hybrid-perps-spec

Acceptance Checklist

This document standardizes acceptance criteria and checklists for each MVP phase. Covers functional, risk control, performance, and operational dimensions with 100+ verifiable items.

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Phase 1 Acceptance Checklist (Foundation & Onboarding)

1.1 Authentication (T1)

• Email registration with verification code
• Email login with session management
• MetaMask signature login (no email)
• Google/Apple OAuth login
• Profile editing (nickname/avatar/KYC)
• Password reset (email verify + new password)
• Web2/Web3 account linking
• Session security: 2FA (TOTP) support
• Session security: token expiry <1 hour
• Session security: device trust list support

1.2 Wallet & Assets (T1)

• Independent wallet address per user
• Balance display accuracy (USDT/USDC/etc)
• Balance transaction history complete
• Transaction history filterable by time/type
• Total asset calculation correct (cash + positions)
• Frozen amount display accurate
• Multi-currency support (USDT/USDC/etc)

1.3 TRON Deposit (T1)

• Generate TRON deposit address (TRC20)
• Address valid long-term
• Network selection display (TRON mainnet)
• Amount validation ($10-$100K)
• On-chain TRON transfer (scan <30s interval)
• Auto-book after 19 confirmations
• Complete deposit history (TxHash/time/amount/status)
• Clear error messages
• Support multiple concurrent deposits

1.4 ETH Deposit (T1)

• Generate ETH deposit address (ERC20)
• Currency selection (USDT/USDC)
• On-chain scan normal (12 confirmations)
• Auto-book after 12 confirmations
• ETH and TRON deposits independent

1.5 Withdrawal (T1)

• User initiate withdrawal (amount/address/chain)
• <$10K: auto-approve, 5-min on-chain
• $10K-$100K: 1 ops approval, <1 hour
• >$100K: risk + ops 2-person approval, <2 hours
• Address management (add/delete/label)
• Address whitelist support (optional)
• Transparent fee display
• Complete withdrawal history
• Rejection reason display
• Duplicate prevention (same address, 10-min interval)

1.6 Multi-Chain Aggregation & Hot/Cold Wallets (T1)

• Hot wallet monitoring (>$1M → auto-transfer cold)
• Cold wallet auto-replenish (<$100K)
• Cross-chain transfer process clear
• Multi-chain balance summary
• Wallet security (no private key exposure)

1.7 HL API Relay (T3)

• Full REST proxy (GET/POST /v1/*)
• Auto request/response format conversion
• HL error transparency
• Timeout handling (>30s → error)
• Request dedup (no double-send)
• Rate limiting management

1.8 HL WebSocket (T3)

• WS connection stable
• Multi-channel subscribe (prices, orderbook, trades)
• Real-time price push (<100ms)
• Real-time orderbook push
• Real-time K-line push
• Heartbeat + auto-reconnect
• Per-user WS isolation

1.9 Market Data Display (T3+T6)

• Price display (BTC/ETH/major coins)
• Real-time refresh (<500ms)
• K-line charts (1m/5m/15m/1h/4h/1d)
• Volume display
• Funding rate display
• 24h change display
• Coin search support

1.10 Admin Framework & RBAC (T6)

• Admin login (Super Admin/Risk Manager/Operations/Data Analyst)
• Role permission isolation
• Four role types with complete function division
  • Super Admin: all + system parameters
  • Risk Manager: risk config + routing + hedge thresholds
  • Operations: withdrawal approval + user queries (read-only)
  • Data Analyst: reports + audit logs (read-only)
• Operation audit logging

1.11 User Query Page (T6)

• Search users by ID/email
• Show asset details (deposit/withdrawal/trade history)
• Show wallet addresses + binding time
• Export user list (Excel)
• Time range filtering

