Docs
Everything about how Perps Trade works - what happens to your money, how positions settle, and what it costs.
Overview
Perps Trade lets you take leveraged long and short positions on Solana markets using a dollar balance you fund with USDC or USDT.
Your wallet is your account. There is no signup and no email - you connect a wallet and sign a message to prove it's yours. That signature costs nothing and approves no transaction.
Positions are recorded and settled by Perps Trade against your balance. You are trading with us as your counterparty, not on a public order book, and your profit or loss is paid from our treasury.
Deposits
We accept SOL, USDC, USDT on Solana. Your balance is held in dollars.
- USDC and USDT are credited one for one - no conversion, no spread
- SOL is credited at its market price at the moment the deposit lands, so the dollar amount depends on the price then
- Minimum deposit: $5
- Deposits are credited once the transaction reaches finality, usually a few seconds
- You need a small amount of SOL to cover the network fee
Each transaction can only be credited once, and only to the wallet that signed it.
Trading
Choose a market, pick long or short, set your margin, and choose leverage from 1x to 5x. Your position size is your margin multiplied by leverage.
Example
$100 margin at 3x is a $300 position. If the market moves 10% in your favour, you make 30% on your margin - $30. If it moves 10% against you, you lose $30.
There is no expiry. A position stays open until you close it or it is liquidated.
Fees
A 1% fee on position size is charged when you open, and again when you close. There are no funding payments, spreads, or withdrawal fees.
What that costs
A $100 margin position at 3x is $300 in size. The open fee is $3.00 and the close fee is another $3.00 - $6.00 round trip, which is 6% of your margin.
Higher leverage means a bigger position, which means a bigger fee relative to your margin. Worth keeping in mind on short holds.
Liquidation
Every position has a liquidation price, shown before you open it. Reach it and the position closes with the full margin lost. Nothing is returned, and no close fee is charged.
The liquidation price is where your loss equals your margin - the distance is 1 divided by your leverage:
Positions are checked continuously, but a fast move can carry the price past your liquidation level before the check runs. You cannot lose more than the margin on a position either way.
Withdrawals
Withdraw any available balance to your connected wallet in SOL, USDC, USDT. There is no lockup and no waiting period.
- Minimum withdrawal: $5
- Withdrawing in SOL converts your dollar balance at the price at that moment
- Margin in open positions is not available until you close them
- Funds always go back to the wallet that signed in
Pricing
Entry, mark, and liquidation prices come from Solana liquidity, cross-checked against a second independent source. If the two disagree by more than 3%, we refuse the quote rather than fill you on a bad price.
A market needs at least $150K of liquidity to be tradable. Thin markets are easy to push around, and a manipulated price would set your entry or trigger your liquidation.
Risk
Leveraged trading can lose you your entire deposit, quickly. At 5x, a 20% move against you wipes out the position.
We are the counterparty to your positions, and payouts come from our treasury. Only trade with money you can afford to lose. None of this is investment advice.