[mikemaccana]

Answers each point in Noah Prince's review, and follows the perpetual futures program to the Percolator haircut model. Merge after the companion pull requests the chapters describe, in this order:

1. Fundraiser: stop receipts carrying into the next raise; drop the per-backer cap solana-program-examples#175: fundraiser fix
2. Perpetual futures: initial margin, and a pool-maintained price average with a trading band solana-program-examples#176: perps initial margin and price band
3. Perpetual futures: Percolator haircut risk model and an insurance fund solana-program-examples#179: perps haircut risk model and insurance fund (replaces the closed Rewrite "How This Book Was Produced" as a provenance story #83)

Fundraiser

• Charts wrong / goal not shown / 100 USDC beside a 900 receipt / "9,000 each" reading: one set of numbers everywhere: Alice 1,000, Bob 800, Carol 500 + 500, eleven receipts reaching 9,000; 3,600 on the failed path. All figures redrawn; two new ones for closing the receipts and the fundraiser.
• Per-contributor cap is contrived: removed from the program and the chapter. The chapter now says what the program guarantees (Maria is paid only when the full 9,000 is in the counter) and that a per-wallet limit could not stop one person funding a raise.
• Re-creating the fundraiser with old receipts: a real bug, fixed in the program. The fundraiser stays open until every receipt is closed; new section "The Fundraiser Outlives Every Receipt", with the test that runs the attack.
• Claude-speak: both passages Noah quoted are gone; the counter-versus-balance section now gives its actual reason (the claim and refunds must read the same number).

Perpetual Futures

• "Her income is ... every funding payment": rewritten. LPs hold the opposite of the traders' net position and earn only the net funding.
• Program-maintained TWAP band: new section on the pool's own average price, the 20% band, why liquidations are exempt, and update_price_average().
• Initial margin: initial_margin_bps (10%) beside the 5% maintenance margin, with the 1:1 link to maximum leverage (10% initial margin = 10x).
• "Survives into every real implementation": rewritten plainly.
• Haircut risk model (follows Add --final flag to omit prerelease markings from PDF #179): the reservation and profit cap are gone. New section "Profit Is Paid Only as Far as the Pool Can Pay It" (haircut, never refusing a winner, profit warm-up); the loss waterfall is insurance fund, then LPs, then haircut; a bankrupt position's liquidation fee is forgiven as in Percolator, replacing the paragraph that described that gap. Figures show insurance_fund and the fee split.

Glossary: new initial margin, haircut and profit warm-up; insurance fund, auto-deleveraging, leverage, maintenance margin and TWAP updated; reservation removed.

npm run lint, node scripts/check-figure-geometry.mjs and npm run build-pdf all pass.

🤖 Generated with Claude Code

https://claude.ai/code/session_019G9tytYrS3Qp42fZ1hBnDu