Stop writing instructions. A weighted basket of perpetuals, held at a target leverage, rebalanced on a schedule — issued as a token anyone can buy.
A strategy is only as good as the number of people who can follow it.
Every good perp strategy dies the same way: in a screenshot. Four legs, a leverage target, a rebalance rule — instructions nobody executes correctly, and nobody maintains.
Summa compiles that instruction set into a vault and issues shares against it. The positions live on the venue. The strategy lives in the token. Buying is following.
Leverage multiplies both directions. A basket move of −50% at 2× is a total loss.
2× is a target, not a multiplier.
This chart runs the model in script/Simulate.s.sol — daily rebalance, taker fee, funding. Nothing here is drawn by hand.
The hard part is not opening four positions.
NAV is what the venue says
nav() == engine.equity(vault). Margin plus unrealised PnL, and nothing else. Tokens sent to the vault are never counted, so there is no first‑depositor inflation trick to run.
Flow never rebalances
A deposit scales every open leg by the fraction NAV grew. A redemption scales every leg down by the supply burned. Holders keep exactly the exposure they had, drift included.
You pay for your own trades
Shares are minted from the NAV move your trades produced, not the notional you sent: (navAfter − navBefore) × supply / navBefore. Your slippage stays yours.
Fees are minted, never withdrawn
Management and performance fees dilute shares instead of drawing down margin. A fee accrual can never push the account closer to liquidation.
Deleveraging is everyone's job
If a drawdown pushes realised leverage past the vault's hard ceiling, emergencyDeleverage() opens to anyone — no cooldown, no manager, no permission.
Managers are on a timelock
New weights, leverage or fees go through propose → wait → commit. Holders always get the exit first. Set the manager to the zero address and the basket is fixed forever.
Holding it makes every basket cheaper.
Hold $SUMMA and the entry and exit fees you pay on every basket come down — 10% off at 1,000 tokens, up to 75% off at a million. Nothing is staked or locked; the vault reads your balance when you deposit. Same strategy, same weights, smaller cut.
Live on chain. The tiers sit in an immutable, ownerless contract — nobody can raise a fee through it. Management and performance fees are unchanged. Full tiers in the docs.
| Ticker | Lev | NAV / share | 24h | TVL |
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