1.12 Infrastructure (T3)

• PostgreSQL deployed, backup strategy sound
  • Daily backups (7-day retention)
  • Master-slave replication normal
  • Disaster recovery tested
• Redis cluster deployed, cache warming
• Message queue (RabbitMQ/Kafka)
  • Message persistence
  • Dead letter queue configured
• Docker containerization
• CI/CD complete (git push → test → deploy)
  • Pre-commit hooks (format check)
  • Unit tests >80% pass required
  • Auto-deploy to test env
• Prometheus monitoring
  • Key metrics (latency/error/QPS)
  • Alert rules (>5s latency, >1% errors)
• Grafana dashboard
  • Real-time system status
  • Historical trends

1.13 Phase 1 Pass Criteria

• All features pass ✓
• Availability ≥99.5% (during testing)
• No P0 failures
• No critical user issues
• Asset reconciliation pass (error <0.01%)

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Phase 2 Acceptance Checklist (Routing + Hedging)

2.1 Order Routing (T2)

• Mode switching (HL_MODE ↔ NORMAL_MODE ↔ BETTING_MODE)
• NORMAL_MODE: ≤$10K → INTERNAL
• NORMAL_MODE: >$10K → HL
• BETTING_MODE: ≤$50K → INTERNAL
• BETTING_MODE: >$50K → HL
• Force HL conditions:
  • Volatility >5%/hour → HL_MODE auto
  • HL latency >500ms → HL_MODE auto
  • Auto-recovery to previous mode
• Routing latency <5ms P99
• Complete routing logs

2.2 Order Lifecycle (T2)

• Create: status PENDING
• Submit: status CREATED, assign ID
• Receipt: fill price/quantity received
• Partial fill: cumulative tracking
• Full fill: status FILLED
• Cancel: status CANCELLED
• Error: status ERROR, error message
• Retry mechanism (3 attempts auto)
• Query by ID/symbol/time range

2.3 HL Proxy Execution (T3)

• Forward to HL immediately
• HL order ID mapping (1:1)
• Receipt handling (price/quantity/time)
• Price correction (<1bp deviation)
• Position sync every 5s
• Position consistency (error <0.01%)
• Forwarding latency <50ms P99
• Connection stability (recovery <5min)

2.4 Pre-Trade Risk Control (T4)

• Balance check (insufficient → reject)
• Symbol availability check
• Leverage limit check
• Invalid order check (0/negative)
• Blacklist check
• Check latency <10ms

2.5 Real-Time Net Exposure (T4)

• Formula: Net = Σ(Long_INTERNAL) - Σ(Short_INTERNAL)
• Per-symbol separation
• Real-time update on new order/close
• Calculation precision ≥99.5%
• Calculation latency <1s
• Backend queryable

2.6 Hedge Engine (T4)

• Threshold tiers correct:
  • <$100K: no hedge
  • $100K-$500K: 50% hedge
  • $500K-$1M: 80% hedge
  • >$1M: 80% hedge + pause new internalization
• Instruction generation
• Instruction forwarding to HL
• Position tracking match
• Auto reduce-position as exposure decreases
• Stop-loss at 5% loss
• Latency <10ms (generation)

2.7 Risk Reserve (T4)

• Initialize: $500K (manual transfer)
• Inflow: 20% of user loss
• Outflow: asset abnormality backstop
• Real-time balance display (admin)
• Alerts: <$500K (yellow), <$200K (red + pause internalization)
• Audit logs for all inflows/outflows

2.8 Daily Net Loss Circuit Breaker (T4)

• Definition: cumulative daily INTERNAL user loss
• Threshold: $500K
• Trigger: pause all new internalization orders
• Clear message to users
• Auto-reset next day

2.9 Deviation Monitoring (T5)

• Definition: platform calc vs HL actual
• Check interval: every 10s
• Alert thresholds: >0.1% (yellow), >1% (red + pause)
• Event logging (time/reason/adjustment)
• Backstop: use reserve to adjust if unexplained

2.10 Admin Control Pages (T6)

• Routing mode switch page (current + history)
• Threshold adjustment (normal/betting)
• HL account status (margin ratio/positions/balance)
• Refresh rate <5s

