Staking, swaps and makeup calculator

Row i, column j is the fraction of player i's post-backing residual owned by participant j. Keep the diagonal zero. Each row can sell/swap at most 100%. These are direct rights to the source residual, never recursive rights to an already swapped portfolio. To model a pure swap without a purchase payment, use markup zero for that source row.

A row with makeup or a positive backer profit share is fully backed: return current cost plus prior makeup first, then split positive profit. The remainder is the player's residual for swaps. Otherwise the player funds their own cost. Purchase price = current event cost x sold fraction x markup. Transfers are reported separately from cash payouts. Backer current-event net excludes historical losses behind makeup. This is one declared contract convention, not a legal or tax interpretation.

Covariance must describe the residuals after the nonlinear backing/makeup contract, not raw tournament payouts. If supplied, the direct ownership matrix transforms the full covariance, including shared tournament correlations. Constant purchase prices change net cash, not variance.