Introducing Kerf. Kerf is the first ever platform on Robinhood Chain that lets you provide liquidity, hedge it, trade against it and package it into structured products from one screen, with your keys, and with no admin key anywhere in the system. Powered by @Lighter_xyz CA: 0x384c3f978950a98523529a205163bf63a69e8dd5 Liquidity you can trade. Trades that earn. Start Now: kerf.finance Every venue in DeFi makes you pick a side. Provide liquidity and eat the price exposure. Trade and give up the yield. Buy a structured product and hand your keys to whoever built it. Kerf refuses the choice. Nine non-upgradeable contracts turn one token into a managed Uniswap position, a limit order that earns while it waits, a vault, a delta-hedged vault or a dated note. A full perps and spot terminal sits on top of them. The chart you draw a range on is the chart you buy from. The vault you deposit into shorts the same asset it LPs. The token you track on Launch becomes a vault you can deposit into on Yield. Two halves, cut together. That is the whole idea, and this is what it looks like built:

A first look at cooldown and recovery controls, coming to Kerf Alerts. Today, an alert fires whenever its condition turns true after being false. That works, until price chops back and forth around your threshold and the same alert fires again and again. So, we're building cooldown and recovery controls. Each rule gets its own cooldown and a separate recovery level. The alert fires once, holds during the cooldown, and re-arms only after the value has genuinely recovered. You'll also see the rule's current state and when it could notify next. One detail we're paying particular attention to: the end of a cooldown is not an event by itself. It never triggers a new alert unless the condition actually happens again. Fewer repeats, same signal.

Feature spotlight: Theses on Kerf. On Theses, traders publish a position with the reasoning behind it. Each is attached to the author's position and signed by their wallet (EIP-712), so the feed can prove who wrote it. To write one, connect a wallet, pick your position and a side, and explain why you hold it and what would prove you wrong (500 characters max). Signing costs no gas. Filter the Feed by market or side, or open the Leaderboard for each author's realised fees and PnL. Mirror turns a thesis into your own trade, at your size, routed by kind: a perp opens an order, an LP position opens Provide on the Trade page, a vault opens a deposit on Yield. Nothing is sent until you confirm with your own wallet. Mirroring copies a position's shape, not its size or timing, and you own the result. In the video, we press Mirror on a long ETH thesis and the drawer shows the order: ETH, Buy / long, size 0.4093, market, $1,000.00 notional. We close it unconfirmed, then show the Leaderboard and the referral panel: 20% of every protocol fee your referrals pay.

Hey, Everyone! Another developer update! Here's a look at the Protection Status Inspector, something we're building for Kerf. The chart already shows your stop-loss and take-profit orders read back from the venue, and the drafts you're setting up. The next step is showing exactly where each of them stands. So, we're building the Protection Status Inspector. See which protection orders the venue has acknowledged, which are still only part of your plan, whether they're reduce-only, and how much of your position each one really covers. One detail we're paying particular attention to: we never call a stop active before the venue confirms it. Partial fills, cancellations and rejections show up with the right size. A line on a chart isn't protection. A confirmed order is. The building continues.

Developer update: Position Sizer is now live on Kerf! Position Sizer starts with the risk and works back to the position, sizing it to fit your stop. Choose Long or Short, then enter entry price, stop-loss price, planned risk, a total cost buffer for fees and slippage, and planning leverage. You get the position notional, asset units, margin estimate, stop distance and a risk breakdown. In the video, the page's example plan has a $2,500 entry and a $2,400 stop. Raising planned risk from $50 to $100 doubles the notional, from $1,190.48 to $2,380.95. A wider $2,300 stop shrinks it to $1,219.51, with total planned risk still $100. A Short with a $2,700 stop, the same distance, gives the same size. A 1% cost buffer brings it to $1,111.11. Raising planning leverage from 3 to 5 changes only the margin estimate, from $370.37 to $222.22. And yes, it tells you when your stop is on the wrong side of entry. Planned risk is a budget, not a guarantee: gaps, slippage, fees, funding or liquidation can increase losses, and a stop may not fill. The cost buffer is your assumption, not a quoted venue fee. The planner never submits an order. kerf.finance/position-size Try your own numbers and tell us what you would like next.

