Let both sides work.
Markets usually ask you to choose. Up or down. Buy or sell. Right or wrong.
A basis strategy starts with a different question: what happens in the space between two markets for the same underlying asset?
SPREADWORK is being built to make that strategy easier to understand and operate. The design pairs a long stock spot position on 
Robinhood Chain with an offsetting perpetual short on 
Lighter, and brings the accounting into one vault interface.
One position gives you exposure.
The other aims to offset it.
The space between
Spot and perpetual markets don’t always trade at the same price. Perpetual funding payments also move between the long and short sides. A matched spot-and-short position aims to reduce outright price exposure while participating in that relationship.
That opportunity is variable. Funding can turn against the strategy. A spread can widen before it narrows. Trading costs, collateral requirements and execution timing all matter. SPREADWORK does not promise a fixed yield or eliminate the possibility of loss.
Two venues. One honest operating model.
The spot and perpetual positions live in separate execution domains. A contract on Robinhood Chain cannot atomically open a Lighter hedge. Pretending otherwise would hide the most important part of the system.
Instead, SPREADWORK uses an asynchronous workflow. Deposits enter a reserved queue. Once accepted at a fresh reported share value, capital can be deployed by the strategy operator. A reconciliation process monitors the spot balance and perpetual position. Redemptions settle when cash is available and the depositor’s minimum output is met.
The operator and the value reporter are separate roles. The contract bounds ordinary changes in reported strategy value and rejects stale reports for settlements. Those controls make responsibilities explicit; they cannot independently prove the value or custody of assets on another venue.
A vault should show its working
The terminal puts the useful numbers in view: liquid and reported assets, pending deposits, the last NAV report, the strategy’s two legs and operational readiness. No invented performance curve. No return number before there is a real history.
Your vault shares represent a proportional interest in the vault’s assets. The separate SPREADWORK project token has a different role and does not give its holder a claim on user deposits.
Earned fees. Visible buybacks.
The proposed fee design connects protocol activity to the project token through realized performance fees. A configured share of those earned fees funds token buybacks, followed by the configured burn mechanism. The remaining fee allocation funds operations.
User deposits are not buyback capital. Neither are pending withdrawals. Buyback execution requires a signed quote, minimum received amount, deadline and available liquidity. The resulting transactions make the flow inspectable.
What comes next
The first release is a private development preview: the interface, queue accounting, operating software and token fee infrastructure. Contracts and live strategy accounts are not connected to this preview, and it is not accepting deposits.
The next step is to connect verified deployments, a funded strategy custodian and a Lighter account, then complete the operational and independent security work needed for public capital. The product will make those dependencies visible as they come online.
We’re building for people who want to see the whole position.
Long spot. Short perps. Work the spread.