--- title: "ohtrade" language: en source: https://ohtrade.xyz/ status: "Coming soon" content_revision: 50b1055b9a86245e --- # ohtrade > Building Solana perpetual markets with planned leverage up to 1000x, multi-market price references, and a token buyback and burn ecosystem. Status: Coming soon Source: [Official website](https://ohtrade.xyz/) PERPETUAL MARKETS. BUILT ON SOLANA. REWARDS FOR ELIGIBLE SETTLED TRADING LOSSES ## A trading loss can mint tokens. Stake to share pool fees. Mint reward tokens. **Stake for USDC fee distributions.** - **Eligible settled loss** - **Mint reward tokens** - **Stake for USDC distributions** When a settled trading loss qualifies, reward tokens are minted under the protocol’s rules. Stake them to participate in USDC distributions from a defined share of the pool’s collected trading fees. [See how loss-based minting works](https://ohtrade.xyz/#guide-minting) ## PERPETUALS. PLANNED LEVERAGE UP TO **1,000 ×** Your next move. A wider world of perpetuals. A clearer reason to take part. - Crypto, equity and ETF reference markets. - Spot and perpetual markets behind the price reference. - [Trading fees → buybacks → burns → easier minting](https://ohtrade.xyz/#ecosystem) [Explore our advantages](https://ohtrade.xyz/#pricing) [Read the plain-English guide](https://ohtrade.xyz/#guide) A NEW PERSPECTIVE ON PERPETUALS. SCROLL TO EXPLORE EXPAND YOUR VIEW THE OHTRADE DIRECTION ## More markets. More possibilities. SETTLEMENT NETWORK **Solana** COLLATERAL **USDC** PLANNED LEVERAGE **Up to 1,000×** ## Follow your world. Find your market. Our first planned lineup brings crypto, equity and ETF references into a perpetual contract experience. ### Crypto PLANNED · 24/7 - BTC · Bitcoin · PERPETUAL · UP TO **1,000×** - ETH · Ethereum · PERPETUAL · UP TO **1,000×** - SOL · Solana · PERPETUAL · UP TO **1,000×** - ZEC · Zcash · PERPETUAL · UP TO **1,000×** Four starting points. A shared USDC collateral model. ### Equities & ETFs PLANNED · U.S. SESSION - SNDK · Sandisk · EQUITY REF. · UP TO **1,000×** - SPCX · SpaceX · EQUITY REF. · UP TO **1,000×** - SOXL · Semiconductor 3× ETF · ETF REF. · UP TO **1,000×** TESTING WINDOW / NASDAQ REGULAR SESSION **09:30—16:00** Eastern Time Trading days only. Exchange holidays and shortened sessions apply. ## More markets. Coming soon. More crypto, equity and ETF reference markets are planned. More ways to take part are on the way, too. ## A wider view. A clearer reference. Spot and perpetual-market data. Multiple venues. Randomized weights. One planned reference for ohtrade. PLANNED CRYPTO REFERENCES Spot markets Perpetual markets Binance OKX Hyperliquid More reference sources being connected. REFERENCE DESIGN **Check and compare.** Check freshness, market differences and agreement between sources. **Apply the weights.** Combine eligible spot and perpetual references using randomized weights. **External prices. Our own pool.** OHTRADE PERPETUALS Reference venues supply price data. Positions settle against ohtrade's own USDC pool. Equity and ETF markets use their relevant data and trading sessions. MULTI-SOURCE BY DESIGN ### One distorted quote. A wider set of checks. BBO means the best bid and offer: the highest buy quote and lowest sell quote. A manipulation attempt may distort those top-of-book prices on one venue to influence the reference. Our plan compares eligible spot and perpetual quotes across venues, checks divergence and varies their weights. - Look across markets. Compare spot and perpetual prices from multiple venues instead of relying on one quote. - Vary the influence. Randomized weights make a chosen source's effect less predictable to someone targeting it. - Use qualified inputs. Freshness and disagreement checks decide which quotes qualify, and when the reference should pause. **BBO / TOP OF BOOK** The best available buy and sell quotes on a venue.**SPREAD / MID-PRICE** The gap between those quotes / the price halfway between them.**BASIS / DIVERGENCE** The spot–perpetual price difference / the difference across references.**RANDOMIZED WEIGHTS** Variable influence for each eligible price source. [How the reference works](https://ohtrade.xyz/#guide-pricing) ## Think beyond the next trade. We make no prediction about the size of tomorrow's market. Our focus is on building a considered ecosystem: how value moves, how participation is rewarded, and how the cycle continues. ### Volatility spikes. Still waiting to trade? Waiting tens of minutes to open or close a position? We're building on Solana with responsive position entry and exit as the goal. ### Minting fewer tokens as difficulty rises? The same qualifying activity can mint fewer tokens as the reward curve gets harder. The burn-linked design lowers difficulty to open more minting opportunities. ### Where does the next round get its funding? A defined share of the pool's trading fees funds the buyback route. Acquired tokens support burns, campaigns and trading competitions. ## Trade. Buy back. Burn. Open the next round. A share of trading fees funds the next round. Follow the money. See what changes. 