HUNTER protocol documentation

HUNTER lists cash-settled perpetual futures whose underlying is the Hunter Index, a depth-weighted reference price for a specific Steam item across independent secondary marketplaces. No skins are custodied, moved or delivered: every contract settles in USDG against the index.

This unlocks exposure the item market cannot natively express: shorting an inflated case, hedging an inventory before a Valve update, or taking leveraged directional views without paying marketplace withdrawal spreads of 10–15%.

Four layers, each independently verifiable:

1. 01Data layerServer-side collectors poll independent marketplaces on staggered schedules with per-source rate-limit backoff. Raw quotes are normalized to a common shape (median, mean, floor, listing depth, timestamp).
2. 02Index layerThe index engine filters stale quotes, rejects outliers, weights survivors by listing depth, and emits an index price with a health status. Every accepted tick is written to an append-only time series used for candles and 24h statistics.
3. 03Risk layerMark price, funding, margin requirements, and liquidation prices are derived from the index. Risk parameters are per-market and published in the interface.
4. 04Settlement layerA HUNTER contract holds collateral, records positions, applies funding, and executes permissionless liquidations. The interface is a thin client; the chain is authoritative.

For each market, the index is computed every cycle from all healthy sources for that item:

quotes  = sources.filter(age < 1800s)
median  = weightedMedian(quotes, weight = listingDepth)
kept    = quotes.filter(|q - median| / median <= 12%)
index   = Σ(kept.price × kept.weight) / Σ(kept.weight)

Health states are surfaced verbatim in the terminal: LIVE DEGRADED STALE UNAVAILABLE. HUNTER never synthesizes a price to fill a gap, when sources fail, the market says so and stops accepting risk.

Reference marketplaces are consumed as public market data. HUNTER is not affiliated with, endorsed by, or partnered with Valve or any marketplace named in the interface.

Funding pulls the mark price toward the index and is exchanged directly between longs and shorts, the protocol takes no cut.

premium = (mark − index) / index
rate_1h = clamp(premium / 24 + interest, −0.75%, +0.75%)
payment = position_notional × rate_1h   // positive: longs pay shorts

Funding accrues continuously and is realized into position margin on the hourly boundary. The live rate and countdown are shown on every market header. Skin markets are structurally long-biased, so expect persistently positive funding on hyped items, that carry is the short's compensation.

Positions are isolated and collateralized in USDG. Each market carries its own maximum leverage and maintenance margin ratio, assigned by liquidity tier (DEEP / MEDIUM / THIN).

initial_margin     = notional / leverage
maintenance_margin = notional × mmr        // 0.25% est. buffer applied in UI
equity             = margin + unrealized_pnl − funding_owed
liquidatable       ⟺ equity < maintenance_margin

1. 01Warning zoneMargin ratio under 2× maintenance: the position card turns amber and new size is blocked.
2. 02LiquidationAny keeper can call liquidate; the position is closed against the index with a penalty split between the keeper and the insurance fund.
3. 03Bad debtIf a gap-through leaves negative equity, the insurance fund absorbs it. Only if the fund is exhausted does socialized loss apply to profitable counterparties.

Liquidation prices displayed in the interface are estimates with a 0.25% buffer. On-chain state is authoritative.

Open interest is matched peer-to-peer wherever possible. Residual imbalance is absorbed by a protocol backstop with capped utilization per market, which is exactly what constrains the available long/short liquidity shown in the depth panel. When one side saturates the cap, funding widens until the imbalance is priced away.

HUNTER is non-custodial. Transactions are signed by your own wallet; the interface never requests private keys or seed phrases, and collateral sits in a contract-owned vault you can always exit from.

Contract not configuredMinimal Hold 100,000 $Hunter untuk melakukan long/short.

The treasury share is the only revenue stream that touches the token economy, see the flywheel below.

Hunter is the utility token of the protocol. It launches on Pons as a fair launch: no presale, no private round, no insider tranche minted at genesis. The bonding curve is the entire distribution, and mint authority is revoked at graduation.

Utility, four concrete sinks:

1. 01Fee tiersStaked Hunter sets your taker fee tier: 0 → 15 bps, Bronze → 13 bps, Silver → 11 bps, Gold → 9 bps, Apex → 7 bps. Tier is read from a 7-day time-weighted stake balance, so flash-loaned stake buys nothing.
2. 02Insurance vault stakingStake Hunter into the insurance vault to backstop bad debt and receive a pro-rata share of the treasury's fee stream. Real yield from real volume, and real first-loss exposure, which is disclosed, not hidden.
3. 03Keeper bondsLiquidation keepers and index publishers post a Hunter bond. Publish a quote outside the outlier band or fail a liquidation you claimed, and the bond is slashed into the insurance vault. This is what makes the oracle economically honest instead of merely well-intentioned.
4. 04Market listingsNew item markets are proposed by burning Hunter and confirmed by stake-weighted vote. The burn prices out spam listings on illiquid items, and every listing permanently removes supply.

Hunter is not collateral. You cannot margin a position with it, and no position's solvency ever depends on its price. That separation is deliberate: token volatility must never become protocol insolvency.

taker fees ─┬─ 60% treasury ─┬─ 50% insurance-vault stakers (real yield)
            │                └─ 50% buyback → 100% burned
            └─ 40% insurance fund (protocol solvency)

burns:  listing proposals · buyback · slashed keeper bonds

Supply is fixed and only ever decreases. There is no emissions schedule, no inflationary farm, and no "ecosystem fund" to unlock into holders. Volume is the only input to the flywheel, if the exchange is quiet, the token earns nothing, and the docs say so plainly.

Governance is intentionally narrow. Stakers vote on listings, fee tiers, buyback share and risk parameters. Governance cannot mint tokens, seize user collateral, change an open position's terms, or halt withdrawals. Risk-parameter changes ship behind a timelock so any trader can exit before they take effect.

1. 01Phase 1 / TerminalLive multi-game index feed, charts, terminal UI. Shipped.
2. 02Phase 2 / ContractRobinhood Chain contract for collateral, positions, funding and liquidation, with progressive open interest caps.
3. 03Phase 3 / TokenHunter fair launch on Pons, staking and fee tiers wired to the mainnet contract.
4. 04Phase 4 / AuditExternal audit, keeper bonds and insurance vault live, bug bounty.
5. 05Phase 5 / ScaleDeep markets first, thin markets gated behind liquidity thresholds.

1. 01Do I need skins to trade?No. Everything is cash-settled in USDG; no inventory, no trade holds, no Steam login.
2. 02Where do prices come from?Independent secondary marketplaces, aggregated server-side. Nothing is simulated, if the sources go down, the market shows UNAVAILABLE.
3. 03Can Valve break this?A pricing change or trade-lock policy affects the underlying market, which the index will reflect. It cannot touch your collateral, which lives in a HUNTER contract.
4. 04Is Hunter required to trade?No. It reduces fees and earns fee revenue when staked, but trading works fine without it.
5. 05Does buying Hunter entitle me to profit?No. It is a utility token for fees, staking, bonding and listings. It is not equity, not a share of any company, and not a promise of return.

Leveraged perpetual futures carry substantial risk, including the total loss of collateral. Skin indices can be volatile, illiquid, and subject to abrupt policy changes by third parties outside the protocol's control. Smart contracts may contain bugs; HUNTER is unaudited software provided without warranty.

Hunter is a utility token, not an investment contract, security, or claim on any entity's assets or revenue. Tokens launched on public bonding curves are frequently volatile and can go to zero. Nothing in this document is financial advice. You are responsible for determining whether trading these instruments is lawful in your jurisdiction.