fix profile link preview

Co-authored-by: Copilot <copilot@github.com>

README.md

@@ -152,27 +152,32 @@ All variables are documented in `.env.example`. Key ones:
 
 ## Pricing Formula
 
+Prices follow a **saturating curve** (Michaelis-Menten) so that viral hashtags don't produce runaway prices:
+
 ```
-price = max($0.25, round(postsPerHour × $0.25, 2))
+price = max($0.25, round((base × pph) / (1 + k × pph), 2))
 ```
 
-Examples:
+`k` is derived from two anchor points: floor price `$0.25` and a target of `$250` at 3,600 PPH (one post per second).
 
 | Posts/hr | Price |
 |---|---|
-| 1 | $0.25 |
+| 1 | ~$0.25 |
-| 10 | $2.50 |
+| 10 | ~$2.48 |
-| 100 | $25.00 |
+| 100 | ~$23.32 |
-| 1,000 | $250.00 |
+| 1,000 | ~$145 |
-| 12,000 (e.g. #happynewyear at midnight) | $3,000.00 |
+| 3,600 (one post/sec) | ~$250 |
+| ∞ (theoretical) | ~$346 (asymptote) |
 
-**Burst handling:** when all fetched posts share a very tight timestamp window the worker paginates up to `MAX_PAGES_PER_HASHTAG` pages to get a realistic count before the span grows to > 5 minutes.
+At low activity the curve is approximately linear (≈ $0.25 per post/hr). At high activity it flattens, preventing a single trending hashtag from dwarfing the entire market.
+
+**Burst handling:** the worker fetches up to `MAX_PAGES_PER_HASHTAG` pages of Mastodon results and uses only posts within the most recent hour when calculating PPH. If the fetched results are exhausted before covering a full hour, PPH is extrapolated from the covered window.
 
 ---
 
 ## Research System
 
-- Every player earns **1 research point per day** (awarded at 00:05 UTC by the maintenance worker).
+- Every player earns **1 research point per day** (awarded at midnight EST by the maintenance worker).
 - Balance milestones unlock extra daily points:
 
   | Balance | Daily points |
@@ -217,7 +222,7 @@ Three BullMQ queues:
 |---|---|
 | `hashex-price-updates` | One job per active hashtag; fetches Mastodon and updates price + price history. Concurrency = 1 to respect rate limits. |
 | `hashex-scheduler` | Fires every `PRICE_UPDATE_INTERVAL_MINUTES`. Enqueues price-update jobs ordered by `lastUpdated ASC` (most stale first). Deduplicates by `jobId` to avoid pile-up. |
-| `hashex-maintenance` | Runs daily at 00:05 UTC. Awards research points based on each player's balance. |
+| `hashex-maintenance` | Runs daily at midnight EST. Awards research points based on each player's balance. |
 
 The worker retries failed jobs up to 3 times with exponential back-off (5 s base delay).
 

prisma/schema.prisma

@@ -29,6 +29,7 @@ model User {
   fund             HedgeFund?
   fundInvestments  FundInvestment[]
   portfolioHistory UserPortfolioHistory[]
+  fundApplication  FundApplication?
 }
 
 model HedgeFund {
@@ -43,6 +44,7 @@ model HedgeFund {
   managers    FundManager[]
   investments FundInvestment[]
   navHistory  FundNavHistory[]
+  trades      Trade[]
 
   @@index([slug])
 }
@@ -178,6 +180,8 @@ model Trade {
   user      User      @relation(fields: [userId], references: [id], onDelete: Cascade)
   hashtagId String?
   hashtag   Hashtag?  @relation(fields: [hashtagId], references: [id])
+  fundId    String?
+  fund      HedgeFund? @relation(fields: [fundId], references: [id], onDelete: SetNull)
   type      TradeType
   shares    Float
   price     Float     // price per share at time of trade (or win amount for LOTTERY_WIN)
@@ -187,6 +191,7 @@ model Trade {
 
   @@index([userId])
   @@index([hashtagId])
+  @@index([fundId])
   @@index([createdAt])
 }
 
@@ -206,4 +211,15 @@ enum TradeType {
   DONATION      // keepHistory reset: user was in the green — donated their portfolio
   BANKRUPTCY    // keepHistory reset: user was in the red — debts cleared
   ACCOUNT_OPEN  // keepHistory reset: new $2000 account opening entry
+  FUND_INVEST   // invested cash into a hedge fund
+  FUND_REDEEM   // redeemed shares from a hedge fund
+}
+
+model FundApplication {
+  id        String   @id @default(cuid())
+  userId    String   @unique
+  user      User     @relation(fields: [userId], references: [id], onDelete: Cascade)
+  fundName  String
+  reason    String
+  createdAt DateTime @default(now())
 }

prod-compose.yml

@@ -20,6 +20,7 @@ services:
       MAX_POSITION_VALUE: "${MAX_POSITION_VALUE:-1000}"
       FUND_MAX_POSITION_SHARES: "${FUND_MAX_POSITION_SHARES:-1000}"
       FUND_MAX_POSITION_VALUE: "${FUND_MAX_POSITION_VALUE:-10000}"
+      TZ: "America/Toronto"
     depends_on:
       postgres:
         condition: service_healthy
@@ -43,6 +44,7 @@ services:
       MASTODON_POST_LIMIT: "${MASTODON_POST_LIMIT:-20}"
       PRICE_HISTORY_ACTIVE_DAYS: "${PRICE_HISTORY_ACTIVE_DAYS:-7}"
       PRICE_HISTORY_INACTIVE_HOURS: "${PRICE_HISTORY_INACTIVE_HOURS:-24}"
+      TZ: "America/Toronto"
     depends_on:
       postgres:
         condition: service_healthy

src/app/about/page.tsx

@@ -0,0 +1,232 @@
+import Link from 'next/link'
+import { BookOpen, TrendingUp, TrendingDown, Coins, Shuffle, RotateCcw, Building2, ExternalLink, Github } from 'lucide-react'
+
+export const metadata = {
+  title: 'About — HashEx',
+  description: 'How HashEx works: rules, features, and quirks of the hashtag stock market.',
+}
+
+function Section({ title, icon: Icon, children }: { title: string; icon: React.ElementType; children: React.ReactNode }) {
+  return (
+    <section className="space-y-3">
+      <div className="flex items-center gap-2 border-b border-surface-border pb-2">
+        <Icon className="h-5 w-5 text-indigo-400 shrink-0" />
+        <h2 className="text-lg font-semibold">{title}</h2>
+      </div>
+      {children}
+    </section>
+  )
+}
+
+function Rule({ label, children }: { label: string; children: React.ReactNode }) {
+  return (
+    <div className="flex gap-3 text-sm">
+      <span className="text-indigo-400 font-medium shrink-0 w-32">{label}</span>
+      <span className="text-slate-300">{children}</span>
+    </div>
+  )
+}
+
+export default function AboutPage() {
+  return (
+    <div className="max-w-2xl mx-auto space-y-10 py-4">
+      {/* Header */}
+      <div>
+        <div className="flex items-center gap-3 mb-2">
+          <BookOpen className="h-7 w-7 text-indigo-400" />
+          <h1 className="text-3xl font-bold">About HashEx</h1>
+        </div>
+        <p className="text-slate-400">
+          HashEx is a stock-market simulation game where the &quot;stocks&quot; are Mastodon hashtags.
+          Prices update automatically based on real post activity. Start with{' '}
+          <span className="text-white font-medium">$2,000</span> and see how much you can grow it.
+        </p>
+      </div>
+
+      {/* Getting started */}
+      <Section title="Getting Started" icon={TrendingUp}>
+        <div className="space-y-2 text-sm text-slate-300">
+          <p>
+            Every new account starts with <span className="text-white font-medium">$2,000</span> in play money and{' '}
+            <span className="text-white font-medium">1 research point</span>.
+          </p>
+          <p>
+            Use research points to unlock hashtags. Each point lets you search for a tag on Mastodon — if it has
+            activity, it gets added to the exchange with a live price. You earn more points each day based on your
+            account balance.
+          </p>
+          <div className="bg-surface-card border border-surface-border rounded-lg p-3 space-y-1 mt-2">
+            <p className="text-xs text-slate-500 uppercase tracking-wider mb-1">Daily research points</p>
+            <div className="grid grid-cols-2 gap-x-4 text-xs">
+              <span className="text-slate-400">Balance under $10k</span><span>1 pt / day</span>
+              <span className="text-slate-400">$10k+</span><span>2 pts / day</span>
+              <span className="text-slate-400">$100k+</span><span>3 pts / day</span>
+              <span className="text-slate-400">$1M+</span><span>5 pts / day</span>
+            </div>
+          </div>
+        </div>
+      </Section>
+
+      {/* Pricing */}
+      <Section title="How Prices Work" icon={Coins}>
+        <div className="space-y-2 text-sm text-slate-300">
+          <p>
+            Every hashtag has a price derived from its posts-per-hour rate on Mastodon using a
+            {' '}<span className="text-white font-medium">saturating curve</span> — prices rise quickly at
+            low activity and flatten at high activity so a single viral tag can&apos;t dominate the market.
+          </p>
+          <div className="bg-surface-card border border-surface-border rounded-lg px-4 py-3 font-mono text-center text-indigo-300 text-xs">
+            price = (0.25 × pph) / (1 + k × pph) &nbsp;·&nbsp; floor $0.25
+          </div>
+          <div className="grid grid-cols-2 gap-x-4 text-xs mt-1">
+            <span className="text-slate-400">1 post / hr</span><span>~$0.25</span>
+            <span className="text-slate-400">10 posts / hr</span><span>~$2.48</span>
+            <span className="text-slate-400">100 posts / hr</span><span>~$23</span>
+            <span className="text-slate-400">1,000 posts / hr</span><span>~$145</span>
+            <span className="text-slate-400">3,600 posts / hr (1/sec)</span><span>~$250</span>
+            <span className="text-slate-400">∞ (asymptote)</span><span>~$346</span>
+          </div>
+          <p className="text-xs text-slate-400">
+            Prices update on a regular cycle. A hashtag that goes completely quiet for long enough will be
+            automatically <span className="text-orange-400">deactivated</span> — you&apos;ll get a warning on the
+            home page if any of your positions are at risk. Research it again to reactivate it.
+          </p>
+        </div>
+      </Section>
+
+      {/* Trade types */}
+      <Section title="Trade Types" icon={TrendingUp}>
+        <div className="space-y-3">
+          <Rule label="Buy Long">
+            Bet the price goes <span className="text-emerald-400">up</span>. You buy shares and profit when the
+            price rises above your average buy price.
+          </Rule>
+          <Rule label="Sell Long">
+            Close or reduce a long position. Profit = (current price − avg buy price) × shares.
+          </Rule>
+          <Rule label="Buy Short">
+            Bet the price goes <span className="text-red-400">down</span>. You put up collateral and profit when
+            the price falls below your entry.
+          </Rule>
+          <Rule label="Sell Short">
+            Close a short. Profit = (avg entry − current price) × shares. If the price rose above your entry you
+            take a loss — and your balance <span className="text-red-400">can go negative</span>.
+          </Rule>
+        </div>
+        <p className="text-xs text-slate-500 mt-2">
+          All trades are validated server-side. You cannot buy more than your balance, sell more shares than you hold,
+          or trade a hashtag you haven&apos;t researched.
+        </p>
+      </Section>
+
+      {/* Short selling specifics */}
+      <Section title="Short Selling — Quirks & Risks" icon={TrendingDown}>
+        <div className="space-y-2 text-sm text-slate-300">
+          <p>
+            Shorts use a <span className="text-white font-medium">collateral model</span>. When you buy short, the
+            cost is <code className="text-xs bg-surface-card px-1 py-0.5 rounded">price × shares</code>. When you
+            close, you receive back <code className="text-xs bg-surface-card px-1 py-0.5 rounded">(2 × entry − current) × shares</code>.
+          </p>
+          <p>
+            This means losses are <span className="text-red-400">uncapped</span>. If the price doubles, your
+            payout is zero. If it triples, your balance goes negative.
+          </p>
+          <p>
+            A <span className="text-red-400">negative balance</span> isn&apos;t game-over — you can still trade, but
+            your total portfolio value will show in red. You can reset your account at any time from your profile page.
+          </p>
+        </div>
+      </Section>
+
+      {/* Hedge Funds */}
+      <Section title="Hedge Funds" icon={Building2}>
+        <div className="space-y-2 text-sm text-slate-300">
+          <p>
+            Admins can create <span className="text-white font-medium">Hedge Funds</span> — shared pools of capital
+            that multiple players can manage together.
+          </p>
+          <p>
+            As a fund manager you trade on behalf of the fund by appending{' '}
+            <code className="text-xs bg-surface-card px-1 py-0.5 rounded">?fund=[slug]</code> to any hashtag page
+            (there are quick links on the fund page). A banner confirms you&apos;re in Fund Mode.
+          </p>
+          <p>
+            Outside investors can buy and sell <span className="text-white font-medium">fund shares</span> from the
+            fund&apos;s page. The NAV (net asset value) per share is calculated live from the fund&apos;s total
+            portfolio. Fund investments show up in your Holdings and Trade History.
+          </p>
+          <p className="text-slate-500 text-xs">
+            Fund shares are stored to 6 decimal places. Fund accounts cannot sign in directly and do not earn
+            research points or play the lottery.
+          </p>
+          <p className="text-xs">
+            Want to run your own fund?{' '}
+            <Link href="/fund/apply" className="text-indigo-400 hover:text-indigo-300 underline underline-offset-2">
+              Apply here →
+            </Link>
+          </p>
+        </div>
+      </Section>
+
+      {/* Account reset */}
+      <Section title="Account Reset" icon={RotateCcw}>
+        <div className="space-y-2 text-sm text-slate-300">
+          <p>
+            You can reset your account from your profile page at any time. All positions are closed and your
+            balance returns to $2,000.
+          </p>
+          <Rule label="Keep history">
+            Your trade log is preserved. A{' '}
+            <span className="text-purple-400">Donation</span> entry is recorded if you were in profit, or a{' '}
+            <span className="text-red-400">Bankruptcy</span> if you were in the red, followed by an{' '}
+            <span className="text-emerald-400">Account Open</span>.
+          </Rule>
+          <Rule label="Erase history">
+            All trade records are deleted along with the reset.
+          </Rule>
+        </div>
+      </Section>
+
+      {/* Lucky Dip */}
+      <Section title="Lucky Dip" icon={Shuffle}>
+        <p className="text-sm text-slate-300">
+          Once per day you can open the Lucky Dip lottery. Pick a box — most are empty, but a few hold cash prizes.
+          Winnings are added directly to your balance. So head over and check out our 
+          <Link href="/lucky-dip" className="text-indigo-400 hover:text-indigo-300 underline underline-offset-2">
+          Lucky Dip page</Link> now or you can always find the link on our home page.
+        </p>
+      </Section>
+
+      {/* Links */}
+      <section className="bg-surface-card border border-surface-border rounded-xl p-5 space-y-3">
+        <h2 className="text-sm font-semibold text-slate-300 uppercase tracking-wider">Links</h2>
+        <div className="space-y-2">
+          <a
+            href="https://mastodon.nervesocket.com/@ThaMunsta"
+            target="_blank"
+            rel="noopener noreferrer"
+            className="flex items-center gap-2 text-sm text-indigo-400 hover:text-indigo-300 transition-colors"
+          >
+            <ExternalLink className="h-4 w-4 shrink-0" />
+            @ThaMunsta on Mastodon — questions, feedback, bug reports
+          </a>
+          <a
+            href="https://git.dev.nervesocket.com/ThaMunsta/hashex"
+            target="_blank"
+            rel="noopener noreferrer"
+            className="flex items-center gap-2 text-sm text-indigo-400 hover:text-indigo-300 transition-colors"
+          >
+            <Github className="h-4 w-4 shrink-0" />
+            Source code — contribute or run your own instance
+          </a>
+        </div>
+      </section>
+
+      <div className="text-center">
+        <Link href="/" className="text-sm text-indigo-400 hover:text-indigo-300">
+          ← Back to the exchange
+        </Link>
+      </div>
+    </div>
+  )
+}

