FAQ
Why didn't my order fill at once?
Orders fill at the next print, never at the index you can already see. An order fills at the first print whose observations from both roots were fetched after the order landed on chain. Rounds open every 15 minutes, so an order fills at the current round's print if it landed before both roots fetched, and otherwise at the next round's. Until then it shows pending round in Orders. See Trading.
Why is my order smaller than I asked?
You enter size in USDC, and the ticket turns it into contracts at the current index. The order fills at the next print's index plus skew impact, so its notional at the fill differs from the number you typed, up or down. The position's margin is also lower than the USDC the order escrowed: the trading fee and the keeper fee come out of it at the fill. When you add to a position, the quote's size and fee cover only the addition.
Why was my order rejected?
At its print, the program checks the order again: the fill price against your acceptable price, the room under the cap after the orders ahead of it, your margin, and any pause on your side. An order that fails one of these is rejected as a whole; there are no partial fills. Its margin stays escrowed for you, and Cancel order returns it to your claim balance once the market has moved past that print.
Why is Open order disabled?
The quote says why. The common reasons are a size at or above the room under the cap ("That size is over the market's cap."), an order of yours already pending in the market, a position on the other side, a pause on your side, or a market that isn't trading (shadow, halted, settled). Signed out, the button reads Connect wallet to trade.
Where is my payout?
In your claim balance. Closes, liquidations, settlements, cancelled orders, executed withdrawals, new vault shares and returned bonds all land there, held by the program for your wallet. Press Claim to wallet in Portfolio, under "Vault shares and payouts", or on the Vault page. See Claim balances.
When can I withdraw from the vault?
A withdrawal waits 72 hours after you press Request withdrawal. Then a keeper prices it at the first complete NAV after it unlocks, Execute withdrawal appears, and the USDC goes to your claim balance when you press it. See Providing liquidity.
When do my vault shares arrive?
A deposit fills at the next complete NAV: once every market has printed and every position has been valued after your deposit landed. The shares land in your claim balance as "Shares ready to claim".
What happens if the roots disagree?
The round doesn't print. Its state is disputed, no price is written, and opens pause on both sides of the market until the next print. Pending orders wait for the next print the roots agree on. Closes, margin additions and claims continue.
Who sets the caps?
The caps start from the listing's research: the cost to add one fake listener (), the cost to remove one real listener () and the current listener count (). The program computes the target caps as for longs and for shorts, with = 0.25. Three of the five curators then approve the same caps, at or below those targets. A new market trades at 25% of them through its 30-day probation, then at the full caps.
Which wallets work?
Solana browser wallets that support the Wallet Standard, such as Phantom, Solflare and Backpack. The wallet needs to sign messages and sign and send transactions. Hardware wallets that connect over USB are not supported.
What does it cost to trade?
A trading fee of 10 bps of notional on each open and each close, a flat keeper fee per fill, funding while your side is the one adding to the skew, a borrow fee that rises as the market's caps fill, and the Solana network fee for each transaction. A liquidation pays 1% of notional. See Fees, funding and the borrow fee.
Can I cancel an order?
Not while it can still fill. Cancel order appears when two rounds have passed without an eligible print, when the order was rejected and the market has moved past its print, or when the market halts. The margin goes to your claim balance.
How do I switch from long to short?
Close the long with Close at the next print, wait for it to fill, then open the short. A position takes one side and one pending order at a time.
How much margin can I remove?
Down to what a new 3× position would need: after the removal, the position's equity at the latest print must be at least a third of its notional. Removed USDC goes straight to your wallet.
What happens to my position if a market halts?
It settles. The settlement price is the time-weighted average of the market's hourly closes over the 24 hours before the halt. Keepers close every position at that price with no trading fee, and the payout lands in your claim balance. See Halts and settlement.
Is there a token?
Yes: ANYPERP, a fixed supply of 1,000,000,000 that went 100% to one public launch on equal terms. The protocol's 20% share of every trading, liquidation and borrow fee buys it on the market and burns it. See Token.
Where does the listener count come from?
From the artist's public profile page on a streaming platform: the monthly listeners figure. Two independent roots, a Reclaim attestor and an independent notary, read it each round and sign what they read; the program verifies both signatures on chain. The Data page and the API publish the attested series for every listed artist, free to read.