How it works.
Thirteen Chinese penny stocks listed in New York, long or short at up to forty times, margined in USDG on Robinhood Chain. Every number on this page is a constant in the contract, which is deployed under the name PandaPerps.
The trade
You post margin in USDG and pick a side and a leverage. Your transaction carries the latest signed print from the tape; the contract verifies it, records your entry, and pays or takes the difference in USDG when the position ends. No share changes hands and none is held anywhere.
Size is margin times leverage. Ten USDG at forty times is 400 USDG of exposure, so a 1% move in the stock is a 40% move in your money.
Prices
None of these names has a pool on this chain, so the mark comes off the New York tape: the last regular-session trade per listing. A feed signs each print as (id, price, timestamp, live) with one key that was fixed when the venue was deployed and cannot be replaced. The key never posts anything and never touches collateral. The trader's own transaction carries the print.
The contract refuses a print that is:
- older than 90 seconds, or more than 120 seconds ahead of the chain's clock,
- older than the last print it applied for that listing,
- more than 30% away from that last applied print,
Each print also carries a live flag: whether the regular New York session (09:30 to 16:00 Eastern) is open. Trading is allowed either way. While the tape is shut the last print stands, pre and post market trades included, and every open, close and liquidation pays three times the listing's spread. Whoever can see news the frozen print cannot is holding an option against the house; the wider spread is its price.
Spread
A print is good for 90 seconds and you choose which one to send, so there is a spread. Longs open at mark plus the listing's spread and close at mark minus it; shorts mirror it. The spread is set from the name's own volatility and is what makes the pick worthless.
| Realized daily volatility | Max leverage | Spread (shut) | Liquidated by a move of |
|---|---|---|---|
| under 3% | 40x | 0.30% (0.90%) | about 2% |
| under 6% | 20x | 0.60% (1.80%) | about 4% |
| under 12% | 10x | 1.00% (3.00%) | about 8% |
| 12% and up | 5x | 1.50% (4.50%) | about 16% |
Which tier a name sits in is read off sixty sessions of closes by scripts/universe.mjs; the board shows the figure it was listed on. The owner can lower a listing's leverage or widen its spread later, never the reverse.
What it costs
0.10% of margin on the way in and 0.10% of notional per day for as long as you hold, taken at close. At forty times the daily carry is 4% of your margin. There is no closing fee.
Liquidation
A position is liquidatable once its equity, after spread and carry, falls to 20% of the margin posted. Anyone can call it, at any hour. The caller keeps a quarter of what is left and the other three quarters go back to the trader. The desk prints the exact liquidation price before you open and while you hold, and lists every liquidatable position on the venue.
Who is on the other side
The house: a pot of USDG at the venue address that anyone can fund and only the owner can withdraw from, and never below what open positions could win. When you open, the most your position could ever be paid above its margin is escrowed out of that pot before the position exists. Profit is capped at three times margin for exactly that reason, and a short can never win more than its notional. The desk refuses a ticket the house cannot already cover.
The invariant is balance ≥ totalMargin + totalReserved and it holds on every path through the contract. A trader never loses more than margin and never wins more than the escrow, so a gap in either direction lands inside those two numbers and nowhere else. The house cannot be made insolvent; it can only be made smaller.
If the feed dies
If no print has been applied to a listing for seven days, anyone can settle its positions at the last applied price with no spread. It is an exit, not a market. Anyone can also apply a print without trading, which is how a listing is kept from looking abandoned while the tape is fine.
What the owner can do
- List a name, with a leverage cap, a spread and an open-interest cap per side.
- Tighten those caps, or stop new opens on a listing. Closing and liquidating are never gated.
- Withdraw what is free: the balance less every trader's margin and every escrow.
- Hand ownership to another address.
The owner cannot change the signer, the fees, the liquidation threshold, the payout cap, the print rules or any open position.
Addresses
| Venue | not deployed |
| Signer | |
| Collateral | USDG, Global Dollar, six decimals |
| Chain | Robinhood Chain, id 4663 |
| Feed | /api/prints |
What can go wrong
Forty times leverage on a stock at three dollars is exactly as dangerous as it sounds. These names halt, gap and reopen far from where they stopped, and the venue settles at the print that comes back. A position can lose the whole of its margin in one print. You can close at night and at weekends, but against a print that has not moved since the tape shut and at three times the spread, so a gap at the open still lands on you. The feed reads a public quote service; if it is wrong, the venue is wrong with it, within the 30% per-print bound. The contracts are unaudited, the house is small, and nothing here is advice.