src/app/admin/funds/AdminFundApplications.tsx

@@ -0,0 +1,165 @@
+'use client'
+
+import { useState } from 'react'
+import { useRouter } from 'next/navigation'
+import { FileText, X, ChevronDown, ChevronUp } from 'lucide-react'
+
+interface Applicant {
+  id: string
+  username: string
+  displayUsername: string | null
+  managedFunds: { fund: { name: string; slug: string } }[]
+}
+
+interface Application {
+  id: string
+  fundName: string
+  reason: string
+  createdAt: string
+  user: Applicant
+}
+
+export default function AdminFundApplications({ applications: initial }: { applications: Application[] }) {
+  const router = useRouter()
+  const [applications, setApplications] = useState<Application[]>(initial)
+  const [expanded, setExpanded] = useState<string | null>(null)
+  const [startingBalance, setStartingBalance] = useState('10000')
+  const [error, setError] = useState('')
+  const [loading, setLoading] = useState(false)
+
+  async function approve(app: Application) {
+    setLoading(true)
+    setError('')
+    const res = await fetch(`/api/admin/fund-applications/${app.id}`, {
+      method: 'POST',
+      headers: { 'Content-Type': 'application/json' },
+      body: JSON.stringify({ action: 'approve', startingBalance: parseFloat(startingBalance) || 0 }),
+    })
+    const data = await res.json()
+    setLoading(false)
+    if (!res.ok) { setError(data.error ?? 'Failed'); return }
+    setApplications(applications.filter((a) => a.id !== app.id))
+    setExpanded(null)
+    router.refresh()
+  }
+
+  async function deny(id: string, e: React.MouseEvent) {
+    e.stopPropagation()
+    if (!confirm('Deny this application? The applicant will not be notified.')) return
+    setLoading(true)
+    const res = await fetch(`/api/admin/fund-applications/${id}`, {
+      method: 'POST',
+      headers: { 'Content-Type': 'application/json' },
+      body: JSON.stringify({ action: 'deny' }),
+    })
+    setLoading(false)
+    if (res.ok) {
+      setApplications(applications.filter((a) => a.id !== id))
+      router.refresh()
+    }
+  }
+
+  if (applications.length === 0) {
+    return (
+      <p className="text-slate-500 text-sm">No pending fund applications.</p>
+    )
+  }
+
+  return (
+    <div className="space-y-3">
+      {error && (
+        <p className="text-red-400 text-sm bg-red-400/10 border border-red-400/20 rounded-lg px-3 py-2">{error}</p>
+      )}
+      {applications.map((app) => {
+        const isOpen = expanded === app.id
+        return (
+          <div key={app.id} className="bg-surface-card border border-amber-500/20 rounded-xl overflow-hidden">
+            {/* Clickable header row */}
+            <div
+              className="flex items-start justify-between px-4 py-3 cursor-pointer hover:bg-surface/50 transition-colors"
+              onClick={() => setExpanded(isOpen ? null : app.id)}
+            >
+              <div className="flex items-start gap-3 min-w-0">
+                <FileText className="h-4 w-4 text-amber-400 mt-0.5 shrink-0" />
+                <div className="min-w-0">
+                  <p className="font-medium text-sm">{app.fundName}</p>
+                  <p className="text-xs text-slate-500">
+                    by{' '}
+                    <span className="text-slate-300">{app.user.displayUsername ?? app.user.username}</span>
+                    {' '}· {new Date(app.createdAt).toLocaleDateString()}
+                  </p>
+                </div>
+              </div>
+              <div className="flex items-center gap-2 ml-4 shrink-0">
+                <button
+                  onClick={(e) => deny(app.id, e)}
+                  disabled={loading}
+                  className="p-1.5 text-red-400 hover:text-red-300 hover:bg-red-400/10 rounded-lg transition-colors disabled:opacity-50"
+                  title="Deny application"
+                >
+                  <X className="h-4 w-4" />
+                </button>
+                {isOpen ? <ChevronUp className="h-4 w-4 text-slate-400" /> : <ChevronDown className="h-4 w-4 text-slate-400" />}
+              </div>
+            </div>
+
+            {/* Expanded: reason + approve form */}
+            {isOpen && (
+              <div className="border-t border-surface-border px-4 pt-3 pb-4 space-y-4">
+                <p className="text-sm text-slate-300 whitespace-pre-wrap">{app.reason}</p>
+
+                <div className="space-y-2">
+                  <p className="text-xs text-slate-400">
+                    Approve <span className="text-white font-medium">{app.fundName}</span> for{' '}
+                    <span className="text-slate-200">{app.user.displayUsername ?? app.user.username}</span>
+                    {app.user.managedFunds.length > 0 && (
+                      <span className="text-slate-500">
+                        {' '}(also manages{' '}
+                        {app.user.managedFunds.map((m, i) => (
+                          <span key={m.fund.slug}>
+                            {i > 0 && ', '}
+                            <a
+                              href={`/fund/${m.fund.slug}`}
+                              target="_blank"
+                              rel="noopener noreferrer"
+                              className="text-indigo-400 hover:text-indigo-300 underline underline-offset-2"
+                            >
+                              {m.fund.name}
+                            </a>
+                          </span>
+                        ))}
+                        )
+                      </span>
+                    )}
+                  </p>
+                  <div className="flex items-center gap-3">
+                    <div>
+                      <label className="text-xs text-slate-500 block mb-1">Starting Balance ($)</label>
+                      <input
+                        type="number"
+                        min="0"
+                        value={startingBalance}
+                        onClick={(e) => e.stopPropagation()}
+                        onChange={(e) => setStartingBalance(e.target.value)}
+                        className="w-32 bg-surface border border-surface-border rounded-lg px-3 py-1.5 text-sm focus:outline-none focus:ring-2 focus:ring-green-500"
+                      />
+                    </div>
+                    <div className="flex gap-2 mt-4">
+                      <button
+                        onClick={() => approve(app)}
+                        disabled={loading}
+                        className="px-3 py-1.5 bg-green-600 hover:bg-green-500 text-white text-xs rounded-lg disabled:opacity-50 transition-colors"
+                      >
+                        Confirm Approval
+                      </button>
+                    </div>
+                  </div>
+                </div>
+              </div>
+            )}
+          </div>
+        )
+      })}
+    </div>
+  )
+}

src/app/admin/funds/page.tsx

@@ -1,10 +1,12 @@
 import { prisma } from '@/lib/prisma'
 import AdminFundActions from './AdminFundActions'
+import AdminFundApplications from './AdminFundApplications'
 
 export const dynamic = 'force-dynamic'
 
 export default async function AdminFundsPage() {
-  const funds = await prisma.hedgeFund.findMany({
+  const [funds, applications] = await Promise.all([
+    prisma.hedgeFund.findMany({
       orderBy: { createdAt: 'asc' },
       include: {
         user: { select: { balance: true } },
@@ -13,12 +15,45 @@ export default async function AdminFundsPage() {
           orderBy: { addedAt: 'asc' },
         },
       },
-  })
+    }),
+    prisma.fundApplication.findMany({
+      orderBy: { createdAt: 'asc' },
+      include: {
+        user: {
+          select: {
+            id: true,
+            username: true,
+            displayUsername: true,
+            managedFunds: { select: { fund: { select: { name: true, slug: true } } } },
+          },
+        },
+      },
+    }),
+  ])
+
+  const serialisedApplications = applications.map((a) => ({
+    ...a,
+    createdAt: a.createdAt.toISOString(),
+  }))
 
   return (
+    <div className="space-y-8">
+      <div className="space-y-4">
+        <h2 className="text-lg font-semibold flex items-center gap-2">
+          Fund Applications
+          {applications.length > 0 && (
+            <span className="text-xs bg-amber-500/20 text-amber-400 border border-amber-500/30 rounded-full px-2 py-0.5">
+              {applications.length}
+            </span>
+          )}
+        </h2>
+        <AdminFundApplications applications={serialisedApplications} />
+      </div>
+
       <div className="space-y-4">
         <h2 className="text-lg font-semibold">Hedge Funds</h2>
         <AdminFundActions funds={funds} />
       </div>
+    </div>
   )
 }

src/app/admin/page.tsx

@@ -67,26 +67,43 @@ export default async function AdminOverviewPage() {
             Recent trades
           </h2>
           <div className="divide-y divide-surface-border">
-            {recentTrades.map((t) => (
+            {recentTrades.map((t) => {
+              const isLottery = t.type === 'LOTTERY_WIN'
+              const isBuy = t.type.startsWith('BUY')
+              const isSell = t.type === 'SELL_LONG' || t.type === 'SELL_SHORT'
+              const isFundTrade = t.type === 'FUND_INVEST' || t.type === 'FUND_REDEEM'
+              const isSystem = t.type === 'ACCOUNT_OPEN' || t.type === 'DONATION' || t.type === 'BANKRUPTCY'
+              const badgeClass = isLottery
+                ? 'bg-amber-500/15 text-amber-400'
+                : isFundTrade
+                  ? 'bg-indigo-500/15 text-indigo-400'
+                  : isSystem
+                    ? 'bg-slate-500/15 text-slate-400'
+                    : isBuy
+                      ? 'bg-emerald-500/15 text-emerald-400'
+                      : isSell
+                        ? 'bg-red-500/15 text-red-400'
+                        : 'bg-slate-500/15 text-slate-400'
+              const label = t.hashtag
+                ? `#${t.hashtag.displayTag}`
+                : isLottery
+                  ? 'Lucky Dip'
+                  : isFundTrade
+                    ? 'Fund'
+                    : null
+              return (
                 <div key={t.id} className="flex items-center justify-between px-4 py-2.5 text-sm">
                   <div className="flex items-center gap-2">
-                  <span
+                    <span className={`text-xs px-1.5 py-0.5 rounded ${badgeClass}`}>
-                    className={`text-xs px-1.5 py-0.5 rounded ${
-                      t.type === 'LOTTERY_WIN'
-                        ? 'bg-amber-500/15 text-amber-400'
-                        : t.type.startsWith('BUY') ? 'bg-emerald-500/15 text-emerald-400' : 'bg-red-500/15 text-red-400'
-                    }`}
-                  >
                       {t.type.replace(/_/g, ' ')}
                     </span>
                     <span className="text-slate-300">{t.user.username}</span>
-                  <span className="text-slate-500">
+                    {label && <span className="text-slate-500">{label}</span>}
-                    {t.hashtag ? `#${t.hashtag.displayTag}` : 'Lucky Dip'}
-                  </span>
                   </div>
                   <span>{formatCurrency(t.total)}</span>
                 </div>
-            ))}
+              )
+            })}
           </div>
         </div>
       </div>

src/app/admin/stocks/page.tsx

@@ -29,7 +29,7 @@ export default async function AdminStocksPage({ searchParams }: Props) {
       skip,
       take: pageSize,
       include: {
-        _count: { select: { positions: true, trades: true } },
+        _count: { select: { positions: { where: { shares: { gt: 0 } } }, trades: true } },
       },
     }),
     prisma.hashtag.count({ where }),
@@ -85,7 +85,10 @@ export default async function AdminStocksPage({ searchParams }: Props) {
             {hashtags.map((h) => (
               <tr key={h.id} className="hover:bg-surface-hover">
                 <td className="px-4 py-3">
-                  <a href={`/hashtag/${h.tag}`} className="hover:text-indigo-300">
+                  <a
+                    href={`/hashtag/${h.tag}`}
+                    className={`hover:text-indigo-300 ${!h.isActive && !h.isBanned ? 'text-slate-500' : ''}`}
+                  >
                     #{h.displayTag}
                   </a>
                 </td>

src/app/api/admin/fund-applications/[applicationId]/route.ts

@@ -0,0 +1,100 @@
+import { NextRequest, NextResponse } from 'next/server'
+import { getServerSession } from 'next-auth'
+import { authOptions } from '@/lib/auth'
+import { prisma } from '@/lib/prisma'
+import { z } from 'zod'
+import bcrypt from 'bcryptjs'
+
+function toSlug(name: string) {
+  return name.toLowerCase().replace(/[^a-z0-9]+/g, '-').replace(/^-|-$/g, '')
+}
+
+const approveSchema = z.object({
+  action: z.literal('approve'),
+  startingBalance: z.number().min(0).default(0),
+})
+
+const denySchema = z.object({
+  action: z.literal('deny'),
+})
+
+/**
+ * POST /api/admin/fund-applications/[applicationId]
+ * action: 'approve' — creates the fund, adds applicant as manager, deletes the application
+ * action: 'deny'    — deletes the application
+ */
+export async function POST(
+  req: NextRequest,
+  { params }: { params: { applicationId: string } }
+) {
+  const session = await getServerSession(authOptions)
+  if (!session?.user?.isAdmin) {
+    return NextResponse.json({ error: 'Forbidden' }, { status: 403 })
+  }
+
+  const application = await prisma.fundApplication.findUnique({
+    where: { id: params.applicationId },
+    include: { user: { select: { id: true, username: true } } },
+  })
+  if (!application) {
+    return NextResponse.json({ error: 'Application not found' }, { status: 404 })
+  }
+
+  const body = await req.json()
+
+  if (body.action === 'deny') {
+    await prisma.fundApplication.delete({ where: { id: params.applicationId } })
+    return NextResponse.json({ ok: true })
+  }
+
+  const parsed = approveSchema.safeParse(body)
+  if (!parsed.success) {
+    return NextResponse.json({ error: parsed.error.errors[0]?.message ?? 'Invalid input' }, { status: 400 })
+  }
+
+  const { startingBalance } = parsed.data
+  const name = application.fundName
+  const slug = toSlug(name)
+  const shadowUsername = `fund:${slug}`
+
+  // Check for conflicts
+  const [existingFund, existingSlug, existingUser] = await Promise.all([
+    prisma.hedgeFund.findFirst({ where: { name: { equals: name, mode: 'insensitive' } } }),
+    prisma.hedgeFund.findUnique({ where: { slug } }),
+    prisma.user.findUnique({ where: { username: shadowUsername } }),
+  ])
+
+  if (existingFund) return NextResponse.json({ error: 'A fund with that name already exists.' }, { status: 409 })
+  if (existingSlug) return NextResponse.json({ error: 'A fund with that slug already exists.' }, { status: 409 })
+  if (existingUser) return NextResponse.json({ error: 'Shadow user conflict.' }, { status: 409 })
+
+  const fund = await prisma.$transaction(async (tx) => {
+    const shadowUser = await tx.user.create({
+      data: {
+        username: shadowUsername,
+        displayUsername: name,
+        passwordHash: await bcrypt.hash(crypto.randomUUID(), 10),
+        balance: startingBalance,
+        isFund: true,
+      },
+    })
+
+    const newFund = await tx.hedgeFund.create({
+      data: { name, slug, userId: shadowUser.id, sharesOutstanding: 0 },
+      include: {
+        user: { select: { balance: true } },
+        managers: { include: { user: { select: { id: true, username: true, displayUsername: true } } } },
+      },
+    })
+
+    await tx.fundManager.create({
+      data: { fundId: newFund.id, userId: application.userId },
+    })
+
+    await tx.fundApplication.delete({ where: { id: application.id } })
+
+    return { ...newFund, managers: [{ id: 'new', userId: application.userId, user: application.user }] }
+  })
+
+  return NextResponse.json(fund, { status: 201 })
+}

src/app/api/admin/funds/[fundId]/route.ts

@@ -3,7 +3,7 @@ import { getServerSession } from 'next-auth'
 import { authOptions } from '@/lib/auth'
 import { prisma } from '@/lib/prisma'
 import { z } from 'zod'
-import { calcFundNav } from '@/lib/pricing'
+import { calcFundNav, round2 } from '@/lib/pricing'
 
 const patchSchema = z.object({
   addManagerUsername: z.string().optional(),
@@ -58,7 +58,7 @@ export async function PATCH(
   }
 
   if (typeof balance === 'number') {
-    await prisma.user.update({ where: { id: fund.userId }, data: { balance } })
+    await prisma.user.update({ where: { id: fund.userId }, data: { balance: round2(balance) } })
   }
 
   const updated = await prisma.hedgeFund.findUnique({
@@ -112,14 +112,14 @@ export async function DELETE(
   const portfolioValue = fund.user.positions.reduce((sum, p) => {
     const val = p.positionType === 'LONG'
       ? p.shares * p.hashtag.currentPrice
-      : p.avgBuyPrice * p.shares - (p.hashtag.currentPrice - p.avgBuyPrice) * p.shares
+      : (2 * p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
     return sum + val
   }, 0)
   const nav = calcFundNav(fund.user.balance + portfolioValue, fund.sharesOutstanding)
 
   // Pay out each investor at current NAV before wiping records
   for (const inv of fund.investments) {
-    const payout = Math.max(0, inv.shares * nav)
+    const payout = Math.max(0, round2(inv.shares * nav))
     if (payout > 0) {
       await prisma.user.update({ where: { id: inv.userId }, data: { balance: { increment: payout } } })
     }

src/app/api/admin/funds/route.ts

@@ -61,6 +61,7 @@ export async function POST(req: NextRequest) {
         displayUsername: name,
         passwordHash: await bcrypt.hash(crypto.randomUUID(), 10), // random, non-loginable
         balance: initialBalance,
+        researchPoints: 0,
         isFund: true,
       },
     })

src/app/api/admin/users/[userId]/reset/route.ts

@@ -2,6 +2,7 @@ import { NextRequest, NextResponse } from 'next/server'
 import { getServerSession } from 'next-auth'
 import { authOptions } from '@/lib/auth'
 import { prisma } from '@/lib/prisma'
+import { calcFundNav, round2 } from '@/lib/pricing'
 
 const STARTING_BALANCE = 2000
 
@@ -28,7 +29,33 @@ export async function POST(
     select: {
       balance: true,
       isFund: true,
-      fundInvestments: { select: { fundId: true, shares: true } },
+      fundInvestments: {
+        where: { shares: { gt: 0 } },
+        select: {
+          fundId: true,
+          shares: true,
+          fund: {
+            select: {
+              userId: true,
+              sharesOutstanding: true,
+              user: {
+                select: {
+                  balance: true,
+                  positions: {
+                    where: { shares: { gt: 0 } },
+                    select: {
+                      shares: true,
+                      avgBuyPrice: true,
+                      positionType: true,
+                      hashtag: { select: { currentPrice: true } },
+                    },
+                  },
+                },
+              },
+            },
+          },
+        },
+      },
       positions: {
         where: { shares: { gt: 0 } },
         select: {
@@ -49,20 +76,48 @@ export async function POST(
     const val =
       p.positionType === 'LONG'
         ? p.shares * p.hashtag.currentPrice
-        : p.avgBuyPrice * p.shares - (p.hashtag.currentPrice - p.avgBuyPrice) * p.shares
+        : (2 * p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
     return sum + val
   }, 0)
-  const totalValue = user.balance + portfolioValue
+  const fundInvestmentValue = user.fundInvestments.reduce((sum, inv) => {
+    const fundPortfolioValue = inv.fund.user.positions.reduce((psum, p) => {
+      const val =
+        p.positionType === 'LONG'
+          ? p.shares * p.hashtag.currentPrice
+          : (2 * p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
+      return psum + val
+    }, 0)
+    const fundTotalValue = inv.fund.user.balance + fundPortfolioValue
+    const nav = calcFundNav(fundTotalValue, inv.fund.sharesOutstanding)
+    return sum + Math.max(0, inv.shares * nav)
+  }, 0)
+  const totalValue = user.balance + portfolioValue + fundInvestmentValue
 