2.11 Phase 2 Canary Pass Criteria

• All features pass ✓
• 7 days zero failures
• Routing accuracy ≥99.9%
• HL proxy precision ≥99.9%
• API availability ≥99.95%
• Risk calc precision ≥99.5%
• No user asset loss

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Phase 3 Acceptance Checklist (Internalization Launch)

3.1 Internalization Execution (T2)

• Market order: fill <10ms
• Fill price accuracy (±0.5bp)
• Fill quantity matches request
• Limit order queue management
• Auto-trigger when HL price reaches limit
• Auto-cancel after 7 days no-fill
• Platform counterparty auto-creation
• Position query support

3.2 Internal Limit Order Queue (T2)

• FIFO or priority queue management
• Price trigger detection every second
• Trigger latency <1s
• Partial fill handling
• Queue visualization (admin)

3.3 Margin Calculation (T4)

• Isolated margin:
  • Formula: margin_ratio = position_value / margin
  • Maintenance rates match HL
  • Calculation precision ≥95% vs HL
• Cross margin:
  • Formula: margin_ratio = account_equity / total_maint
  • Calculation precision ≥95% vs HL
• Real-time unrealized PnL
• Per-second updates

3.4 Unified Liquidation (T4)

• Trigger detection:
  • Isolated: margin_ratio ≤ maint_rate
  • Cross: account_margin_ratio ≤ account_maint_rate
  • Detection latency <1s
• Isolated close: market price ±0.5bp
• Cross close: by loss ranking until recovery
• Partial close support
• Complete liquidation if needed
• Liquidation logging
• Failure escalation to manual

3.5 HL Liquidation Sync (T4)

• Detect HL liquidation events
• Send close orders to HL
• Reconcile after close

3.6 HL Precision Replication (T4)

• Maintenance rate parity with HL
• Mark price calculation replication
• Liquidation precision verification (>100 liquidations)

3.7 Complete PnL Settlement (T5)

• PnL = fill proceeds - open cost ± funding - fees
• Calculate on close
• Precision ≥99.99% vs HL
• Show floating PnL (real-time)
• Show realized PnL (closed positions)
• User query by position/symbol/time

3.8 Funding Rate Settlement (T5)

• 8-hour settlement cycle
• Rate source: HL WebSocket
• Settlement times: UTC 0:00/8:00/16:00
• INTERNAL: platform pays user
• HL: HL account bears cost
• Funding logging
• User query support

3.9 Three-Party Reconciliation (T5)

• Three parties: user / platform B-book / HL
• Position reconciliation
• Balance reconciliation
• Daily auto-check
• >0.1% variance → alert
• >1% variance → pause trading

3.10 Risk Dashboard (T6)

• Net exposure display (real-time)
• PnL by symbol/user
• Liquidation statistics
• Risk reserve balance
• HL account status
• Deviation log

3.11 Phase 3 Canary Pass Criteria

• Liquidation latency <1s (100%)
• PnL error <0.1% vs HL
• Reserve sufficient (>$500K)
• Availability >99.95%
• No user asset loss
• <5-min P0 response
• >$1M daily volume target
• >50 liquidations/day verify

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General Performance Targets

Operation	Target	Pass
Route decision	<5ms P99	✓
HL forward	<50ms P99	✓
Internalization fill	<10ms	✓
Liquidation detection	<1s	✓
API response	<100ms P95	✓
Snapshot consistency	<5min	✓
Availability	>99.9%	✓

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Test Coverage Requirements

• Unit tests: ≥80% coverage per team
• Integration: all cross-team paths per phase
• Load: Phase 2 (1000 ord/s), Phase 3 (5000 liquidations/hr)
• Canary: 7 days zero failures

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Sign-Off

This checklist must be completed and approved by:

• Product Lead: _______
• Tech Lead: _______
• Risk Manager: _______
• QA Lead: _______

Date: ______