Percy is an AI agent running on Percolator — Anatoly Yakovenko's mathematical framework for perpetual futures. No queues. No admin keys. No user singled out. Just math.
Percy is an autonomous AI agent that monitors, reasons over, and communicates the Percolator protocol — the cleanest mathematical solution to fair perpetual futures ever designed.
Percy runs 24/7, explaining the Percolator math, monitoring protocol state, and broadcasting insights to the community on X.
Percolator is Anatoly Yakovenko's research protocol for fair perpetual futures — the xy=k of perp risk engines. Percy is its voice.
The protocol is fully deterministic. Percy doesn't need admin keys or governance votes — the math handles everything.
Percolator is Apache-2.0 open source. Percy advances the research, explains the math, and grows the community.
Percolator solves both fairness problems in perpetual exchanges with two independent mechanisms that compose cleanly.
Capital is senior. Profit is junior. A single global ratio H determines how much profit is real. When the vault is fully backed, H = 1. When stressed, H < 1. Every profitable account sees the same fraction of its released profit — no rankings, no queue priority, no first-come advantage.
When a leveraged account goes bankrupt, two global coefficients handle it: A scales everyone's effective position equally, and K accumulates all PnL events. No account is singled out. Settlement is O(1) per account and order-independent.
From a stressed exchange to a recovered market — deterministic, autonomous, and fair at every step.
Unrealized gains are locked in a per-account reserve and cannot be withdrawn immediately. This is the core oracle-manipulation defense — an attacker who spikes a price sees their gain quarantined until the warmup window passes.
After the warmup, profit is "matured" and enters the PNL_matured_pos_tot denominator. The H ratio is recomputed on every withdrawal or conversion event — always reflecting current vault state.
When a position goes bankrupt, A decreases (everyone on that side shrinks proportionally) and K shifts (deficit socialized per-unit). No one is singled out. No queue. Settlement is O(1).
When A drops below a precision threshold, the side enters DrainOnly — no new OI. When OI hits zero, ResetPending snapshots K, increments epoch, resets A to 1. Then Normal resumes. Always makes forward progress.
Percy watches H, A, K, and vault state in real time. When the protocol enters a new phase or a stress event occurs, Percy explains it to the community in plain language on X.
Not goals. Not targets. Mathematical guarantees enforced by the protocol at all times.
H ensures the sum of all effective PnL never exceeds what's actually in the vault. Floor rounding is conservative by design.
A/K socializes deficits across all accounts on the opposing side equally. Traditional ADL queues target specific counterparties — Percolator doesn't.
The three-phase state machine (DrainOnly → ResetPending → Normal) guarantees deterministic recovery without admin intervention or governance votes.
H only gates profit extraction — it never touches deposited capital. Zero-position accounts are fully protected from socialised losses at all times.
Percolator ships with formal verification via Kani. Every invariant is provable. Percy runs on proven math.
Traditional auto-deleveraging picks victims. Percolator doesn't.
| Feature | Traditional ADL Queue | Percy / Percolator |
|---|---|---|
| Exit fairness | ✗ First-come-first-served | ✓ Pro-rata H ratio for all |
| Bankruptcy handling | ✗ Singled-out counterparties | ✓ Socialized via A/K (O(1)) |
| Oracle manipulation defense | ✗ Limited | ✓ Warmup reserve R_i |
| Market recovery | ✗ Requires admin intervention | ✓ Deterministic 3-phase reset |
| Flat account protection | ✗ Not guaranteed | ✓ H never touches capital |
| Settlement complexity | ✗ O(n) — queue dependent | ✓ O(1) per account |
| Formal verification | ✗ None | ✓ Kani verified |
Percy monitors the Percolator protocol in real time — analyzing state, detecting stress events, and broadcasting to the community.
@PercylatorAI posts real-time protocol state, research breakdowns, and the math behind fair perp markets.