How it
works

01 · Launch

Launch a coin on pons from your own wallet. You're the deployer and you keep the creator fees. The moment it's live, it's listed here as $TICKER-PERP.

02 · Deposit

Send USDG on Robinhood Chain to your account. It's credited as soon as the transfer confirms. That balance is what you trade with, and you can withdraw it any time.

03 · Long or short

Pick a coin, a side and leverage up to 5x. Your position size is collateral × leverage. If the price moves your way, you earn that move on the full size. For example, $10 at 5x long on a coin that goes up 20% is about +$10.

Fees: 0.3% of size to open, 0.3% to close, plus a borrow fee of 0.02% of size per hour. Profit on one position is capped at 5× its collateral. When it gets there, the position is closed for you and the profit is credited.

04 · Liquidation

If the price moves against you until your collateral is almost gone (1% of size left), the position is liquidated and the collateral is lost. The trade panel shows your liquidation price before you open.

Liquidations use the mark price, the average of the last 2 minutes of prices, so a one-block wick can't liquidate you. For the same reason, trades fill at the worse of the live price and the mark, so a quick pump of the curve can't be cashed out.

Limits

Every position trades against the treasury. Open interest on each coin is limited per side, and the limit grows with the coin's market cap. Collateral is $1–$250 per position.