01 / THE SOURCE ### Collect trading fees. USDC trading fees enter the pool. 02 / THE BUDGET ### Fund token buybacks. An allocated share pays for auctions and token purchases. 03 / THE CHANGE ### Burn tokens. Lower difficulty. Recorded burns feed into the minting adjustment. 04 / THE NEXT ROUND ### Mint more efficiently. The same eligible loss can mint more reward tokens. THE MINTING RATE, EXPLAINED ### More tokens for the same eligible loss. For the same eligible settled trading loss: **↑ more tokens** · **↓ fewer tokens**. One fee-funded burn lowers difficulty. The same eligible loss can mint more tokens; the rate can taper again as activity continues. Without the burn adjustment Burn-linked minting rate Difficulty rises → the same eligible loss mints fewer reward tokens. **Fee-funded burns lower difficulty → the same loss can mint more tokens.** Repeated burns can create successive recoveries in the minting rate. SCENARIO ILLUSTRATION **Downward slope** Difficulty rises. The same eligible loss mints fewer tokens. **At a burn** Fee-funded buybacks acquire tokens. The burn lowers difficulty. **Upward recovery** The same eligible loss can mint more reward tokens. 01 / 05 ### Fees start the cycle. Trading fees collected by the pool supply the USDC revenue behind the buyback allocation. [Follow the fees, auctions and token allocations](https://ohtrade.xyz/#guide-cycle) THE FEE-FUNDED CYCLE ### From fees to the next mint. USDC → BUYBACK → TOKEN BURN MECHANISM ANIMATION 01 **Collect trading fees** 02 **Allocate a share** 03 **Auction & buy back** 04 **Burn tokens** 05 **Increase minting efficiency** REWARD-MINTING EFFICIENCY **Same qualifying activity. More tokens.** 01 / 05 ### Trading fees enter the pool. Opening and closing positions generates trading fees. These collected USDC fees are the starting point for the buyback budget. Fee revenue is collected before the buyback allocation is made. [Follow the full cycle](https://ohtrade.xyz/#guide-cycle) DIFFERENT ROUTES. CLEAR PURPOSES. ### Some tokens are burned. The rest bring people in. A share of the pool's trading fees funds buybacks through auctions and other routes. Some acquired tokens are burned to lower future minting difficulty. The remaining allocation supports activity rewards and trading competitions, inviting more people to take part. Those reward tokens stay locked and unstaked during campaign preparation. RATIOS, BURN LINKS & DIFFICULTY FORMULAS **Coming soon.** ### Staking distributions A dedicated share of the pool's eligible fee revenue supports USDC distributions to eligible token stakers. TOKEN STAKERS · USDC DISTRIBUTIONS ### Buy back. Burn. Ease minting. The pool collects trading fees. A defined percentage of those fees is set aside in USDC to buy back tokens through auctions and other announced routes. Part of the acquired tokens is then burned. The burn-linked adjustment lowers minting difficulty, giving qualifying participants more minting opportunities. FEES → BUYBACKS / AUCTIONS → BURN → NEW MINTING OPPORTUNITIES ### Community campaigns Activity rewards and trading competitions use their allocated token budgets to bring more people into the ecosystem. Each campaign has its own reward budget and participation rules. PARTICIPATE · CONTRIBUTE · EARN REWARDS ### Locked buyback rewards The bought-back tokens allocated to rewards are reserved for activity campaigns and trading competitions, rather than burned. That reserve will remain unstaked during campaign preparation. Keeping it out of the staking pool avoids diluting existing stakers' share of a given reward distribution. BUY BACK → LOCK WITHOUT STAKING → REWARD TRADERS More allocation programmes. **More to come.** [Follow the next chapter](https://x.com/ohtrade_xyz) ## A ledger you can look into. Our decentralization direction starts with verifiable settlement on Solana: public records, inspectable accounts and rules participants can examine. [What you can verify](https://ohtrade.xyz/#guide-transparency) THE PUBLIC RECORD SOLANA **Pool & settlement** Inspect on-chain balances, position records and settlement transactions. **Fees & distributions** Follow recorded allocations and distributions to their destination accounts. **Token activity** Trace recorded minting and, as programmes launch, buybacks, burns and rewards. Program, account and explorer references will accompany the relevant deployments. ## More markets. More ways back in. One part helps you trade. Another gives the ecosystem a way to fund participation. The plan connects both. 01 / EXPOSURE ### Up to **1,000×.