Developer update: a first look at the Performance Change Bridge, coming to Kerf. Position Performance shows one breakdown, as of now. But the question people usually ask is "what changed since yesterday?", and a single snapshot can't answer it. So, we're building the Change Bridge. Kerf saves snapshots and walks from one to the next step by step: capital you added or withdrew, the effect of price, fees earned and known costs. One detail we're paying particular attention to: a deposit is not a return. Money you add is shown as a capital flow, and anything we can't explain stays as a residual instead of being counted as profit. It turns "my position is up" into "here's why." The building continues.

To clarify Kerf’s relationship with Lighter: Kerf is powered by Lighter because we use Lighter’s exchange infrastructure as the execution engine for perpetual markets on our platform. Perpetual transactions made through Kerf use Lighter as the underlying trading engine. After we published a post highlighting Lighter, a founder member of their team(@trevor_flipper) kindly offered to help should we need support with the integration. Following a high volume of messages, that interaction was later removed by flip. This was a helpful exchange, not a formal partnership, endorsement, investment, or affiliation. Kerf is an independent product building on top of Lighter’s infrastructure for perpetual trading. We value the technology they have built and want to be precise about the relationship.

Feature spotlight: the Yield account on Kerf. Put WETH or USDG into a vault and it LPs, hedges or holds a sleeve for you. Shares are ERC-4626, and you can leave whenever the vault is not paused. There are six vaults, one card each. Every card shows TVL, the room left under its cap and a curve: one unit's value as the price moves, or the payoff at maturity for Income and Protected. The curves are models, not a forecast. Only the two LP vaults take deposits today: the ETH Vault (WETH) and the USDG Vault (USDG). The other four show Coming soon, because hedging on Lighter is not live yet. To deposit, connect a wallet, press Deposit and type an amount. The drawer previews your shares, then you approve and deposit. There is no deposit fee. When fees are harvested, the protocol takes 10% and whoever calls harvest gets 0.5%. In the video, we walk through all six cards, then open the ETH Vault drawer without a wallet. Typing 0.5 WETH previews 0.49953 shares (the live preview at recording), and Approve WETH stays disabled. And yes, the Hedged curve is meant to be a hill: before fees and between rebalances, it peaks when the price has not moved. Questions or ideas? Let us know.

Developer update: here's a look at the Research-to-Trade Handoff, something we're building for Kerf. The simulator can already take you straight to the real trade forms. But between a scenario and a live order, some numbers should carry over, and some need to be priced again. One detail we're paying particular attention to: a stale calculation never submits on its own. Token, chain, side and size are checked again on the trade side before anything can be confirmed. Research and execution should connect, without anything changing silently in between. The building continues.

Feature spotlight: Radar, one row for each asset on Robinhood Chain. Each row shows price, 24h change, Pool TVL, LP APR, Funding / 1h, open interest (OI), an Established or New tag, and Basis. There were 57 assets when we recorded. Filter by All, Crypto, RWA or Established, click any column header to sort, or search for a single asset. Clicking a row opens it on the trade page. Some markets have a pool on Robinhood Chain (14 of 57 at capture), and the rest show a dash in the pool columns. Where a pool and a perp both exist, Basis adds the pool's fee APR and annualized funding into one carry figure. LP + short sizes both legs of a delta-neutral trade, matching the short to what the pool position holds. In the video, we filter to RWA, sort by OI (SPY comes first), search "aapl" and check its Basis chip. Then LP + short: the default $5,000 on the CURVE shape puts 6.7719 AAPL plus $2,795.69 USDG in the LP leg, and the short matches it at 6.7719 AAPL. Each leg has its own button (Provide liquidity, Open short), and both need a connected wallet. LP APR annualizes the last 24 hours of pool fees, and funding is quoted per hour. Both move, so treat every figure as a snapshot, not a forecast. kerf.finance/radar Tell us which column Radar should show next.

A first look at Evidence Export, coming to Kerf Replay. Replay can already export its results to CSV. But a result is only really useful if someone else can reproduce it, and for that you need more than the output. One pack with everything behind a run: the results, your inputs, the price series, its source and coverage, the timezone and the model version. Load it back and you get the same result on the same model version. One detail we're paying particular attention to: privacy. API keys and wallet details are never added to a pack automatically. It's for anyone who wants to check the numbers, share a setup properly, or come back to a result months later.

$AMC is now live on Kerf Finance. You can now trade AMC onchain with up to 10x leverage, directly through Kerf’s perpetual markets. Another major stock added to the growing RWA trading ecosystem on Robinhood Chain. More assets. More markets. More ways to express your thesis onchain. Trade $AMC now on kerf.finance.

