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Abstract
Cypher is a trading engine built on top of the Solana blockchain. The protocol offers margined spot markets using Serum's order-books and derivatives markets using the asset agnostic order-book (AOB) to maximize pricy discovery and protocol efficiency. Cypher utilizes a novel account model that uses sub-accounts to manage traders positions. Managed by a single master account, traders can have up to 1105 positions across 24 sub-accounts, with the ability to cross margin or isolate margin in each account.
Using Cypher's peer-to-peer margining system, the protocol will mimic certain mechanisms from traditional finance enabling traders to have long, short, and levered positions. Margin trading in spot markets will collateralized by USDC, BTC, ETH, and SOL, while derivatives markets initially will initially use USDC as collateral. Traders will have to maintain proper collateralization requirements in the trading account, ensuring protocol safety.
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