to 99,999. The first bound below sets the card. On every desk a card pays 1.1 times the stake on average, before the fee.

On the price you pay, after the 5% fee and while the pot is full, a card runs from 63% to 7.92 times on Index, from 40% to 23.75 times on Spot, and from 0 to 23.75 times on Options. While the pot takes its 1%, each of those is a little lower. Index never pays zero and swings least. Options can pay nothing and swings most.

While the pot has room for the full slice, about 0.92 of those 100 HSPY goes to the pot instead of card prizes, which average about 86.17 HSPY. The House partner share, the House and the Pool do not move. The daily draw pays the pot back to one player. With a full pot, card prizes average 87.08 HSPY per 100 paid. These are averages across the odds table; no individual ticket has that promised payout.

From purchase to prize

A fair draw

• Public randomness. Each ticket draws from drand quicknet, a randomness beacon run by many independent organizations. It publishes a signed number about every 3 seconds. The chain checks the signature itself.
• Fixed in advance. A ticket's round is the first one at or after 10 seconds past the purchase, and it must be later than any round already posted. It cannot be known when you buy.
• A clock guard. If a posted proof shows the chain's clock more than 5 seconds behind, sales stop until it catches up. There are no sales before the first proof.
• A plain formula. The card is the hash of the round's randomness, the chain, the House and the ticket's number, modulo 100,000, read against the desk's table.

The pack fee, and the refund

Each ticket carries a small ETH fee, 400,000 gas at the chain's base fee, which counts as at least 0.01 gwei. Whoever settles the ticket receives it. Settle your own ticket and you get it back. The page adds 50%, for the same reason it does on the bell fee. At most 100 tickets settle in one call.

If a ticket's round is still unproven 24 hours after its time, anyone can refund it. The House partner share stays, and the owner gets back the rest of the price, as HSPY. If joins were closed and the ticket never took a House partner share, the owner gets the whole price back. The caller receives the fee. A refunded ticket still counts in that day's draw.

08 · THE JACKPOT

One winning ticket a day.

How is the pot refilled, and who can win it?

The pot is HSPY set aside for the daily draw. It is not part of the House's inventory, and the House does not pay it. Only a player wins it. Three sources fund it, and all of them stop at the cap.

• 1% of a prize, while there is room. When a ticket settles, up to 1% of its gross prize enters the pot, and only up to the room under the cap. A card that pays zero adds nothing. A refunded ticket never drew, so it adds nothing. When the pot is full, the slice is not taken, and the player keeps it.
• 1% of all mining. Every paycheck on this street sends 1% into the queue, in the House's name. Anyone can claim those HSPY into the pot. What does not fit under the cap goes to the Pool. Before the first bell the cap is zero, so a claim then sends the HSPY to the Pool.
• 5% of every Miner Draw. When a day's Miner Draw is drawn, 5% of that day's HBTC goes into the queue in the House's name, the same way as mining's 1%. The winner receives the other 95%. A day that is refunded pays nothing to the pot.

The cap is 5% of the inventory at the last bell. A pot left above the cap, after the inventory shrinks, is not cut. It only stops growing. A join that one bell turns into inventory raises the cap, because the cap reads that bell.

The daily draw

Once each UTC day, one ticket bought that day can win. Its chance is its stake divided by every stake bought that day. The winner takes 5% of the pot. A second roll, at odds of 1 in 50, pays the whole pot instead. The prize is HSPY, sent to the ticket's owner, out of the pot.

The draw's round is the first drand round at or after 10 minutes past the end of the day. Anyone can draw the earliest day that has ended, once that round is proven. Days are drawn in order, so no one picks which day pays. A day with no tickets is not drawn, and the pot rolls forward. A refunded ticket stays in its day's entries, because it was a real purchase.

09 · THE POOL

The street's own pool, and liquidity that never leaves.

What loops back into liquidity, and what can never be withdrawn?

The street has one Uniswap v4 pool of HBTC and SPY, with a 1% fee and a tick spacing of 200. The Pool contract holds the protocol's position there. PoolHook, that pool's hook, records the pool's own price history and enforces that the position can only grow.

