AI 中文总结
本文提出Axient机制，解决杠杆二元事件市场的债务终局性问题，通过分离杠杆与债权到期、明确执行不确定性下的平仓决策等，实现无债务终局性等性质，给出相关机制设计结果与参考边界。
AI 中文摘要
杠杆事件头寸结合了可偿还贷款与或有债权，该债权可能在预言机支付最终确定前变得不可交易。本文提出Axient，一种二元事件市场的实物支持保证金层，它将杠杆到期与债权到期分离，并在明确的执行不确定性下做出强制平仓决策。该模型区分了报价账面收益、匹配收益、结算收益与赎回。在决策时刻，协议选择最小规模的出售操作，其较低的结算收益包络线覆盖结算 horizon 处的债务上限加上缓冲额。我们证明了稳健的事前债务清算、逐路径债务消灭及无债务终局性不变量、最大剩余现货敞口、债务消灭后放款人本金的支付向量与争议时长不变性，以及当执行、签名者控制、结算或市场关闭使注册运营集超出范围时的不可能边界。我们还推导了依赖账面的杠杆包络线、无重复计算共享流动性的总强制平仓容量，以及情景条件下的准备金边界。确定性验证器覆盖分步账面、部分成交、结算延迟、对抗性账面转换、共享账面清算、准备金分配、零流动性及多个支付向量。运营集与压力集由作者指定；经验校准另行开展。本研究的贡献是一个条件性机制设计结果与参考实现边界，而非生产安全主张。
英文摘要
Leveraged event positions combine a repayable loan with an outcome claim that may become non-tradable before oracle payout is final. This paper specifies Axient, a physically backed margin layer for binary event markets that separates leverage maturity from claim maturity and makes the hard-flat decision under explicit execution uncertainty. The model distinguishes quoted book proceeds, matched proceeds, settled proceeds, and redemption. At decision time, the protocol selects the smallest sale whose lower settled-proceeds envelope covers an upper bound on debt at the settlement horizon plus a buffer. We prove robust ex-ante debt clearing, pathwise debt-extinguishment and debt-free-finality invariants, maximal residual spot exposure, payout-vector and dispute-duration invariance of lender principal after debt extinction, and an impossibility boundary when execution, signer control, settlement, or market closure leave the registered operating set. We also derive a book-dependent leverage envelope, aggregate hard-flat capacity without double-counting shared liquidity, and scenario-conditional reserve bounds. A deterministic verifier covers step books, partial fills, settlement delay, adversarial book transformations, shared-book liquidation, reserve allocation, zero liquidity, and multiple payout vectors. The operating and stress sets are author-specified; empirical calibration is separate. The contribution is a conditional mechanism-design result and reference-implementation boundary, not a production-safety claim.
Comments65 pages, 7 figures. Mechanism-design paper with deterministic verification; no external dataset and no production-safety claim
