The live venue
The demo and the live venue are the same engine reading the same index. The only differences are whose money is on the book and the limits that come with real money.
Two venues, one index
Every visitor gets a demo account with $100,000 of paper USDG and no sign-in. The live venue is a second book on the same markets: same index, same mark rule, same funding, same liquidation logic, but funded by USDG deposits and settled in USDG. There is one index chain per market, the one that has run since the market listed, and the live venue reads its price, its candles and any operator re-base from it rather than keeping a chain of its own, so a trader is at the same price on both venues at every moment. You switch between the two with the Demo / Live control in the top bar once a wallet is signed in. Positions on one venue never touch the other.
The live venue trades perpetuals up to 100× on other people's trading results. A position can be liquidated in seconds, and the whole margin behind it is gone when it is. Deposit only what you can lose entirely.
Signing in
There are no emails or passwords. Your wallet is your account. The live venue lives on Robinhood Chain, an Ethereum rollup (chain id 4663, gas paid in ETH), so any EVM wallet works: MetaMask, Rabby, Coinbase Wallet, the Robinhood wallet, and anything else that speaks the standard browser provider. The first time you connect, the site asks the wallet to add Robinhood Chain as a network; signing in itself works from any network.
- 1ConnectPress Connect wallet in the top bar and pick your wallet.
- 2Sign a messageThe wallet signs a plain-text message containing a one-time nonce. It costs nothing and moves no funds; it only proves you hold the key.
- 3Accept the termsThe first time a wallet signs in it accepts the risk disclosure. The acceptance is recorded against the wallet.
- 4TradeA signed session lasts 30 days in this browser. Sign out from the wallet menu at any time.
Depositing
Open Wallet and send USDG on Robinhood Chain from the wallet you signed in with to the treasury address shown there. Your wallet must be on the Robinhood Chain network when you send; the wallet page has a button that switches it. The treasury is watched continuously; a deposit is credited once it is a few blocks deep, usually within a minute, and shows up on the ledger with its transaction hash.
- Only USDG on Robinhood Chain. USDT, ETH, wrapped tokens or USDG on any other chain sent to the treasury are not credited; USDG reaches Robinhood Chain through the Robinhood app or a bridge.
- Only from your signed-in wallet. USDG from any other address is held until an operator matches it to an account, so do not deposit from an exchange.
- Each transaction is credited exactly once, however many times it is seen.
What is different when it is real
| Demo | Live | |
|---|---|---|
| Account | Anonymous cookie, $100,000 paper | Your wallet, funded by deposits |
| Reset | Any time | Never |
| Order size | Up to $5,000,000 | Up to $25,000 by default |
| Open interest cap per market | $50,000,000 or ten times the trader's capital | $250,000 by default |
| Virtual liquidity | $100,000,000 | $20,000,000, so impact is felt earlier |
| Fees, funding, liquidations | Paper | Settled in USDG on the ledger |
| Leaderboard | Paper PnL | Separate ranking, real PnL |
Everything else, from the index to the tier schedule, is the same code path with the same parameters. The parameters page lists the demo values; an operator can raise the live caps as the treasury grows.
Withdrawing
Withdrawals go to the wallet you signed in with and nowhere else. Enter an amount on the wallet page; it leaves your free balance immediately and is paid by the hot wallet, usually within a minute. Money in open positions has to be freed by closing them first.
- Minimum
- 5 USDG by default
- Daily limit
- 5,000 USDG per wallet by default
- Review threshold
- Amounts above 2,000 USDG by default wait for an operator to approve them. A denied withdrawal is refunded to your balance.
- Failed payment
- If the chain refuses the transfer, the amount is refunded and an alert is raised.
The ledger
Every change to a live balance is a row: deposits, withdrawals, margin locked and released, fees, realised PnL, funding, liquidation payouts and insurance cover. Amounts are kept in whole micro-USDG, so the rows add up exactly and the sum of all balances plus margin can be checked against the USDG the treasury actually holds. Your rows are on the wallet page, newest first.
Safeguards
- Reconciliation. Every twenty seconds the treasury's on-chain USDG is compared with deposits less withdrawals plus pending payouts. A mismatch of more than one dollar freezes withdrawals and pages an operator; trading continues.
- Market freeze. An operator can freeze any market. A frozen market refuses new risk, keeps its index where it was and pauses liquidations; closes and reduce-only orders still work.
- Caps. Order size and open interest per market are capped at what the treasury can stand behind, so no single market can put the insurance fund at risk.
- Float guard. The house is the counterparty to whatever does not net between longs and shorts. When the operator turns the guard on, the venue never lets that net exposure exceed the house's own money in the treasury: an order that would is refused, with the room that is left. Off, any size fills and the admin page still shows the float against the exposure.
- No key on the site. Deposits are read from the chain; the only key the server holds is the hot wallet that pays withdrawals, and it holds only the float.
- Regions. Wallets connecting from restricted regions are refused at sign-in.
Whether this server runs a live venue at all, and whether its books currently reconcile, is on the public health endpoint.