Blood

Blood is your Maneki’s total trading balance. It consists of Protected Blood and Unprotected Blood, which share the same trading uses but have different conversion rules.

One balance, two portions

When the app shows Blood, both are already included.

Blood = Protected Blood + Unprotected Blood

Protected Blood. The portion of your Blood with USDC reserved for conversion at 1 Blood = 1 USDC before fees. It starts with the Blood received at mint and can shrink through losses or conversions.
Unprotected Blood. The rest of your Blood, including realized trading profits and Energy rewards. It also converts at 1:1 before fees, but only when shared Profit Liquidity is available.

For example, 1,200 Blood with 980 protected means 980 Protected Blood + 220 Unprotected Blood. The total is 1,200 Blood.

How you gain and spend Blood

Minting creates Blood; realized trading profits and Energy rewards add to it. Realized losses and conversions reduce it. The Blood received at mint starts fully protected.

1,000 USDC → 20 USDC fee + 980 Blood (protected)

Available Blood and margin

Opening a position reserves Blood as margin. Both protected and unprotected Blood can be used. Available Blood is the balance left after subtracting the margin reserved for open positions and pending opening orders.

Available Blood = Blood − margin in use Position notional = margin × leverage

With 980 Blood, reserving 100 Blood at 10× leaves 880 Available Blood and creates a position with 1,000 Blood notional. Your total balance is still 980 Blood when you open.

Reserving margin does not reduce total Blood or protection. Closing releases the margin and applies the trade’s profit or loss; each position can lose at most its own margin.

Converting the two portions

Conversions consume Protected Blood first. Only unlocked Blood can convert; Available Blood is not a promise that all of it can be converted now.

How losses affect both portions

A losing close or liquidation reduces Unprotected Blood first. If the loss exceeds that portion, the rest reduces Protected Blood. The protected amount cannot exceed the Blood left after the loss. “Protected” refers to reserved USDC for conversion; it does not prevent trading losses.

Pending Energy rewards are added to Blood before the loss is applied. Later wins and Energy rewards add unprotected Blood: they never restore protection already lost.

Why closing order matters

Start with 200 Blood, all protected. Suppose one position earns 80 Blood after the keep curve and another loses 100 Blood, with no Energy rewards or conversions between settlements.

Settlement order	Final total Blood	Final Protected Blood	Final Unprotected Blood
Win 80, then lose 100	180	180	0
Lose 100, then win 80	180	100	80

A profit settled first absorbs part of a later loss. A profit settled after the loss cannot restore protection. Both orders leave the same Blood here, but in the second case 80 Blood is unprotected and needs shared Profit Liquidity to convert to USDC.

"Close all" settles each position separately, so gains and losses are applied in the order they fill. The keeper tries to fill winning closes before losing ones when several closes are due for the same Maneki, but this order is not guaranteed. What matters is the actual settlement order, including liquidations, not the order you submit close requests.