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illiquid markets

Terms

Updated . Plain words, not legal advice. What we store is on the privacy page.

Practice (points)

  1. 1.A paper trial: Practice

    Practice is a paper trading trial. You trade with points: there is nothing to deposit, nothing to withdraw and nothing to pay.

  2. 2.Points are not money

    Points have no cash value. They are not a token, a security or a claim on anything, and they never convert into money, tokens or anything else, including USDC in Trade. We may correct a balance or a ranking that a bug or abuse produced.

Trade (real USDC)

  1. 3.Trade is a custodial, capped experiment

    Trade lets you trade the same synthetic markets with real USDC. It is an early experiment with small limits that we can change at any time, it can stop, and it has had internal reviews only, no external audit. Read the risks before you deposit; the app asks you to accept them once per wallet.

  2. 4.What we hold

    A deposit is a USDC transfer from your wallet to a house wallet the operator controls. From then on we hold that USDC for you: your balance (free, in positions, withdrawing, queued claims) is an entry in our ledger, not a balance in a program only you control. We do not lend it out or pay interest on it. Wins are paid from a loss pool funded by losing positions and a seed from the owner; when the pool is short a win is a queued claim, paid pro rata as losses come in.

  3. 5.Deposits

    Deposit only from the wallet you signed in with, and only with the app's Deposit or Pay from wallet button: it builds the transfer with a reference that ties it to your account. A transfer sent by hand, from another wallet or below 1 USDC may not be credited to you. Deposits are capped during the experiment (250 USDC per account at launch, net of withdrawals, and 2,500 over all accounts); a deposit that lands beyond a cap is credited, but the part over it can only be withdrawn, not used as margin.

  4. 6.How to withdraw, and who signs

    Withdraw from Account to the wallet you signed in with, the only destination. Your wallet signs a free message naming the amount; then the house has to sign the transfer: in this phase every withdrawal is sent by the house's signer, from a key on our server. There is no withdrawal fee; the house pays the network fee, and opens your wallet's USDC account once if it has none. Requests are limited (100 USDC each and 250 per account per day at launch); one above the automatic limit waits for an operator's approval, and one past the day's overall limit queues until 00:00 UTC. A failed withdrawal returns to your free balance. The Trade FAQ has the states in full.

  5. 7.If Trade stops

    If we pause or end Trade, open positions close under the delisting rule (below) and you can withdraw your free balance to your wallet. Claims still queued then are paid from what the loss pool holds, pro rata, and may not be paid in full.

Both

  1. 8.Markets are synthetic

    Every position is a synthetic contract against the house, settled in points (Practice) or USDC (Trade). It never buys, sells or touches the token or its pools, and it has no effect on their price.

  2. 9.Prices are our own mark

    Marks are computed by us from the reserves of the token's DEX pools, read on-chain (how the price works). They can differ from prices elsewhere, arrive late or be wrong. Positions open, close and are liquidated on our mark under the rules in the FAQ.

  3. 10.We may pause or settle markets

    We may pause a market, make it close-only, or settle its open positions at a price under the delisting rule (listing and risk). Idle Practice markets are paused on their own, and the whole service can pause.

  4. 11.Wallets

    Signing in with a wallet signs a one-time message, never a transaction. The only transactions you sign are your own deposits. We never ask for a private key or a seed phrase.

  5. 12.No warranty

    The service is provided as it is, without any warranty. It can be unavailable, change or stop at any time, and to the extent the law allows we are not liable for any loss from using it, including losses from bugs, the oracle, the signer or a compromise of the house wallet. Nothing here is financial advice.

  6. 13.Where it is not allowed

    Do not use illiquid markets where taking part would be unlawful for you; it is not offered to anyone in a place where it would be unlawful. We do not check identity or location (no KYC): whether you may use Trade where you are is your own responsibility, which you accept by using it.

Using illiquid markets means you accept these terms. Every rule of the markets, with its source, is in the FAQ.