Every rule below is enforced by the contract that runs the live book.
Each listed coin is a matchup. Believers deposit ETH into that coin’s pool. Faders open a short for 6h or 24h. If the price falls by settlement, the fade is paid ETH from that pool. If it rises, the pool keeps the stake.
There is no margin and no liquidation. Long tickets are not offered — if you think a coin holds or rises, you back its pool.
The move is (settle − strike) / strike, clamped between −100% and +100%. You receive stake × (1 − move). That clamp is the whole design: your payout lands between zero and twice your stake, so the pool’s maximum liability is exactly your stake — which is why no borrow, no funding rate and no liquidation engine exist anywhere in this system, and why the book cannot become insolvent.
| Price at settlement | You receive on a 10 ETH fade |
|---|---|
| Down 100% | 20 ETH |
| Down 20% | 12 ETH |
| Unchanged | 10 ETH |
| Up 20% | 8 ETH |
| Up 100% or more | 0 ETH |
Premium and fee sit on top of the stake and are spent either way.
| Minimum stake | 0.005 ETH |
| You send | Stake + premium + fee, in one transaction |
| 6 hour fee | 0.5% of stake |
| 24 hour fee | 0.75% of stake |
| Strike | Lower of the live price and the 15 minute TWAP |
| Expiry | Rounded up to the next 5 minutes |
| Early close | Not possible |
The premium is paid by the fader to the pool that fills it. The base curve at 6 hours is 0.1% plus 0.3% times how full the pool is, where full means the 60% use cap. A 24 hour term doubles that curve.
Momentum is then added from the coin’s own 1h and 6h TWAPs: fading a coin that has already run costs more. After a hard dump the premium floors at zero — it never goes negative.
A quote reverts when any of these fail. Every one of them fails closed.
| Market depth | At least 8 ETH in the coin’s own pool |
| One wallet, one coin | 1% of that depth |
| Total open fades | 5% of that depth |
| Capacity | 60% of backing, less what is reserved |
Depth is the ETH-side virtual reserve at the current price — the liquidity actually sitting where a fade would settle, not everything ever deposited across all ranges.
| Strike | Min(live price, 15 minute TWAP) |
| Settle price | TWAP over the 15 minutes up to expiry |
| Who settles | Anyone. settle() is permissionless. |
| Void | The oracle cannot price the window, or more than 6 hours have passed |
| Void payout | Stake + premium + fee, in full |
Settling on a TWAP rather than the last print means one wick at the wrong second cannot decide a ticket. The price comes from the coin’s own pool, read on-chain at settlement — no operator supplies it, and no operator can withhold it. Only venues that keep price observations can be listed at all, which is why Uniswap v4 markets are not eligible.
You own shares of the backer slice of one coin’s pool. Protocol seed, if any, is junior: when fades win, seed is wiped before backers lose a wei. When fades lose, the gain splits between seed and backers in proportion. Premium and the backers’ half of the fee go to backers only.
Deposits lock for 24 hours. After that, only ETH that is not reserved against an open fade can leave. You are never exposed to a coin you did not back.
Half of every fee goes to the pool that filled the fade. The other half accrues in the contract for buying and burning $FADE. A voided fade is refunded in full and its share of the queue is cancelled.
There isn’t any. The book is a contract on Robinhood Chain at 0x84f73147ce6cf9ceb7f105e3fe17d05dc38a4c81, and it holds the ETH itself. Backing, stakes and fees never pass through a company wallet, and no key can move them.
The owner key can list markets, set them live, pause new fades and deposits, and add seed. It cannot move backer deposits, touch stake escrow, alter an open ticket, or decide a settlement. settle() is permissionless and reads the coin’s own pool, so anyone can close out a ticket and nobody can refuse to. Even while paused, withdrawals and settlement keep working.