# Rules and limits

Two layers of limits protect a vault. Norr's rules are checked before every trade; the custody provider's own limits sit underneath and neither the agent nor Norr can change them.

## Norr's rules (you set them in Rules)

| Rule | What it does |
|---|---|
| Largest single trade | Any trade above it is refused (`OVER_TRADE_LIMIT`). |
| Daily spending cap | Total buys per UTC day. Counted when the swap is sent and given back if it did not run. |
| Daily loss cap | Once realized losses today reach it, buying stops; selling still works. |
| Stock share | The most of the vault's value that may sit in tokenized stocks. |
| Crypto allowed | Either "anything that passes the risk check", or a list of symbols. |
| Stocks allowed | A list of tickers. |
| Allow medium-risk tokens | Off by default. High-risk tokens are always refused. |
| Wait between trades | A cooldown in seconds. |
| Privacy | Confidential when possible (default), confidential only, or public only. |
| Non-US confirmation | Required before any stock trade (`INELIGIBLE` without it). |
| Paused | The kill switch; refuses every request. |

Trades for one vault run one at a time, so parallel requests cannot slip past a cap.

## Presets

| | Cautious | Balanced | Degen |
|---|---|---|---|
| Largest trade | $25 | $50 | $200 |
| Daily spending cap | $50 | $150 | $600 |
| Daily loss cap | $10 | $25 | $100 |
| Stock share | 20% | 60% | 100% |
| Crypto | BTC, ETH, SOL, NEAR, USDC, USDT | anything that passes the risk check | anything that passes the risk check |
| Stocks | SPY, QQQ | NVDA, TSLA, AAPL, MSFT, GOOGL, AMZN, META, SPY, QQQ | Balanced plus CRCL, HOOD |
| Medium-risk tokens | no | no | yes |
| Wait between trades | 5 minutes | 10 seconds | none |

No preset confirms non-US status; you do that yourself.

## Safety checks on every trade

In this order: Scam Shield (crypto) or eligibility (stocks), then your rules, then the incident feed. A trade that breaks one of your rules is refused with that rule's reason; only trades that pass every rule reach the feed.

- **Scam Shield (crypto).** Scores liquidity, market cap and token age from read-only market data; known stablecoins and majors are allowlisted, and anything not routable through NEAR Intents is high risk. 65 or more is high (refused), 35 to 64 medium (refused unless you allow it). Unknown data counts as risk, so it fails closed. It is a set of heuristics, not a guarantee.
- **Shield incident feed.** An active NEAR Intents security incident touching the asset blocks the trade. If the feed cannot be read, trades are blocked (fail closed).
- **Price sanity (stocks).** A stock quote more than 2% from the reference price is refused.
- **Minimum output.** Every swap carries a positive minimum taken from Norr's own quote, and the result is checked afterwards against that quote. A mismatch, or a result that cannot be checked, pauses the vault; the dashboard shows it paused until you resume.

## Tokenized stocks

Stocks and ETFs are Ondo's (and other issuers') tokens: structured notes that track the underlying security, with no shareholder rights, offered to non-US persons only. Norr asks for the ticker and routes to the best-priced issuer. The smallest order that quotes moves with the market: about $5 on the most liquid tickers at US market open, $26 for others, higher outside market hours. `list_assets` shows the current floor.

## The custody provider's limits (set in OutLayer)

Your vault is an OutLayer custody wallet. In OutLayer's own dashboard you set per-token limits, an address whitelist for withdrawals, an approval threshold, and a freeze. Withdrawals go only to your whitelisted address and need your approval, so the agent can never choose a destination. On OutLayer, swaps and withdrawals share one transaction type, so each swap also needs your approval there.