FAQ
Short answers to common questions, each with the number that matters.
Trading#
How is it on-chain? Positions, balances, the payout queue, SPAPER minting and staking are all held in contracts on BSC; balances are USDT held by the Exchange contract. The core consists of 8 upgradeable contracts. See Architecture.
How do trades fill? Immediately against the LP at the signed index price of the settling block. There is no order book, no partial fill and no slippage at any size, subject to per-side open-interest caps. The spread is 0 bp.
Which markets are available? BTC and ETH, with 1–1000× leverage, a 10 USDT minimum margin and 500 to 10,000,000 USDT notional per position.
Can margin be added or a position partially closed? No. Positions use isolated margin and are always closed in full.
Does trading require BNB? No. Trades are signed and submitted by the relayer.
Prices#
How does the oracle work? An independent signer signs every Binance USDⓈ-M index update. The contract verifies the signature, accepts only timestamps within the window [now − 3000 ms, now + 2000 ms] and never accepts a price older than the last one used. See Pricing: signed index.
What happens if prices stop? Nothing in the affected market settles until the next fresh signed price: no opens, closes or liquidations.
Costs#
What does a trade cost? Opening and closing are free. A winning close passes a 0.2 bp deadband, the asymmetric-impact scale and a 2% win fee. A 1% BTC move on 10,000 USDT notional pays about 86.38 USDT net. See Profit & loss.
Is anything charged on losses? Nothing beyond the loss itself. While the payout queue is empty, a 2% LP-side fee is carved from the LP's gain, not added to the trader's loss. A 50 USDT loss costs exactly 50 USDT.
LP, queue and SPAPER#
What if the LP cannot pay a win? The LP pays what it can and the remainder joins a first-in, first-out payout queue. Margin is returned immediately in every case; margin is never queued. See LP & payout queue.
How is SPAPER obtained? Only by realising a loss or being liquidated. The rate is 100 SPAPER per 1 USDT of loss while the LP's net balance is below 2,000,000 USDT. See SPAPER minting.
Can SPAPER be transferred? No. It can only be staked and unstaked; the minimum stake is 1,000 SPAPER.
Social and orders#
Does copy trading place orders automatically? No. Copy pre-fills the order ticket; the trader reviews and signs. See One-click copy.
How long does a limit order or TP/SL last? Until cancelled, for up to 30 days or until the session key expires, whichever comes first. See Orders: limit, TP/SL.
Is the protocol audited? No. See Risk.