Fills at the BBO mid
There is no book to walk. A $1,000 order and a $10M order both fill at the mid of the HyperCore best bid and offer, read on-chain in the block that executes them. Holding a position costs no funding.
Testnet rehearsal on HyperEVM, test tokens only
Live on HyperEVM
1000× perps that fill at the mid.
RebateTrade is an on-chain perpetuals exchange for BTC and ETH on HyperEVM. There is no order book: every trade fills at the mid of the HyperCore best bid and offer, whatever its size, with no spread and no funding. Sign once, then open and close in one click while the relayer pays the gas.
BTC-USD 1000×
82,991.50
+0.000%
ETH-USD 1000×
2,487.45
+0.000%
Illustrative prices, not a live feed
- Maximum leverage on BTC and ETH
- 1000×
- Gas you pay per trade; the relayer batches intents
- 0gas
- Click to open or close, after one signature
- 1click
- Fee you pay, on winning closes only
- 2%
How it works
Three steps and one wallet signature. After that, the app trades for you with a key that can never move your money.
-
Deposit USDC
Send USDC to your personal deposit address from HyperCore or HyperEVM. It is swept into the exchange in seconds. Positions start at $10 of margin, and withdrawals always need your own wallet.
-
Sign one 30-day session key
Your wallet signs once to register a key kept in your browser. For up to 30 days it can open and close positions on your account, and nothing else.
-
Trade in one click at the mid
Pick BTC or ETH, margin and leverage. The key signs the intent, the relayer batches it on-chain, and you fill at the BBO mid of that block.
One price, one pool, one signature
The exchange is a handful of contracts on HyperEVM with the collateral on HyperCore. Here is what replaces the order book, the market makers and the wallet pop-ups.
Session keys
A key that can trade but cannot move your money out. It opens and closes positions for up to 30 days; withdrawing, staking and claiming always need your wallet. Each signed intent expires within an hour, and your wallet can revoke the key at any time. Trading needs an ordinary (EOA) wallet.
An LP that starts at $0, and a FIFO payout queue
Your counterparty is one LP made only of realised trader losses. When it cannot cover a profit, your margin still returns at once and the rest joins a first-in, first-out queue that a keeper pays every block as new losses arrive. A queued payout can back a new position.
SHARES staking
Every realised loss mints SHARES: 100 per $1 while the LP's running profit is under $2M, then a rate that falls as more volume is minted on the tail. SHARES cannot be transferred. Stake it to earn USDC from half of every fee, plus any LP balance above the $5M cap.
Under the hood
The rules every trade follows, as the contracts implement them. The docs have the formulas.
Price on the raw grid
The fill is the floored mid of the HyperCore bid and ask on the asset's own price grid. A zero or crossed book is refused.
Deadband and impact
A win first gives up 1/50,000 of the entry price, then passes an impact curve that keeps little of tiny moves and up to 90% of large ones.
Fees
2% of the adjusted gain on wins, and no fee on losses. The protocol also keeps 2% of what the LP takes from losses and liquidations. Fees go half to stakers and half to the dev recipient, only while nothing is queued.
Liquidation
Each position has a bust price set a little ahead of zero equity. Anyone can liquidate past it; a liquidation takes the whole margin. Your own close is a loss capped at the margin.
Open-interest caps
Each side of each market has a cap in base units, kept about $5M above current open interest. Positions run from $1,000 to $10M of notional.
Custody on HyperCore
Collateral sits in the exchange's HyperCore account. No role can block a withdrawal or a liquidation on the spot; every governance change, including any that could touch exits, is public for seven days before it can run.
Optional protections, off
A mark-price deviation guard, a per-block move guard, a minimum hold and fixed OI ceilings exist as switches. All are off; switching one on takes the seven-day timelock, and none ever touches a liquidation.
Upgradeable, slowly
Contracts sit behind proxies owned by a timelock with a seven-day delay, controlled by a 2-of-3 multisig. The multisig can stop new opens at once, never exits.