• What funds it. 5% of every prize is paid to the Pool in HSPY, at settlement. Surplus swept off the vault is minted to the Pool as shares. The project provides no seed capital. The first compound initializes it, at the vault's reference, and adds the first liquidity in that same call.
• The compound rule. Anyone can compound. After the first add, it redeems only the shares needed, collects fees, and adds full-range liquidity within 3% of the pool’s own 30-minute average. The hourly allowance is 10% of the position at the hour’s first compound, at least one unit. The first add has neither this band nor this cap.
• Locked for good. The hook refuses any decrease of the protocol's liquidity. Only fee collection passes. The pool itself enforces this.
• Open to everyone else. Anyone can add liquidity and take it back. A position must not end on either boundary tick. Those two ticks, -887,200 and 887,200, are the Pool's alone. The permanent position runs from one to the other.

10 · OPERATIONS

Anyone can run the Street.

What happens by the clock, and what needs a caller?

Every routine job is open to anyone. The mining-only keeper maintains mining, recovery samples and harvests, and collects its own accrued reward. Community callers maintain position settlement, ticket proofs and settlements, the House bell, the daily draw, Jackpot funding, vault surplus and permanent liquidity. The keeper has no power a stranger does not have. Buttons live beside each function; they show readiness, who receives the funds and whether the caller earns a fee. No caller means that task waits. Duty mode remains an optional full-street plan from your wallet while the tab stays open; you confirm each transaction and pay its network fee.

A price sample and the mining payment go out on their own, because a batch cannot call them. Everything else the batch allows goes in one transaction. If that batch fails in simulation, each chore is sent on its own. A late chore can delay a prize. It cannot change a draw, because every draw is fixed when it is set up.

The heartbeat is one more way to send them. It is a contract with no state that runs a list of these chores in one transaction, the price sample and the mining payment included, and hands every fee and reward to its sender. A chore that fails does not stop the others.

The base fee counts as at least 0.01 gwei. The page adds 50% to the pack fee and the bell fee before it sends them, so a move in the base fee does not leave the fee short. The mining reward is not part of those two fees. It is credited on the Miner, and you claim it yourself.

11 · SAFETY

Safety by design.

Which checks protect each path, and which exits remain independent?

• No one in charge. No owner, admin, proxy, upgrade, pause or rescue function exists in these contracts. Every restricted function accepts only callers fixed at deployment.
• Exact allowances. An approval is for an exact amount of one share. There is no open-ended allowance on the vault.
• Exits that do not depend on the game. Leaving the queue, and redeeming HBTC, depend only on the vault's own HBTC accounting. They do not wait on SPY, a price, the time, the House, the Pool or the Miner. Unspent mining ETH comes back from the Miner whenever you ask.
• One custodian for each pool of money. The vault counts the queue and the two share pools, and it checks the tokens that arrive. The House counts the HSPY it owes. A short call cannot skip the Jackpot's part of a paycheck: settlement checks that it has enough gas to push before it starts.
• A loss in SPY stays in SPY. If the issuer burns SPY, every SPY share bears it, equally, and HBTC shares are untouched. A SPY share that cannot transfer stays a share. It does not become a debt that holds the HBTC back.
• Prices that are hard to push far. The mining price is the lowest of four readings. The auction takes SPY on the side worse for the seller, and HBTC on the side worse for the seller. One sample can move an average by at most 5%.
• Draws nobody can steer. A ticket's round is fixed when you buy it, at least 10 seconds ahead, and it is not a round already posted. The day's round waits 10 minutes after the day ends. Weights are the stakes already bought.
• Bounded work. Every chore does a bounded amount of work, so growth in users cannot lock a contract. Harvest takes at most 8 rounds. Mining reads eight levels. Settlement of tickets takes at most 100.

12 · RISKS

What can go wrong.

Where can value fall or a process stop?

