FULL Parameter Reference

Issuance, trading, risk, collateral, and funding parameters for Arc FULL, distinguishing fixed values from deployment choices.

This page is primarily based on BigShortConstantsV1.sol . Except where explicitly labeled raw units, Token and USDC values use human-readable units.

Issuance and Inventory

Parameter	Symbol	FULL value	Description
Curve supply	`S`	1,000,000,000 Token	Internal-market sale inventory + migration pairing inventory; the supply basis for protocol market cap
Initial sale inventory	`I₀`	793,100,000 Token	Actual Token inventory in the internal market
Migration Token reserve	`T₀`	206,900,000 Token	Initial pairing inventory, excluding the lending budget
Initial virtual Token reserve	`Vₜ₀`	1,073,000,000 Token	Used to price the curve; not additionally minted Token
Initial virtual USDC reserve	`Vq₀`	4,292 USDC	Used to price the curve; not collateral actually received
Fixed lending budget	`L₀`	199,861,071 Token	Initial Token principal that the Engine can register in its ledger
Total supply	`S + L₀`	1,199,861,071 Token	Must not be described as 1 billion

793,100,000 + 206,900,000 = 1,000,000,000

1,000,000,000 + 199,861,071 = 1,199,861,071

Ideal Migration Anchors and Actual Pool Funding

Parameter	Value	Purpose
Ideal migration USDC reserve `Q₀`	12,161.433370 USDC	Fixed anchor for the risk model
Ideal initial market cap `M₀`	58,779.281633639439342677 USDC	Starting point for the risk and margin curves
Cumulative net proceeds when one exact Token buy empties the initial curve	12,161.433369060378706681 USDC	Reproducible example starting from the initial state, without donations
Actual six-decimal USDC pool funding in that example	12,161.433369 USDC	Amount after rounding down from 18 to 6 decimals
Conversion dust in that example	0.000000060378706681 USDC	Native-precision remainder that does not enter the Pair

Q₀ is not the exact amount of actual funds that every migration must receive. Trade segmentation, integer rounding, and permitted USDC donations may change actual Pair reserves. The risk model uses fixed anchors; execution and debt buybacks use the live Pair.

Short Risk and Margin

Parameter	Starting point	Endpoint / cap
Risk market-cap range	`M₀`	50,000,000 USDC
Model price decline	3,523 bps = 35.23%	9,700 bps = 97.00%
Opening margin ratio	12,000 bps = 120%	10,500 bps = 105%
Target market cap for the margin curve	—	50,000,000 USDC
Safety ratio after a partial close	12,000 bps = 120%	Fixed safety ratio; distinguish it from the dynamic opening ratio

These declines are capacity-model parameters, not market guarantees of a maximum possible fall. The dynamic opening ratio applies to notional principal; it is not the conventional leverage multiple commonly shown in user interfaces.

Funding Fees

Parameter	Value	Meaning
Low-utilization boundary	1,000 bps = 10%	The minimum daily rate applies at or below this value
High-utilization boundary	9,000 bps = 90%	The maximum daily rate applies at or above this value
Curve coefficient `A`	99,990 ppm / day	Quadratic growth term
Base `B`	10 ppm / day	0.001% / day
Maximum daily rate `A + B`	100,000 ppm / day	10% / day, not an annual rate
Time conversion	86,400 seconds	One day; accrues by elapsed seconds

Precision and Deployment Choices

Item	Value / boundary
Token decimals	18
Native USDC accounting decimals	18
ERC-20 / Pair USDC decimals	6
Conversion factor	`10¹²`
bps / ppm denominators	`10,000` / `1,000,000`
TWAP fixed-point scale	`Q112 = 2¹¹²`
Funding / Legacy indices	`Q128 = 2¹²⁸`
Reference minimum TWAP window in this manual	300 seconds; consistent with the current repository test configuration
TWAP windows permitted by the Registry	60 seconds to 7 days

300 seconds is not a default constant automatically supplied by a no-argument constructor. A window must be supplied when deploying the Engine family; it becomes part of the immutable configuration and configuration hash.

Position operation limits

Only collateral additions are supported; no separate withdrawal entry point exists for live positions. Partial closes also return no funds to the wallet.

If the latest successful opening or position increase occurs in block N, a partial or full close is possible no earlier than block N+1 and must still pass all other execution checks.