How PokéHedge works
PokéHedge is a perpetual futures exchange on Solana that accepts graded card slabs as collateral. Deposit a slab NFT, and its value becomes the margin behind your long or short positions.
Perpetual futures ("perps") let you take a leveraged position on a price without an expiry date. You can go long if you think a price will rise, or short if you think it will fall. PokéHedge borrows a few ideas from the games to make the risk easy to read: your margin is shown as an HP bar, your leverage is your level, and a liquidated position faints.
Slabs as collateral
A slab is a professionally graded trading card sealed in a tamper-evident case. On PokéHedge, each slab is represented by an NFT in your Solana wallet.
When you deposit a slab, you lend its NFT to the PokéHedge vault. While it's in the vault, its appraised value counts as margin. A slab can back one position at a time, and it's locked until that position closes.
Opening a position
- Connect a wallet. Phantom, Solflare and Backpack are supported.
- Deposit a slab from the Vault tab.
- Pick a market and a side. Long or short.
- Set your level. Each market has a maximum, for example :L50x on SOL-PERP.
- Choose the slab that backs the position, then confirm.
Your position size is your margin multiplied by your level. A slab valued at $1,200 at 10x opens a $12,000 position.
Leverage and HP
HP is your margin plus or minus your unrealized PnL. It starts full when you open a position, drains as the price moves against you, and turns yellow and then red as it gets low.
At 10x, a 1% move in your favour adds 10% to your margin; a 1% move against you takes 10% away. That means a 10% move against you empties HP at 10x, a 2% move at 50x, and a 50% move at 2x.
Liquidation
If HP reaches zero, the position is liquidated: it faints. The position is closed and the slab that backed it is used to cover the loss, so you can lose the slab.
Closing and withdrawing
Close a position any time from the Positions tab. Your slab returns to the vault, free to back another position or to withdraw to your wallet.
Fees and funding
| Fee | Rate | When |
|---|---|---|
| Opening and closing | To confirm | Each trade |
| Funding | To confirm | Hourly, between longs and shorts |
| Liquidation | To confirm | When a position faints |
| Deposit and withdrawal | To confirm | Moving slabs in or out |
Funding keeps the perp price close to the market price. When it's positive, longs pay shorts; when it's negative, shorts pay longs.
Wallets and network
PokéHedge runs on Solana. Connecting a wallet only shares your public address; every deposit, trade and withdrawal asks your wallet to approve a transaction first.
The app is currently in simulation: prices, slabs and positions are simulated and saved in your browser, and a demo wallet is available if you don't have an extension installed.
Risks
- Leverage cuts both ways. Higher levels liquidate on smaller moves.
- Slab values can move. If a slab's appraisal falls, your margin falls with it.
- Liquidation can cost you the slab. Only trade with slabs you're prepared to lose.
- Smart contract and oracle risk. Bugs or bad price data can cause losses.
Nothing here is financial advice. Perpetual futures may not be available in your jurisdiction.
FAQ
Do I still own my slab while it's deposited?
Yes. You lend the slab's NFT to the vault, and it comes back when you withdraw, unless the position it backs is liquidated.
Can one slab back several positions?
No. Each slab backs one position at a time. Deposit more slabs to open more positions.
What happens to the physical card?
To confirm: where the physical slab is vaulted and how redemption works.
Why is it called HP?
Because watching a bar drain is the fastest way to understand margin. Full HP means your margin is intact; zero HP means the position has fainted.