How s33d works

Getting started

How trades work

A position is one bet: a side, a margin, a leverage and the entry price. Its value moves with the coin's price multiplied by your leverage. At 1000×, a move of 0.1% is 100% of your margin, in either direction.

Who you are trading against

The house. Not another trader, not a pool of depositors. When you win, the house pays you; when you lose, your loss becomes the house. That is what lets the exchange skip slippage, spreads and funding: there is nobody on the other side who needs to be compensated for taking your trade.

Closing at a loss

The loss, at most your margin, goes to the house. Whatever is left of the margin is back in your balance in the same transaction. Nothing is charged on top of the loss. The loss earns you points (see Points).

Closing at a profit

Your margin comes back at once, always. The profit, minus the 2% win fee, is paid from the house: immediately when the house has the cash, otherwise it goes into the payout line (see The house and the line).

One position is one position

You cannot add margin to push the bust price away, cannot take margin out, cannot change the leverage. Want more size? Open another one. Want less risk? Close it and open a smaller one. This keeps every position's bust price a fixed, known number from the moment it exists.

Two small rules, and why

• No profit in the first 3 seconds, and never in the slot you opened. The price updates a few times a second; without this rule a bot could open on a stale tick and close on the fresh one. Closing at a loss is always allowed, instantly.
• Wins are measured 0.002% less favourable than the raw move. A win smaller than that pays nothing. It exists for the same reason: nobody should earn the width of a single price tick. Losses are never enlarged by it.

The house and the line

The house is the running pile of USDC that losing trades left behind. It starts at zero on day one. Nobody deposits into it, nobody can withdraw from it; it only moves through trades, and through the fees described below.

Paid now, or paid in line

When you close a winning trade and the house has the cash, you are paid immediately. When it does not, the unpaid part of your profit goes into a line: first in, first out, paid down automatically as new losses arrive. Nothing is taken from it and nothing expires. You get the full amount, just later; it shows in your account as "queued" until it lands in your balance.

This is the trade-off that makes a house with no seed capital possible: instead of refusing your trade because the house is small, the exchange takes it and makes you wait for the part it cannot pay yet. Your margin is never part of the wait.

Limits, and why they grow

Two limits keep the line short. Each side has a cap on total open interest, and the house pays out at most a certain amount per hour. Both are floors: they rise automatically with the house cash, so a bigger house allows bigger positions and faster payouts without anyone touching a setting.

The Stats page shows the house, the line and the limits live. "This side is at its cap" on the trade button means exactly that: wait for someone to close, or trade the other side.

Liquidation

Every position shows its bust price before you open it. It is the price where your margin is gone, minus a small buffer of 0.05% so the house never pays out more than you put in. At 1000× the bust price is 0.05% from your entry; at 100× it is 0.95%; at 10× it is 9.95%.

Crossing it is a hard bust: the whole margin goes to the house, even if a close a second earlier would have returned part of it. That is the deal at this leverage; the buffer is what makes the house safe to run with no capital behind it.

Two prices must agree

There is the live price, which fills your trades, and the mark price, which moves 1/8 of the way towards the live price on every update, so it takes about 3 seconds to catch up. A position is liquidated only when both are past its bust price. A single wrong tick in the live price cannot take you out, because the mark has not followed yet; a slow mark alone cannot take you out either, because the live price has to agree. Your position cards show both.

What trading costs

Nothing on the way in and nothing on the way out: no fee to deposit, open or withdraw beyond the network's own fee. The exchange takes its cut only when money actually changes hands between you and the house.

The loss fee is carved out of what the house receives, not added to what you lose: a $100 loss costs you $100, the house keeps $98, and $2 goes to fees. While people are waiting in the line, the fee is waived and the whole loss goes to paying them, because queued winners come before anyone else.

Points

Points are how losses are paid back over time. Every loss earns points, and points earn half of all fees, in USDC, from the moment you have them. There is nothing to stake or lock: having them is enough.

How you earn them

Each $1 you lose, on a losing close or a liquidation, earns points at the rate of that moment. The rate starts at 100 points per $1 and falls in a straight line as the supply fills: with half the supply out a dollar earns 50 points, at 90% it earns 10. The cap is approached, never reached, so a late loss still earns something. Early losses earn the most, on purpose: the early house is the smallest and the early traders carry the most waiting risk.

How rewards arrive

Half of every fee goes into a pot. Every 10 minutes the pot is split across all points that exist: your share is your points divided by all points at that moment. Your part lands in "Claimable rewards" on the Points page and keeps adding up, round after round, until you claim it with one wallet signature. Claiming never spends your points; they keep earning the same way the next round.

What this means for you

A loss is not the end of the story. The money went to the house, which pays the next winners, which produce fees, which flow back to your points for as long as the exchange runs. The more you lost early, the bigger your share of everything that comes after.

$S33D

$S33D is the coin; points are the rewards. The operator's half of the fees is used to buy $S33D on the market. Once it trades, the Points page shows its price, market cap and pool.

Trading key

At 1000× a wallet popup per click is too slow, so the app creates a second key in your browser and asks your wallet once to authorise it. From then on opening and closing is one click: the key signs, no popup.

What it can and cannot do

Worst case, if someone got hold of the key: they could open and close trades with your balance and lose it that way, but they could not move a cent out. Revoke it any time from the Portfolio page; the SOL it holds comes back to your wallet.

Where the price comes from

A keeper posts each market's price to the program several times a second. It takes the live price from the main exchanges, drops any source that disagrees with the others, uses the median, and checks the result against the Solana pools. The program then enforces a few rules on every post, whoever sends it:

• One post may move the price at most 2% from the last one; after a gap in the feed, at most 30%, then 2% again. A wrong post cannot liquidate the whole book in one shot.
• Opening a position and taking a profit need a fresh price, under 25 slots old. If the feed stops, those wait; closing at a loss works on the last price, so nobody is ever stuck in a position.
• If the exchanges and the pools disagree by too much, new positions are paused until they agree again. Closing is never paused.

What is on chain

Everything that touches money is one program on Solana: 6HBVadYYnVbpZFvUwc1jZRbfguKfdXCNMnjDUV5auQ5r. Balances, positions, the house, the line, fees, points and rewards all live in its accounts. The website is a window onto it; if the website is down, your balance is still there and any client that speaks to the program can close positions and withdraw.

The vault always holds every balance, the house, the fees owed and the points pot, to the cent. That equality is checked in the test suite on every change to the program.

The Status page shows the feed, the servers and your pending transactions live.