Overview
What is Neap
Neap is a perpetuals exchange on NEAR. Go long or short on any token that has a DEX pool, with USDC as collateral, in one contract.
In short
A perpetual (perp) lets you take a leveraged position on a token's price without holding the token. On Neap the token never moves. Only its price matters, and every position settles in USDC inside one NEAR contract.
| Pillar | What it means |
|---|---|
| Any token | Anyone can create a market by naming the token's price source: a DEX pool on NEAR, read on-chain. No listing committee. |
| Pool-to-peer | Each market has its own USDC pool that takes the other side of every trade. There is no order book and no market maker to wait for. |
| Isolated markets | Margin, liquidity and insurance are separate per market. A failure in one market cannot reach another. |
| Listers get paid | The account that creates a market earns 50% of its trading fees. |
| Any chain (roadmap) | Solana tokens priced by a TEE oracle, and trading from a Solana wallet through NEAR Intents, are the next phase. |
How a trade works
- You deposit USDC into Neap and choose a market, a side and a size.
- You sign one transaction that records your order on-chain. This is step one.
- A keeper fills the order against a price that is newer than your request. This is step two, and it takes about
2to4seconds. - The market's pool takes the other side. Your profit or loss is settled against that pool in USDC.
- You close the position, and withdraw USDC to your wallet.
The two steps exist so nobody can pick off a price that is already known. More in Trading.
The name
A neap tide is the calm tide at the quarter moon. Long-tail tokens are volatile, so the venue should be the opposite: calm, measured and honest about risk. The liquidation price is always on screen, long and short get equal weight, and default leverage is 2x.
Where to go next
- Getting started: wallet, test USDC, first trade.
- Trading: orders, leverage, fees, funding.
- Creating a market: list a token and earn half the fees.
- Contracts and addresses: everything you need to integrate.