Drip is a permissionless perpetual-futures DEX on Solana, built on a percolator-style risk engine. Capital is senior, profit is junior โ so the exchange is solvent by construction. No ADL queues. No insurance black box. No admin.
Trades fill against an oracle-priced vault โ no matching engine, no liquidity mining games. The real innovation is underneath: a risk engine where solvency is math, not a promise. Three invariants do the work, and anyone can verify them on-chain.
Every trade fills against a shared USDC vault at the oracle price ยฑ spread. Liquidity providers are the house โ they earn the spread and fees. No order book, no fragmented liquidity, instant fills on any size the vault can back.
Capital is a senior claim; profit is junior. The exchange only pays profit out of its real residual buffer. If open profit ever exceeds it, every winner is paid the same fraction H โ instantly and equally. You can never withdraw more value than actually exists.
Most exchanges run an ADL queue that force-closes one unlucky winner to cover a blow-up. Drip doesn't. Three lazy per-side indices socialize a liquidation across the whole side, pro-rata, in O(1). No victim is chosen โ the loss is shared in microscopic, fair slices.
Repricing is capped per slot: a single oracle wick or funding spike physically cannot move open interest through more loss than the exchange budgeted for. The cause of most "got liquidated on a wick" stories is closed off at the protocol level.
Every market marks to a live Pyth feed today โ in paper mode. The marks, funding, liquidations and the haircut you see on testnet are the genuine engine running on genuine prices. Only custody is simulated.
Anyone can run a keeper to mark prices and liquidate underwater positions, paid by liquidation fees. There is no privileged operator who can halt the book or front-run you. The exchange runs itself.
The percolator risk engine Drip follows ships 471 model-checking proofs covering the H + A/K/F math โ haircut conservation, ADL fairness, funding zero-sum. The solvency guarantee isn't marketing; it's proven.
Anatoly Yakovenko (Solana's co-founder) authored the H + A/K/F risk-engine math and an open-source reference. Drip is a faithful port of that engine wrapped into something you can actually trade โ a live exchange, not a reference implementation.
Trade every mechanic โ mark-to-market, funding, liquidations, the haircut โ live on real oracle prices, with paper USDC. No signup, no signing, no risk. See the solvency engine work in real time.
Straight answers. If something's missing, ask on X.