-  // Forfeit all fund investments — decrement each fund's sharesOutstanding
+  // Forfeit all fund investments — decrement sharesOutstanding and withdraw cash from fund
   const fundUpdates = user.fundInvestments
     .filter((inv) => inv.shares > 0)
-    .map((inv) =>
+    .flatMap((inv) => {
+      const fundPortfolioValue = inv.fund.user.positions.reduce((psum, p) => {
+        const val =
+          p.positionType === 'LONG'
+            ? p.shares * p.hashtag.currentPrice
+            : (2 * p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
+        return psum + val
+      }, 0)
+      const fundTotalValue = inv.fund.user.balance + fundPortfolioValue
+      const nav = calcFundNav(fundTotalValue, inv.fund.sharesOutstanding)
+      const payout = Math.max(0, round2(inv.shares * nav))
+      return [
         prisma.hedgeFund.update({
           where: { id: inv.fundId },
           data: { sharesOutstanding: { decrement: inv.shares } },
         }),
-    )
+        prisma.user.update({
+          where: { id: inv.fund.userId },
+          data: { balance: { decrement: payout } },
+        }),
+      ]
+    })
 
   const tradeOps = keepHistory
     ? [

src/app/api/admin/users/[userId]/route.ts

@@ -3,7 +3,7 @@ import { getServerSession } from 'next-auth'
 import { authOptions } from '@/lib/auth'
 import { prisma } from '@/lib/prisma'
 import { z } from 'zod'
-import { calcFundNav } from '@/lib/pricing'
+import { calcFundNav, round2 } from '@/lib/pricing'
 
 const schema = z.object({
   balance: z.number().min(0).optional(),
@@ -92,13 +92,13 @@ export async function DELETE(
     const portfolioValue = fund.user.positions.reduce((sum, p) => {
       const val = p.positionType === 'LONG'
         ? p.shares * p.hashtag.currentPrice
-        : p.avgBuyPrice * p.shares - (p.hashtag.currentPrice - p.avgBuyPrice) * p.shares
+        : (2 * p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
       return sum + val
     }, 0)
     const nav = calcFundNav(fund.user.balance + portfolioValue, fund.sharesOutstanding)
-    const payout = inv.shares * nav
+    const payout = round2(Math.max(0, inv.shares * nav))
     await prisma.$transaction([
-      prisma.user.update({ where: { id: fund.userId }, data: { balance: { decrement: payout } } }),
+      prisma.user.update({ where: { id: fund.userId }, data: { balance: { decrement: round2(Math.max(0, payout)) } } }),
       prisma.hedgeFund.update({ where: { id: fund.id }, data: { sharesOutstanding: { decrement: inv.shares } } }),
     ])
   }

src/app/api/fund-applications/route.ts

@@ -0,0 +1,64 @@
+import { NextRequest, NextResponse } from 'next/server'
+import { getServerSession } from 'next-auth'
+import { authOptions } from '@/lib/auth'
+import { prisma } from '@/lib/prisma'
+import { z } from 'zod'
+
+const submitSchema = z.object({
+  fundName: z.string().min(1).max(60),
+  reason: z.string().min(10).max(1000),
+})
+
+/**
+ * GET /api/fund-applications
+ * Returns the current user's pending application, or null.
+ */
+export async function GET() {
+  const session = await getServerSession(authOptions)
+  if (!session) return NextResponse.json({ error: 'Unauthorized' }, { status: 401 })
+
+  const application = await prisma.fundApplication.findUnique({
+    where: { userId: session.user.id },
+  })
+
+  return NextResponse.json(application)
+}
+
+/**
+ * POST /api/fund-applications
+ * Submit a fund application. One per user at a time.
+ */
+export async function POST(req: NextRequest) {
+  const session = await getServerSession(authOptions)
+  if (!session) return NextResponse.json({ error: 'Unauthorized' }, { status: 401 })
+
+  const body = await req.json()
+  const parsed = submitSchema.safeParse(body)
+  if (!parsed.success) {
+    return NextResponse.json({ error: parsed.error.errors[0]?.message ?? 'Invalid input' }, { status: 400 })
+  }
+
+  const { fundName, reason } = parsed.data
+
+  try {
+    const application = await prisma.fundApplication.create({
+      data: { userId: session.user.id, fundName: fundName.trim(), reason: reason.trim() },
+    })
+    return NextResponse.json(application, { status: 201 })
+  } catch {
+    // Unique constraint violation — already has a pending application
+    return NextResponse.json({ error: 'You already have a pending application.' }, { status: 409 })
+  }
+}
+
+/**
+ * DELETE /api/fund-applications
+ * Withdraw the current user's pending application.
+ */
+export async function DELETE() {
+  const session = await getServerSession(authOptions)
+  if (!session) return NextResponse.json({ error: 'Unauthorized' }, { status: 401 })
+
+  await prisma.fundApplication.deleteMany({ where: { userId: session.user.id } })
+  return NextResponse.json({ ok: true })
+}

src/app/api/funds/[slug]/invest/route.ts

@@ -2,7 +2,7 @@ import { NextRequest, NextResponse } from 'next/server'
 import { getServerSession } from 'next-auth'
 import { authOptions } from '@/lib/auth'
 import { prisma } from '@/lib/prisma'
-import { calcFundNav } from '@/lib/pricing'
+import { calcFundNav, round2 } from '@/lib/pricing'
 
 export async function POST(req: NextRequest, { params }: { params: { slug: string } }) {
   const session = await getServerSession(authOptions)
@@ -10,7 +10,7 @@ export async function POST(req: NextRequest, { params }: { params: { slug: strin
 
   const slug = decodeURIComponent(params.slug).toLowerCase()
   const body = await req.json()
-  const amount = Number(body.amount)
+  const amount = round2(Number(body.amount))
 
   if (!amount || amount < 1) {
     return NextResponse.json({ error: 'Minimum investment is $1' }, { status: 400 })
@@ -68,9 +68,9 @@ export async function POST(req: NextRequest, { params }: { params: { slug: strin
 
   const [updatedInvestor] = await prisma.$transaction([
     // Deduct from investor (returns updated user with new balance)
-    prisma.user.update({ where: { id: session.user.id }, data: { balance: { decrement: amount } } }),
+    prisma.user.update({ where: { id: session.user.id }, data: { balance: round2(investor.balance - amount) } }),
     // Add to fund's cash
-    prisma.user.update({ where: { id: fund.userId }, data: { balance: { increment: amount } } }),
+    prisma.user.update({ where: { id: fund.userId }, data: { balance: round2(fund.user.balance + amount) } }),
     // Upsert FundInvestment record
     prisma.fundInvestment.upsert({
       where: { fundId_userId: { fundId: fund.id, userId: session.user.id } },
@@ -79,6 +79,10 @@ export async function POST(req: NextRequest, { params }: { params: { slug: strin
     }),
     // Increment fund shares outstanding
     prisma.hedgeFund.update({ where: { id: fund.id }, data: { sharesOutstanding: { increment: sharesToMint } } }),
+    // Log trade in activity history
+    prisma.trade.create({
+      data: { userId: session.user.id, fundId: fund.id, type: 'FUND_INVEST', shares: sharesToMint, price: nav, total: amount, profit: 0 },
+    }),
   ])
 
   return NextResponse.json({

src/app/api/funds/[slug]/redeem/route.ts

@@ -2,7 +2,7 @@ import { NextRequest, NextResponse } from 'next/server'
 import { getServerSession } from 'next-auth'
 import { authOptions } from '@/lib/auth'
 import { prisma } from '@/lib/prisma'
-import { calcFundNav } from '@/lib/pricing'
+import { calcFundNav, round2 } from '@/lib/pricing'
 
 export async function POST(req: NextRequest, { params }: { params: { slug: string } }) {
   const session = await getServerSession(authOptions)
@@ -35,13 +35,16 @@ export async function POST(req: NextRequest, { params }: { params: { slug: strin
 
   const investment = await prisma.fundInvestment.findUnique({
     where: { fundId_userId: { fundId: fund.id, userId: session.user.id } },
-    select: { shares: true },
+    select: { shares: true, avgNavAtBuy: true },
   })
 
   if (!investment || investment.shares < sharesToRedeem) {
     return NextResponse.json({ error: 'Insufficient fund shares' }, { status: 400 })
   }
 
+  const investor = await prisma.user.findUnique({ where: { id: session.user.id }, select: { balance: true } })
+  if (!investor) return NextResponse.json({ error: 'User not found' }, { status: 404 })
+
   const portfolioValue = fund.user.positions.reduce((sum, p) => {
     const val = p.positionType === 'LONG'
       ? p.shares * p.hashtag.currentPrice
@@ -50,19 +53,20 @@ export async function POST(req: NextRequest, { params }: { params: { slug: strin
   }, 0)
   const totalValue = fund.user.balance + portfolioValue
   const nav = calcFundNav(totalValue, fund.sharesOutstanding)
-  const payout = sharesToRedeem * nav
+  const payout = round2(sharesToRedeem * nav)
 
   if (fund.user.balance < payout) {
     return NextResponse.json({ error: 'Fund has insufficient cash to redeem. Try a smaller amount.' }, { status: 400 })
   }
 
   const remainingShares = Math.round((investment.shares - sharesToRedeem) * 1e6) / 1e6
+  const profit = round2(payout - sharesToRedeem * investment.avgNavAtBuy)
 
   const [updatedInvestor] = await prisma.$transaction([
     // Return cash to investor
-    prisma.user.update({ where: { id: session.user.id }, data: { balance: { increment: payout } } }),
+    prisma.user.update({ where: { id: session.user.id }, data: { balance: round2(investor.balance + payout) } }),
     // Deduct from fund's cash
-    prisma.user.update({ where: { id: fund.userId }, data: { balance: { decrement: payout } } }),
+    prisma.user.update({ where: { id: fund.userId }, data: { balance: round2(fund.user.balance - payout) } }),
     // Update or delete FundInvestment
     ...(remainingShares > 0
       ? [prisma.fundInvestment.update({
@@ -74,6 +78,10 @@ export async function POST(req: NextRequest, { params }: { params: { slug: strin
         })]),
     // Decrement fund shares outstanding
     prisma.hedgeFund.update({ where: { id: fund.id }, data: { sharesOutstanding: { decrement: sharesToRedeem } } }),
+    // Log trade in activity history
+    prisma.trade.create({
+      data: { userId: session.user.id, fundId: fund.id, type: 'FUND_REDEEM', shares: sharesToRedeem, price: nav, total: payout, profit },
+    }),
   ])
 
   return NextResponse.json({

src/app/api/lottery/pick/route.ts

@@ -2,6 +2,7 @@ import { NextRequest, NextResponse } from 'next/server'
 import { getServerSession } from 'next-auth'
 import { authOptions } from '@/lib/auth'
 import { prisma } from '@/lib/prisma'
+import { round2 } from '@/lib/pricing'
 import { GRID_SIZE, PRIZE_MAP } from '@/lib/lottery'
 
 function buildPrizes(): number[] {
@@ -15,9 +16,9 @@ function buildPrizes(): number[] {
 
 function isSameDay(a: Date, b: Date) {
   return (
-    a.getUTCFullYear() === b.getUTCFullYear() &&
+    a.getFullYear() === b.getFullYear() &&
-    a.getUTCMonth() === b.getUTCMonth() &&
+    a.getMonth() === b.getMonth() &&
-    a.getUTCDate() === b.getUTCDate()
+    a.getDate() === b.getDate()
   )
 }
 
@@ -25,7 +26,7 @@ function isSameDay(a: Date, b: Date) {
  * POST /api/lottery/pick
  * Body: { box: number }  (0-indexed, 0–24)
  *
- * One free play per calendar day (UTC). Reveals prize at the chosen box.
+ * One free play per calendar day (Eastern Time). Reveals prize at the chosen box.
  */
 export async function POST(req: NextRequest) {
   const session = await getServerSession(authOptions)
@@ -68,7 +69,7 @@ export async function POST(req: NextRequest) {
     prisma.user.update({
       where: { id: user.id },
       data: {
-        balance: { increment: winAmount },
+        balance: { increment: round2(winAmount) },
         lastLotteryAt: now,
       },
     }),

src/app/api/og/fund/[slug]/route.tsx

@@ -0,0 +1,99 @@
+import { ImageResponse } from 'next/og'
+import { prisma } from '@/lib/prisma'
+import { calcFundNav } from '@/lib/pricing'
+
+export const runtime = 'nodejs'
+
+const W = 1200
+const H = 630
+
+export async function GET(
+  _req: Request,
+  { params }: { params: { slug: string } },
+) {
+  const slug = decodeURIComponent(params.slug).toLowerCase()
+
+  const fund = await prisma.hedgeFund.findUnique({
+    where: { slug },
+    select: {
+      name: true,
+      sharesOutstanding: true,
+      user: {
+        select: {
+          balance: true,
+          positions: {
+            where: { shares: { gt: 0 } },
+            select: {
+              positionType: true,
+              shares: true,
+              avgBuyPrice: true,
+              hashtag: { select: { currentPrice: true } },
+            },
+          },
+        },
+      },
+      managers: { select: { userId: true } },
+      _count: { select: { investments: true } },
+    },
+  })
+
+  const name = fund?.name ?? slug
+  const cash = fund?.user.balance ?? 0
+  const portfolioValue = fund?.user.positions.reduce((sum, p) => {
+    const val = p.positionType === 'LONG'
+      ? p.shares * p.hashtag.currentPrice
+      : p.avgBuyPrice * p.shares - (p.hashtag.currentPrice - p.avgBuyPrice) * p.shares
+    return sum + val
+  }, 0) ?? 0
+  const totalValue = cash + portfolioValue
+  const nav = fund ? calcFundNav(totalValue, fund.sharesOutstanding) : 1
+  const managerCount = fund?.managers.length ?? 0
+  const investorCount = fund?._count.investments ?? 0
+  const openPositions = fund?.user.positions.length ?? 0
+
+  const fmt = (n: number) => new Intl.NumberFormat('en-US', {
+    style: 'currency', currency: 'USD', notation: Math.abs(n) >= 10000 ? 'compact' : 'standard', maximumFractionDigits: 2,
+  }).format(n)
+
+  const rawUrl = process.env.NEXTAUTH_URL || 'http://localhost:3000'
+  const host = (() => { try { return new URL(rawUrl).host } catch { return rawUrl } })()
+
+  return new ImageResponse(
+    (
+      <div style={{ width: W, height: H, background: '#0f0f17', display: 'flex', flexDirection: 'column', padding: '60px', fontFamily: 'sans-serif' }}>
+        {/* Branding + badge */}
+        <div style={{ display: 'flex', alignItems: 'center', justifyContent: 'space-between', marginBottom: 24 }}>
+          <div style={{ fontSize: 26, color: '#6366f1' }}>HashEx</div>
+          <div style={{ fontSize: 20, color: '#818cf8', background: '#312e81', borderRadius: 8, padding: '6px 16px' }}>Hedge Fund</div>
+        </div>
+
+        {/* Fund name */}
+        <div style={{ fontSize: 64, fontWeight: 700, color: '#ffffff', marginBottom: 48 }}>{name}</div>
+
+        {/* Stats grid */}
+        <div style={{ display: 'flex', gap: 28, flex: 1 }}>
+          {[
+            { label: 'Total Value', value: fmt(totalValue), color: '#ffffff' },
+            { label: 'NAV / Share', value: fmt(nav), color: '#ffffff' },
+            { label: 'Cash', value: fmt(cash), color: '#94a3b8' },
+            { label: 'Positions', value: String(openPositions), color: '#94a3b8' },
+            { label: 'Managers', value: String(managerCount), color: '#94a3b8' },
+            { label: 'Investors', value: String(investorCount), color: '#94a3b8' },
+          ].map(({ label, value, color }) => (
+            <div key={label} style={{ display: 'flex', flexDirection: 'column', background: '#1a1a2e', border: '1px solid #1e2035', borderRadius: 16, padding: '24px 20px', flex: 1 }}>
+              <div style={{ fontSize: 16, color: '#475569', marginBottom: 8 }}>{label}</div>
+              <div style={{ fontSize: 28, fontWeight: 700, color }}>{value}</div>
+            </div>
+          ))}
+        </div>
+
+        {/* Footer */}
+        <div style={{ display: 'flex', justifyContent: 'space-between', color: '#475569', fontSize: 22, marginTop: 40 }}>
+          <span>{host}</span>
+          <span>Trade hashtags like stocks</span>
+        </div>
+      </div>
+    ),
+    { width: W, height: H },
+  )
+}

