Who is the counterparty?

The Vault. It collects trader losses, borrow fees and part of the funding, and it pays out when traders win. Size is capped because the pool only takes on as much risk as it can back.

Can win-trader move my funds?

No. Every action is a Stellar transaction your wallet signs. If you log on with email or Google, a Stellar account is created for you and the key still stays with you.

Where do prices come from?

A published oracle round. Entries, marks, liquidations and vault settlement all use the same round.

This deployment runs on Stellar testnet. The USDC is test money from the Faucet; the competition prize is real.

Perpetual futures · On-chain · USDC

Trade perpetuals against a pool, from a wallet you keep.

The trading terminal that settles on Stellar. Oracle-priced entries, a pool on the other side, and your key on every trade.

What’s inside

Leverage from 2× up to each market's cap
Entries at the oracle price, not against a book
A vault on the other side, paid by trader losses and fees
Freighter, email or Google. Your key signs every trade.

What you can do here

Trade

Chart, order ticket and open positions on one screen. Leverage from 2× up to the market's cap, take-profit and stop-loss set on the ticket, liquidation line drawn on the chart before you commit.

Entries at the oracle price, not a book
Nothing charged at open
Log on with Freighter, email or Google

Open the terminal

Vault

Be the other side. Deposit USDC, receive sLP shares, and earn trader losses, borrow fees and part of the funding. Utilization sets both what the pool earns and how much of your stake can leave right now.

Shares priced by the pool's fortunes
Deposits settle against a published oracle round

See the pool

How a trade works

Log on and get funded Connect a Stellar wallet or sign in with email. On testnet the Faucet hands you USDC; on mainnet you deposit it.
Pick a market, a side and a leverage The liquidation line on the chart moves with the slider. Put it somewhere the market has to be genuinely wrong to reach.
Sign The wallet shows the transaction. Once it confirms, the position appears in the positions panel and on the chart.
Hold, then close Borrow and funding tick every block. Close it yourself, let TP/SL close it, or the keeper closes it at the maintenance margin. Health is collateral + pnl − borrow + funding

What it costs

Fee	Taken	When	How
Opening	never	Nothing is charged to open a position.	`nothing`
Closing	once, at close	Only out of profit. A losing trade pays nothing to close.	`min(size × rate, profit)`
Borrow	every block	On the pool capital your position ties up. Rises with the square of utilization.	`base + variable × utilization²`
Funding	every block	The crowded side pays the other. Follows a slow average of the skew.	`skew, averaged`

Questions

Who is the counterparty?: The Vault. It collects trader losses, borrow fees and part of the funding, and it pays out when traders win. Size is capped because the pool only takes on as much risk as it can back.
Can win-trader move my funds?: No. Every action is a Stellar transaction your wallet signs. If you log on with email or Google, a Stellar account is created for you and the key still stays with you.
Where do prices come from?: A published oracle round. Entries, marks, liquidations and vault settlement all use the same round.
Is this live money?: This deployment runs on Stellar testnet. The USDC is test money from the Faucet; the competition prize is real.

System requirements

Wallet: Freighter, or an email address
Collateral: USDC, on Stellar (Soroban)
Markets: BTCUSD · ETHUSD · XLMUSD
Network: Stellar testnet
Disk space: 0 KB, runs in your browser
Best viewed at: 1024 × 768, 256 colours

Release history

2026-07 Testnet competition, round 1. BTC and ETH perps, the Vault, the leaderboard.
2026-07 Rounds 2 and 3. XLMUSD listed; TP/SL on the ticket; the desktop shell.
2026-08 Round 7. Closed Aug 26.
next Mainnet. Real USDC, the same three fees.

Read the documentation