Perpetuals · Any token · Live on NEAR testnet
Institutional rails for every new token.
Open a leveraged long or short on any token that has a DEX pool. Anyone can list the market. Every position settles in USDC in one NEAR contract.
- Settles in USDCon NEAR
- Markets isolatedper pool
- Live onNEAR testnet
Market terms
Testnet terms
| Term | Major | Long-tail |
|---|---|---|
| Max leverage | 10x | 4x |
| Maintenance margin | 8% | 15% |
| Trading fee | 5 bps | 5 bps |
| Min spread | 5 bps | 20 bps |
| Liquidation fee | 5% | 5% |
| Lister bond | 0 USDC | 50 USDC |
Default leverage is 2x. The liquidation price is always on screen.
- Trading fee
- 5 bps
- Max leverage
- 10x
- Liquidation fee
- 5%
- Collateral
- USDC
- Lister fee share
- 50%
Product
A perp market for any token with a pool.
Any token
Anyone creates a market by naming its price source: a Ref or Rhea pool on NEAR, read on-chain by the contract. The token never moves. Only its price matters. Next: pools on Solana, read by an oracle running in a TEE.
Any chain
Today, NEAR wallets trade directly on testnet with free test USDC. Next, Solana wallets deposit, open, close and list through NEAR Intents, and funds arrive as USDC on NEAR.
Pool-to-peer
Each market has its own USDC pool that takes the other side of every fill. No order book and no market makers are needed.
Losses stay contained
Margin, funding and liquidation run on the Percolator risk engine, and the contract's pricing and pool-share math is checked with Kani proofs. If a pool is drained, winners are paid a visible pro-rata share. Losses never reach another market.
Listers get paid
Whoever creates a market earns 50% of its trading fees. A long-tail market needs a 50 USDC bond, which is credited to the lister's balance.
How a trade works
Four steps. One contract.
- once
Fund
Sign in with a NEAR testnet wallet, take 1,000 free test USDC from the faucet and deposit it. It lands in your balance inside the contract.
- seconds
Trade
Pick a market, leverage and size. A keeper fills the order at the next price update, at the oracle price plus a spread that grows with the pool's imbalance.
- live
Manage
PnL, liquidation price and funding update on screen. Take-profit, stop-loss and limit orders rest in the contract and are triggered by keepers anyone can run.
- any time
Exit
Close the position and withdraw your USDC.
Risk
Honest by default.
Every market is isolated
One portfolio per market, one pool per market. A bad token cannot drain another market.
No fills on a stale price
Price older than 10 s: no new opens. Older than 60 s: reduce-only. Orders only fill against a price newer than the request.
Shortfalls are shown, not hidden
If a pool and its insurance run out, winners' unrealized profit is cut pro rata and the market goes reduce-only.
The operator cannot move funds
No admin method touches a balance. Admin can only tighten risk: pause opens, force reduce-only, lower caps.
Hackathon build, live on NEAR testnet only. Test USDC has no value. The team ran its own security review; there is no third-party audit yet. The upgrade key is held by the team.
List a market
Name the pool. Post the bond. Earn half the fees.
Creating a market takes one transaction: a USDC bond sent with the token symbol, its tier and the pool that prices it. The contract checks the pool's depth and price before the market goes active.
Long-tail markets need a 50 USDC bond. From the first fill, the lister earns 50% of that market's 5 bps (0.05%) trading fee.
Liquidations charge 5% of the closed position: 60% goes to whoever triggers the liquidation and 40% to the market's insurance fund.
Trading fee split
5 bps
- Lister
- 50%
- Pool LPs
- 30%
- Insurance
- 10%
- Protocol
- 10%
Roadmap
NEAR tokens today. Any chain next.
Live on testnet
- Markets for NEAR tokens, priced from Ref pools read on-chain
- Two-step market orders, take-profit, stop-loss and limit orders
- Permissionless listing with a USDC bond; listers earn 50% of fees
- Per-market liquidity pools, insurance funds and open-interest caps
- Open liquidations and a public keeper
Next
- Markets for Solana tokens, priced by a TEE oracle at the source pool
- Deposit, open, close and list from a Solana wallet through NEAR Intents
- Profit paid back to your home chain when you close
- Third-party audit, then mainnet with small caps