trade live positions. — bid on a 15× ETH long up 18% · take a 5× short close to liq · onchain orderbook for open perp positions.
01 · list your position
call listForSale(tokenId, askUsdc, expiresAt) on your open position. fee is 0 to list. you can adjust or cancel anytime.
02 · buyer takes it
buyer calls take(tokenId), pays your ask in USDC. contract atomically: pays you, transfers the ERC721, updates positionOwner. buyer now owns the future PnL + future risk.
03 · or buyer counter-bids
buyer calls bid(tokenId, priceUsdc, expiresAt). you see it on your dashboard, accept with acceptBid(bidId) to settle. all USDC escrowed in the contract until acceptance.
04 · takeover fee = 0.50%
0.50% of the takeover price routes to HLP (the vault that backs every position). everyone wins: seller exits early, buyer skips closing-fee, HLP earns yield on the activity.
05 · liq protection
if the position becomes liquidatable while listed, the listing auto-cancels and the position liquidates as normal. the listing doesn't block the safety rail.
06 · no oracle for price
marketplace price is whatever buyer + seller agree on. position's mark price still comes from the AMM. no oracle anywhere in the system.
🚪 instant exit · no slip
traditional close pays slippage on the close-trade. with marketplace exit, you settle at a flat USDC price. matters most for large positions where market-close slippage exceeds the takeover fee.
🎯 discount-hunting
positions close to liq trade at discount. a sophisticated buyer can take a 25× long at 92% liq distance, ride the snap-back, and exit at full PnL. leverage trading without opening leverage.
🏦 DAO / fund composability
a DAO can deploy capital to take winning positions off retail. a hedge fund can sell off losers to a recovery fund. positions become a primitive other things can build on.
📈 social proof for new traders
see what positions are being bought up at premium. that's signal — the market believes those trades work out. better than copying a wallet because you can buy the actual position.
🔄 unwinding through P2P
big institutional exits become smooth — sell a $5M ETH long to multiple smaller buyers without market-impact. like dark-pool exit, but onchain.
🎨 collectible angle
landmark positions (huge wins, perfect entries, legendary trades) can be archived as collectibles. the receipt's onchain SVG renders the trade itself.