Positions

BTC and ETH each start with 1 billion Blood notional per direction, shared by all users. A position may use up to 10 million notional and 1000× leverage; minimum margin is 10 Blood and minimum notional is 100 Blood. Independent active-position and pending-open count limits also apply. Pending opens reserve margin; capacity is checked again at fill.

Initial count limits: 4,096 active positions globally and 2,048 per market; 1,024 pending opens globally, 512 per market and 10 per Maneki. Each Maneki holds at most 20 positions and pending opens together. Pending closes do not use these open-request limits.

Markets and prices

You trade BTC and ETH. Every open and close settles at the perpetual market's mark price, a median that one order book can't drag far, read by the house contract itself at the moment the order fills. No price is ever supplied by the operator or by a trader. The house also reads the oracle price, an index of outside spot markets. While the mark and the oracle disagree by more than a small limit, new opens are refused; try again once they come back together. Closes and liquidations skip this check, so a price gap never traps you in a position.

Opening a position

Choose a Maneki, a market, long or short, a margin in Blood and a leverage. The position's notional is margin × leverage. Placing the order reserves the margin; about 5 seconds (default) later the house keeper fills it at the mark of that moment, with no spread and the same price for every size. How orders fill explains the wait. You also set your price protection, the furthest the mark may move against you before the fill.

The minimums make every position cost real Blood, so there are no dust positions. With 100 Blood or more of margin any leverage works; at the 10 Blood minimum, a position needs at least 10×.

Isolated margin

  • Placing an order reserves the margin out of the Maneki's Blood. Available Blood is Blood minus the margins in use, by open positions and by orders waiting to fill.
  • A position's loss is capped at its own margin, so it can never reach another position's margin.
  • Liquidating one position leaves the Maneki's other positions untouched.

Holding both sides

A Maneki may hold a long and a short in the same market. Its winning side keeps only part of its profit under the keep curve while its losing side loses in full, so a hedged pair loses on average and is rarely worth doing.

No funding or holding fees

Holding a position costs nothing over time: there is no funding rate and no hourly fee, on either side, however long it stays open. Its liquidation price is fixed when it opens, and only the mark can bring it closer. When one side of a market grows crowded, the caps limit how far it can go.