1
One curve
The whole supply sits in the coin's pool as one curve from about 30 HYPE up. It never leaves.
2
Borrow from it
A long borrows HYPE from the far end of the curve and buys the coin. A short borrows coins from the other end and sells them.
3
Liquidated inside trades
A trade that would take the price to a position's line closes that position first, inside the same trade. The curve always gets back what it lent.
4
Out any time
Close whenever you like from the second after you opened. After 24 hours a position closes for its owner at a fair price.
The numbers
Buy and sell1% of the HYPE side
Open0.3% of the position size
Close0.3% of what it sells or buys back
Funding0.05% an hour of what was borrowed
Liquidation3% of what was borrowed
Split80% creator, 20% eleos
Leverage2x to 5x, 3x max in a coin's first 10 minutes
Marginfrom 0.1 HYPE
Positions8 longs and 8 shorts per coin
Full sidetwice the smallest margin takes its slot
Time24 hours per position
Side cap25% of the real HYPE in the curve
Why the curve is always covered
- Each side may borrow at most a quarter of the real HYPE in the curve.
- Every position is checked before and after every open: none starts at its liquidation price.
- A push and a tiny trade in the same second cannot liquidate anyone. The first liquidation of a trade must be reached by that trade alone.
- Nobody but the owner can close a position while the price is far from its 10 minute average.
- A position cannot be closed in the second it opened, so it cannot be used as a free push.
- At most 8 longs and 8 shorts per coin. Even a trade that liquidates every one of them at once fits easily into one transaction.
- No owner, no admin: nobody can change a coin, its fees or its curve after the launch.