Back to Stock Perps
Documentation/Introduction
Overview

Build without
the closing bell.

Stock Perps is a non-custodial exchange for leveraged, synthetic long and short exposure to U.S. equities and ETFs, trading 24/7 on Robinhood Chain.

What Stock Perps is

Stock Perps is a non-custodial perpetuals exchange for synthetic long and short exposure to U.S. equities and ETFs. You post USDG collateral, choose a market and a direction, and open a leveraged position that tracks an on-chain mark price, up to 200x on the smallest positions. Markets trade 24/7.

Stock Perps is pool-based, not an order book. Every position opens, closes, and liquidates at the protocol mark against a shared liquidity vault that is the counterparty to all trades. There is no maker or taker to match against.

These are synthetic instruments: price exposure only. Opening a position never buys, custodies, or grants ownership, voting, dividends, redemption, or delivery of the underlying share. Stock Perps is not affiliated with, endorsed by, or partnered with any issuer or with Robinhood Markets, Inc.

Built on Robinhood Chain (chain id 4663)

Collateral is USDG, the native stablecoin on Robinhood Chain (6 decimals). You hold your own keys; Stock Perps never takes custody of your funds.

Choose your path

Start with the part of Stock Perps that matches what you want to do.

Make a first trade

Open leveraged long or short exposure and learn the order flow.

Provide liquidity

Deposit USDG for Stock Perps LP shares and understand pool accounting.

Fees & parameters

See every fee, margin, and leverage number in one place.

Understand risk

Learn how leverage, pricing, and liquidations actually work.

How it works

You deposit USDG and open a position by choosing a market, a side, a size, and a leverage tier. The position is backed by your collateral and marked continuously against the protocol's oracle price.

The mark is an on-chain oracle price, kept continuously up to date and read through a fail-closed oracle. If a fresh price cannot be published, the market freezes rather than trading on a stale number. See Price integrity.

Traders pay a small fee to open and close, detailed on Fees & costs. Every trading fee is split three ways: 20% stays in the liquidity vault, 40% goes to $ELEMENT stakers, and 40% to the protocol treasury. Liquidity providers earn the vault's share plus the net result of trader losses, and carry the risk of trader profits.