What a win actually pays
Wins pay three costs: a deadband of 1/50,000 of the entry price, an impact haircut that shrinks as the move grows, and the win fee. Losses cost exactly the price move, capped at your margin. Same integer math as the contracts.
Net gain (estimate)
+$20.33
ROI on margin
+20.3%
- Notional margin × leverage
- $10,000.00
- Exit price
- 83,199.00
- Raw PnL
- $25.00
- Deadband cost 1/50,000 of entry
- −$0.19
- Impact retention
- 83.6%
- Adjusted gain
- $20.74
- Win fee 2%
- −$0.41
- Net gain
- +$20.33
Liquidation distance at 100×0.95%
A 0.95% move against you reaches the bust price; a liquidation takes the whole margin.
Roadmap
No real funds touch RebateTrade before the audit, the economic review and a public bug bounty.
-
Done
Contracts
Custody on HyperCore, upgradeable contracts behind a seven-day timelock, settlement that matches more than a thousand recorded trades to the last wei.
-
Now
Testnet rehearsal
A full deploy on HyperEVM testnet with the production settings, every incident drill, then a two-week soak with live keepers.
-
Next
Audit and review
An external audit of the contracts and an economic review of the LP, the queue and the pricing.
-
Later
Mainnet
BTC and ETH on HyperEVM mainnet, with deposits and withdrawals through HyperCore and HyperEVM.
-
Later
More routes and markets
Cross-chain deposit routes, more markets, and builder codes for other front ends.
Questions
The short answers. The docs have the details.
No. Every open and close fills at the mid of the HyperCore best bid and offer regardless of size, subject only to per-side open-interest caps. There is no funding rate while you hold.
A winning close subtracts a deadband of 1/50,000 of the entry price, applies an impact haircut that is strongest on small moves, then takes a 2% fee. Small moves keep little; large moves keep up to 88%. Try the calculator above.
Never. A losing close costs the price move times notional, capped at the margin, with no fee. If the mid reaches your bust price, anyone can liquidate the position and the whole margin goes to the LP. At 1000× that is about a 0.052% adverse move.
Your margin comes back at once. The unpaid part of the profit joins a first-in, first-out payout queue that a keeper pays from new trader losses every block. While anyone is queued, no newer winner can jump the line. You can use a queued payout as margin for a new position.
In the exchange's account on HyperCore. You deposit through a personal deposit address and withdraw to your own HyperCore account, then on to HyperEVM if you like. No role can block a withdrawal on the spot (only a public, seven-day upgrade could change that), and you can always withdraw straight from your wallet without the relayer.
Open and close positions on your account, so it could lose your free balance and queued payouts in bad trades. It cannot withdraw, stake, unstake or claim; those need your wallet's signature. Each intent it signs is valid for about an hour at most, and you can revoke the key from your wallet at any time.
Not for trading, staking or signed withdrawals: you sign, the relayer submits in batches and pays the gas. Sending your deposit, revoking a session key and the direct wallet withdrawal are your own transactions.
SHARES is minted on every realised loss and liquidation: 100 per $1 while the LP's running profit is under $2M, then along a curve that falls as more is minted, 100·(120M/(120M+H))² at tail progress H. It cannot be transferred. Staked SHARES earns USDC from half of every fee and from LP balance above the $5M cap, credited to your exchange balance when you claim.
The defences are in the pricing: the deadband, the impact curve, the fee and the open-interest caps. Four extra protections exist in the code and are off: a mark-price deviation guard, a per-block move guard, a minimum hold and fixed OI ceilings. Turning one on takes a seven-day timelock, and none of them ever blocks a liquidation.
Margin from $10, notional (margin times leverage) from $1,000 to $10M, leverage from 1× to 1000×. Positions are isolated: no adding margin, no partial closes.
Not yet. The contracts are not audited, winners can wait in the payout queue by design, and 1000× leverage can wipe a margin in a fraction of a percent. Read the risk page first.