The same capital. Three strategies. One actual price path. Historical Replay plays HODL, LP and LP + short back on real hourly closes. Fees and funding are your own assumptions. In the video: SOL over 14 days, then all available history. LP + short goes from first to last, HODL from second to first. Try now at kerf.finance/replay

Developer update: a first look at Evidence Export, coming to Kerf Replay. Replay can already export its results to CSV. But a result is only really useful if someone else can reproduce it, and for that you need more than the output. One pack with everything behind a run: the results, your inputs, the price series, its source and coverage, the timezone and the model version. Load it back and you get the same result on the same model version. One detail we're paying particular attention to: privacy. API keys and wallet details are never added to a pack automatically. It's for anyone who wants to check the numbers, share a setup properly, or come back to a result months later.

Introducing Range Lab: a new way to model LP ranges before putting capital to work. Three ranges. The same capital. One price move. Range Lab lets you compare Narrow, Balanced, and Wide liquidity ranges side by side, using your own fee APR assumptions to see how each strategy could behave as price moves. A tighter range may dominate while price stays close to the starting point, but that advantage can change quickly as the asset moves. In the video, using assumed fee APRs of 80% for Narrow, 20% for Balanced, and 8% for Wide, you can watch the lead gradually pass from Narrow → Balanced → Wide as the price move becomes larger. That is exactly what Range Lab is built to visualize. Instead of thinking about LP ranges only as "more concentrated = more fees," you can model the tradeoff between fee generation, range width, and price movement before deciding how you want to deploy your liquidity. Change the assumptions. Compare the ranges. See where each strategy starts winning or losing. Range Lab is now live on Kerf. kerf.finance/range-lab

Developer update: here's a look at Scenario Diff, something we're building for Kerf. When two setups give two different results, the first question is always the same: what actually changed? So, we're building Scenario Diff. Pick two saved scenarios and see them side by side. Inputs that differ are highlighted, and the modeled results sit right next to them, so you can go from "this one did better" to "this is what was different" at a glance. One detail we're paying particular attention to: if the two scenarios use different capital, we show that clearly and offer a view scaled to the same capital, so size alone doesn't make one look better. We're also careful about what this is not. It shows which inputs changed and how the modeled results differ. It doesn't claim that one input caused the whole difference.

Every market, one terminal. Another simplified guide on how to use Kerf Finance! Kerf's Trade terminal puts stocks and crypto in one list, with the chart and order panel beside it. In the video: find NVDA, switch to daily candles, measure a 36-day move, then size a 10x perp and watch margin and estimated liquidation update.

Developer update: a first look at the Scenario Cost Model, coming to Kerf. Today, the simulator's assumptions say it plainly: no gas, trading or protocol fees. That keeps the model clean, but a real position pays costs when it opens and when it closes. So, we're building a Scenario Cost Model. Enter the costs you expect: open and close fees, swap slippage and network fees. Under each strategy you'll see the gross result, every cost line, and then the modeled result after costs. One detail we're paying particular attention to: the rules. With zero costs, results match today's model exactly. A higher cost can never improve the result. And no cost is ever counted twice. The costs are your assumptions, not a venue fee schedule, and they're shown right above the numbers so it's always clear what went in. The building continues.

Try the strategy before you open the position. Kerf's simulator puts HODL, LP, LP + short and a perp on the same capital and shows what each one is worth at the exit price you pick. Your inputs, real math, and nothing here opens a position. Tap Simulation guide for the 8-step walkthrough. Try now at kerf.finance/simulate

Speaking from experience: shipping a perp frontend on Lighter as a small team was a real lift. We ended up writing our own websocket pipeline, a signer for order keys and all the funding and liquidation math ourselves. lighter-ts takes most of that off the table for the next team. Thank you @Lighter_xyz and @trevor_flipper for opening it up. We'll dig in and share feedback as we integrate. 🤝

Getting code onto GitHub is one thing. Making it useful to someone who didn’t build it takes more work. That’s where we’ve been spending a lot of time lately: bringing our recent Kerf updates together, documenting the decisions behind them and making the implementation easier to follow. We want the public release to give you something worth digging into. How the calculations work. Where the data comes from. What’s implemented and what still needs attention. The repo is still private while we prepare it for public access. We’ll share the link once it’s ready. Meanwhile, development continues across the app and the wider ecosystem. We’re also working through the proposed relationship between Kerf and $KERF, including token-linked product benefits and a buyback and burn model. Those mechanics need the same care as the rest of the product: clear rules, workable economics and results people can verify.