🦤 LEMUR v1.0.0 — Pre-IPO Perpetual Trend Follower

Trade pre-IPO companies as perpetuals on Hyperliquid XYZ. Today that's only SpaceX (xyz:SPCX). When trade.xyz lists Anthropic, OpenAI, Stripe, Databricks, etc., Lemur picks them up automatically via the structural IPOP signature.

Why this strategy exists

Hyperliquid XYZ is one of the only venues where retail can perp-trade private companies. IPOPs (Pre-IPO Perpetuals) are a unique product:

• 24/7 trading (vs 23/5 for equity perps)
• Internal oracle until the company actually IPOs (30-min EWMA price discovery)
• Funding multiplier 0.005 (vs 0.5 for standard XYZ perps — 100x smaller funding cost)
• Discovery Bounds throttle price velocity to prevent gap moves

Lemur captures the directional alpha on these markets while the standard equity perp space lacks them.

Auto-discovery: how Lemur finds IPOPs

Per the trade.xyz design docs, IPOPs have two structural signatures:

def is_ipop(inst):
    return (
        inst["name"].startswith("xyz:")
        and not inst["is_delisted"]
        and abs(float(inst["context"]["funding"])) <= 1e-7   # 100x smaller funding
        and int(inst["max_leverage"]) <= 5                    # pre-listing leverage cap
        and float(inst["context"]["dayNtlVlm"]) >= 100_000   # liquidity floor
    )

The funding-rate signature is robust because it directly reflects the IPOP product spec (0.005 multiplier vs 0.5). When an IPOP CONVERTS to a normal equity perp after the company actually IPOs, its funding rate jumps back to the standard formula — Lemur auto-drops it from the universe.

Today this returns [xyz:SPCX]. No hardcoded ticker list, no config update needed when trade.xyz lists new IPOPs.

CRITICAL RULES

RULE 1: Producer enters. DSL exits.

DSL Phase 1 max_loss 10% + Phase 2 Bison-pattern wide ladder own all exits. Time-cuts all disabled (IPOPs trade 24/7).

RULE 2: Leverage auto-capped per instrument

The config has leverage: 3 default, but each IPOP's own max_leverage (e.g., SPCX's 5x cap) is the hard ceiling. Producer takes the MIN of config-leverage and instrument-leverage.

RULE 3: SM data may be sparse for pre-IPO names

Few traders, less concentration data. If leaderboard_get_markets returns no entry for the IPOP, the producer falls back to "4h trend only" and tags the signal sm_data_sparse_assumed_aligned. Once a company has been listed and accumulates trader history, SM data fills in.

RULE 4: 15-min tick cadence (vs 5-min for normal trend strategies)

Discovery Bounds throttle IPOP price moves to limited velocity. Polling every 5 min is wasteful — the underlying isn't moving fast enough to justify the MCP cost.

How Lemur scores a trade

Gates (all required):

1. Asset matches IPOP signature (funding + leverage + liquidity)
2. 4h trend non-neutral
3. SM direction agrees with 4h trend (OR SM data unavailable → assume aligned)
4. SM tilt >= 55% (if SM data available)

Score components (max ~9):

Signal	Points
4h trend aligned (with strength %)	+3
1h trend confirms 4h	+2
SM aligned (gate-confirmed; "assumed_aligned" if SM data sparse)	+2
SM strongly tilted (>= 70%)	+1

DSL preset (moderate, IPOP-tuned)

Phase	Component	Setting
Phase 1	max_loss_pct	10% (moderate — Discovery Bounds limit downside velocity)
Phase 1	retrace_threshold	8
Phase 1	consecutive_breaches	1
Time cuts	hard_timeout	DISABLED (24/7 trading, multi-day theses welcome)
Time cuts	weak_peak_cut	DISABLED
Time cuts	dead_weight_cut	DISABLED
Phase 2	T0	+10% / 0% lock
Phase 2	T1	+20% / 25% lock
Phase 2	T2	+30% / 40% lock
Phase 2	T3	+50% / 60% lock
Phase 2	T4	+75% / 75% lock
Phase 2	T5	+100% / 85% lock (apex)

Risk guardrails

Gate	Setting
max_entries_per_day	3
per_asset_cooldown_minutes	360 (6h, IPOPs move slow)
daily_loss_limit_pct	15
max_consecutive_losses	3
drawdown_halt_pct	20
Slots	2 (small universe today)

Scanner pattern

This strategy uses the XYZ universe filter scanner with funding-signature discovery — see senpi-trading-runtime/references/producer-patterns.md (extends Pattern 4, Bison-style multi-asset, with XYZ-specific filters). Primary MCP calls: market_list_instruments (universe discovery), market_get_asset_data, leaderboard_get_markets.

Operator install

See README.md.

Changelog

v1.0.0 (2026-05-20) — initial release

First Senpi skill explicitly designed for trade.xyz IPOPs. Funding-rate signature heuristic future-proofs against universe expansion. Universe = [xyz:SPCX] today.

License

MIT — Copyright 2026 Senpi (https://senpi.ai).

Skill Attribution

See references/skill-attribution.md.