No book, no matching
Prices come from an oracle, not from bids meeting offers. Size is available at the mark until the pool runs out of room to honour it.
Nine markets, no order book. The pool takes the other side of every trade.
Open outcry ran on a stepped octagon like the one above. You stood on a step, shouted a price, and someone shouted back. The whole thing worked because there was always somebody on the other side.
There is nobody here. Instead a pool of deposited capital is counterparty to every position on the desk — traders who win are paid out of it, traders who lose pay into it. Depositors are, collectively, the house.
Prices come from an oracle, not from bids meeting offers. Size is available at the mark until the pool runs out of room to honour it.
When longs outweigh shorts the pool is net short, so it collects from longs directly. Same economics as a book, none of the distribution machinery.
Funding nets to nothing on a balanced book and fees only arrive when someone trades. A borrow fee scaled to how much of the pool is committed pays for carrying risk in between.
A price older than five minutes stops counting as a price and trading halts. A dead feeder closes the floor rather than settling anyone against a stale print.
ETH, BTC, SOL, XRP and gold are checked against a second exchange before publishing. When they disagree, nothing is published. The index and energy futures have no free second source, and the interface says so rather than hiding it.
Closed positions are deleted from storage, so the desk keeps its own tally: every close, what it netted, what it cost in fees. One call rather than a walk through event logs, which a public endpoint rate limits into silence.
Anyone can liquidate an underwater position or fire a crossed stop, but a promise nobody enforces is not a promise. A keeper sweeps every forty-five seconds.
Every design here bought something by giving something up. The trades are worth stating plainly rather than discovering them with a position open.
That exact amount is set aside in the pool the moment you open, so a winner is always payable. The cost is that a runner stops earning past the cap. A pool that promises unbounded payouts cannot reserve against them, and an unreserved promise is the one that breaks.
Price gapping straight through a stop fills past it, and that difference is yours. Paying out at the trigger instead would put the gap on the pool, and depositors did not agree to cover the worst moment of someone else's trade.
Closing needs a live price, because settling against a stale one robs whichever side the staleness favours. Margin can still be added, so a position can be defended through a closure even when it cannot be exited. A weekend gap settles on the reopen.
US30, SPX, NAS and WTI track futures from a single free source, typically ten to fifteen minutes behind. Anyone holding a real-time terminal knows where they are before this desk does. Academic on a testnet; disqualifying anywhere real.
A 1,000-size trade costs 2 CHIP round trip whatever the leverage, so small moves are not tradeable here. A nineteen-cent win on ETH at that size is still a nineteen-dollar loss after costs.
A partial close silently destroyed the remainder. A view function divided by zero on any settled position. Reported liability ran ahead of what the pool had reserved, twice, in two different ways. A closed-trade tally recorded one settlement path out of four. All five were found by Foundry tests written afterwards — the hand-rolled simulations they replaced had passed, because they tested a reading of the contracts rather than the contracts.
Collateral is a test token anyone can mint, on a testnet, worthless on purpose.
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