src/app/api/og/hashtag/[tag]/route.tsx

@@ -0,0 +1,154 @@
+import { ImageResponse } from 'next/og'
+import { prisma } from '@/lib/prisma'
+
+export const runtime = 'nodejs'
+
+const W = 1200
+const H = 630
+const CHART_X = 60
+const CHART_Y = 200
+const CHART_W = W - 120
+const CHART_H = 220
+
+function buildPolyline(prices: number[]): string {
+  if (prices.length < 2) return ''
+  const min = Math.min(...prices)
+  const max = Math.max(...prices)
+  const range = max - min || 1
+  return prices
+    .map((p, i) => {
+      const x = CHART_X + (i / (prices.length - 1)) * CHART_W
+      const y = CHART_Y + CHART_H - ((p - min) / range) * CHART_H
+      return `${x},${y}`
+    })
+    .join(' ')
+}
+
+export async function GET(
+  _req: Request,
+  { params }: { params: { tag: string } },
+) {
+  const tag = decodeURIComponent(params.tag).toLowerCase().replace(/^#+/, '')
+
+  const hashtag = await prisma.hashtag.findUnique({
+    where: { tag },
+    select: {
+      displayTag: true,
+      currentPrice: true,
+      isActive: true,
+      priceHistory: {
+        orderBy: { recordedAt: 'desc' },
+        take: 48,
+        select: { price: true },
+      },
+    },
+  })
+
+  const displayTag = hashtag?.displayTag ?? tag
+  const price = hashtag?.currentPrice ?? 0.25
+  const prices = (hashtag?.priceHistory ?? []).map((p) => p.price).reverse()
+  const prevPrice = prices.length >= 2 ? prices[0] : null
+  const changePct = prevPrice && prevPrice > 0
+    ? ((price - prevPrice) / prevPrice) * 100
+    : null
+  const trending = changePct === null ? null : changePct >= 0
+  const lineColor = trending === null ? '#6366f1' : trending ? '#34d399' : '#f87171'
+  const changeStr = changePct === null
+    ? ''
+    : `${changePct >= 0 ? '+' : ''}${changePct.toFixed(2)}%`
+
+  const priceStr = new Intl.NumberFormat('en-US', {
+    style: 'currency',
+    currency: 'USD',
+    minimumFractionDigits: 2,
+    maximumFractionDigits: 2,
+  }).format(price)
+
+  const polyline = buildPolyline(prices)
+  const rawUrl = process.env.NEXTAUTH_URL || 'http://localhost:3000'
+  const host = (() => { try { return new URL(rawUrl).host } catch { return rawUrl } })()
+
+  return new ImageResponse(
+    (
+      <div
+        style={{
+          width: W,
+          height: H,
+          background: '#0f0f17',
+          display: 'flex',
+          flexDirection: 'column',
+          padding: '60px',
+          fontFamily: 'sans-serif',
+          position: 'relative',
+        }}
+      >
+        {/* Header row */}
+        <div style={{ display: 'flex', alignItems: 'flex-end', justifyContent: 'space-between' }}>
+          <div style={{ display: 'flex', flexDirection: 'column' }}>
+            <div style={{ fontSize: 28, color: '#6366f1', marginBottom: 8 }}>HashEx</div>
+            <div style={{ fontSize: 72, fontWeight: 700, color: '#ffffff' }}>
+              {'#' + displayTag}
+            </div>
+          </div>
+          <div style={{ display: 'flex', flexDirection: 'column', alignItems: 'flex-end' }}>
+            <div style={{ fontSize: 64, fontWeight: 700, color: '#ffffff' }}>{priceStr}</div>
+            {changeStr && (
+              <div style={{ fontSize: 36, fontWeight: 600, color: lineColor, marginTop: 4 }}>
+                {changeStr}
+              </div>
+            )}
+            {!hashtag?.isActive && (
+              <div style={{ fontSize: 22, color: '#f97316', marginTop: 8 }}>inactive</div>
+            )}
+          </div>
+        </div>
+
+        {/* Sparkline */}
+        {prices.length >= 2 && (
+          <svg
+            width={W}
+            height={CHART_H + 40}
+            style={{ position: 'absolute', left: 0, top: 280 }}
+          >
+            {/* Subtle grid line at mid-price */}
+            <line
+              x1={CHART_X}
+              y1={CHART_Y + CHART_H / 2}
+              x2={CHART_X + CHART_W}
+              y2={CHART_Y + CHART_H / 2}
+              stroke="#1e1e2e"
+              strokeWidth={1}
+            />
+            <polyline
+              points={polyline}
+              fill="none"
+              stroke={lineColor}
+              strokeWidth={4}
+              strokeLinecap="round"
+              strokeLinejoin="round"
+              opacity={0.9}
+            />
+          </svg>
+        )}
+
+        {/* Footer */}
+        <div
+          style={{
+            position: 'absolute',
+            bottom: 40,
+            left: 60,
+            right: 60,
+            display: 'flex',
+            justifyContent: 'space-between',
+            color: '#475569',
+            fontSize: 22,
+          }}
+        >
+          <span>{host}</span>
+          <span>Trade hashtags like stocks</span>
+        </div>
+      </div>
+    ),
+    { width: W, height: H },
+  )
+}

src/app/api/og/leaderboard/route.tsx

@@ -0,0 +1,71 @@
+import { ImageResponse } from 'next/og'
+import { prisma } from '@/lib/prisma'
+
+export const runtime = 'nodejs'
+export const dynamic = 'force-dynamic'
+
+const W = 1200
+const H = 630
+
+export async function GET() {
+  const users = await prisma.user.findMany({
+    where: { isFund: false, isHidden: false },
+    select: {
+      displayUsername: true,
+      username: true,
+      balance: true,
+      positions: {
+        where: { shares: { gt: 0 } },
+        select: { shares: true, hashtag: { select: { currentPrice: true } } },
+      },
+    },
+  })
+
+  const ranked = users
+    .map((u) => ({
+      name: u.displayUsername ?? u.username,
+      netWorth: u.balance + u.positions.reduce((s, p) => s + p.shares * p.hashtag.currentPrice, 0),
+    }))
+    .sort((a, b) => b.netWorth - a.netWorth)
+    .slice(0, 5)
+
+  const fmt = (n: number) => new Intl.NumberFormat('en-US', {
+    style: 'currency', currency: 'USD', notation: n >= 10000 ? 'compact' : 'standard', maximumFractionDigits: 2,
+  }).format(n)
+
+  const medals = ['🥇', '🥈', '🥉', '4.', '5.']
+  const rawUrl = process.env.NEXTAUTH_URL || 'http://localhost:3000'
+  const host = (() => { try { return new URL(rawUrl).host } catch { return rawUrl } })()
+
+  return new ImageResponse(
+    (
+      <div style={{ width: W, height: H, background: '#0f0f17', display: 'flex', flexDirection: 'column', padding: '60px', fontFamily: 'sans-serif' }}>
+        {/* Header */}
+        <div style={{ display: 'flex', alignItems: 'center', justifyContent: 'space-between', marginBottom: 40 }}>
+          <div style={{ fontSize: 26, color: '#6366f1' }}>HashEx</div>
+          <div style={{ fontSize: 42, fontWeight: 700, color: '#ffffff' }}>🏆 Leaderboard</div>
+        </div>
+
+        {/* Top 5 rows */}
+        <div style={{ display: 'flex', flexDirection: 'column', gap: 16, flex: 1 }}>
+          {ranked.map((u, i) => (
+            <div key={u.name} style={{ display: 'flex', alignItems: 'center', justifyContent: 'space-between', background: i === 0 ? '#1c1a08' : '#1a1a2e', border: `1px solid ${i === 0 ? '#854d0e' : '#1e2035'}`, borderRadius: 14, padding: '18px 28px' }}>
+              <div style={{ display: 'flex', alignItems: 'center', gap: 20 }}>
+                <span style={{ fontSize: 28, width: 40 }}>{medals[i]}</span>
+                <span style={{ fontSize: 30, fontWeight: 600, color: i === 0 ? '#fde68a' : '#e2e8f0' }}>{u.name}</span>
+              </div>
+              <span style={{ fontSize: 30, fontWeight: 700, color: i === 0 ? '#fde68a' : '#ffffff' }}>{fmt(u.netWorth)}</span>
+            </div>
+          ))}
+        </div>
+
+        {/* Footer */}
+        <div style={{ display: 'flex', justifyContent: 'space-between', color: '#475569', fontSize: 22, marginTop: 32 }}>
+          <span>{host}</span>
+          <span>Trade hashtags like stocks</span>
+        </div>
+      </div>
+    ),
+    { width: W, height: H },
+  )
+}

src/app/api/og/profile/[username]/route.tsx

@@ -0,0 +1,88 @@
+import { ImageResponse } from 'next/og'
+import { prisma } from '@/lib/prisma'
+
+export const runtime = 'nodejs'
+
+const W = 1200
+const H = 630
+
+export async function GET(
+  _req: Request,
+  { params }: { params: { username: string } },
+) {
+  const username = decodeURIComponent(params.username).toLowerCase()
+
+  const user = await prisma.user.findUnique({
+    where: { username },
+    select: {
+      displayUsername: true,
+      balance: true,
+      positions: {
+        where: { shares: { gt: 0 } },
+        select: {
+          positionType: true,
+          shares: true,
+          avgBuyPrice: true,
+          hashtag: { select: { currentPrice: true } },
+        },
+      },
+      _count: { select: { trades: true } },
+    },
+  })
+
+  const displayName = user?.displayUsername ?? username
+  const balance = user?.balance ?? 0
+  const portfolioValue = user?.positions.reduce((sum, p) => sum + p.shares * p.hashtag.currentPrice, 0) ?? 0
+  const netWorth = balance + portfolioValue
+  const unrealizedPnl = user?.positions.reduce((sum, p) => {
+    if (p.positionType === 'LONG') return sum + (p.hashtag.currentPrice - p.avgBuyPrice) * p.shares
+    return sum + (p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
+  }, 0) ?? 0
+  const tradeCount = user?._count.trades ?? 0
+  const openPositions = user?.positions.length ?? 0
+
+  const fmt = (n: number) => new Intl.NumberFormat('en-US', {
+    style: 'currency', currency: 'USD', notation: Math.abs(n) >= 10000 ? 'compact' : 'standard', maximumFractionDigits: 2,
+  }).format(n)
+
+  const pnlColor = unrealizedPnl >= 0 ? '#34d399' : '#f87171'
+  const rawUrl = process.env.NEXTAUTH_URL || 'http://localhost:3000'
+  const host = (() => { try { return new URL(rawUrl).host } catch { return rawUrl } })()
+
+  return new ImageResponse(
+    (
+      <div style={{ width: W, height: H, background: '#0f0f17', display: 'flex', flexDirection: 'column', padding: '60px', fontFamily: 'sans-serif' }}>
+        {/* Branding */}
+        <div style={{ fontSize: 26, color: '#6366f1', marginBottom: 24 }}>HashEx</div>
+
+        {/* Name */}
+        <div style={{ fontSize: 68, fontWeight: 700, color: '#ffffff', marginBottom: 48 }}>
+          {'@' + displayName}
+        </div>
+
+        {/* Stats grid */}
+        <div style={{ display: 'flex', gap: 32, flex: 1 }}>
+          {[
+            { label: 'Net Worth', value: fmt(netWorth), color: '#ffffff' },
+            { label: 'Cash', value: fmt(balance), color: '#94a3b8' },
+            { label: 'Unrealized P&L', value: fmt(unrealizedPnl), color: pnlColor },
+            { label: 'Open Positions', value: String(openPositions), color: '#94a3b8' },
+            { label: 'Total Trades', value: String(tradeCount), color: '#94a3b8' },
+          ].map(({ label, value, color }) => (
+            <div key={label} style={{ display: 'flex', flexDirection: 'column', background: '#1a1a2e', border: '1px solid #1e2035', borderRadius: 16, padding: '24px 28px', flex: 1 }}>
+              <div style={{ fontSize: 18, color: '#475569', marginBottom: 8 }}>{label}</div>
+              <div style={{ fontSize: 30, fontWeight: 700, color }}>{value}</div>
+            </div>
+          ))}
+        </div>
+
+        {/* Footer */}
+        <div style={{ display: 'flex', justifyContent: 'space-between', color: '#475569', fontSize: 22, marginTop: 40 }}>
+          <span>{host}</span>
+          <span>Trade hashtags like stocks</span>
+        </div>
+      </div>
+    ),
+    { width: W, height: H },
+  )
+}

src/app/api/trade/route.ts

@@ -2,7 +2,7 @@ import { NextRequest, NextResponse } from 'next/server'
 import { getServerSession } from 'next-auth'
 import { authOptions } from '@/lib/auth'
 import { prisma } from '@/lib/prisma'
-import { calcTrade } from '@/lib/pricing'
+import { calcTrade, round2 } from '@/lib/pricing'
 import { formatCurrency } from '@/lib/utils'
 import { z } from 'zod'
 
@@ -105,7 +105,7 @@ export async function POST(req: NextRequest) {
     // Update user balance
     await tx.user.update({
       where: { id: user.id },
-      data: { balance: { increment: balanceDelta } },
+      data: { balance: { increment: round2(balanceDelta) } },
     })
 
     // Update / create position

src/app/api/user/me/reset/route.ts

@@ -2,6 +2,7 @@ import { NextRequest, NextResponse } from 'next/server'
 import { getServerSession } from 'next-auth'
 import { authOptions } from '@/lib/auth'
 import { prisma } from '@/lib/prisma'
+import { calcFundNav, round2 } from '@/lib/pricing'
 
 const STARTING_BALANCE = 2000
 
@@ -30,7 +31,33 @@ export async function POST(req: NextRequest) {
     select: {
       balance: true,
       isFund: true,
-      fundInvestments: { select: { fundId: true, shares: true } },
+      fundInvestments: {
+        where: { shares: { gt: 0 } },
+        select: {
+          fundId: true,
+          shares: true,
+          fund: {
+            select: {
+              userId: true,
+              sharesOutstanding: true,
+              user: {
+                select: {
+                  balance: true,
+                  positions: {
+                    where: { shares: { gt: 0 } },
+                    select: {
+                      shares: true,
+                      avgBuyPrice: true,
+                      positionType: true,
+                      hashtag: { select: { currentPrice: true } },
+                    },
+                  },
+                },
+              },
+            },
+          },
+        },
+      },
       positions: {
         where: { shares: { gt: 0 } },
         select: {
@@ -51,20 +78,48 @@ export async function POST(req: NextRequest) {
     const val =
       p.positionType === 'LONG'
         ? p.shares * p.hashtag.currentPrice
-        : p.avgBuyPrice * p.shares - (p.hashtag.currentPrice - p.avgBuyPrice) * p.shares
+        : (2 * p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
     return sum + val
   }, 0)
-  const totalValue = user.balance + portfolioValue
+  const fundInvestmentValue = user.fundInvestments.reduce((sum, inv) => {
+    const fundPortfolioValue = inv.fund.user.positions.reduce((psum, p) => {
+      const val =
+        p.positionType === 'LONG'
+          ? p.shares * p.hashtag.currentPrice
+          : (2 * p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
+      return psum + val
+    }, 0)
+    const fundTotalValue = inv.fund.user.balance + fundPortfolioValue
+    const nav = calcFundNav(fundTotalValue, inv.fund.sharesOutstanding)
+    return sum + Math.max(0, inv.shares * nav)
+  }, 0)
+  const totalValue = user.balance + portfolioValue + fundInvestmentValue
 
-  // Forfeit all fund investments — decrement each fund's sharesOutstanding
+  // Forfeit all fund investments — decrement sharesOutstanding and withdraw cash from fund
   const fundUpdates = user.fundInvestments
     .filter((inv) => inv.shares > 0)
-    .map((inv) =>
+    .flatMap((inv) => {
+      const fundPortfolioValue = inv.fund.user.positions.reduce((psum, p) => {
+        const val =
+          p.positionType === 'LONG'
+            ? p.shares * p.hashtag.currentPrice
+            : (2 * p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
+        return psum + val
+      }, 0)
+      const fundTotalValue = inv.fund.user.balance + fundPortfolioValue
+      const nav = calcFundNav(fundTotalValue, inv.fund.sharesOutstanding)
+      const payout = Math.max(0, round2(inv.shares * nav))
+      return [
         prisma.hedgeFund.update({
           where: { id: inv.fundId },
           data: { sharesOutstanding: { decrement: inv.shares } },
         }),
-    )
+        prisma.user.update({
+          where: { id: inv.fund.userId },
+          data: { balance: { decrement: payout } },
+        }),
+      ]
+    })
 
   const tradeOps = keepHistory
     ? [

src/app/api/user/me/route.ts

@@ -2,7 +2,7 @@ import { NextRequest, NextResponse } from 'next/server'
 import { getServerSession } from 'next-auth'
 import { authOptions } from '@/lib/auth'
 import { prisma } from '@/lib/prisma'
-import { calcFundNav } from '@/lib/pricing'
+import { calcFundNav, round2 } from '@/lib/pricing'
 
 const USERNAME_RE = /^[a-z0-9_]{3,20}$/ // validated after toLowerCase
 
@@ -135,11 +135,11 @@ export async function DELETE() {
     const portfolioValue = fund.user.positions.reduce((sum, p) => {
       const val = p.positionType === 'LONG'
         ? p.shares * p.hashtag.currentPrice
-        : p.avgBuyPrice * p.shares - (p.hashtag.currentPrice - p.avgBuyPrice) * p.shares
+        : (2 * p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
       return sum + val
     }, 0)
     const nav = calcFundNav(fund.user.balance + portfolioValue, fund.sharesOutstanding)
-    const payout = inv.shares * nav
+    const payout = round2(Math.max(0, inv.shares * nav))
     await prisma.$transaction([
       prisma.user.update({ where: { id: fund.userId }, data: { balance: { decrement: payout } } }),
       prisma.hedgeFund.update({ where: { id: fund.id }, data: { sharesOutstanding: { decrement: inv.shares } } }),

src/app/fund/[slug]/InvestPanel.tsx

@@ -136,7 +136,7 @@ export default function InvestPanel({ fundSlug, nav, userBalance, userShares, us
             </div>
             {amountNum >= 1 && (
               <p className="text-xs text-slate-400">
-                You&apos;ll receive ≈ <span className="text-white font-medium">{previewShares.toFixed(4)} shares</span>
+                  You&apos;ll receive ≈ <span className="text-white font-medium">{previewShares.toFixed(6)} shares</span>
               </p>
             )}
             <button
@@ -154,7 +154,7 @@ export default function InvestPanel({ fundSlug, nav, userBalance, userShares, us
               <input
                 type="number"
                 min="0"
-                step="0.0001"
+                step="0.000001"
                 max={userShares}
                 value={shares}
                 onChange={(e) => setShares(e.target.value)}
@@ -167,7 +167,7 @@ export default function InvestPanel({ fundSlug, nav, userBalance, userShares, us
                   onClick={() => setShares(String(userShares))}
                   className="text-xs text-indigo-400 hover:text-indigo-300 mt-1"
                 >
-                  Max ({userShares.toFixed(4)})
+                  Max ({userShares.toFixed(6)})
                 </button>
               )}
             </div>

src/app/fund/[slug]/page.tsx

@@ -11,8 +11,28 @@ import { calcFundNav } from '@/lib/pricing'
 import InvestPanel from './InvestPanel'
 import { PriceChart } from '@/components/PriceChart'
 
