Why nobody else has this

• Non mintable: $BUNDLO cannot be printed. The engine can never pay winners by creating tokens, so the emission spiral that broke past experiments cannot happen here.
• Treasury only earns: it receives 20% of trade fees, 5% of every funding settlement and the conversion spread. It never pays winners.
• Losers pay winners first. Beyond that, size tiered slices of insurance and the reserve, daily capped, then auto deleverage trims the biggest wins.
• Insurance can lose at most 15% a day; the reserve never drops below its floor.
• Two independent price sources must agree; otherwise the market goes quiet for new opens.
• Every balance change is one locked step on an append only ledger, and the books are audited every minute against the real wallets.

Honest limits: this is beta, and small markets mean bigger price impact. Leverage can lose your whole margin.