** A growing perpetual-market experience, starting with crypto, equity and ETF references. 02 / PRICE REFERENCES ### A wider view of the market. Spot and perpetual references, quote checks and randomized weights reduce dependence on one market. 03 / PARTICIPATION ### Fees with a purpose. A defined share of pool trading fees funds the buyback route. Acquired tokens go to burns and participant rewards. 04 / THE NEXT ROUND ### Burns linked to fresh opportunities. The burn-linked design lowers difficulty and improves reward-minting efficiency for the next round. ## Clear rules. A cycle you can follow. Our product roadmap, explained. Prices, pool fees and token rewards. A cycle with a traceable funding source. **Collateral** The USDC that supports your position. **Mint** Create new reward tokens under the rules. **Buy back** Spend allocated USDC to acquire existing tokens. **Burn** Permanently remove token units from supply. ### Perpetual contracts. Our own USDC pool. You trade the movement of a reference price. A long benefits when it rises; a short benefits when it falls. USDC is the collateral supporting your position. #### Outside prices. Pool-based settlement. The crypto reference combines eligible spot and perpetual-market prices from other venues. Those prices inform the reference. Positions and their profit or loss settle against ohtrade's own USDC trading pool under the protocol's rules. The product is a perpetual contract: it gives you exposure to the reference price. Crypto, equity and ETF markets provide the underlying price references. #### Up to 1,000×. Leverage is price exposure relative to the collateral supporting it. At 1,000×, one unit of collateral represents 1,000 units of exposure, magnifying the effect of price moves in either direction. The planned first lineup is BTC, ETH, SOL, ZEC, SNDK, SPCX and SOXL, each with planned leverage up to 1,000×. Equity and ETF testing follows Nasdaq regular trading sessions. More markets are on the way. THE SIMPLE IDEA External markets inform the price. Your perpetual position settles with ohtrade's USDC pool. ### Spot and perpetuals. More than one view. A spot market quotes an asset for immediate trading. A perpetual market quotes a derivative that tracks its price. Both offer useful information, but their prices can differ. The reference design uses eligible spot and perpetual data across venues including Binance, OKX and Hyperliquid. More reference sources are being connected. Input checks account for freshness, the relevant instruments and differences between markets before weighting. #### BBO manipulation, explained. BBO stands for best bid and offer—the highest buy quote and lowest sell quote, also called the top of book. Their gap is the spread; their midpoint is the mid-price. A BBO manipulation attempt may temporarily distort one side of that book to pull a price reference away from the wider market. Cross-venue divergence checks compare references. Staleness checks reject old quotes. Basis is the price difference between spot and perpetual markets; the reference design must account for it rather than assuming the two prices are identical. #### Why randomize the weights? A weight is how much influence a source has. Randomized weights vary that influence, making the effect of targeting one venue less predictable. Quote-quality checks and disagreement limits remain part of the design; unsuitable inputs can be excluded and the reference can pause. THE SIMPLE IDEA Check eligible spot and perpetual prices, compare them, then apply the weighting rules. The result informs ohtrade's own pool-based contracts. ### Same activity. Fewer tokens over time? Reward minting creates new tokens for qualifying activity. As a reward curve gets harder, the same activity can mint fewer tokens. That is the slowdown the burn-linked plan is designed to address. In the current model, qualifying settled trading losses form the minting basis. Difficulty progresses with recorded growth in the trading pool. Beyond the curve's threshold, the minting rate can decline. #### How do burns help the next round? The burn-linked design uses recorded burns to lower future minting difficulty. That gives subsequent qualifying activity more opportunities to mint rewards. A burn permanently removes existing token units; future minting creates new ones under the adjusted rule. Fee-funded burns connect one round of trading activity with the next round of minting opportunities. THE SIMPLE IDEA Harder curve → fewer minted rewards. Burn adjustment → lower difficulty → higher reward-minting efficiency. ### What pays for the buybacks? #### The pool's trading fees. The pool collects fees from trading activity. A defined percentage of those collected fees goes into a USDC buyback budget. Allocation ratios and