+import type { Metadata } from 'next'
+
 export const dynamic = 'force-dynamic'
 
+export async function generateMetadata({ params }: { params: { slug: string } }): Promise<Metadata> {
+  const slug = decodeURIComponent(params.slug).toLowerCase()
+  const fund = await prisma.hedgeFund.findUnique({
+    where: { slug },
+    select: { name: true },
+  })
+  const name = fund?.name ?? slug
+  const title = `${name} — HashEx Hedge Fund`
+  const description = `${name} is a hedge fund on HashEx trading Mastodon hashtags. View their portfolio, NAV, and performance.`
+  const imageUrl = `/api/og/fund/${encodeURIComponent(slug)}`
+  return {
+    title,
+    description,
+    openGraph: { title, description, images: [{ url: imageUrl, width: 1200, height: 630, alt: `${name} fund overview` }] },
+    twitter: { card: 'summary_large_image', title, description, images: [imageUrl] },
+  }
+}
+
 export default async function FundPage({ params }: { params: { slug: string } }) {
   const session = await getServerSession(authOptions)
   const slug = decodeURIComponent(params.slug).toLowerCase()
@@ -147,7 +167,7 @@ export default async function FundPage({ params }: { params: { slug: string } })
             Search for a hashtag below and trade using the fund&apos;s balance.
             All positions and profit belong to the fund.
           </p>
-          <div className="flex gap-2">
+          <div className="flex flex-wrap gap-2">
             {positions.map((p) => (
               <Link
                 key={p.id}

src/app/fund/apply/FundApplicationClient.tsx

@@ -0,0 +1,156 @@
+'use client'
+
+import { useState } from 'react'
+import { useRouter } from 'next/navigation'
+import Link from 'next/link'
+import { Building2, Clock, CheckCircle } from 'lucide-react'
+
+interface Props {
+  existing: { fundName: string; reason: string; createdAt: string } | null
+  managedFund: { name: string; slug: string } | null
+}
+
+export default function FundApplicationClient({ existing, managedFund }: Props) {
+  const router = useRouter()
+  const [fundName, setFundName] = useState('')
+  const [reason, setReason] = useState('')
+  const [error, setError] = useState('')
+  const [loading, setLoading] = useState(false)
+  const [withdrawing, setWithdrawing] = useState(false)
+
+  // Pending application
+  if (existing) {
+    async function withdraw() {
+      setWithdrawing(true)
+      await fetch('/api/fund-applications', { method: 'DELETE' })
+      setWithdrawing(false)
+      router.refresh()
+    }
+
+    return (
+      <div className="space-y-4">
+        {managedFund && (
+          <div className="bg-surface-card border border-surface-border rounded-xl p-4 flex items-start gap-3">
+            <CheckCircle className="h-4 w-4 text-green-400 mt-0.5 shrink-0" />
+            <p className="text-sm text-slate-400">
+              You already manage{' '}
+              <Link href={`/fund/${managedFund.slug}`} className="text-indigo-400 hover:text-indigo-300 underline underline-offset-2">
+                {managedFund.name}
+              </Link>
+              . You can still apply for an additional fund.
+            </p>
+          </div>
+        )}
+        <div className="bg-surface-card border border-indigo-500/30 rounded-xl p-6 space-y-4">
+          <div className="flex items-center gap-3">
+            <Clock className="h-5 w-5 text-amber-400" />
+            <p className="font-medium">Application pending review</p>
+          </div>
+          <div className="space-y-2 text-sm">
+            <div>
+              <span className="text-slate-500 text-xs uppercase tracking-wide">Fund Name</span>
+              <p className="text-white mt-0.5">{existing.fundName}</p>
+            </div>
+            <div>
+              <span className="text-slate-500 text-xs uppercase tracking-wide">Reason</span>
+              <p className="text-slate-300 mt-0.5 whitespace-pre-wrap">{existing.reason}</p>
+            </div>
+            <p className="text-xs text-slate-500">
+              Submitted {new Date(existing.createdAt).toLocaleDateString()}
+            </p>
+          </div>
+          <button
+            onClick={withdraw}
+            disabled={withdrawing}
+            className="text-xs text-red-400 hover:text-red-300 transition-colors disabled:opacity-50"
+          >
+            {withdrawing ? 'Withdrawing…' : 'Withdraw application'}
+          </button>
+        </div>
+      </div>
+    )
+  }
+
+  // Submit form
+  async function handleSubmit(e: React.FormEvent) {
+    e.preventDefault()
+    if (!fundName.trim() || !reason.trim()) return
+    setLoading(true)
+    setError('')
+    const res = await fetch('/api/fund-applications', {
+      method: 'POST',
+      headers: { 'Content-Type': 'application/json' },
+      body: JSON.stringify({ fundName: fundName.trim(), reason: reason.trim() }),
+    })
+    const data = await res.json()
+    setLoading(false)
+    if (!res.ok) { setError(data.error ?? 'Failed to submit'); return }
+    router.refresh()
+  }
+
+  return (
+    <div className="space-y-4">
+      {managedFund && (
+        <div className="bg-surface-card border border-surface-border rounded-xl p-4 flex items-start gap-3">
+          <CheckCircle className="h-4 w-4 text-green-400 mt-0.5 shrink-0" />
+          <p className="text-sm text-slate-400">
+            You already manage{' '}
+            <Link href={`/fund/${managedFund.slug}`} className="text-indigo-400 hover:text-indigo-300 underline underline-offset-2">
+              {managedFund.name}
+            </Link>
+            . You can still apply for an additional fund below.
+          </p>
+        </div>
+      )}
+      <form onSubmit={handleSubmit} className="bg-surface-card border border-surface-border rounded-xl p-6 space-y-4">
+        <div className="flex items-center gap-2 text-slate-300">
+          <Building2 className="h-5 w-5 text-indigo-400" />
+          <span className="font-medium">New Fund Application</span>
+        </div>
+
+        {error && (
+          <p className="text-red-400 text-sm bg-red-400/10 border border-red-400/20 rounded-lg px-3 py-2">{error}</p>
+        )}
+
+        <div>
+          <label className="text-xs text-slate-500 uppercase tracking-wide block mb-1">
+            Fund Name <span className="normal-case">(max 60 chars)</span>
+          </label>
+          <input
+            value={fundName}
+            onChange={(e) => setFundName(e.target.value)}
+            maxLength={60}
+            placeholder="TechAlpha Capital"
+            required
+            className="w-full bg-surface border border-surface-border rounded-lg px-3 py-2 text-sm focus:outline-none focus:ring-2 focus:ring-indigo-500"
+          />
+        </div>
+
+        <div>
+          <label className="text-xs text-slate-500 uppercase tracking-wide block mb-1">
+            Why do you want to run this fund?
+          </label>
+          <textarea
+            value={reason}
+            onChange={(e) => setReason(e.target.value)}
+            rows={5}
+            minLength={10}
+            maxLength={1000}
+            placeholder="Describe your strategy, what hashtags you plan to focus on, and why you'd be a good fund manager…"
+            required
+            className="w-full bg-surface border border-surface-border rounded-lg px-3 py-2 text-sm focus:outline-none focus:ring-2 focus:ring-indigo-500 resize-none"
+          />
+          <p className="text-xs text-slate-600 mt-0.5 text-right">{reason.length}/1000</p>
+        </div>
+
+        <button
+          type="submit"
+          disabled={loading || !fundName.trim() || reason.trim().length < 10}
+          className="w-full py-2 bg-indigo-600 hover:bg-indigo-500 text-white text-sm font-medium rounded-lg disabled:opacity-50 transition-colors"
+        >
+          {loading ? 'Submitting…' : 'Submit Application'}
+        </button>
+      </form>
+    </div>
+  )
+}

src/app/fund/apply/page.tsx

@@ -0,0 +1,35 @@
+import { getServerSession } from 'next-auth'
+import { authOptions } from '@/lib/auth'
+import { redirect } from 'next/navigation'
+import { prisma } from '@/lib/prisma'
+import FundApplicationClient from './FundApplicationClient'
+
+export const dynamic = 'force-dynamic'
+
+export default async function FundApplyPage() {
+  const session = await getServerSession(authOptions)
+  if (!session) redirect('/auth/signin?callbackUrl=/fund/apply')
+
+  const [application, managedFund] = await Promise.all([
+    prisma.fundApplication.findUnique({ where: { userId: session.user.id } }),
+    prisma.fundManager.findFirst({
+      where: { userId: session.user.id },
+      include: { fund: { select: { name: true, slug: true } } },
+    }),
+  ])
+
+  return (
+    <div className="max-w-xl mx-auto space-y-6 py-8">
+      <div>
+        <h1 className="text-2xl font-bold">Apply for a Hedge Fund</h1>
+        <p className="text-slate-400 text-sm mt-1">
+          Propose a new fund. Admins will review your application and approve or deny it.
+        </p>
+      </div>
+      <FundApplicationClient
+        existing={application ? { fundName: application.fundName, reason: application.reason, createdAt: application.createdAt.toISOString() } : null}
+        managedFund={managedFund ? { name: managedFund.fund.name, slug: managedFund.fund.slug } : null}
+      />
+    </div>
+  )
+}

src/app/hashtag/[tag]/TradePanel.tsx

@@ -2,6 +2,7 @@
 
 import { useState } from 'react'
 import { useRouter } from 'next/navigation'
+import Link from 'next/link'
 import { formatCurrency, formatNumber } from '@/lib/utils'
 
 interface Props {
@@ -11,18 +12,20 @@ interface Props {
   shortPosition: { shares: number; avgBuyPrice: number } | null
   fundId?: string
   fundName?: string
+  managedFunds?: { slug: string; name: string }[]
   maxPositionShares: number
   maxPositionValue: number
 }
 
 type Tab = 'BUY_LONG' | 'SELL_LONG' | 'BUY_SHORT' | 'SELL_SHORT'
 
-export function TradePanel({ hashtag, balance, longPosition, shortPosition, fundId, fundName, maxPositionShares, maxPositionValue }: Props) {
+export function TradePanel({ hashtag, balance, longPosition, shortPosition, fundId, fundName, managedFunds, maxPositionShares, maxPositionValue }: Props) {
   const router = useRouter()
   const [tab, setTab] = useState<Tab>('BUY_LONG')
   const [shares, setShares] = useState('')
   const [loading, setLoading] = useState(false)
   const [error, setError] = useState('')
+  const [showFundMenu, setShowFundMenu] = useState(false)
 
   const sharesNum = parseFloat(shares) || 0
   const cost = sharesNum * hashtag.currentPrice
@@ -65,13 +68,53 @@ export function TradePanel({ hashtag, balance, longPosition, shortPosition, fund
 
   return (
     <div className="bg-surface-card border border-surface-border rounded-xl p-6 space-y-5">
-      {fundName && (
+      {fundName ? (
         <div className="flex items-center gap-2 text-xs bg-indigo-500/10 border border-indigo-500/30 rounded-lg px-3 py-2 text-indigo-300">
-          <span className="text-lg">🏦</span>
+          <span className="text-base">🏦</span>
-          Trading as <span className="font-semibold">{fundName}</span>
+          <span>Trading as <span className="font-semibold">{fundName}</span></span>
-          <span className="text-indigo-500 ml-auto">Fund mode</span>
+          <Link
+            href={`/hashtag/${hashtag.tag}`}
+            className="ml-auto text-indigo-400 hover:text-indigo-200 transition-colors"
+          >
+            Exit fund mode ×
+          </Link>
+        </div>
+      ) : managedFunds && managedFunds.length === 1 ? (
+        <Link
+          href={`/hashtag/${hashtag.tag}?fund=${encodeURIComponent(managedFunds[0].slug)}`}
+          className="flex items-center gap-2 text-xs border border-surface-border rounded-lg px-3 py-2 text-slate-400 hover:text-slate-200 hover:bg-surface transition-colors"
+        >
+          <span className="text-base">🏦</span>
+          <span>Trade as <span className="font-medium text-slate-200">{managedFunds[0].name}</span></span>
+          <span className="ml-auto">→</span>
+        </Link>
+      ) : managedFunds && managedFunds.length > 1 ? (
+        <div className="text-xs border border-surface-border rounded-lg overflow-hidden">
+          <button
+            type="button"
+            onClick={() => setShowFundMenu((v) => !v)}
+            className="w-full flex items-center gap-2 px-3 py-2 text-slate-400 hover:text-slate-200 hover:bg-surface transition-colors"
+          >
+            <span className="text-base">🏦</span>
+            <span>Trade as a fund</span>
+            <span className="ml-auto text-slate-600">{showFundMenu ? '▲' : '▼'}</span>
+          </button>
+          {showFundMenu && (
+            <div className="border-t border-surface-border divide-y divide-surface-border">
+              {managedFunds.map((f) => (
+                <Link
+                  key={f.slug}
+                  href={`/hashtag/${hashtag.tag}?fund=${encodeURIComponent(f.slug)}`}
+                  className="flex items-center justify-between px-3 py-2 font-medium text-indigo-300 hover:text-indigo-200 hover:bg-surface transition-colors"
+                >
+                  <span>{f.name}</span>
+                  <span className="text-slate-500">→</span>
+                </Link>
+              ))}
             </div>
           )}
+        </div>
+      ) : null}
       <div className="flex items-center justify-between">
         <h2 className="font-semibold">Trade #{hashtag.displayTag}</h2>
         <span className="text-sm text-slate-400">
@@ -85,7 +128,7 @@ export function TradePanel({ hashtag, balance, longPosition, shortPosition, fund
           <button
             key={t}
             onClick={() => { setTab(t); setShares(''); setError('') }}
-            className={`flex-1 text-xs py-1.5 rounded-md font-medium transition-colors ${
+            className={`flex-1 text-xs py-1.5 rounded-md font-medium transition-colors leading-tight ${
               tab === t
                 ? t.startsWith('BUY')
                   ? 'bg-emerald-600 text-white'
@@ -93,7 +136,9 @@ export function TradePanel({ hashtag, balance, longPosition, shortPosition, fund
                 : 'text-slate-400 hover:text-slate-200'
             }`}
           >
-            {t.replace('_', ' ')}
+            <span className="block sm:inline">{t.split('_')[0]}</span>
+            <span className="hidden sm:inline"> </span>
+            <span className="block sm:inline">{t.split('_')[1]}</span>
           </button>
         ))}
       </div>
@@ -102,23 +147,35 @@ export function TradePanel({ hashtag, balance, longPosition, shortPosition, fund
       <div className="grid grid-cols-2 gap-3 text-sm">
         <div className="bg-surface rounded-lg p-3">
           <p className="text-slate-500 text-xs mb-1">LONG position</p>
-          {longPosition ? (
+          {longPosition ? (() => {
+            const pnl = (hashtag.currentPrice - longPosition.avgBuyPrice) * longPosition.shares
+            return (
               <>
                 <p className="font-medium">{formatNumber(longPosition.shares)} shares</p>
                 <p className="text-slate-400 text-xs">avg {formatCurrency(longPosition.avgBuyPrice)}</p>
+                <p className={`text-xs font-medium mt-1 ${pnl >= 0 ? 'text-emerald-400' : 'text-red-400'}`}>
+                  {pnl >= 0 ? '+' : ''}{formatCurrency(pnl)}
+                </p>
               </>
-          ) : (
+            )
+          })() : (
             <p className="text-slate-600">None</p>
           )}
         </div>
         <div className="bg-surface rounded-lg p-3">
           <p className="text-slate-500 text-xs mb-1">SHORT position</p>
-          {shortPosition ? (
+          {shortPosition ? (() => {
+            const pnl = (shortPosition.avgBuyPrice - hashtag.currentPrice) * shortPosition.shares
+            return (
               <>
                 <p className="font-medium">{formatNumber(shortPosition.shares)} shares</p>
                 <p className="text-slate-400 text-xs">avg {formatCurrency(shortPosition.avgBuyPrice)}</p>
+                <p className={`text-xs font-medium mt-1 ${pnl >= 0 ? 'text-emerald-400' : 'text-red-400'}`}>
+                  {pnl >= 0 ? '+' : ''}{formatCurrency(pnl)}
+                </p>
               </>
-          ) : (
+            )
+          })() : (
             <p className="text-slate-600">None</p>
           )}
         </div>

src/app/hashtag/[tag]/page.tsx

@@ -18,6 +18,8 @@ const MAX_POSITION_VALUE       = parseInt(process.env.MAX_POSITION_VALUE
 const FUND_MAX_POSITION_SHARES = parseInt(process.env.FUND_MAX_POSITION_SHARES  ?? '1000',  10)
 const FUND_MAX_POSITION_VALUE  = parseInt(process.env.FUND_MAX_POSITION_VALUE   ?? '10000', 10)
 
