State-Triggered Margin and Conditional-Token Conversion for Event-Linked Perpetual Futures

Ordinary time-to-event controls cannot fully represent the risk of an event-linked perpetual whose adjudication path may be proposed, disputed, reset, Oracle-final, adapter-terminal, or protocol-final. This paper develops state-triggered margin and settlement controls and formalizes conversion of synthetic obligations into funded Conditional Tokens claims. Its observed calibration layer uses the Polymarket finality study, while showing why state-qualified controls are necessary and why conversion cannot create missing adverse-outcome collateral. Registered comparative configurations remain not evaluated where required path-level evidence is unavailable.