> For the complete documentation index, see [llms.txt](https://docs.getrekt.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.getrekt.trade/trading.md).

# trading

GetRekt offers isolated synthetic positions settled in native USDC on Sui. The LP is the counterparty. Lighter provides the market reference; your GetRekt position does not create an external Lighter order.

## Open a position

Choose direction, margin M and leverage L. Notional exposure is:

```
N = M × L
```

The new product maximum is 2000×, subject to stricter oracle, market and exposure limits. The current repository's minimum margin is 1 USDC and its single-position notional ceiling is 10,000,000 USDC. A notional ceiling is separate from the Vault's exposure cap; neither overrides price-quality checks.

Use either cash USDC or an existing queued claim as collateral. These remain distinct sources. Each position opens and closes as a whole; adding exposure creates another position rather than silently changing the existing position's margin or entry.

## Execution price

The accepted Lighter midpoint supplies the reference. A relay posts it to Sui, with Pyth used for independent price-quality checks. Stale, out-of-order or inconsistent quotes are rejected. The signed transaction must also enforce the user's acceptable price bound. [Pricing](broken://pages/5dd8346359858700438ef698400aef1193ba2a19).

There is no order-size-dependent orderbook fill or artificial execution spread. Market movement between display and execution remains possible. No recurring funding payment is charged for holding a position.

## Settlement

A normal adverse move reduces isolated margin. A favorable move is subject to a 0.2-basis-point deadband and an asymmetric profit adjustment, followed by a 2% fee on adjusted profit. These are meaningful trading costs even with a midpoint execution reference. [Exact profit formula](broken://pages/ff0bee99a927ff20ef1e924a6b4131f14dfb165a).

A cash loss first pays the 2% protocol fee, then the remaining amount is split 30% to an eligible referrer and 70% to LP cash. With no referrer, all post-fee cash goes to the LP. $REKT is calculated on gross eligible loss before those allocations. [Wins and losses](broken://pages/242f1d94fc901e76e2e1958ee07625490513b9e6).

## Closing and liquidation

A valid close settles the entire position. Cash margin can be returned while profits remain queued if LP cash is insufficient. A debt-backed position's remaining value is still a claim on the protocol.

A hard-bust liquidation forfeits all isolated margin. At a 10% maintenance fraction, the model threshold at 2000× is only 4.5 basis points from entry in the adverse direction. [Liquidations](broken://pages/819614cab18be7569308d56ff821d167e6e174bc).

The new 2000× cap, emissions and referral rules are specification changes; current code retains legacy parameters until synchronized. [Implementation status](broken://pages/c7eabe8af8c3f2ae7c1c1dce69dad717e5d1ac7a).


---

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