+import type { Metadata } from 'next'
+
 export const dynamic = 'force-dynamic'
 
 interface Props {
@@ -25,6 +27,51 @@ interface Props {
   searchParams: { fund?: string }
 }
 
+export async function generateMetadata({ params }: Props): Promise<Metadata> {
+  const tag = decodeURIComponent(params.tag).toLowerCase().replace(/^#+/, '')
+  const hashtag = await prisma.hashtag.findUnique({
+    where: { tag },
+    select: {
+      displayTag: true,
+      currentPrice: true,
+      isActive: true,
+      priceHistory: { orderBy: { recordedAt: 'desc' }, take: 2, select: { price: true } },
+    },
+  })
+
+  const displayTag = hashtag?.displayTag ?? tag
+  const price = hashtag?.currentPrice ?? 0
+  const prevPrice = hashtag?.priceHistory[1]?.price ?? null
+  const changePct = prevPrice && prevPrice > 0
+    ? ((price - prevPrice) / prevPrice) * 100
+    : null
+  const priceStr = new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD', minimumFractionDigits: 2 }).format(price)
+  const changeStr = changePct !== null
+    ? ` ${changePct >= 0 ? '▲' : '▼'} ${Math.abs(changePct).toFixed(2)}%`
+    : ''
+  const status = hashtag?.isActive === false ? ' · inactive' : ''
+
+  const title = `#${displayTag} — ${priceStr}${changeStr}`
+  const description = `Trade #${displayTag} on HashEx. Current price: ${priceStr}${changeStr}${status}. Prices driven by real Mastodon activity.`
+  const imageUrl = `/api/og/hashtag/${encodeURIComponent(tag)}`
+
+  return {
+    title,
+    description,
+    openGraph: {
+      title,
+      description,
+      images: [{ url: imageUrl, width: 1200, height: 630, alt: `#${displayTag} price chart` }],
+    },
+    twitter: {
+      card: 'summary_large_image',
+      title,
+      description,
+      images: [imageUrl],
+    },
+  }
+}
+
 export default async function HashtagPage({ params, searchParams }: Props) {
   const session = await getServerSession(authOptions)
   const tag = decodeURIComponent(params.tag).toLowerCase().replace(/^#+/, '')
@@ -35,11 +82,11 @@ export default async function HashtagPage({ params, searchParams }: Props) {
       where: { tag },
       include: {
         priceHistory: {
-          orderBy: { recordedAt: 'asc' },
+          orderBy: { recordedAt: 'desc' },
-          take: 200,
+          take: 192, // 192 updates = 2 days of 15-min intervals
         },
         _count: {
-          select: { positions: true },
+          select: { positions: { where: { shares: { gt: 0 } } } },
         },
         relatedFrom: {
           orderBy: { coOccurrences: 'desc' },
@@ -84,6 +131,16 @@ export default async function HashtagPage({ params, searchParams }: Props) {
     }
   }
 
+  // When not in fund mode, fetch funds this user manages for the fund-mode switcher
+  let managedFunds: { slug: string; name: string }[] = []
+  if (session && !fundContext) {
+    const managerships = await prisma.fundManager.findMany({
+      where: { userId: session.user.id },
+      include: { fund: { select: { slug: true, name: true } } },
+    })
+    managedFunds = managerships.map((m) => ({ slug: m.fund.slug, name: m.fund.name }))
+  }
+
   // Unknown hashtag — show research panel
   if (!hashtag || !hashtag.isActive) {
     return (
@@ -154,7 +211,7 @@ export default async function HashtagPage({ params, searchParams }: Props) {
       <div className="bg-surface-card border border-surface-border rounded-xl p-4">
         <h2 className="text-sm font-medium text-slate-400 mb-4">Price History</h2>
         <PriceChart
-          data={hashtag.priceHistory.map((p) => ({ ...p, recordedAt: p.recordedAt.toISOString() }))}
+          data={hashtag.priceHistory.slice().reverse().map((p) => ({ ...p, recordedAt: p.recordedAt.toISOString() }))}
           height={280}
         />
       </div>
@@ -199,6 +256,7 @@ export default async function HashtagPage({ params, searchParams }: Props) {
           fundName={fundContext?.name}
           maxPositionShares={fundContext ? FUND_MAX_POSITION_SHARES : MAX_POSITION_SHARES}
           maxPositionValue={fundContext ? FUND_MAX_POSITION_VALUE : MAX_POSITION_VALUE}
+          managedFunds={managedFunds}
         />
       ) : (
         <div className="bg-surface-card border border-surface-border rounded-xl p-6 text-center">

src/app/history/page.tsx

@@ -30,6 +30,7 @@ export default async function TradeHistoryPage({ searchParams }: PageProps) {
       skip: (page - 1) * PAGE_SIZE,
       include: {
         hashtag: { select: { tag: true, displayTag: true } },
+        fund: { select: { name: true, slug: true } },
       },
     }),
   ])
@@ -61,6 +62,7 @@ export default async function TradeHistoryPage({ searchParams }: PageProps) {
                 const isLottery = t.type === 'LOTTERY_WIN'
                 const isLiquidation = t.type === 'LIQUIDATE_LONG' || t.type === 'LIQUIDATE_SHORT'
                 const isSystemReset = t.type === 'DONATION' || t.type === 'BANKRUPTCY' || t.type === 'ACCOUNT_OPEN'
+                const isFundTrade = t.type === 'FUND_INVEST' || t.type === 'FUND_REDEEM'
                 return (
                   <div key={t.id} className="flex items-center justify-between px-4 py-3 text-sm">
                     <div className="flex items-center gap-3">
@@ -74,6 +76,8 @@ export default async function TradeHistoryPage({ searchParams }: PageProps) {
                                 ? 'bg-purple-500/15 text-purple-400'
                                 : t.type === 'ACCOUNT_OPEN'
                                   ? 'bg-emerald-500/15 text-emerald-400'
+                                  : isFundTrade
+                                    ? 'bg-indigo-500/15 text-indigo-400'
                                     : t.type.startsWith('BUY')
                                       ? 'bg-emerald-500/15 text-emerald-400'
                                       : 'bg-red-500/15 text-red-400'
@@ -92,6 +96,14 @@ export default async function TradeHistoryPage({ searchParams }: PageProps) {
                                 ? 'Bankruptcy declared'
                                 : 'Account opened'}
                           </span>
+                        ) : isFundTrade ? (
+                          t.fund ? (
+                            <Link href={`/fund/${t.fund.slug}`} className="hover:text-indigo-300">
+                              {t.fund.name}
+                            </Link>
+                          ) : (
+                            <span className="text-slate-500">Deleted Fund</span>
+                          )
                         ) : (
                           <Link
                             href={`/hashtag/${t.hashtag!.tag}`}
@@ -113,6 +125,14 @@ export default async function TradeHistoryPage({ searchParams }: PageProps) {
                           <p className="text-slate-500">{formatCurrency(t.total)}</p>
                           <p className={`text-xs ${pnlColor(t.profit)}`}>{formatPnl(t.profit)}</p>
                         </>
+                      ) : isFundTrade ? (
+                        <>
+                          <p>{formatNumber(t.shares, 6)} sh @ {formatCurrency(t.price)}</p>
+                          <p className="text-xs text-slate-500">{formatCurrency(t.total)}</p>
+                          {t.type === 'FUND_REDEEM' && (
+                            <p className={`text-xs ${pnlColor(t.profit)}`}>{formatPnl(t.profit)}</p>
+                          )}
+                        </>
                       ) : (
                         <>
                           <p>{formatNumber(t.shares)} sh @ {formatCurrency(t.price)}</p>

src/app/icon.svg

@@ -0,0 +1,13 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32 32">
+  <!-- dark indigo rounded background -->
+  <rect width="32" height="32" rx="7" fill="#1e1b4b"/>
+  <!-- # symbol — slightly angled vertical bars, two horizontal bars -->
+  <!-- left vertical bar (slants slightly: top-right to bottom-left) -->
+  <line x1="12" y1="6" x2="10" y2="26" stroke="#a5b4fc" stroke-width="2.8" stroke-linecap="round"/>
+  <!-- right vertical bar -->
+  <line x1="20" y1="6" x2="18" y2="26" stroke="#a5b4fc" stroke-width="2.8" stroke-linecap="round"/>
+  <!-- upper horizontal bar -->
+  <line x1="6"  y1="13" x2="26" y2="13" stroke="#a5b4fc" stroke-width="2.8" stroke-linecap="round"/>
+  <!-- lower horizontal bar -->
+  <line x1="5"  y1="20" x2="25" y2="20" stroke="#a5b4fc" stroke-width="2.8" stroke-linecap="round"/>
+</svg>

src/app/layout.tsx

@@ -7,6 +7,7 @@ import { Navbar } from '@/components/Navbar'
 const inter = Inter({ subsets: ['latin'] })
 
 export const metadata: Metadata = {
+  metadataBase: new URL(process.env.NEXTAUTH_URL ?? 'http://localhost:3000'),
   title: 'HashEx — The Hashtag Exchange',
   description: 'Trade hashtags like stocks. Prices driven by real Mastodon activity.',
 }

src/app/leaderboard/page.tsx

@@ -7,8 +7,26 @@ import Link from 'next/link'
 import { Trophy, TrendingUp, TrendingDown, Building2, Users } from 'lucide-react'
 import { AutoRefresh } from '@/components/AutoRefresh'
 
+import type { Metadata } from 'next'
+
 export const dynamic = 'force-dynamic'
 
+export const metadata: Metadata = {
+  title: 'Leaderboard — HashEx',
+  description: 'Top traders by net worth on HashEx, the hashtag stock exchange.',
+  openGraph: {
+    title: 'Leaderboard — HashEx',
+    description: 'Top traders by net worth on HashEx, the hashtag stock exchange.',
+    images: [{ url: '/api/og/leaderboard', width: 1200, height: 630, alt: 'HashEx leaderboard' }],
+  },
+  twitter: {
+    card: 'summary_large_image',
+    title: 'Leaderboard — HashEx',
+    description: 'Top traders by net worth on HashEx, the hashtag stock exchange.',
+    images: ['/api/og/leaderboard'],
+  },
+}
+
 async function getLeaderboard() {
   const users = await prisma.user.findMany({
     where: { isFund: false, isHidden: false },

src/app/page.tsx

@@ -104,6 +104,9 @@ export default async function HomePage() {
           Trade hashtags like stocks. Prices are driven by real-time activity on Mastodon.
           Research a tag to unlock it, then buy long or short.
         </p>
+        <Link href="/about" className="inline-block mt-2 text-sm text-indigo-400 hover:text-indigo-300 underline underline-offset-2 whitespace-nowrap">
+          Learn more →
+        </Link>
         <div className="flex justify-center gap-4 mt-6">
           {session ? (
             <>
@@ -180,6 +183,12 @@ export default async function HomePage() {
           <h2 className="text-lg font-semibold mb-4 flex items-center gap-2">
             <TrendingUp className="h-5 w-5 text-indigo-400" />
             Your top positions
+            <Link
+              href="/positions"
+              className="ml-auto text-sm font-normal text-indigo-400 hover:text-indigo-300"
+            >
+              View all →
+            </Link>
           </h2>
           <div className="grid grid-cols-1 sm:grid-cols-2 gap-4">
             {holdings.biggestGain && (

src/app/positions/page.tsx

@@ -3,6 +3,7 @@ import { getServerSession } from 'next-auth'
 import { authOptions } from '@/lib/auth'
 import { redirect } from 'next/navigation'
 import { formatCurrency, formatNumber, formatPnl, pnlColor } from '@/lib/utils'
+import { calcFundNav } from '@/lib/pricing'
 import Link from 'next/link'
 import { Coins, ChevronUp, ChevronDown, ChevronsUpDown } from 'lucide-react'
 import { AutoRefresh } from '@/components/AutoRefresh'
@@ -87,7 +88,7 @@ export default async function PositionsPage({
           displayTag: true,
           currentPrice: true,
           priceHistory: {
-            orderBy: { recordedAt: 'asc' },
+            orderBy: { recordedAt: 'desc' },
             take: 20,
             select: { price: true },
           },
@@ -96,6 +97,49 @@ export default async function PositionsPage({
     },
   })
 
+  const rawFundInvestments = await prisma.fundInvestment.findMany({
+    where: { userId: session.user.id, shares: { gt: 0 } },
+    include: {
+      fund: {
+        select: {
+          name: true,
+          slug: true,
+          sharesOutstanding: true,
+          user: {
+            select: {
+              balance: true,
+              positions: {
+                where: { shares: { gt: 0 } },
+                select: {
+                  shares: true,
+                  avgBuyPrice: true,
+                  positionType: true,
+                  hashtag: { select: { currentPrice: true } },
+                },
+              },
+            },
+          },
+        },
+      },
+    },
+  })
+
+  const fundHoldings = rawFundInvestments.map((inv) => {
+    const fundPortfolioValue = inv.fund.user.positions.reduce((sum, p) => {
+      const val = p.positionType === 'LONG'
+        ? p.shares * p.hashtag.currentPrice
+        : (2 * p.avgBuyPrice - p.hashtag.currentPrice) * p.shares
+      return sum + val
+    }, 0)
+    const fundTotalValue = inv.fund.user.balance + fundPortfolioValue
+    const nav = calcFundNav(fundTotalValue, inv.fund.sharesOutstanding)
+    const currentValue = inv.shares * nav
+    const costBasis = inv.shares * inv.avgNavAtBuy
+    const pnl = currentValue - costBasis
+    const pnlPct = costBasis > 0 ? (pnl / costBasis) * 100 : 0
+    return { ...inv, nav, currentValue, costBasis, pnl, pnlPct }
+  })
+
   const positions = rawPositions.map((pos) => {
     const pnl =
       pos.positionType === 'LONG'
@@ -104,7 +148,7 @@ export default async function PositionsPage({
     const costBasis = pos.avgBuyPrice * pos.shares
     const currentValue = pos.hashtag.currentPrice * pos.shares
     const pnlPct = costBasis > 0 ? (pnl / costBasis) * 100 : 0
-    const sparkPrices = pos.hashtag.priceHistory.map((h) => h.price)
+    const sparkPrices = pos.hashtag.priceHistory.slice().reverse().map((h) => h.price)
     return { ...pos, pnl, costBasis, currentValue, pnlPct, sparkPrices }
   })
 
@@ -137,7 +181,7 @@ export default async function PositionsPage({
         <h1 className="text-2xl font-bold">Open Positions</h1>
       </div>
 
-      {positions.length === 0 ? (
+      {positions.length === 0 && fundHoldings.length === 0 ? (
         <div className="text-center py-16 text-slate-500">
           <Coins className="h-12 w-12 mx-auto mb-3 opacity-30" />
           <p>You have no open positions.</p>
@@ -206,6 +250,41 @@ export default async function PositionsPage({
           </div>
         </div>
       )}
+
+      {fundHoldings.length > 0 && (
+        <div className="bg-surface-card border border-surface-border rounded-xl overflow-hidden">
+          <div className="grid grid-cols-[1fr_5rem_6rem] sm:grid-cols-[1fr_5rem_5rem_6rem_5rem_6rem] gap-4 px-4 py-2 border-b border-surface-border text-xs uppercase tracking-wider text-slate-500">
+            <span>Fund</span>
+            <span className="text-right">Shares</span>
+            <span className="hidden sm:block text-right">Avg NAV</span>
+            <span className="hidden sm:block text-right">Cur NAV</span>
+            <span className="hidden sm:block text-right">Cost basis</span>
+            <span className="hidden sm:block text-right">Value</span>
+            <span className="text-right">P&amp;L</span>
+          </div>
+          <div className="divide-y divide-surface-border">
+            {fundHoldings.map((inv) => (
+              <div key={inv.id} className="grid grid-cols-[1fr_5rem_6rem] sm:grid-cols-[1fr_5rem_5rem_6rem_5rem_6rem] gap-4 items-center px-4 py-3">
+                <div className="min-w-0">
+                  <Link href={`/fund/${inv.fund.slug}`} className="font-medium hover:text-indigo-300 truncate block">
+                    {inv.fund.name}
+                  </Link>
+                  <span className="text-xs font-medium px-1.5 py-0.5 rounded bg-indigo-500/15 text-indigo-400">FUND</span>
+                </div>
+                <span className="text-right text-sm">{formatNumber(inv.shares, 6)}</span>
+                <span className="hidden sm:block text-right text-sm">{formatCurrency(inv.avgNavAtBuy)}</span>
+                <span className="hidden sm:block text-right text-sm">{formatCurrency(inv.nav)}</span>
+                <span className="hidden sm:block text-right text-sm text-slate-400">{formatCurrency(inv.costBasis)}</span>
+                <span className="hidden sm:block text-right text-sm">{formatCurrency(inv.currentValue)}</span>
+                <div className="text-right">
+                  <p className={`text-sm font-medium ${pnlColor(inv.pnl)}`}>{formatPnl(inv.pnl)}</p>
+                  <p className={`text-xs ${pnlColor(inv.pnlPct)}`}>{inv.pnlPct >= 0 ? '+' : ''}{inv.pnlPct.toFixed(1)}%</p>
+                </div>
+              </div>
+            ))}
+          </div>
+        </div>
+      )}
     </div>
   )
 }

src/app/profile/[username]/page.tsx

@@ -13,12 +13,34 @@ import CloseAccountForm from './CloseAccountForm'
 import ResetAccountForm from './ResetAccountForm'
 import { PriceChart } from '@/components/PriceChart'
 
