Learn
How illiquid markets works
Eight short guides, one per part of the product, each a two-minute read on a phone. Every number says where it was read and when; the live values are on Parameters.
The guides
- 01
Where the price comes from
The point
Our price is read straight from each token's DEX pools on Solana every 2 seconds, never copied from a chart site's last trade.
Pool reserves read on-chain every 2 s, one live price and three averages, the breaker, stale data.
Read - 02
Fees, caps and what you keep
The point
No trading fees: you pay a size-based spread when you open, the house keeps a share of each win, and a win is capped at 5x your margin.
The impact spread, no trading fees, the share of wins kept, the profit ramp and cap, the liquidation charge.
Read - 03
Leverage and liquidation
The point
2x to 10x, long or short, capped by how deep the token's pool is, with a liquidation price set from the token's own volatility.
2x to 10x, how pool depth caps leverage and size, how the liquidation price is set, what happens at liquidation.
Read - 04
Deposits, withdrawals and your funds (Trade)
The point
Trade is a small, capped experiment with real USDC: we hold it in a house wallet and pay withdrawals only to the wallet you signed in with.
The custodial house wallet, deposit and withdrawal limits, the loss pool, the safety rails.
Read - 05
How a market gets listed
The point
In Practice anyone can start a market by pasting a token's mint; in Trade anyone can request one, an automatic screen checks it, and the owner signs off.
Paste-a-mint in Practice, request, screen and owner approval in Trade, delisting.
Read - 06
The house and the loss pool
The point
You trade against the house, not other traders: losses fill a pool, wins are paid from it, and limits grow only as the pool and clean weeks allow.
Trading against the house, how wins are funded, the treasury rule and the limits ladder, the public feed.
Read - 07
Practice vs Trade
The point
Practice is the free game in points; Trade runs the same price and rules with real USDC, small and capped.
Points vs USDC, seasons, what is the same, what differs, what carries over.
Read - 08
Security and custody
The point
Trade is custodial and capped on purpose: a key on our server signs withdrawals, nothing is insured, and the limits keep any failure small.
Where the keys live, the signer's limits, the two-person rule, backups, what is not covered.
Read
Numbers at a glance
Read 2026-10-19 from the live settings of the two engines, the oracle and Trade's pool and listings. Limits change as the experiment grows: the current values are on Parameters.
| Item | Practice | Trade | Source |
|---|---|---|---|
| Leverage | 2x to 10x | 2x to 10x | engine settings |
| 10x from 2% depth of | $3,000 (3x from $1,000, 2x from $300) | 300 USDC | engine settings |
| Position cap | min(2% depth, 5,000 pts) | 100 USDC (and depth and pool caps) | engine settings, oracle |
| Margin per position | up to 500 pts | 1 to 50 USDC | engine settings |
| Open / close / holding fee | 0 / 0 / 0 | 0 / 0 / 0 | engine settings |
| House take on wins | 10% | curve: keeps 90% x move / (move + 1%) | engine settings |
| Profit ramp, profit cap | 60 s to 5 min; 5x margin | same | engine settings |
| Liquidation | 1/L - 3 x p99, floor 0.5/L; 3% fallback; 2% of margin charge | same | engine settings |
| Deposits | none (10,000 pts start) | 0.5 min; 250 per wallet, 2,500 total | engine settings |
| Withdrawals | none | 0.5 to 100 each; 250 per wallet a day; 1,000 a day overall | engine settings |
| Markets | 5 live of 14 slots; idle pause 30 min | 5 of 8; 1M-25M cap, 1,000 USDC 2% depth, 2 pools, 15 min history | oracle status, Trade listings, engine settings |
| Loss pool | n/a | 300.00 USDC, 0 queued; 200 side / 100 net per market; 50 USDC daily budget per market | Trade pool |
Every rule in full is in the FAQ; what can go wrong with real USDC is on the risks page.