Trade · real USDC
The risks, in plain words
Trade is a custodial, capped experiment with real USDC. Before you deposit, know what can go wrong. If any of this is not acceptable to you, use Practice: the same markets with free points and nothing at stake.
1.It is an experiment
Trade is a small, early experiment with real USDC. It can have bugs, stop, change its rules or be wound down. Use only money you can afford to lose entirely.
2.We hold your USDC (custodial)
A deposit goes to a house wallet the operator controls; your balance is an entry in our ledger, not a balance in a program only you can withdraw from. If the operator, the server or the key fails, you could lose what you deposited.
3.A hot key on a server signs withdrawals
Withdrawals are signed by a key kept on an internet-connected server (a separate user on the same machine as the engine), not by a hardware wallet or a multisig. A server compromise could drain the house wallet.
4.Everything is capped, and limits can change
Positions are capped at about 100 USDC of notional, deposits at 250 USDC per account, withdrawals at 100 USDC per request and 250 per account per day, and the operator can raise or lower these at any time, including making a market close-only.
5.No external audit
The engine and the signer have had internal reviews only. No security firm has audited them, and there is no bug bounty yet.
6.Leverage can lose your whole margin
At up to 10x, a move of a few percent against you liquidates the position and its margin is lost. Memecoins move that much in minutes, and a pump or a dump can jump straight through your liquidation price.
7.Prices come from pool reserves
Our mark is computed from the reserves of the token’s DEX pools, read on-chain. A thin pool can be pushed, a pool can be drained or migrated, and the feed can stall: the breaker, close-only and delisting rules then decide how positions close, and the result can differ from prices elsewhere.
8.Winnings can queue
Wins are paid from a loss pool funded by losing positions and a small seed from the owner. When the pool is short, a win becomes a queued claim, paid pro rata as new losses come in. A claim can wait a long time, and if the experiment ends with claims queued, they may never be paid in full.
9.Withdrawals need the house to sign
In this phase every withdrawal is sent by the house’s signer, only to the wallet you signed in with. Large requests wait for an operator’s approval, and requests past the day’s overall limit queue until 00:00 UTC; a paused signer pauses withdrawals.
10.No identity checks, no protection
There is no KYC and no deposit insurance or compensation scheme. Nobody checks who you are, and nothing guarantees your balance.
11.Not where it is prohibited: your responsibility
Do not use Trade where trading leveraged contracts on crypto assets, or this service, is prohibited or restricted for you. We do not check where you are: whether you may use it is your own responsibility, and by continuing you accept that.
The limits above are the experiment's live settings on 10 October 2026; the account panel and the ticket show the current ones. Your first deposit asks you to accept this list once for your wallet (version 2026-10-10).
How deposits, withdrawals and claims work: the Trade FAQ. What we hold and how to withdraw: the terms.