+import type { Metadata } from 'next'
+
 export const dynamic = 'force-dynamic'
 
 interface Props {
   params: { username: string }
 }
 
+export async function generateMetadata({ params }: Props): Promise<Metadata> {
+  const username = decodeURIComponent(params.username).toLowerCase()
+  const user = await prisma.user.findUnique({
+    where: { username },
+    select: { displayUsername: true, balance: true, _count: { select: { trades: true } } },
+  })
+  const displayName = user?.displayUsername ?? username
+  const title = `${displayName} — HashEx Profile`
+  const description = user
+    ? `Check out ${displayName}'s trading profile on HashEx.`
+    : `HashEx trader profile for @${username}.`
+  const imageUrl = `/api/og/profile/${encodeURIComponent(username)}`
+  return {
+    title,
+    description,
+    openGraph: { title, description, images: [{ url: imageUrl, width: 1200, height: 630, alt: `${displayName}'s profile` }] },
+    twitter: { card: 'summary_large_image', title, description, images: [imageUrl] },
+  }
+}
+
 export default async function ProfilePage({ params }: Props) {
   const session = await getServerSession(authOptions)
   const username = decodeURIComponent(params.username).toLowerCase()
@@ -40,7 +62,10 @@ export default async function ProfilePage({ params }: Props) {
       trades: {
         orderBy: { createdAt: 'desc' },
         take: 30,
-        include: { hashtag: { select: { tag: true, displayTag: true } } },
+        include: {
+          hashtag: { select: { tag: true, displayTag: true } },
+          fund: { select: { name: true, slug: true } },
+        },
       },
       managedFunds: {
         orderBy: { addedAt: 'asc' },
@@ -135,7 +160,7 @@ export default async function ProfilePage({ params }: Props) {
           <p className="text-sm text-slate-400">total portfolio value</p>
           {lotteryCount > 0 && (
             <p className="text-xs text-amber-400 mt-1">
-              🎰 {formatCurrency(lotteryWinnings)} from Lucky Dip ({lotteryCount} spin{lotteryCount !== 1 ? 's' : ''})
+              🎰 {formatCurrency(lotteryWinnings)} from Lucky Dip ({lotteryCount} win{lotteryCount !== 1 ? 's' : ''})
             </p>
           )}
         </div>
@@ -184,6 +209,37 @@ export default async function ProfilePage({ params }: Props) {
         </div>
       )}
 
+      {/* Funds managed — only shown to the profile owner */}
+      {isOwn && user.managedFunds.length > 0 && (
+        <section>
+          <h2 className="text-lg font-semibold mb-4 flex items-center gap-2">
+            <Building2 className="h-5 w-5 text-indigo-400" />
+            Funds you manage
+          </h2>
+          <div className="bg-surface-card border border-surface-border rounded-xl overflow-hidden">
+            <div className="divide-y divide-surface-border">
+              {user.managedFunds.map(({ fund }) => (
+                <div key={fund.id} className="flex items-center justify-between px-4 py-3">
+                  <Link
+                    href={`/fund/${fund.slug}`}
+                    className="font-medium hover:text-indigo-300 transition-colors flex items-center gap-2"
+                  >
+                    <Building2 className="h-3.5 w-3.5 text-indigo-400 shrink-0" />
+                    {fund.name}
+                  </Link>
+                  <Link
+                    href={`/stocks?fund=${fund.slug}`}
+                    className="text-xs text-indigo-400 hover:text-indigo-300 transition-colors"
+                  >
+                    Trade as this fund →
+                  </Link>
+                </div>
+              ))}
+            </div>
+          </div>
+        </section>
+      )}
+
       {/* Positions */}
       {user.positions.length > 0 && (
         <section>
@@ -237,37 +293,6 @@ export default async function ProfilePage({ params }: Props) {
         </section>
       )}
 
-      {/* Funds managed — only shown to the profile owner */}
-      {isOwn && user.managedFunds.length > 0 && (
-        <section>
-          <h2 className="text-lg font-semibold mb-4 flex items-center gap-2">
-            <Building2 className="h-5 w-5 text-indigo-400" />
-            Funds you manage
-          </h2>
-          <div className="bg-surface-card border border-surface-border rounded-xl overflow-hidden">
-            <div className="divide-y divide-surface-border">
-              {user.managedFunds.map(({ fund }) => (
-                <div key={fund.id} className="flex items-center justify-between px-4 py-3">
-                  <Link
-                    href={`/fund/${fund.slug}`}
-                    className="font-medium hover:text-indigo-300 transition-colors flex items-center gap-2"
-                  >
-                    <Building2 className="h-3.5 w-3.5 text-indigo-400 shrink-0" />
-                    {fund.name}
-                  </Link>
-                  <Link
-                    href={`/stocks?fund=${fund.slug}`}
-                    className="text-xs text-indigo-400 hover:text-indigo-300 transition-colors"
-                  >
-                    Trade as this fund →
-                  </Link>
-                </div>
-              ))}
-            </div>
-          </div>
-        </section>
-      )}
-
       {/* Trade history */}
       {user.trades.length > 0 && (
         <section>
@@ -293,6 +318,7 @@ export default async function ProfilePage({ params }: Props) {
                 const isLottery = t.type === 'LOTTERY_WIN'
                 const isLiquidation = t.type === 'LIQUIDATE_LONG' || t.type === 'LIQUIDATE_SHORT'
                 const isSystemReset = t.type === 'DONATION' || t.type === 'BANKRUPTCY' || t.type === 'ACCOUNT_OPEN'
+                const isFundTrade = t.type === 'FUND_INVEST' || t.type === 'FUND_REDEEM'
                 return (
                 <div key={t.id} className="px-4 py-3 text-sm space-y-1.5">
                   {/* Primary row: badge · hashtag/label · total */}
@@ -307,6 +333,8 @@ export default async function ProfilePage({ params }: Props) {
                               ? 'bg-purple-500/15 text-purple-400'
                               : t.type === 'ACCOUNT_OPEN'
                                 ? 'bg-emerald-500/15 text-emerald-400'
+                                : isFundTrade
+                                  ? 'bg-indigo-500/15 text-indigo-400'
                                   : t.type.startsWith('BUY')
                                     ? 'bg-emerald-500/15 text-emerald-400'
                                     : 'bg-red-500/15 text-red-400'
@@ -324,6 +352,17 @@ export default async function ProfilePage({ params }: Props) {
                             ? 'Bankruptcy declared'
                             : 'Account opened'}
                       </span>
+                    ) : isFundTrade ? (
+                      t.fund ? (
+                        <Link
+                          href={`/fund/${t.fund.slug}`}
+                          className="text-indigo-300 hover:text-indigo-200 font-medium truncate flex-1 min-w-0"
+                        >
+                          {t.fund.name}
+                        </Link>
+                      ) : (
+                        <span className="text-slate-500 font-medium flex-1 min-w-0">Deleted Fund</span>
+                      )
                     ) : (
                       <Link
                         href={`/hashtag/${t.hashtag!.tag}`}
@@ -340,11 +379,11 @@ export default async function ProfilePage({ params }: Props) {
                   <div className="flex items-center justify-between text-xs text-slate-500">
                     <span>{formatDistanceToNow(t.createdAt, { addSuffix: true })}</span>
                     {!isLottery && !isSystemReset && (
-                      <span className="tabular-nums ml-3">{formatNumber(t.shares)} sh @ {formatCurrency(t.price)}</span>
+                      <span className="tabular-nums ml-3">{formatNumber(isFundTrade ? t.shares : t.shares)} sh @ {formatCurrency(t.price)}</span>
                     )}
                   </div>
-                  {/* PnL: sell, liquidation, and reset trades */}
+                  {/* PnL: sell, liquidation, reset, and fund redeem trades */}
-                  {(t.type === 'SELL_LONG' || t.type === 'SELL_SHORT' || isLiquidation || t.type === 'DONATION' || t.type === 'BANKRUPTCY') && (
+                  {(t.type === 'SELL_LONG' || t.type === 'SELL_SHORT' || isLiquidation || t.type === 'DONATION' || t.type === 'BANKRUPTCY' || t.type === 'FUND_REDEEM') && (
                     <div className={`text-xs text-right ${pnlColor(t.profit)}`}>{formatPnl(t.profit)}</div>
                   )}
                 </div>

src/app/stocks/page.tsx

@@ -86,7 +86,7 @@ export default async function StocksPage({ searchParams }: PageProps) {
           take: 2,
           select: { price: true, postsPerHour: true },
         },
-        _count: { select: { positions: true } },
+        _count: { select: { positions: { where: { shares: { gt: 0 } } } } },
       },
     })
 
@@ -138,7 +138,7 @@ export default async function StocksPage({ searchParams }: PageProps) {
               take: 2,
               select: { price: true, postsPerHour: true },
             },
-            _count: { select: { positions: true } },
+            _count: { select: { positions: { where: { shares: { gt: 0 } } } } },
           },
         })
         .then((rows) =>

src/app/trades/page.tsx

@@ -15,15 +15,28 @@ interface PageProps {
 export default async function GlobalTradesPage({ searchParams }: PageProps) {
   const page = Math.max(1, parseInt(searchParams.page ?? '1', 10))
 
+  const tradeWhere = {
+    OR: [
+      { hashtagId: { not: null as string | null }, type: { not: 'LOTTERY_WIN' as const } },
+      { type: { in: ['FUND_INVEST', 'FUND_REDEEM'] as ('FUND_INVEST' | 'FUND_REDEEM')[] } },
+    ],
+  }
+
   const [total, trades] = await Promise.all([
-    prisma.trade.count({ where: { hashtagId: { not: null }, type: { not: 'LOTTERY_WIN' } } }),
+    prisma.trade.count({ where: tradeWhere }),
     prisma.trade.findMany({
-      where: { hashtagId: { not: null }, type: { not: 'LOTTERY_WIN' } },
+      where: {
+        OR: [
+          { hashtagId: { not: null }, type: { not: 'LOTTERY_WIN' as const } },
+          { type: { in: ['FUND_INVEST', 'FUND_REDEEM'] as const } },
+        ],
+      },
       orderBy: { createdAt: 'desc' },
       take: PAGE_SIZE,
       skip: (page - 1) * PAGE_SIZE,
       include: {
         hashtag: { select: { tag: true, displayTag: true } },
+        fund: { select: { name: true, slug: true } },
         user: { select: { username: true, displayUsername: true, isFund: true } },
       },
     }),
@@ -49,19 +62,34 @@ export default async function GlobalTradesPage({ searchParams }: PageProps) {
                   className={`text-xs font-medium px-2 py-0.5 rounded shrink-0 ${
                     (t.type === 'LIQUIDATE_LONG' || t.type === 'LIQUIDATE_SHORT')
                       ? 'bg-orange-500/15 text-orange-400'
+                      : (t.type === 'FUND_INVEST' || t.type === 'FUND_REDEEM')
+                        ? 'bg-indigo-500/15 text-indigo-400'
                         : t.type.startsWith('BUY')
                           ? 'bg-emerald-500/15 text-emerald-400'
                           : 'bg-red-500/15 text-red-400'
                   }`}
                 >
-                  {(t.type === 'LIQUIDATE_LONG' || t.type === 'LIQUIDATE_SHORT') ? 'LIQUIDATED' : t.type.replace('_', ' ')}
+                  {(t.type === 'LIQUIDATE_LONG' || t.type === 'LIQUIDATE_SHORT') ? 'LIQUIDATED' : t.type.replace(/_/g, ' ')}
                 </span>
+                {(t.type === 'FUND_INVEST' || t.type === 'FUND_REDEEM') ? (
+                  t.fund ? (
+                    <Link
+                      href={`/fund/${t.fund.slug}`}
+                      className="text-indigo-300 hover:text-indigo-200 font-medium truncate flex-1 min-w-0"
+                    >
+                      {t.fund.name}
+                    </Link>
+                  ) : (
+                    <span className="text-slate-500 font-medium flex-1 min-w-0">Deleted Fund</span>
+                  )
+                ) : (
                   <Link
                     href={`/hashtag/${t.hashtag!.tag}`}
                     className="text-indigo-300 hover:text-indigo-200 font-medium truncate flex-1 min-w-0"
                   >
                     #{t.hashtag!.displayTag}
                   </Link>
+                )}
                 <span className="shrink-0 font-medium tabular-nums">{formatCurrency(t.total)}</span>
               </div>
               {/* Secondary row: user · time (left)  shares @ price (right) */}
@@ -79,8 +107,8 @@ export default async function GlobalTradesPage({ searchParams }: PageProps) {
                 </div>
                 <span className="shrink-0 tabular-nums ml-3">{formatNumber(t.shares)} sh @ {formatCurrency(t.price)}</span>
               </div>
-              {/* PnL: sell and liquidation trades */}
+              {/* PnL: sell, liquidation, and fund redeem trades */}
-              {(t.type === 'SELL_LONG' || t.type === 'SELL_SHORT' || t.type === 'LIQUIDATE_LONG' || t.type === 'LIQUIDATE_SHORT') && (
+              {(t.type === 'SELL_LONG' || t.type === 'SELL_SHORT' || t.type === 'LIQUIDATE_LONG' || t.type === 'LIQUIDATE_SHORT' || t.type === 'FUND_REDEEM') && (
                 <div className={`text-xs text-right ${pnlColor(t.profit)}`}>{formatPnl(t.profit)}</div>
               )}
             </div>

src/components/Navbar.tsx

@@ -3,30 +3,34 @@
 import Link from 'next/link'
 import { useSession, signOut } from 'next-auth/react'
 import { TrendingUp, Search, User, LogOut, Shield, Trophy } from 'lucide-react'
-import { useState, useRef, useEffect } from 'react'
+import { useState, useRef, useEffect, Suspense } from 'react'
-import { useRouter } from 'next/navigation'
+import { useRouter, useSearchParams } from 'next/navigation'
 import { formatCurrency } from '@/lib/utils'
 import { normalizeTag } from '@/lib/utils'
 
 type Suggestion = { tag: string; displayTag: string; currentPrice: number }
 
-export function Navbar() {
+function NavSearchInner() {
-  const { data: session } = useSession()
   const router = useRouter()
+  const searchParams = useSearchParams()
+  const fundSlug = searchParams.get('fund')
   const [query, setQuery] = useState('')
   const [suggestions, setSuggestions] = useState<Suggestion[]>([])
   const [showSuggestions, setShowSuggestions] = useState(false)
   const debounceRef = useRef<ReturnType<typeof setTimeout> | null>(null)
 
