Atticus Shadow Pilot — Simple P&L
Plain-English money flow of the self-funding volume facility · real venue options pricing, paper-settled · generated 2026-08-07T00:23:40.566Z
◲ Advanced view · Positions · JSON: /api/scorecard
Client — what they collect, forfeit, pay, and keep
Client COLLECTS — credit
$2,484
$44/trade · paid to the client
Client FORFEITS / receives — collar
−$432
$-8/trade · capped upside given back on moves
Client PAYS — perp fees
not modeled
awaiting the venue's real number · add ?fee=25 to the URL to preview
Client KEEPS — all-in net
$2,726
9.5662 bps · = credit − forfeits + perps
Client perps
$773
matched long/short ⟹ ~flat (no directional bet)
Client keeps = credit $2,484 − collar $432 + perps $773 = $2,726 · no fee assumed — add ?fee=25 to model one
Atticus — what it pays, passes through, and keeps
Atticus collar net
−$10
-0.036 bps · should be ~0 (flat by design) · Atticus's fee is negotiated separately on volume, NOT modeled here
Atticus PAYS — venue option fees
$441
$8/trade · funded by the collar, not Atticus's pocket
Atticus PASSES THROUGH — collar
−$432 ⟷ −$432
collar owed ⟷ identical hedge pays it back
Atticus FLAT?
YES — 0 bps
hedge nets the collar payout to zero ⟹ no market risk
Context
Settled trades
57
avg held 24.13h
Cap hit
3.5%
how often price passed the cap (client forfeits upside)
Floor hit
0.0%
how often price passed the floor (client gets protection)
Credit vs fees
n/a
no fee assumed — ?fee=25 to model
Realized vol · clears bleed?
1.29%/day · CLEARS
cumulative net $2,871 · 72% of days positive
How to read this
• Client math (3 parts): keeps = credit collected − collar forfeited − perp fees. All three matter — the fees are the line people forget.
• Regime: in calm tape the caps rarely breach, so forfeits are small and the client nets positive; in a sustained trend the caps breach often and the forfeits can exceed the net credit — that's a short-volatility trade, not free money.
• Atticus takes no market risk: whatever the collar owes, the identical hedge pays back (net $0). Atticus's fee is negotiated separately on volume and deliberately NOT modeled in these economics.