Liquidity, with the other side of the trade attached.

An agent that sizes, drafts and waits for you

Concentrated liquidity pays fees and hands you inventory you did not ask for: price falls through your range and the pool keeps buying with your stablecoins. A perp short against that inventory cancels most of the directional risk and leaves the fees. Doing it by hand across two venues is the part nobody keeps up with.

Pilot does the arithmetic and the sequencing. You pick the pool, it sizes both legs, shows a card with every number on it, and waits for your signature. It never signs for you and never writes its own calldata.

Skipper sits in the right-hand dock on every app page. Ask in plain language, get the same typed action a button would produce.

Pick, size, sign, watch, close

• Pick a pool. Filter by category, chain, TVL, 24h APR, and whether a perp exists to hedge against.
• Size it. Capital, range, hedge ratio per leg, leverage and a rebalance trigger. Anything you leave out, the agent asks for.
• Read the simulator. The deposit split into both tokens, the margin held on Lighter, the short size, your delta after hedging and the 24h fee estimate from the pool's own APR.
• Sign. Approve, mint the range, move margin, open the short, reconcile.
• Watch. The positions page marks LP P&L, hedge P&L, fees and net yield separately.
• Close. Remove liquidity and buy back the short reduce-only, with the final tally shown first.

Everything is one of these

LP mutations and hedge mutations are separate actions that can share one approval card. The card always says whether hedge synchronisation is included.

Static hedges, and what that costs you

When you open a position, Pilot reads the base actually sitting in it, converts it to underlying share exposure, and opens that much short. From that moment the short does not move unless you tell it to.

So delta is neutral at the moment you open and drifts after. Price falls, the pool buys more of the asset, your LP inventory grows while the short stays put, and you are long again. That is why Match hedge exists on every open position, and why the positions page shows net delta in dollars rather than hiding it.

Two volatile legs

Pools like AIx / NVDAx have no stable side, so both legs carry direction. The agent asks for a ratio per leg and can short each independently.

Margin comes out of your capital, not on top of it

Say $10,000 with a 100% hedge at 3x. The short's notional is roughly half the position, so margin is about $1,429 and $8,571 goes into the pool. Raise leverage and more capital mines fees while liquidation sits closer; drop it and the reverse.

The split is genuinely circular, since margin depends on inventory and inventory depends on what is left after margin, so the simulator solves it by iteration rather than approximating.

Fees and principal never blend. Collecting moves fees to your wallet and leaves the position and the hedge untouched.

Recentre the range, then re-match the short

A rebalance removes the old position, swaps only what the new range needs, mints a replacement and keeps its history under the same strategy. If hedge synchronisation is included, the short is resized from the confirmed new inventory, never from the plan's estimate.

Triggers you can set: an asset ratio like 25:75, price reaching a share of the range, or manual only. In this release a trigger drafts the action and waits for your signature.

Two signatures, no keys held

• The LP leg is signed by your wallet. The position is minted to you and stays yours.
• The hedge leg is signed inside your own Lighter authorisation, which you can revoke. No key is exported and no backend holds a trading key.
• Quotes expire. Change an input and you get a new plan rather than a stale one.
• Cross-venue is not atomic. An order acknowledgement is not a fill; unknown status is reconciled before anything retries, and a half-done pair is never reported as done.

Read this part twice

• A hedge is not a profit. It removes direction, not the path dependency of a concentrated position. You can be fully hedged and still down.
• Funding and basis. A short pays or earns funding, and the perp can trade away from the token.
• Liquidation. Margin is real collateral. Higher leverage, closer liquidation.
• Out of range, fees stop. The position is then entirely one asset until recentred.
• Venue and oracle state. Halts, stale quotes, paused oracles and corporate actions block new exposure rather than guessing.
• Eligibility. Only pools with a verified stock-token mapping and an approved perp are admitted. Ticker matching alone is not enough.
• Not investment advice. Numbers in the app are illustrative fixtures, not live markets.

What ships when

Straight answers