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Overview

How it works

One loop connects traders, the Vault and TLP.

01

Trade. You open a position with USDT margin. The Vault is the counterparty. Nothing is routed to an external venue.

02

Settle. A position that closes in profit is paid from Vault liquidity. If liquidity is short, the unpaid part waits in a first-in, first-out settlement queue. A position that closes at a loss, or is liquidated, has the loss credited to the Vault.

Settlement →
03

Rebate. Every losing close mints TLP to the trader, worth a small share of the credited loss: the rebate rate, normally 1–2%, higher while the Vault owes queued winners.

Loss rebates →
04

Hold or redeem. TLP tracks the Vault's equity, which includes the open profit and loss of every position facing it. Anyone can deposit USDT for TLP or redeem TLP for USDT at equity per share.

Redemptions →
Core loop · 4 stepsTraders' losses build the Vault and come back partly as TLP; TLP's equity per share moves with the pool and is redeemable after 24 hours.
1Trade
  • BTC, ETH and BNB, 24/7, up to 1,000×
  • USDT margin; the Vault is the counterparty
  • No opening, closing or funding fees; one fee at close
2Loss goes in, TLP comes back
  • Credited loss L from closes and liquidations
  • The loser gets TLP worth r × L at the rebate rate r
  • r is normally 1–2%, higher while winners are queued
4Redeem in 24 hours
  • Request any time; TLP locks, no cancel
  • Claim after 24 h at the lower of request and claim value
  • Redeemed TLP is burned; waits while winners are queued
3TLP equity per share
  • TLP is the Vault's share; equity includes open PnL
  • Traders' losses and half of fees raise it
  • Traders' gains lower it; deposits mint at equity per share
The Vault grows when traders lose and shrinks when traders win. TLP holders carry both sides of that. The protocol does not hedge the Vault's exposure.
Overview · 02 / 21

How it works

One loop connects traders, the Vault and TLP.

01

Trade. You open a position with USDT margin. The Vault is the counterparty. Nothing is routed to an external venue.

02

Settle. A position that closes in profit is paid from Vault liquidity. If liquidity is short, the unpaid part waits in a first-in, first-out settlement queue. A position that closes at a loss, or is liquidated, has the loss credited to the Vault.

Settlement →
03

Rebate. Every losing close mints TLP to the trader, worth a small share of the credited loss: the rebate rate, normally 1–2%, higher while the Vault owes queued winners.

Loss rebates →
04

Hold or redeem. TLP tracks the Vault's equity, which includes the open profit and loss of every position facing it. Anyone can deposit USDT for TLP or redeem TLP for USDT at equity per share.

Redemptions →
Core loop · 4 stepsTraders' losses build the Vault and come back partly as TLP; TLP's equity per share moves with the pool and is redeemable after 24 hours.
1Trade
  • BTC, ETH and BNB, 24/7, up to 1,000×
  • USDT margin; the Vault is the counterparty
  • No opening, closing or funding fees; one fee at close
2Loss goes in, TLP comes back
  • Credited loss L from closes and liquidations
  • The loser gets TLP worth r × L at the rebate rate r
  • r is normally 1–2%, higher while winners are queued
3TLP equity per share
  • TLP is the Vault's share; equity includes open PnL
  • Traders' losses and half of fees raise it
  • Traders' gains lower it; deposits mint at equity per share
4Redeem in 24 hours
  • Request any time; TLP locks, no cancel
  • Claim after 24 h at the lower of request and claim value
  • Redeemed TLP is burned; waits while winners are queued
The Vault grows when traders lose and shrinks when traders win. TLP holders carry both sides of that. The protocol does not hedge the Vault's exposure.