How Rektrade works

Trading

A position is a bet against the house on the price of an asset, isolated, with a fixed margin and a leverage up to the market's maximum (1000x on BTC and ETH). It opens at the HyperCore mid price — the midpoint of Hyperliquid's best bid and ask, read in the contract through a precompile, at the block the transaction lands in — and closes at the mid of the block it closes in. There is no orderbook, no spread, no funding and no fee on notional. Notional is margin times leverage.

A position cannot be changed once open: no top-up, no partial close, no leverage change. To scale in, open another one. A position must be held 10 seconds before you may close it. Busts do not wait. The house caps each market's leverage, notional per position and open interest per side. An open that would breach a cap is refused. This fork caps you at 32 positions and at each market's max leverage. BTC and ETH go to 1000x, SOL to 500x, ZEC, NEAR and XMR to 200x.

Wins and losses

A win is scaled three times before it is yours. First the deadband: the exit is read 0.2 bps of the entry price against you, so a gain smaller than that is zero. Then the asymmetric impact curve. Small moves keep little. Big moves keep up to 90% of the raw gain. On the public venue a 1% BTC move keeps about 88% of the raw gain before fees, and a 0.1% move about 74%. Finally a win fee of 2% (half to $Rektrade stakers, half to the house) and a win tax of 5% (to the house) come off the scaled gain.

The ticket on this fork shows the keep ratio after that 7% haircut: about 70% of a 0.1% move, 82% of a 1% move, and 83% of a 5% move, topping out near 83.7%.

A loss is just the loss: price move times notional, taken from the margin, never more than the margin. Nothing extra is charged to you. The house carves a 2% fee from its own gain on your loss, and only while no winner is queued. Every realised loss mints $Rektrade on the spot.

Busts

Zero equity would be a move of 1/leverage against you. The bust price sits 5 bps of price before that, closer to the entry. The moment the mid crosses it, the position is dead: the whole margin is forfeited, even if a voluntary close a block earlier would have returned something. At 1000x that is a move of about 0.05%. $Rektrade mints on the whole lost margin.

The payout queue

The house has no backers. It began with nothing and holds only what traders lost. When a win is bigger than the house's free cash, the margin still comes back at once, and the profit joins a first-in-first-out queue. From then on every loss is set aside for the queue. The house takes no fee while it stands. Nobody is paid ahead of someone queued earlier. A queued win is a delay, not a haircut. House equity can be negative while a queue stands. This paper fork always pays from your local balance, so the queue never forms here.

$Rektrade

$Rektrade is minted only by the exchange, only against realised losses, never above 21,000,000. The rate per dollar lost follows a day schedule that began when the venue opened: 21 Rektrade on day 1, one less every day, down to a floor of 1 from day 21 on. There is no premine, no team allocation, no presale.

A trader with at least 500 Rektrade staked at the moment of the loss gets a bonus: x1.2 from day 3, x1.3 from day 6, x1.4 from day 9, x1.5 from day 12, x1.6 from day 15, x1.7 from day 19 and x2 from day 21. This fork is frozen on day 1, so the bonus is still x1.0 and the rate is 21.

When trading is opened it cannot be closed. The market is a Uniswap v4 pool against USDC. The hook takes 2% of every swap for the house. Modules behind the hook can add a staker discount, a launch guard, or a fee jackpot. The hook address is fixed for the life of the pool.

Staking

Stake and unstake are instant. No lock, no cooldown, no vesting, no tiers. You cannot stake less than 210 Rektrade, and what you leave after an unstake must still be at least 210 or zero. Stakers receive half of every win fee and loss fee. Once nothing is queued, tracked LP above $500,000 can be swept to them. Rewards are USDC, claimable to the wallet. 500 Rektrade staked also earns the mint bonus.

Session keys

On the real app, the first one-click trade creates a session key in the browser. You sign one message authorising it for up to 30 days. The relayer pays that transaction. After that, opens and closes are signed by the key, with no popup and no gas. The key can open and close and nothing else: it cannot withdraw, stake, unstake or claim. Every intent has a nonce and a deadline. Forget the key on the Portfolio page to stop that device. Revoke it on chain to stop every copy. This fork never creates a key.

Deposits and withdrawals

Collateral on the venue is USDC on HyperEVM. A 1% deposit tax goes to the house. The minimum deposit is $5. Withdrawals of free balance stay open even when opens are paused. Margin in a live position is not withdrawable until the position closes. The deposit button here mints paper USDC in this browser and takes the same 1% so the ticket matches.

The house and its powers

The owner can pause opens (closes, busts and withdrawals never pause), retire a market at a frozen price, and tune dials inside bounds written in the contract: win fee up to 10%, win tax up to 20%, deposit tax up to 5%, bust buffer 1 to 9 bps, minimum hold up to an hour, liquidator reward up to 5%, house share of a mint up to 20%. A guardian can only pause opens and retire markets.

The owner cannot touch a free balance, a margin, a queued win or a staker's accrued fee, cannot mint $Rektrade, cannot change the mid, and cannot upgrade the contracts. There is no proxy. The treasury always equals free balances + open margin + fees owed + the queue's side bucket + house cash.

Risks

At 1000x a 0.05% move busts you. The mid comes from Hyperliquid's book; a thin book can be moved a tick, and the deadband plus the impact curve are the only defence. Wins can queue, and a queue is paid only by later losses. A session key in a compromised browser can trade a balance away, not withdraw it. The contracts are unaudited. Do not deposit what you cannot lose. None of that risk is live in this HTML fork, because the balance never leaves the browser.

Contracts

Precompiles on the public venue: BBO 0x0000…080e, mark 0x0000…0806, oracle 0x0000…0807. Read the original at rektrade.vip/docs.