THE SYSTEM · A PRIME BOOK, RUN WITHOUT CUSTODY
An AI agent runs a prime book without custody.
It finances, trades, grants hedge authority, and handles the margin call on the net book — every move inside signed limits, every receipt on-chain.
The agent does not receive custody. It receives bounded permission: what it can draw, how much risk it can take, when the position is liquidated, and who gets paid first.
Outside those limits, execution fails.
The operating model
LENDERFunds the senior line.Underwrites repayment, not reputation.
ATLAS PRIME BOOK
Turns one signed permission into a non-custodial credit desk.
It coordinates the borrower's credit line, trading exposure, downstream agent permission, and the lender repaid first, under one book.
This is the prime brokerage capability: financing, trading, onward lending, and liquidation — without custody.
AGENT OPERATORRuns the credit operation.Can act autonomously, but only inside the signed limits.
What the agent can do
FINANCE100 USDCcredit line10% collateral · repay lender first
TRADE110 USDCETH exposure5× venue cap × credit financing · borrowed capital never becomes loose custody
HEDGE−40 USDCETH shortdownstream agent opens a real GMX short · offsets the 110 long · net-book liquidation
MARGIN CALLRepay lender firstif collateral falls below the safety line, the liquidation path repays the lender first
Proof
Every figure mirrors the live deployment across two chains — 100 USDC credit line · 10% collateral · 110 USDC ETH exposure · 50 USDC downstream agent permission · repay lender first · USDC = self-deployed testnet mock, no real value · venues: unmodified Euler V2 EVK on Base (self-deployed) + GMX v2 on Arbitrum Sepolia (real production contracts, GMX keepers — the cross-chain trade leg); the cross-chain margin funding is a SIM BRIDGE — production = Circle CCTP from the Base credit line