🦅 FALCON v1.0.0 — Conversion-Event Momentum (XYZ Pre-IPO → Equity)

Trade the moment a pre-IPO name goes public. When a company behind a Pre-IPO Perpetual (IPOP) finally IPOs, trade.xyz converts the product to a standard equity perp. The funding rate jumps ~100x, the leverage cap lifts, and the Discovery-Bounds price throttle is removed — flipping a tightly-pinned pre-listing product into a freely-discovering equity. Falcon catches that exact transition and rides the price-discovery move.

Why this strategy exists

A pre-IPO perp is deliberately dampened — Discovery Bounds throttle how fast it can move, so its price hugs a slow drift. Conversion removes those guardrails all at once. The first hours and days after conversion are pure price discovery: a real spot reference arrives, leverage opens up, and the name often trends hard in one direction. That regime change is the edge, and it is detectable from the instrument's funding signature.

Distinct from Lemur: Lemur trades the IPOP basket while it is still an IPOP (moderate DSL, multi-day directional discovery under Discovery Bounds). Falcon does the opposite — it sits out the pre-listing phase entirely and only fires around the conversion, when the throttle comes off.

CRITICAL RULES

RULE 1: The conversion flip is the gate

Each tick Falcon classifies every xyz: instrument as IPOP (|funding| <= ipopFundingMaxAbs AND max_leverage <= ipopMaxLeverageCap) or STANDARD (funding normalized OR leverage cap lifted). It caches the classification and only acts when a tracked instrument flips IPOP → STANDARD since the last tick. A first sighting is never a flip — Falcon needs a known prior class.

RULE 2: The conversion window

A detected flip stamps the instrument into a conversionWindowHours eligibility window (default 72h). Discovery momentum builds over hours-to-days, so Falcon stays eligible for the whole window — not just the single flip tick. After the window expires, the name is Bobcat's / standard-equity territory.