FAQ

Who is on the other side of my trade? The house: a pool funded only by traders' realized losses. There is no order book and no other trader on the other side (The house).

Why didn't my order fill instantly? Every order fills at the first Pyth price published at or after a pin time, at least 6 seconds after your request lands. That stops traders from trading on a price they have already seen, as long as the Solana clock or the market's recent oracle observations are close to real time. A keeper then posts that price and fills, which takes a few more seconds (How trading works).

Can I cancel an order? Not before it expires, 30 s after its pin, and nobody else can either. The one exception: anyone can void a close whose pinned price is inadmissible. After expiry, anyone can cancel. Cancelling an expired open refunds its margin; cancelling an expired close leaves the position open and lets you request another close. Orders have no limit price, so a price move doesn't let you cancel.

What do I pay to trade? There is no opening fee, funding or spread. Wins are haircut (7.7% base, more on small moves) and then pay a 2% fee. While the payout queue is empty, losses pay 2% out of the loss itself, not on top of it; the loss fee is waived while the queue is active. Each request costs a 0.0005 SOL execution fee plus refundable rent (Fees and PnL).

Why is my win smaller than the price move suggests? The win haircut. On a +1% move you keep 90.3% of raw PnL before the 2% fee; on +5 bps, 63.2%. Losses aren't haircut.

What if the house can't pay my win? You get your margin back immediately, and the win becomes a claim in a FIFO payout queue. It is paid, minus 2%, in order, first from whatever backing cash the house has and then from new losses. Claims can be paid in part. The house starts at $0, so early wins queue until losses have funded it.

When am I liquidated, and what do I lose? When a fresh Pyth price within 5% of its EMA puts you past your bust price (5 bps of entry before zero equity) after allowing for the confidence band, or puts you at zero equity at the midpoint. You lose the whole margin (Liquidation).

I closed just before my bust price. Why did I lose the whole margin? Your close fills at the pinned price after your request, not at the price you saw. If that price is at or past the bust price, the close settles as a liquidation. The confidence band doesn't apply to closes.

Can withdrawals be paused or blocked? There is no withdrawal pause and no oracle, keeper or governance gate on withdrawals. withdraw needs your wallet's signature, enough available balance, valid token accounts and a successful SPL Token transfer. Margin in open positions or pending requests, and queued wins, can't be withdrawn until they become available. A program upgrade could change anything, including this (Oracle and safety).

What can a 1-click session key do? It can open and close positions, stake, unstake and claim rewards using your whole available balance. It can't withdraw or deposit. It expires (the app sets 7 days, the program allows up to 30), and you can revoke it any time. Revoking stops new actions, but requests the key already placed can still fill until they expire.

What is $NOTE and how do I get it? It is minted to you when you close a position. A win mints on its raw PnL (before the haircut) minus 2%, and a loss mints on the loss minus the 2% fee, or on the whole loss while the queue is active. Both mint at currently 44 per $1 (+5% if you were referred), falling as the house grows. A liquidation mints on the full margin. Zero PnL mints nothing, and rounding can make a very small amount zero. It is an SPL token: withdraw it to your wallet to hold or trade it, or stake it for a share of fees and of house overflow, paid in USDC ($NOTE).

Why do my staking rewards arrive slowly? Revenue vests linearly over 1 hour, starting at the next 450 s epoch boundary, so stakers can't time their stake around large payouts. Claiming credits your trading balance; withdraw to move it to your wallet.

Is there an unstaking delay? No. Staking and unstaking are instant, and you keep the rewards you have already accrued.

What happens if the keepers go down? New requests, including new closes, stop after about 10 s without fresh oracle observations. Close requests already pending can still be filled by anyone until they expire. Expired requests can be cancelled: opens refund their margin, and closes leave the position open. Withdrawals, deposits and staking keep working, and anyone can step in to post prices and fill (Oracle and safety).

What happens to my position if its market is retired? A retired market takes no new opens, and you can still close. To wind it down, governance proposes a settlement, whose timelock eta becomes the market's settlement pin. You can close as usual until a new close would be pinned at or after the settlement pin (about 6 s before it, at the current pin delay). No liquidation can use a price published at or after the pin, and a close you requested in time still fills at its own pinned price, even after settlement. The market then settles at the Pyth price pinned at the settlement pin (or at the proposed fallback price if that update is inadmissible), and each remaining position closes at that price under the normal PnL rules. The keeper does this automatically, and the app has a Settle button (Oracle and safety).

Can the team change the rules? Economics, execution, market and role changes need a timelocked proposal, within limits the program enforces. The delay is 60 s on devnet; mainnet TBD (the runbook says at least 48 h). Production builds can't launch with less than 24 h, and no proposal can set the delay below the lesser of the current delay and 24 h. The pause, the OI brake and the trailing OI limits change instantly. Changes to fees, the bust buffer and the haircut also apply to open positions. The guardian can pause new opens instantly. The upgrade authority can replace the program.

Is it audited? No. It has had internal and automated reviews only.