FAQ

Demo terminal

Is the demo money real?

No. The demo at /demo is denominated in USD but the balance is a number in our database, not a claim on anything. Your wallet is credited 10,000 the first time it connects. You cannot withdraw it and it has no cash value. The prices are real, the money is not.

Can I lose more than my margin?

In the demo, no. A position is closed when its loss reaches 90% of the margin you posted, and the remaining 10% goes back to your balance. The most a demo position can cost you is 90% of its margin plus the taker fee on open and close. In real trading, liquidation is run by the venue's risk engine and is designed to close you before the account goes negative, but a fast gap can still leave a shortfall. Treat the margin as the amount you expect to lose, not a hard floor guaranteed by physics.

Is funding charged in the demo?

No. The demo does not charge or pay funding at all. A demo position held for a week costs exactly what a demo position held for a minute costs: the taker fee on open and the taker fee on close. Real trading does charge and pay funding. See Funding.

Why is my fill exactly at the mark price?

Demo fills are instant, complete and have no slippage. Order book depth is not modelled. On a thin market, a real order of the same size would move the price against you and might not fill at all. This is the largest gap between the demo and reality, and it flatters your results.

Why is my demo liquidation price where it is?

It follows from the 90% threshold and nothing else. Fees are not included in the number.

Can the client fake a good entry price?

No. The client sends four values: market, side, margin, leverage. Entry price, position size, collateral and liquidation price are all computed on the server from the live price at the moment the order is accepted. There is nothing in the request to tamper with.

Markets and leverage

Why is leverage capped differently on each market?

The cap is derived from that market's real on-chain liquidity depth, because a thin pool is cheap to push around and high leverage on a manipulable price is a way to lose money to someone else's trade rather than to your own view.

The floor is higher for tokenized equities than for crypto. An equity token tracks a real instrument with an outside reference price, so a thin pool is far harder to walk somewhere false than a memecoin pool of the same size.

Can I trade NVDA here, and do I own the share?

You can open a demo perpetual on NVDA and about 25 other tokenized equities including SPY, AAPL, QQQ, TSLA, GOOGL, MSTR, GME, PLTR and HOOD. You own no share, no fraction of a share, and no claim on a dividend. You hold a position whose value tracks the price of a token named "NVIDIA - Robinhood Token" on Robinhood Chain. It is a derivative on a token, not equity ownership, and it carries no shareholder rights.

How do I open a market that does not exist yet?

Any token actually traded on Robinhood Chain can get a demo market. If one does not exist, you can create it by paying a real on-chain fee of 0.01 ETH to the treasury at 0x130dF20141beB7DB58E8bc8481755328fd3A093b. The fee is real, the market it creates is a demo market. There are roughly 83 markets live today.

What happens if the price feed goes down?

Prices come from live on-chain pool data refreshed about every 20 seconds. There are no seeded or hardcoded prices anywhere, so if the chain or the pool read fails, the price does not move: it goes stale. A market with a stale price stops accepting new positions rather than filling you at a number we cannot stand behind. Open positions are marked at the last good price and are not liquidated on stale data.

Real trading

Do you hold my funds?

No. Real trading at /trade is non-custodial. Collateral sits in your own USD-denominated trading account and we never take possession of it. Withdrawal requires a signature from your own wallet. We cannot move your money, and neither can our servers.

Why do I have to sign twice?

Two separate authorisations, once each. The first authorises a trading session key so orders can be signed locally without a wallet popup on every trade. The second approves our fee. We charge 1 basis point, 0.01%, on routed volume. The protocol ceiling is 0.1% and we sit at a tenth of it. You approve a 0.05% maximum so the number has headroom without asking you to re-approve later. After those two signatures, trading is quiet.

What can the session key actually do?

It can place, modify and close orders. It cannot withdraw funds and it cannot send them to another address.

What happens when the session expires?

The key stops working 24 hours after it is created, and you can revoke it earlier at any time. Expiry does not close your positions, cancel your resting orders or touch your collateral. Those persist. You sign a new session key when you next want to trade.

Why was my order rejected?

Almost always precision. Order size must be rounded to the market's own size precision. Price is limited to 5 significant figures and to no more than (6 minus size decimals) decimal places. This single rule causes more rejections than everything else combined.

• Size carries more decimals than the market allows.
• Price carries more than 5 significant figures.
• Price decimals exceed the (6 - size decimals) limit.
• The session key has expired or been revoked.
• Free collateral does not cover the margin plus fee.

Why did my market order not fill at the price I saw?

There is no true market order. What the interface calls a market order is an aggressive immediate-or-cancel limit order priced through the book, with a default 5% slippage tolerance. It fills against real resting liquidity, so a large order eats several levels and averages worse than the top of book. Anything it cannot fill inside the tolerance is cancelled rather than left hanging.

Why is my real liquidation price different from the demo formula?

The demo formula is an approximation, not a guarantee. Real liquidation is set by the venue's risk engine using a maintenance margin that varies by asset and by position size, so a larger position is liquidated earlier than a small one at the same leverage. Read the live liquidation price shown on the position and ignore any number you calculated yourself.

How do I get collateral into the trading account?

Real trading needs USD-denominated collateral in the trading account. Robinhood Chain is not a supported deposit route directly, so funds arrive by bridging from a supported network. This is several steps and real friction, not one click. Withdrawals go the other way and always require your own wallet signature, never the session key. Demo top-ups are separate: ETH paid on-chain credits demo USD at 2,500,000 demo USD per ETH, which buys demo balance only and has no cash value.

Token

What does the token do?

PERPS will be an ERC-20 on Robinhood Chain with 18 decimals and a 1,000,000,000 total supply. It has not been deployed yet, so there is no contract address to publish and no token to buy. Anything claiming to be PERPS today is not ours. Once it is live, holder tiers are read from your on-chain balance, so they cannot be faked or granted by us. A tier adds to your leverage ceiling, capped at 100x overall, and multiplies rewards.

That is the whole of it. The token grants access to product settings. It is not a claim on revenue, it does not pay yield, and nothing here is a statement about its price.

Still stuck

Start with Orders for rejection rules, Leverage and margin for liquidation maths, and Security for the session key model in full. Otherwise reach KestrelPerps at https://x.com/poolsperps.