Trading and pricing
What a position is, which limits apply, and how a price is chosen after you commit.
What you trade
Perpetual positions on BTC, ETH and SOL, margined and settled in USDC. There is no order book: the other side of every trade is one shared pool, the house.
You choose a side (long or short), a margin and a leverage from 1x to 1000x. The order value is margin times leverage. Each position stands alone: its margin and leverage never change, and it closes in full. You can hold up to 32 positions at once.
Limits at launch
| Limit | Value |
|---|---|
| Minimum margin | 10 USDC |
| Minimum order value | $1,000 |
| Maximum order value | $250,000 per position |
| Open interest | $1M per side per market, raised as the house grows |
| Leverage | 1x to 1000x |
Price time T
When your order lands on chain, the program sets its price time T: a whole second at least 3 seconds later on mainnet (2 on devnet). The oracle price published for exactly that second is written on chain, and your order is filled at it. Closes work the same way.
Why wait? At high leverage and with no spread, anyone who could see a price a moment before trading on it would win without risk. Choosing the price after the order is recorded removes that edge for everyone.
Committed orders cannot be cancelled or changed. This is deliberate: a cancel button after the commit would let a trader drop orders that start to look bad.
How an order ends
- Filled: the position opens (or closes) at the oracle price for T.
- Refunded: the oracle could not give a clean price for T (the update came too late, or its uncertainty was above the market's limit). The margin goes back where it came from, with no fee.
- Deferred (closes only): the price at T was too uncertain to settle on. The position stays open and you can close again.
From click to fill usually takes around 5 to 7 seconds on mainnet (estimate). The trade screen shows a card with the price time and a countdown.
Costs
No fee to open, no spread, no funding payments and no fee on size. Winning closes pay 2% of their profit. With one-click trading the relayer pays the network fees.