trading

Orders fill instantly at the live market price, adjusted by a fixed spread. Your order size does not move the price — a $100.00 buy and a $10,000.00 buy get the same price per token.

spread

60 bps

0.6% charged on both sides. You buy slightly above the market price and sell slightly below it.

market impact

none

Your size never moves your own fill price.

minimum order

$1.00

The practical effect: opening a $100.00 position costs you $0.60 immediately, so a $10,000.00 stack shows $9,999.40 the moment the order fills. Round trips are not free, and churning positions will bleed the stack.

You may not hold more than a set share of your equity in any single coin. Depending on the format that ceiling is 20%–25% per token, and it is measured against your equity after the trade would settle.

The cap is per coin, not per portfolio — you can be fully invested, just not all in one name. An order that would breach it is refused outright with the exact dollar ceiling, rather than being silently trimmed to fit.

Every format sets a floor under your equity. Touch it and the run is over: your entry stays on the leaderboard, but you cannot place another trade and you cannot collect a prize.

drawdown floor

20%–30%

Measured from the starting stack, not from your peak. A 30% floor on a $10,000.00 stack means busting at $7,000.00.

Because the floor is fixed to the starting balance rather than trailing your high-water mark, running your equity up does not tighten the rope — a trader up 200% still busts at the same absolute number as one who never made a cent.

Your equity is your cash plus the live value of everything you hold. It is recalculated on every trade, and the whole book is re-marked at the same moment so the exposure and drawdown checks use current values rather than stale ones.

• ·A coin we can price right now is marked at its live price.
• ·A coin we cannot price right now is held at what you paid for it, never at zero. A pricing outage is not evidence that a position became worthless, and marking it to zero would bust traders over an API failure.

Finishing in a paid place is not sufficient on its own. To collect you must also clear the format's minimum trade count and finish un-busted. The minimum exists so a prize cannot be won by entering, touching nothing, and outlasting everyone who actually traded.

Those trades must also be spread over at least 10 minutes between your first and your last. Clearing the count in a single burst is one decision, not a session, so it does not qualify. If we cannot verify when your trades were placed, the payout is held rather than assumed good.

Prizes are limited to one entry per person, not one per account. Addresses that reach the same mailbox — plus-tagged aliases such as you+2@, or dotted variants on providers that ignore dots — all count as the same person and cannot hold two seats in the same tournament.

Your rank is still shown either way — you are ranked on results, and only the payout is gated. What happens to a prize nobody can collect is covered under prizes.