Fully-funded, no liquidation. You fund only the adverse distance of your bracket — that is your leverage. route: live
Class pool (backing)
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Open interest (sets)
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Stop (low)
Target (high)
Every claim is minted as a complete set costing width = high−low; the counterparty funds the other side. There is no house.
16.0×
mechanical leverage = width / adverse-distance
Size (exposure)—
Max loss (your stake)—
Max win—
Fee (0.3%)—
Liquidationnone — fully funded
Self-open takes both sides atomically (one wallet, testnet). Directional = keep one side. The kernel re-checks every leaf; a bug here can only give a bad quote, never move your funds.
Your position
Live from the kernel. A complete set (UP==DOWN) closes at par any time; a directional leg needs a counterparty (else honest no-quote).
UP claims
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DOWN claims
—
Cash credit
—
Withdrawable
—
Connect a wallet on Base Sepolia to trade the live kernel.
Earn — the flat vault
Deposit USDC. The vault is a complete-set transformer: it earns fees by completing/transferring/finalizing sets and always ends flat — it never takes the other side of your bet. No house, no directional risk, no optimistic marks.
Vault NAV (floor)
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Posture
100% flat
Yield = fees / NAV. Honest: with low volume, trading APY is low — the vault will never manufacture yield by warehousing one side. Floor NAV only (never tape price).
Why flat
The economics are a theorem, not a policy.
One-sided house vs informed flowprovably loses
Matched / fee serviceviable
Enforcementon-chain (submitFlatLeaf reverts if unpaired)
Contracts (Base Sepolia · 84532)
Kernel (the only trust boundary)
Flat vault
Collateral (test USDC)
The kernel holds all custody and settlement safety. This UI + the Rust quote layer are untrusted: a bug here can only give a bad quote or no service — it can never move your funds beyond what you sign.