• HBTC is volatile. The HBTC a round pays can later be worth less than the ETH it cost. The mining price only keeps a round from paying more than the readings it has now. It says nothing about later. The House holds HBTC inside every HSPY, so a House partner's units move with HBTC too, up or down.
• Mining can cost more than the HBTC it pays. A plan spends ETH for a paycheck of new HBTC. A plan without a max price pays whatever the round costs. That paycheck can be worth less than the ETH, at the time or later. Skipping a round leaves the ETH unspent. It does not give the ETH back once the round has paid.
• The House can lose. Players' wins come out of the inventory. A run of large cards can cost the House partners. The loss circuit stops new sales after a 25% drawdown. It does not give the loss back, and tickets already sold still settle.
• Tickets are a game of chance. On average a card pays 1.1 times the stake before the fee. After the 5% fee, that is 87.08% of the price when the pot is full, or about 86.17% while the pot takes its slice, plus a House partner share of 4.17% of the price. Most cards pay back less than they cost. Nothing here is a promise of return.
• The stock token has an issuer. The issuer can pause the token, blacklist an address, burn tokens, or upgrade the token. A burn lowers the SPY behind every SPY share at once, by the same factor, and nothing restores it. A pause, or a blacklist that stops the vault's transfer, stops fills, mints and SPY redemptions. It does not stop the game, HBTC redemptions, or leaving the queue. An upgrade can change what a transfer does. These contracts cannot undo any of that.
• A thin or dead fixed pool. Fills can overpay, up to 500 HBTC in an hour. The rule that the reference rises at most 1% an hour is what holds a rise down. It does not cap a pool that was already expensive, and it does not give an overpay back. You can leave the queue at any time. There is no function that repairs the price.
• The reference can be pushed. The street pays the lower of the spot and the 30-minute average, so a drop in the spot lowers what a seller receives. On a thin pool the spot itself can be moved, and a fill can still pay up to the hour's budget. A large position in the outside HBTC pool can lower the quotes sooner. The one-hour averages move within the hour, about 0.55% a round and about 3.3% an hour. A fill during that push records a lower reference, and the reference may then rise only 1% an hour. Nothing leaves the queue because of it. Exits stay open.
• One miner can push the mining price down. A single outside liquidity provider who also mines can move a pool the mining price reads, and can push that price down. The mining price takes the lowest reading, so a lower reading skips rounds or pays less HBTC per ETH. It does not take ETH that a plan's max price kept back.
• The pot's cap reads one bell. A join that the bell turns into inventory raises the cap. Mining HSPY claimed after that bell can stay in the pot because the cap moved. New funding stops at 5% of that inventory. An existing pot above a lower cap is not reduced. Only a player wins it.
• A proven day can be seen before it is drawn. Once a day's round is proven, anyone can work out the winner before the draw is sent. A claim of mining HSPY into the pot just before that draw puts them in the pot first, and that day's winner receives them: 5% of the pot, or all of it if the 1 in 50 roll hits. The value moves only between players, and only up to the room under the cap.
• An unsettled position sits in the Miner. Until someone settles it, the House partner and Jackpot parts sit in the Miner, owed to that position. The queue and the pot fill only as fast as positions are settled.
• A harvest stall stops mining. While OreHook's harvest stalls, no round is paid; the ETH can be withdrawn at once, and parts already accrued still reach the vault at a settlement.
• A long empty outside pool stops purchases. The hour's budget reads the outside HBTC pool's depth under a ceiling that moves at most an eighth a day. If that pool reads almost empty at every sample for about a year, the ceiling falls to almost nothing and the budget is zero. Once the liquidity is back at every sample, the ceiling follows it within about three weeks. Leaving the queue, redeeming shares, leaving the House and mining all go on.
• Smart contract risk. These contracts can have bugs. A bug can lose funds. There is no admin who can patch one, pause the system, or rescue what a bug has taken.
• Outside systems. Robinhood Chain, OreHook, Uniswap and drand have to keep doing their jobs. If one stops, the part that depends on it waits or stops. Unspent ETH can still be withdrawn, and HBTC shares can still be redeemed.

Nothing here is a promise of return.

13 · FIXED AT DEPLOYMENT

Every number.

Which exact constants govern the flows?

These are the constants in Params. A basis point is one in 10,000, so 100 basis points is 1%. The desk tables are in Tickets. Two street values are set when SPY's vault is deployed, and they are listed with the max prices at the end.

Units and token calls

The vault and the auction

The House, the tickets, the pot

Mining

The Pool

SPY, and the max prices

Base fees count at least 0.01 gwei. The page adds 50% to the pack fee and the bell fee.