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A trader’s stake is a USDC vault in their name. It’s the only place collateral can come from when they join a market. Anyone can deposit into it, which is how a token launch raise arrives.

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How much stake a trade needs

Each stock has a tier, and the tier sets how much collateral a trader needs per dollar they hold in it: So a trader holding 500ofNVIDIAneeds500 of NVIDIA needs 200 of collateral behind it; holding 500ofCoinbaseneeds500 of Coinbase needs 500. The full list is on the stocks page.

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The checks on every trade

  1. Allowlist. The stock must be one the market allows.
  2. Per-trade cap. One trade can use at most half of the trader’s slice.
  3. Fill price. The venue’s fill must be within 1% of the oracle price.
  4. Margin. After the trade, the trader’s collateral must still cover the tier requirement on every position.
A trade that fails any check is rejected before anything moves.

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Withdrawing

A trader can withdraw their stake when they have no open sleeves, except the part a token launch put there, which stays locked for good.