How COPE works

Perpetuals on Solana with up to 1000x leverage, traded against one pool. When you lose, part of the loss comes back to you as shares of that pool.

• Up to 1000x on every listed market, long or short
• Fills at the oracle price: no order book, no spread, no slippage, no funding
• Cashback on every realized loss and liquidation, paid in $COPIUM
• Anyone can own the house: deposit into the pool and hold $COPIUM

Trading

Pick a market, a side, your margin and your leverage. Every position is a synthetic trade against the pool: wins are paid from it and losses go to it, so there is no other trader on the other side.

Orders

• Market orders fill at the first oracle price published after your order arrives, usually within a second. Nobody, including the keeper that fills it, can pick an older or better price.
• Limit orders fill when the oracle price reaches your limit or better, and expire after a time you choose (up to 30 days).
• Take profit and stop loss can be set on any position and close it when the price crosses them.

Margin

Each position is isolated: its margin is fixed at open and stays with it until it closes. Positions close in full. To scale in or out, open or close separate positions.

One signature, no gas

Sign once to create a session key. After that, opening and closing need no wallet popup, and a relayer pays the network fees. A session key can trade but can never withdraw your funds. You can always send your own transactions instead.

Prices

Prices come from Pyth. The program checks every price on chain, its source and its timing, before any fill, so a price that did not come from Pyth can never be used.

Wins, losses and fees

Winning trades

Winners are paid from the pool after a haircut on the gain. The haircut is large on tiny moves and shrinks as the move grows, so quick in-and-out trades on noise keep little while real moves keep most of the gain. It depends on the size of the move, never on the size of your position.

For BTC at launch. Each market has its own haircut parameters.

Losing trades

You lose exactly the loss, nothing on top. The fee on a loss is taken from the pool's side, not added to yours.

Liquidations

A position is liquidated slightly before its margin runs out, 0.05% of price earlier. At 1000x your margin covers a 0.1% move, so liquidation comes at a 0.05% move against you. At lower leverage the buffer is a much smaller share of your margin.

The fee

2.5% of realized PnL, on wins and losses alike, and never on position size. Half stays in the pool, half goes to the DAO treasury. Staking $COPE lowers the fee on winning trades to as little as 2.0%.

Cashback

Every realized loss and every liquidation pays cashback in $COPIUM, shares of the pool you traded against. The rate depends on the leverage you used.

Boosts

Boosts multiply the cashback rate. Staking $COPE multiplies it by up to 1.2x, and a referral link multiplies it by 1.05x during your first 30 days. Boosts add up: with both, 20% becomes 25% at 1000x.

The dollar amount is fixed when your position closes and is minted as $COPIUM to your wallet within seconds. The cashback tiers are set on chain, and the program refuses any setting under which hedging a trade between two accounts would pay.

The pool and $COPIUM

The pool takes the other side of every trade. $COPIUM is a share of it: deposit USD and you get $COPIUM, burn $COPIUM and you get your share of the pool back.

What the pool earns

• Every trader loss, less the treasury's half of the fee
• The pool's half of the fee on every win

It pays every winner, and the cashback it mints to losers dilutes it. The cashback tiers are designed so that the pool keeps a positive edge at every leverage.

A live share price

The value of $COPIUM counts the pool's cash, what it owes to the payout queue, and every open position at the current price. Nobody can withdraw just before a big winner closes and leave the loss to the others: the winner is already counted.

Withdrawals

• Burn $COPIUM at any time for your share, less a 0.5% fee paid in $COPIUM to the DAO treasury.
• Withdrawals pause while the payout queue is active, so winners are paid first.
• The pool always keeps enough cash for what open winners are already owed.

$COPIUM is a normal token from the moment it is minted: hold it, move it or burn it.

The payout queue

If the pool cannot pay a winner in full, the part it cannot pay waits in a first-in, first-out queue and is paid as money comes in. Your margin is always returned at once: only profit can wait.

• While the queue is active, losses go first to paying it and no fees are charged.
• Pool withdrawals pause until the queue clears.
• You can use a queued balance as margin for new trades while you wait.

$COPE

$COPE is the DAO's token. It governs markets, parameters and upgrades, and manages the protocol's IP and infrastructure. Staking it gives you a tier:

• A cashback boost of up to 1.2x
• A lower fee on winning trades, down to 2.0% (the discount comes out of the treasury's half, never the pool's)

Staking earns no yield by itself. Unstaking takes 72 hours: the amount leaves your tier at once and returns to your wallet after the wait. You can cancel during those 72 hours and keep your tier. The tier thresholds will be published before launch.

Referrals

Register a referral code and share your link. When someone creates their account through it:

• You earn 10% of what the treasury collects on their fees, wins and losses, for as long as they trade.
• They get a 1.05x cashback boost for their first 30 days.

The referrer is recorded on chain when the account is created and can never change. An account created without a link has no referrer.

Launch parameters

FAQ