How the price works
One published price, refreshed every ten seconds. No slippage from size, and trading stops rather than quoting a stale price.
Leveraged stock tokens don't trade on a curve here. They trade against us, at a price we publish and keep refreshing.
What you pay
There is a buy price and a sell price, both published on chain, both refreshed every 10 seconds from the live value of the real leveraged token. The gap between them is the spread, and it is how the venue makes money.
The published price is the price you get. Your order fills entirely at it, or it doesn't fill at all. Size doesn't move it — buying $50 and buying $50,000 fill at the same number, because there is no curve to walk up and nobody else's orders in front of you.
Why trading sometimes pauses
A price older than 60 seconds is refused, and every trade checks that before it prices anything.
This matters more than it sounds. These assets are 5x leveraged, so the stock moving 2% moves them 10%. If our feed went down and we kept quoting the last number we had, the only people who would trade against it are the ones who already know which way the stock went — and they would be taking that money out of the reserve backing everyone else's tokens. Refusing to trade for a minute is the correct behaviour, not a fault.
A trade that fails with QuoteStale is this. Wait a few seconds and try again.
Buying and selling aren't symmetric
- A buy always works. New tokens are created against your payment, so a buy can never fail for lack of inventory.
- A sell is paid out of a shared USDG reserve. Every listed asset is paid from the same pot, so a very large sell can in principle exhaust it. That is the one limit worth knowing about, and it fails cleanly — you keep your tokens and pay nothing but gas.
What stops this being abused
Each of these exists to bound what a stolen key or a broken price feed could do:
- The price can't jump. One update can only move it by a set percentage, and the reference it's measured against rolls forward at most once a minute — so nobody can walk the price somewhere in small steps either.
- Only listed assets get paid out. Otherwise anyone could open a market for a token they mint for free and sell it into the shared reserve.
- Nobody else can supply liquidity. We are the sole counterparty, deliberately.
- There is an off switch, per market and for the venue as a whole, for when something is wrong and trading should stop.
Where the money actually is
What backs it — every token in circulation is matched one-for-one by a real leveraged position on a real exchange.