🦁 LION v1.0 — Two-Speed-Market (K-Shaped) Cross-Asset Long/Short

Lion bets on a K-shaped divergence: the AI complex and HYPE/SOL keep
booming while the broad U.S. economy and the rest of crypto struggle. It
expresses that as a single thematic long/short book:

• LONG the "haves" — the AI complex (semis / AI hardware / AI infra / AI
  software) plus crypto's winners (HYPE large, SOL modest).
• SHORT the "have-nots" — the broad U.S. market (the SP500 index product)
  plus a curated basket of laggard crypto alts.

The P&L is the dispersion between the two speeds, not the market's direction.
One producer script (lion-producer.py) serves both books; the LION_LEG env
var selects which.

Book	Holds	Wallet env	Runtime	Scanner
long	AI complex + HYPE/SOL (LONG)	LION_LONG_WALLET	runtime-long.yaml	lion_long_signals
short	SP500 + laggard alts (SHORT)	LION_SHORT_WALLET	runtime-short.yaml	lion_short_signals

Why this is a cross-asset fund

Unlike the other long/short funds, Lion's two universes span both tokenized
U.S. equities (Hyperliquid XYZ) and main-DEX crypto on one cross-margined
wallet. _dex_for() routes each asset to its DEX automatically. The
get_positions() helper reads both the main and xyz clearinghouse sections
(two views of one wallet) and takes account value via max(), never the sum.

The thesis, asset by asset

Sleeve	Direction	Default names	Rationale
AI chips	LONG	NVDA, AMD, MRVL, ARM, AVGO, INTC, TSM, ASML, CBRS	The compute layer of the AI boom
AI memory	LONG	MU, SMSN, SKHX, SNDK	HBM/DRAM/NAND — the AI-capex supply squeeze
AI infra / cloud	LONG	CRWV, NBIS, DELL, LITE	GPU cloud, AI servers, datacenter optics
AI software / hyperscalers	LONG	GOOGL, MSFT, META, AMZN, ORCL, PLTR, NOW, IBM	The model + cloud layer
Frontier compute	LONG	SPCX (owns xAI), QNT (quantum+ML)	Speculative AI optionality — sized smaller
Crypto winners	LONG	HYPE (1.5× size), SOL (0.6× size)	HYPE keeps booming; SOL modest growth
Broad U.S. market	SHORT	SP500 (1.2× size)	The rest of the economy suffers
Laggard crypto	SHORT	ETH, XRP, DOGE, AVAX, LINK, ADA, LTC, NEAR, APT (0.7× size)	The rest of crypto struggles vs HYPE/SOL

The AI long basket is the full live-board AI complex (27 names), resolved against
the trade.xyz instrument board on 2026-06-17. Speculative frontier names size
smaller (SPCX 0.6×, QNT 0.5×, CBRS/NBIS 0.7×); the core megacap chips and
hyperscalers run full slots. The universe auto-extends as new AI names list.

The long-AI / short-SP500 overlap is intentional. SP500 contains the AI
names; longing NVDA while shorting the index isolates the pure
AI-outperforms-the-broad-market spread — exactly the bet.

How it picks (producer-side)

1. Curated thematic universe — config.universe (the haves for the long
   leg, the have-nots for the short leg), intersected with the live instrument
   board + a relative-to-market liquidity gate (an instrument's 24h volume
   must be ≥ volFloorPctOfMedian × the universe's median volume — no hardcoded
   dollar floor; it adapts to the market and drops anomalously-thin names). New
   listings auto-join once added.
2. ABSOLUTE trend is the gate — long a have only while its 4h structure is
   not bearish; short a have-not only while its 4h is not bullish. This is the
   hard gate: never long a downtrend, never short an uptrend, even for a
   thesis name.
3. Relative strength is a tiebreaker — cross-sectional excess vs the
   leg-universe mean tilts ranking and score, but does not bench a
   genuinely-trending winner on a day its peers ran harder.
4. Conviction sizing — margin = account_value × marginPct × sizingWeights[name]. HYPE big, SOL small, SP500 core. No hardcoded dollars;
   every size scales with the budget.
5. Guards — RSI blow-off guard (long) / capitulation guard (short); held-asset
   dedup; per-candidate affordability cap (never emit an order the wallet can't
   fund).

Net exposure is YOUR dial

Net exposure (the long/short balance) is an operator decision, not a
hardcoded constant — see each config's _net_exposure_note. The two books run
on separate wallets, so you set the posture by:

• how much capital each wallet holds (the primary lever), and
• the per-leg knobs: maxSlots, marginPct, sizingWeights.

The shipped default is a modest net-long tilt (~60/40): the long book carries
more slots (5 vs 4), higher margin (18% vs 15%), and a higher leverage cap (5x vs
4x) than the short book. To run market-neutral, fund the wallets equally and
equalize slots × marginPct. To run net-short, tilt capital toward the short
book.

Fleet-standard rules (enforced)

• Max leverage 5x long / 4x short (strict clamp + runtime gate; venue caps below).
• Per-position margin ≤ 18% long / 15% short (× conviction weight, ≤ 25% cap).
• Drawdown halt 20% long / 18% short from rolling peak, reset_on_day_rollover.
• Mandatory DSL; entries + exits use FEE_OPTIMIZED_LIMIT with taker fallback.
• Verbose per-tick JSON (never silent): scanned / ranked_pool / candidates / signals_pushed / emitted / mean_rs_24h.
• Sizes off max(main, xyz) account value — never the sum (cross-margin
  two-views double-count fix).
• Short squeezes respected: short book runs tighter (lower leverage, tighter
  max-loss, faster stall-cuts, smaller alt weights, BTC omitted from the default
  short basket).

Hard rule — user-conversation sessions are READ-ONLY

A Claude session conversing with a user MUST NOT call create_position,
close_position, edit_position, ratchet_stop_*, cancel_order, or any
strategy_close* tool against Lion's wallets. Entries are emitted only by the
producer daemon; exits are owned only by the runtime DSL.

v1.0 — initial build

Cloned from the Cougar helpers-native two-book pattern, generalized from a
single-universe equity cross-section to a cross-asset thematic book (xyz
equities + main-DEX crypto), with absolute-trend gating (vs Cougar's pure
cross-sectional gate) so a thesis winner is held while it trends, and per-group
conviction sizing weights so HYPE is sized larger than SOL without any
hardcoded dollar amount.