Positions

A position is an account, not a token. You open it with USDC, it tracks an index, and you close it when you choose.

	Long	Short
Collateral	100% of size	200% of size
Opens at	level × (1 + spread)	level × (1 − spread)
Closes at	level × (1 − spread)	level × (1 + spread)
Gains when	the index rises	the index falls
Forced exit	closes automatically at +100%	liquidated when the level reaches 2.5× the open

Size

The minimum is $25. The maximum depends on how much $FLOAT you hold (see $FLOAT). You hold one position per market per side; opening again adds to it at the blended level.

Fees

Fee	Rate
Open	1.00% of size, less your tier discount
Close	1.00% of size, less your tier discount

Every fee goes to the fee vault, which burns $FLOAT. The spread is separate and starts at 0.50% per side (see The house).

Liquidation

A short is liquidated when its loss reaches 75% of its collateral, which is when the level reaches 2.5 times its open. Anyone may trigger it. The liquidator receives 2% of the collateral; the rest settles the loss, and anything left returns to you.

Receipts

Opening mints a receipt to your wallet: market, side, size, open level and time. Closing stamps it with the close level, PnL and date. Receipts are soulbound and cannot be transferred. Frame your October.