SPIRE PROTOCOLParameters
Every number the protocol runs on, in one place. These are the launch values. Changes go through governance and take effect at a window boundary, never inside one. The governance path and its 48 hour timelock are in Contracts, and every change is logged in the Changelog.
Network
| Parameter | Value |
|---|---|
| Chain | Robinhood Chain |
| Chain ID | 4663 |
| Settlement asset | USDC |
| Block time | 0.101s, measured |
| Finality assumed at | 120 blocks |
Corrected 30 August 2026. This table said two seconds until a check measured it. Over the last million blocks the chain runs at 0.101s, twenty times faster, which puts about 2,959 blocks inside a settlement window rather than 150. Windows are wall clock, so netting, margin and the settlement deadline are unchanged; what changes is any confirmation depth sized off the old figure. The measurement is in spire-checks/results and reruns on a schedule.
Venues on other chains connect through bridged assets. The clearing layer itself is native and does not run a second deployment elsewhere.
Settlement window
| Parameter | Value | Note |
|---|---|---|
windowLength | 300s | Obligations accumulate here |
finalisationLag | 30s | No new obligations accepted, netting is computed |
settlementDeadline | 120s after finalisation | Net must be delivered inside this |
| Windows per day | 288 |
An obligation belongs to exactly one window, decided at novation and never moved. A fill that arrives during finalisation is assigned to the next window, not rejected.
Margin
Initial margin is a percentage of novated notional and depends on the asset tier. Variation margin is marked at every window close.
| Tier | Assets | Initial margin | Maintenance |
|---|---|---|---|
| 1 | Tokenised equities in the top 100 by traded value | 8% | 6% |
| 2 | Everything else with a continuous on-chain price | 12% | 9% |
| 3 | Illiquid or newly listed, under 30 days | 20% | 15% |
A tier is a property of the asset, not of the member. Tier changes are published one window ahead so that nobody is margin called by a reclassification they could not see coming.
Collateral haircuts
Posted collateral counts at its value after the haircut.
| Collateral | Haircut | Effective value |
|---|---|---|
| USDC | 0% | 100% |
| Tokenised T-bills, under 90 days | 2% | 98% |
| Tokenised equities, tier 1 | 15% | 85% |
| SPIRE | 35% | 65% |
SPIRE is deliberately haircut hardest. A clearing layer that accepts its own token at face value is underwriting itself.
Position limits
limit = (collateralValue - haircut) / initialMarginRateA member holding 1,000,000 USDC against a tier 1 asset may carry 12,500,000 of novated notional. The limit is checked at novation, not at settlement, so a fill that would breach it is rejected while it is still cheap to reject.
| Parameter | Value |
|---|---|
minCollateral | 250,000 USDC |
concentrationCap | 25% of a member's limit in one asset |
marginCallCure | 600s |
Default fund
| Parameter | Value |
|---|---|
| Member contribution | 15% of required initial margin |
| Contribution floor | 50,000 USDC |
| Protocol insurance layer | 2,500,000 USDC at launch |
| Assessment cap | 2x a member's contribution per event |
| Replenishment period | 5 days |
The assessment cap is the number that matters to a member deciding whether to join. It is the most a default by somebody else can cost, and it is bounded before the member signs anything.
Fees
| Fee | Value | Taken in |
|---|---|---|
| Clearing fee | 0.35 bps of novated notional | Settlement asset |
| Late settlement | 25 bps of the undelivered net | Settlement asset |
| Auction shortfall | Charged to the waterfall, not to the member |
Fees are taken in USDC, not in SPIRE. The token is a claim on the clearing business, not a toll on using it. See Token.
Timings, collected
| Event | Deadline |
|---|---|
| Fill accepted before window close | windowLength |
| Net published after finalisation | 30s |
| Net delivered | 120s |
| Margin call cured | 600s |
| Default declared | Immediately after cure expires |
| Auction opens | 300s after default |
| Auction runs | 900s |