Fees, caps and what you keep

Values: live Practice and Trade settings, 2026-10-19; the same in both unless marked.

Free: open fee 0, close fee 0, holding fee 0, no funding. Trade withdrawals are free too: the house pays the network fee (owner's decision, 2026-10-10). Deposits cost only Solana's network fee.

At the open: the impact spread. You enter at the live price moved by the impact your size would have on the pool. Bigger size, wider spread.

On a win:

• Profit ramp: a win counts 0 if closed within 60 s, rising evenly to 100% at 5 minutes. Losses count in full.
• Practice: the house keeps 10% of the win.
• Trade: a haircut curve instead. You keep 90% x move / (move + 1%), where move is the token's price change from entry to exit. A 1% move keeps 45%, 2% keeps 60%, 5% keeps 75%, 10% about 82%.
• Profit cap: 5x margin, applied after the ramp and the cut.
• Trade only: when nearly all open money sits on the winning side, a win is scaled to what the other side (plus a small allowance) can cover. Wins come from the loss pool and can queue when it is short.

At liquidation: you get back what is left of your margin at the settlement price, minus 2% of margin, never below zero.

Example. 10 USDC margin at 10x is 100 USDC exposure. The token rises 5%; you close after 5 minutes: 5 USDC gained before the spread. Trade pays 3.75 USDC (75%). The same trade in Practice pays 4.50 points.