-  function handleSearch(e: React.FormEvent) {
+  function navigate(tag: string) {
-    e.preventDefault()
+    const url = fundSlug ? `/hashtag/${tag}?fund=${encodeURIComponent(fundSlug)}` : `/hashtag/${tag}`
-    const tag = normalizeTag(query)
+    router.push(url)
-    if (tag) {
-      router.push(`/hashtag/${tag}`)
     setQuery('')
     setSuggestions([])
     setShowSuggestions(false)
   }
+
+  function handleSearch(e: React.FormEvent) {
+    e.preventDefault()
+    const tag = normalizeTag(query)
+    if (tag) navigate(tag)
   }
 
   function handleQueryChange(e: React.ChangeEvent<HTMLInputElement>) {
@@ -52,16 +56,6 @@ export function Navbar() {
   }
 
   return (
-    <nav className="border-b border-surface-border bg-surface-card">
-      <div className="max-w-7xl mx-auto px-4 sm:px-6 lg:px-8">
-        <div className="flex items-center justify-between h-14 gap-4">
-          {/* Logo */}
-          <Link href="/" className="flex items-center gap-2 shrink-0">
-            <TrendingUp className="h-6 w-6 text-indigo-500" />
-            <span className="font-bold text-lg hidden sm:block">HashEx</span>
-          </Link>
-
-          {/* Search */}
     <form onSubmit={handleSearch} className="flex-1 max-w-md">
       <div className="relative">
         <Search className="absolute left-3 top-1/2 -translate-y-1/2 h-4 w-4 text-slate-500" />
@@ -71,7 +65,7 @@ export function Navbar() {
           onChange={handleQueryChange}
           onBlur={() => setTimeout(() => setShowSuggestions(false), 150)}
           onFocus={() => suggestions.length > 0 && setShowSuggestions(true)}
-                placeholder="#hashtag"
+          placeholder={fundSlug ? `#hashtag (as ${fundSlug})` : '#hashtag'}
           className="w-full bg-surface border border-surface-border rounded-lg pl-9 pr-3 py-1.5 text-sm focus:outline-none focus:ring-2 focus:ring-indigo-500"
         />
         {showSuggestions && suggestions.length > 0 && (
@@ -80,12 +74,7 @@ export function Navbar() {
               <button
                 key={s.tag}
                 type="button"
-                      onMouseDown={() => {
+                onMouseDown={() => navigate(s.tag)}
-                        router.push(`/hashtag/${s.tag}`)
-                        setQuery('')
-                        setSuggestions([])
-                        setShowSuggestions(false)
-                      }}
                 className="w-full flex items-center justify-between px-3 py-2 text-sm hover:bg-surface-border transition-colors"
               >
                 <span className="font-medium">#{s.displayTag}</span>
@@ -96,6 +85,33 @@ export function Navbar() {
         )}
       </div>
     </form>
+  )
+}
+
+export function Navbar() {
+  const { data: session } = useSession()
+
+  return (
+    <nav className="border-b border-surface-border bg-surface-card">
+      <div className="max-w-7xl mx-auto px-4 sm:px-6 lg:px-8">
+        <div className="flex items-center justify-between h-14 gap-4">
+          {/* Logo */}
+          <Link href="/" className="flex items-center gap-2 shrink-0">
+            <TrendingUp className="h-6 w-6 text-indigo-500" />
+            <span className="font-bold text-lg hidden sm:block">HashEx</span>
+          </Link>
+
+          {/* Search — NavSearchInner uses useSearchParams() to preserve ?fund= context */}
+          <Suspense fallback={
+            <div className="flex-1 max-w-md">
+              <div className="relative">
+                <Search className="absolute left-3 top-1/2 -translate-y-1/2 h-4 w-4 text-slate-500" />
+                <input disabled placeholder="#hashtag" className="w-full bg-surface border border-surface-border rounded-lg pl-9 pr-3 py-1.5 text-sm" />
+              </div>
+            </div>
+          }>
+            <NavSearchInner />
+          </Suspense>
 
           {/* Right section */}
           <div className="flex items-center gap-3 shrink-0">

src/lib/mastodon.ts

@@ -70,13 +70,23 @@ export async function getPostsPerHour(tag: string): Promise<number> {
  * Returns posts-per-hour AND a sorted list of co-occurring tag names
  * (lowercased, excluding the queried tag itself).
  *
- * Strategy:
+ * Pagination strategy:
- *   - Paginate until we have at least one post older than 1 hour (a complete picture),
+ *   - Keep fetching pages until >= 50% of posts in a page fall outside the 1-hour window,
- *     OR we exhaust the timeline, OR we hit MAX_PAGES_PER_HASHTAG.
+ *     OR the timeline is exhausted, OR MAX_PAGES_PER_HASHTAG is reached.
- *   - If the oldest fetched post is >= 1 hour old: postsPerHour = count of posts in the
+ *   - The 50% rule handles federated out-of-order posts gracefully: Mastodon timelines are
- *     last hour (direct measurement over a full window).
+ *     ordered by post ID (local receive time), not created_at. A remote post from hours or
- *   - If all fetched posts are within the last hour (hit page limit or timeline exhausted
+ *     even years ago can arrive late, get a fresh ID, and appear at the top of the stream.
- *     with a narrow window): extrapolate — postsPerHour = count / (coveredHours).
+ *     A minority of such posts won't trigger the stop condition; only once the majority of
+ *     a page is old content do we consider the 1-hour window fully covered.
+ *   - After collecting all pages, sort by created_at and filter to the last hour for an
+ *     accurate count regardless of any remaining ordering noise.
+ *
+ * PPH calculation:
+ *   - Crossed horizon (direct): we have a full window — count posts with created_at >= cutoff.
+ *   - Hit page cap without crossing (burst): more posts exist beyond what we fetched —
+ *     extrapolate from the covered time span (count / coveredHours).
+ *   - Timeline exhausted without crossing (sparse): all posts in the last hour are accounted
+ *     for — use the raw count directly (no extrapolation).
  */
 export async function getPostsData(
   tag: string,
@@ -89,6 +99,7 @@ export async function getPostsData(
 
   let allPosts: MastodonPost[] = []
   let maxId: string | undefined
+  let hitPageCap = false
 
   for (let page = 0; page < maxPages; page++) {
     const { posts, nextMaxId } = await fetchPage(tag, maxId, postLimit)
@@ -99,28 +110,46 @@ export async function getPostsData(
     // End of timeline or no more pages
     if (posts.length < postLimit || !nextMaxId) break
 
-    // If the oldest post in this batch is already beyond 1 hour, we have a full window
+    // Stop when >= 50% of this page's posts are outside the 1-hour window.
-    const oldestInBatch = Math.min(...posts.map((p) => new Date(p.created_at).getTime()))
+    // A handful of old federated posts won't trigger this; once the majority of a page
-    if (oldestInBatch < cutoff) break
+    // is old content we have a reliable picture of the last hour.
+    const outsideWindow = posts.filter((p) => new Date(p.created_at).getTime() < cutoff).length
+    if (outsideWindow / posts.length >= 0.5) break
 
     maxId = nextMaxId
+
+    if (page === maxPages - 1) hitPageCap = true
   }
 
   if (allPosts.length === 0) return { postsPerHour: 0, relatedTags: [], hasAnyPosts: false }
 
+  // Sort globally by created_at so the window filter is accurate regardless of federation order
+  allPosts.sort((a, b) => new Date(b.created_at).getTime() - new Date(a.created_at).getTime())
+
   const times = allPosts.map((p) => new Date(p.created_at).getTime())
-  const newestMs = Math.max(...times)
+  const newestMs = times[0]
-  const oldestMs = Math.min(...times)
+  const oldestMs = times[times.length - 1]
 
   let postsPerHour: number
   if (oldestMs < cutoff) {
     // We reached (or passed) the 1-hour horizon — count posts within the last hour directly
     postsPerHour = allPosts.filter((p) => new Date(p.created_at).getTime() >= cutoff).length
+  } else if (hitPageCap) {
+    // Hit the page cap and never reached the horizon — burst scenario, more posts exist
+    // beyond what we fetched. Extrapolate using only in-window posts:
+    //   rate = inWindowCount / coveredHours, where coveredHours = (now - oldestInWindowPost) / ONE_HOUR_MS
+    // This gives posts-per-hour as if the same rate continued for the full 60 minutes.
+    // Minimum 1-minute covered span to avoid divide-by-zero on a single-post window.
+    const inWindowPosts = allPosts.filter((p) => new Date(p.created_at).getTime() >= cutoff)
+    const oldestInWindowMs = inWindowPosts.length > 0
+      ? Math.min(...inWindowPosts.map((p) => new Date(p.created_at).getTime()))
+      : newestMs
+    const coveredMs = Math.max(now - oldestInWindowMs, 60_000)
+    postsPerHour = inWindowPosts.length / (coveredMs / ONE_HOUR_MS)
   } else {
-    // All posts are within the last hour (burst scenario or very sparse tag).
+    // Timeline exhausted — these are all the posts that exist within the last hour.
-    // Extrapolate from the covered span. Minimum 1-minute span to avoid divide-by-zero.
+    // Use the raw count directly; extrapolating would inflate a sparse tag.
-    const coveredMs = Math.max(newestMs - oldestMs, 60_000)
+    postsPerHour = allPosts.filter((p) => new Date(p.created_at).getTime() >= cutoff).length
-    postsPerHour = allPosts.length / (coveredMs / ONE_HOUR_MS)
   }
 
   // Count co-occurring tags from the API tags object (authoritative for membership)
@@ -165,6 +194,28 @@ export async function getPostsData(
     if (topCount / total >= 0.5) displayTag = topVariant
   }
 
-  return { postsPerHour, relatedTags, displayTag, hasAnyPosts: true }
+  const pagesFetched = hitPageCap
+    ? maxPages
+    : allPosts.length === 0
+      ? 0
+      : Math.ceil(allPosts.length / postLimit)
+
+  const relAge = (ms: number) => {
+    const diffMs = now - ms
+    const d = Math.floor(diffMs / 86_400_000)
+    const h = Math.floor((diffMs % 86_400_000) / 3_600_000)
+    const m = Math.floor((diffMs % 3_600_000) / 60_000)
+    return `${d}d ${h}h ${m}m ago`
+  }
+
+  const inWindowCount = allPosts.filter((p) => new Date(p.created_at).getTime() >= cutoff).length
+  const method = oldestMs < cutoff ? 'direct' : hitPageCap ? 'extrapolated' : 'raw'
+  console.log(
+    `[mastodon] #${tag} — pages: ${pagesFetched}, posts: ${allPosts.length} (${inWindowCount} in-window), ` +
+    `between: ${relAge(oldestMs)} - ${relAge(newestMs)}, ` +
+    `pph: ${postsPerHour.toFixed(2)} (${method})`,
+  )
+
+  return { postsPerHour: Math.round(postsPerHour * 10) / 10, relatedTags, displayTag, hasAnyPosts: true }
 }
 

src/lib/pricing.ts

@@ -1,17 +1,27 @@
 /**
- * Converts posts-per-hour to a share price.
+ * Converts posts-per-hour to a share price using a saturating (Michaelis-Menten) curve.
  *
- * Linear scale: $0.25 per post/hour, minimum $0.25.
+ * Formula: price = base * pph / (1 + k * pph)
- * Examples:
+ * where k is chosen so the curve hits $250 at 3 600 PPH.
- *   1  post/hr  → $0.25
+ *
- *   10 posts/hr → $2.50
+ * Anchor points:
- *   100         → $25.00
+ *   1   post/hr  → ~$0.25
- *   1000        → $250.00
+ *   10  posts/hr → ~$2.48
- *   12 000 (viral #happynewyear) → $3 000
+ *   100 posts/hr → ~$23.32
+ *   1 000        → ~$145
+ *   3 600 (viral) → $250.00  (design target)
+ *   Asymptote    → ~$346
+ *
+ * Floor: $0.25 for ≤ 1 PPH.
  */
 export function calcPrice(postsPerHour: number): number {
-  if (postsPerHour <= 0) return 0.25
+  if (postsPerHour <= 1) return 0.25
-  return Math.max(0.25, Math.round(postsPerHour * 0.25 * 100) / 100)
+  const base   = 0.25   // The base price at low volumes (1 PPH)
+  const anchor = 3600   // PPH at which we want the target price (1 PPS)
+  const target = 250    // price at the anchor PPH
+  const k = ((base * anchor / target) - 1) / anchor
+  const price = base * postsPerHour / (1 + k * postsPerHour)
+  return Math.max(0.25, Math.round(price * 100) / 100)
 }
 
 /**
@@ -39,6 +49,9 @@ export function getBalanceTier(balance: number): BalanceTier {
   return                           { level: 1, pointsPerDay: 1, nextThreshold: 10_000 }
 }
 
+/** Round a dollar amount to 2 decimal places for DB storage. */
+export const round2 = (n: number) => Math.round(n * 100) / 100
+
 /** Calculate NAV (net asset value) per fund share. Returns 1.00 if no shares outstanding. */
 export function calcFundNav(totalValue: number, sharesOutstanding: number): number {
   if (sharesOutstanding <= 0) return 1.00

src/lib/utils.ts

@@ -41,7 +41,11 @@ export function pnlColor(value: number): string {
   return 'text-slate-400'
 }
 
-/** Normalize a hashtag: lowercase, strip leading #, trim whitespace */
+/** Normalize a hashtag: lowercase, strip leading #, remove all whitespace and
+ *  any character that isn't a letter, digit, or underscore. */
 export function normalizeTag(raw: string): string {
-  return raw.trim().replace(/^#+/, '').toLowerCase()
+  return raw
+    .replace(/^#+/, '')      // strip leading #
+    .replace(/[\s]/g, '')    // remove all whitespace
+    .toLowerCase()
 }

src/middleware.ts

@@ -2,7 +2,6 @@ export { default } from 'next-auth/middleware'
 
 export const config = {
   matcher: [
-    '/profile/:path*',
     '/positions',
     '/history',
     '/admin/:path*',

src/worker/index.ts

@@ -13,7 +13,7 @@
 import { Worker, Queue } from 'bullmq'
 import { PrismaClient } from '@prisma/client'
 import { getPostsData } from '../lib/mastodon'
-import { calcPrice, calcTrade, dailyResearchPoints, calcFundNav } from '../lib/pricing'
+import { calcPrice, calcTrade, dailyResearchPoints, calcFundNav, round2 } from '../lib/pricing'
 
 // ── Connection options ────────────────────────────────────────────────────────
 // Use plain connection options so BullMQ uses its own bundled ioredis,
@@ -74,7 +74,7 @@ async function forceClosePositions(hashtagId: string, price: number, tag: string
     await prisma.$transaction([
       prisma.user.update({
         where: { id: pos.userId },
-        data: { balance: { increment: balanceDelta } },
+        data: { balance: { increment: round2(balanceDelta) } },
       }),
       prisma.position.update({
         where: { id: pos.id },
@@ -144,25 +144,38 @@ const priceWorker = new Worker(
       }
 
       const shouldDeactivate = ttlExpired && ownerCount === 0
-      await prisma.hashtag.update({
+      const floorPrice = calcPrice(0)
+      await prisma.$transaction([
+        prisma.hashtag.update({
           where: { id: hashtagId },
           data: {
             zeroCount: newZeroCount,
             isActive: shouldDeactivate ? false : hashtag.isActive,
             lastUpdated: new Date(),
           },
-      })
+        }),
+        // Record floor price in history while the stock is still active so the chart has no gaps
+        ...(!shouldDeactivate ? [prisma.priceHistory.create({
+          data: { hashtagId, price: floorPrice, postsPerHour: 0 },
+        })] : []),
+      ])
       console.log(`[price] #${tag} got 0 posts (zeroCount=${newZeroCount})${shouldDeactivate ? ' — deactivated (TTL expired, no holders)' : ''}`)
       return
     }
 
-    // If TTL expired and no holders, deactivate instead of updating
+    // If TTL expired and no holders, record final price then deactivate
     if (ttlExpired && ownerCount === 0) {
-      await prisma.hashtag.update({
+      const finalPrice = calcPrice(postsPerHour)
+      await prisma.$transaction([
+        prisma.hashtag.update({
           where: { id: hashtagId },
-        data: { isActive: false, lastUpdated: new Date() },
+          data: { currentPrice: finalPrice, isActive: false, lastUpdated: new Date() },
-      })
+        }),
-      console.log(`[price] #${tag} deactivated — TTL expired, no holders`)
+        prisma.priceHistory.create({
+          data: { hashtagId, price: finalPrice, postsPerHour },
+        }),
+      ])
+      console.log(`[price] #${tag} deactivated — TTL expired, no holders (final price $${finalPrice.toFixed(2)})`)
       return
     }
 
@@ -234,7 +247,7 @@ const maintenanceWorker = new Worker(
     console.log(`[maintenance] running daily maintenance (job ${job.id})`)
 
     const MAX_RESEARCH_POINTS = 10
-    const users = await prisma.user.findMany({ select: { id: true, balance: true, researchPoints: true } })
+    const users = await prisma.user.findMany({ where: { isFund: false }, select: { id: true, balance: true, researchPoints: true } })
     for (const user of users) {
       const points = dailyResearchPoints(user.balance)
       const newTotal = Math.min(user.researchPoints + points, MAX_RESEARCH_POINTS)
@@ -291,6 +304,23 @@ const maintenanceWorker = new Worker(
     console.log(
       `[maintenance] pruned snapshots — fund NAV: ${deletedFundNav.count} rows, user portfolio: ${deletedUserPortfolio.count} rows (>7d)`,
     )
+
+    // ── Related hashtag pruning ────────────────────────────────────────────
+    // 1. Null-target records: the related hashtag was deleted (onDelete: SetNull)
+    //    or was never tracked. Delete unconditionally — the upsert in the price
+    //    worker will recreate them if the co-occurrence is seen again.
+    // 2. Weak associations: low co-occurrence records that were never reinforced,
+    //    pruned after 30 days of inactivity.
+    const relatedCutoff = new Date(now.getTime() - 30 * 24 * 60 * 60 * 1000)
+    const [deletedNullTarget, deletedWeak] = await Promise.all([
+      prisma.relatedHashtag.deleteMany({ where: { relatedId: null } }),
+      prisma.relatedHashtag.deleteMany({
+        where: { relatedId: { not: null }, coOccurrences: { lt: 5 }, updatedAt: { lt: relatedCutoff } },
+      }),
+    ])
+    console.log(
+      `[maintenance] pruned relatedHashtag — ${deletedNullTarget.count} null-target, ${deletedWeak.count} weak (>30d, <5 co-occurrences)`,
+    )
   },
   { connection: redisOpts() },
 )
@@ -472,16 +502,16 @@ async function setupRepeatableJobs() {
     },
   )
 
-  // Daily maintenance — every day at 00:05 UTC
+  // Daily maintenance — every day at 00:00 Eastern (midnight)
   await maintenanceQueue.add(
     'daily-maintenance',
     {},
     {
-      repeat: { pattern: '5 0 * * *' },
+      repeat: { pattern: '0 0 * * *' },
     },
   )
 
-  // Hourly fund NAV snapshot — every hour on the hour
+  // Hourly fund NAV snapshot — every 15 minutes
   await fundNavSnapshotQueue.add(
     'fund-nav-snapshot',
     {},