How Copas works

A leader creates a LeaderBook, deposits AUSD into its own Perpl account, posts an AUSD bond and declares a mandate: max drawdown per epoch, max leverage, max notional, allowed markets, performance fee. Mandate changes only take effect from the next epoch.

A follower signs in with a Mera passkey, creates a FollowerVault they own (it holds its own Perpl account) and follows with their own caps: ratio, max leverage, max notional, price band, stop-loss. Anyone may call sync(), but it can only move the vault toward ratio × the leader's live Perpl position, inside those caps.

Each checkpoint reads the leader's equity straight from Perpl state in the same block (no oracle) and updates the unit price and high-water mark. Fees are taken only above each follower's own high-water mark.

If drawdown passes the mandate, the same checkpoint flags the breach, slashes the bond and fee escrow into a pot, and follower vaults unwind. Each follower claims its real loss from the pot, paid to its own wallet. No vote, no admin key.

If a leader loosens its mandate, vaults stop copying until their owner accepts the new terms; the fee is always the lower of the live and the accepted fee.