How it works

ODDS IN CENTS. RISK IN PLAIN ENGLISH.

Every market is a yes/no question about a memecoin moment. Prices run from 1c to 99c and settle at $1 or $0.

PRICE = PROBABILITY.

If YES trades at 62c, the market thinks it’s about 62% likely. NO is always the other side: 100c minus YES, so 38c. Buy what you think is mispriced. If you’re right, each share pays $1.

You don’t have to hold to settlement. Prices move as news hits, and you can close any time to lock in a gain or cut a loss.

YES price62c

NO price38c

Pays if right$1.00

Pays if wrong$0.00

LEVERAGE STEPS DOWN.

The closer a market is to its deadline, the lower the cap on new positions. A warning shows on any market within 3 hours of its next step.

Maximum leverage by time to expiry
Time to expiry	Max leverage	Liquidation move at max
More than 72h	10x	−5% on your side
24h to 72h	5x	−10% on your side
6h to 24h	3x	−16.7% on your side
Under 6h	1x	−50% on your side

Max leverage by time to expiry

10x
>72H
5x
24–72H
3x
6–24H
1x
<6H

Time to expiry80H · 10x max

Run the numbers

YES trades at 30c. You put up $100 of margin.

Leverage (max 10x)5x

Position size: $500
Shares: 1,667
Liquidation price: 27c
Profit if YES: +$1,167

If YES falls to the liquidation price, the whole $100 margin is gone. Fees not included.

WHAT IT COSTS.

Planned launch fees. They may change before mainnet; the docs will have the final schedule.

Fee schedule
Fee	Rate	When
Taker	0.07%	On notional, when you take liquidity
Maker	0%	Resting orders that get filled
Financing	0.01–0.03%/hr	On the borrowed part of leveraged positions
Settlement	1% of winnings	Only on profit, at settlement
Market creation	$50 + bond	Bond returned if the market resolves cleanly

QUESTIONS.

What am I actually buying?

A YES or NO share in a market. Each winning share settles at $1, each losing share at $0. The price you pay is the market’s odds: YES at 62c means the crowd puts it at roughly 62%.

How does leverage work here?

Your margin controls a bigger position. At 5x, $100 of margin buys $500 of shares. Gains and losses are both multiplied. If the price of your side drops far enough, the position is liquidated and the margin is gone.

Why does max leverage drop near expiry?

Close to the deadline a market can jump from 40c to $1 or $0 in minutes. Stepping leverage down (10x, 5x, 3x, then 1x) keeps those final moves from wiping out traders and the vault in one candle. Open positions keep their leverage; new ones use the current cap.

How is the outcome decided?

Every market names its source and rule up front. Price-based markets use a 1h TWAP from Pyth oracles, so a single wick can’t decide it. After close there is a 2h dispute window where anyone can challenge with a bond.

Can I lose more than my margin?

No. The most you can lose on a position is the margin you put in, plus fees. That margin can go to zero.

Where is CALLD available?

Not in the United States or other restricted regions. Check the legal page for the full list before you sign up.

Ready when the markets open?