SubLiquid
Private perpetuals.
Your positions aren't a public feed.
Trade without the audience.
In development
Your position isn't
everybody's business.
Direction. Size. Entry. Liquidation.
The details that belong to your account, not a public wallet tracker.
- Direction
- Not public
- Position size
- Not public
- Entry price
- Not public
- Liquidation level
- Not public
Position details stay out of the public feed.
Privacy designIntended visibility, not a live account. Disclosed execution and risk services may have access. Deposits, withdrawals and timing can remain observable.
The trade comes first.
Settlement follows.
Fund your account once. Orders go straight to private matching and risk checks, without a bridge or a wallet proof-generation step before every trade.
Signed order
Pre-funded account
Confirmed fill
Private matching + risk
Final settlement
Validated onchain state
Conceptual flow, not a latency benchmark or a finalized infrastructure selection. A fill receipt is not blockchain finality; enforceability and recovery are part of the design work.
Trade-to-own.
The people who use the exchange and make its markets should earn a stake in it.
Capped token supply
Reserved participant tokens
Qualifying trading
Real fee contribution, with self-trades and linked-account churn excluded.
Tokens earned
Distributed over epochs
Planned rewards from a finite reserve, not unlimited minting. Eligibility, release schedule and allocation sizes will be published before rewards begin. Token ownership is not company equity.
An exchange that
funds its markets.
Eligible creator fees from spot-token trading help seed USDC vaults. Perp activity then generates a separate revenue stream for the exchange and its participants.
Token trading
Eligible venue creator fees
USDC treasury
Collected + converted receipts
Market vaults
AMM capital + external liquidity
Perp trading
Exchange trading fees
No tax on wallet transfers. Creator receipts are venue-dependent and supplement committed market capital. Fee allocations follow costs, liabilities and reserve requirements; no guaranteed holder yield.
Know the venue
before your first trade.
Read about accounts, privacy, vaults and the rights attached to the token.
Before you trade.
What are perpetuals?
Perpetuals let you take a long or short position without buying the underlying asset. They have no fixed expiry. Leverage magnifies losses as well as gains, and insufficient margin can trigger liquidation.
Will I need the token to trade?
No. The intended exchange uses USDC collateral. Token ownership isn't a requirement for trading or withdrawing your collateral.
Is all account activity invisible?
No. Position confidentiality is the goal; deposits, withdrawals and some metadata can remain observable. Disclosed execution and risk services may access account information. Read the privacy boundary.
How do participants earn tokens?
A portion of the capped supply is reserved for qualifying trading and liquidity contributions. The final eligibility and distribution rules will be published before rewards begin.
Can I trade on SubLiquid today?
SubLiquid is in development. Follow the execution plan for the work leading to a trading release.