the burn-linked adjustment formula will be published together. #### That USDC acquires existing tokens. The budget pays for token buybacks through auctions and other announced routes. In an auction, the published bidding rules determine which offers are accepted and at what price. The funding still comes from the pool's allocated trading fees. #### The acquired tokens split into two routes. Some are burned. The remaining reward allocation is held for activity campaigns and trading competitions that encourage more people to participate. Tokens reserved for rewards are locked and remain unstaked during campaign preparation. #### The burn route opens the next round. In the burn-linked design, recorded burns lower minting difficulty. New qualifying activity can then mint rewards under that adjusted rule. Continuing trading activity contributes new fees, funding the next allocation and buyback round. FOLLOW THE SOURCE Pool trading fees → allocated USDC → auctions / buybacks → token burns + campaign rewards. The burn link lowers difficulty for future qualifying minting. ### Different rewards. One stated source. Defined allocations of the pool's eligible fee revenue fund each ecosystem programme. Follow the fee budget first, then the tokens it acquires. #### USDC for eligible stakers. A dedicated allocation supports USDC distributions under the staking rules. Each participant's share depends on eligible stake and the available distribution budget. #### Tokens for burns. The buyback allocation acquires tokens. Its burn portion is permanently removed and recorded for the planned difficulty adjustment. #### Tokens for campaigns and competitions. The remaining bought-back reward allocation supports activity rewards and trading competitions. These programmes invite new participants and give existing traders more ways to take part. Each campaign will publish its budget, schedule and eligibility. During preparation, the locked reward reserve stays unstaked. It therefore does not take a share of a given staking distribution. Reserved reward tokens remain available for campaigns; burned tokens stay destroyed. THE SIMPLE IDEA Fee revenue funds the allocations. Stakers receive their USDC route; bought-back tokens support burns and trader rewards. More programmes are coming. ### Decentralization starts with records you can check. Our direction is a Solana-based system with on-chain settlement and a publicly inspectable ledger. Participants should be able to follow recorded actions through program accounts and transaction history, rather than relying only on a website balance. #### What does the ledger show? On-chain accounts and transactions make pool balances, position settlement and recorded fee distributions inspectable. As buyback, burn and campaign programmes launch, their recorded token movements will provide a trail of how allocations were used. #### Where can people check it? Public program addresses, relevant accounts and explorer links will accompany those deployments. They let participants trace a transaction and compare recorded balances and distributions with the published rules. Permissions for price publication, execution and parameter changes belong alongside settlement rules in the public protocol documentation. Participants can examine both the permissions and the recorded on-chain actions. THE SIMPLE IDEA Public rules, identifiable accounts and on-chain records give participants something concrete to inspect. ### Why connect the pieces? For traders: a growing choice of perpetual markets, planned leverage up to 1,000×, a responsive Solana-based experience, and a reference that considers both spot and perpetual markets. For token participants: a clear funding source. A share of the pool's trading fees pays for buybacks. Acquired tokens support burns and trader rewards, while the burn-linked design reopens minting opportunities. For everyone following the ecosystem: public on-chain records are the foundation for checking settlement and recorded distributions. More markets, reference sources and allocation programmes are still being developed. The cycle is funded by activity. Its scale follows the fees actually collected, the published allocation ratios and the minting rules. Burns remove token units and minting creates them; both determine the change in supply. THE BIG PICTURE Trade. Collect fees. Fund buybacks. Burn and reward. Ease minting. Open the next round—with records participants can follow. MORE ON THE UNDERLYING IDEAS [Market coverage and price manipulation](https://chain.link/education-hub/market-manipulation-vs-oracle-exploits) [Spot references and oracle design](https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/oracle) [Inspecting Solana accounts and transactions](https://solana.com/docs/payments/interacting-with-solana)