Overview

Pokeliquid is the first on-chain perpetual futures DEX for Pokémon TCG products. Built on Solana using the Anchor framework, it lets traders go long or short on sealed products and single cards with up to 10x leverage. Prices are sourced from TCGPlayer market data via an automated Playwright scraper with adaptive EWMA smoothing.

Currently live on Solana Devnet with test USDC. No real money.

Current Markets

Network

Solana Devnet. All addresses are devnet PDAs derived from the program.

Getting Started

1. Visit the app

Go to pokeliquid.xyz.

2. Create an account

Click “Start Trading” on the landing page. You can create an account with email and password, or continue as a guest with no account.

3. Session Wallet

No browser wallet extension (Phantom, Solflare) is required. Pokeliquid automatically generates a Solana keypair stored in your browser’s localStorage. This “session wallet” signs all transactions locally. If you create an account, your encrypted private key is stored server-side for email recovery (AES-256-GCM encryption).

4. Get Test USDC

Click “GET TEST USDC” in the trading interface. This calls the mint_devnet_usdc instruction which mints 1,000 test USDC to your wallet. This is devnet-only and requires no authorization.

5. Deposit Collateral

Click “DEPOSIT/WITHDRAW” and deposit USDC into your margin account. Your margin account is a PDA derived from your wallet address with the seed margin.

6. Open a Position

Select a market, choose Long or Short, set your collateral amount and leverage (1-10x), optionally set Stop Loss and Take Profit prices, then click to open your position.

7. Password Reset

If you forget your password, click “Forgot password?” on the login screen. Enter your email and you’ll receive a reset link via email. The link expires in 1 hour and is single-use.

Trading

Opening a Position

The open_position instruction accepts:

Notional value = collateral \u00D7 leverage. A 2% fee (200 bps) is deducted from collateral on open. The position is stored in your MarginAccount which supports up to 5 simultaneous positions.

Order Types

Currently only Market orders are supported on-chain. The frontend also shows Limit and Stop order UI, but these are executed as market orders when the price condition is met by the keeper.

Closing a Position

Call close_position with the position slot index (0\u20134). PnL is calculated as:

Long PnL  = notional * (exit_price - entry_price) / entry_price
Short PnL = notional * (entry_price - exit_price) / entry_price

A 2% close fee is deducted. Profit is capped at the profit cap (500%, or 50,000 bps). The settlement amount (collateral + PnL - fees) is transferred from/to the fee vault.

Stop Loss / Take Profit

Set SL/TP on any open position via set_sl_tp. The keeper monitors prices and calls execute_sl_tp permissionlessly when conditions are met. The executor receives a 0.1% reward (10 bps of position collateral) for executing the order.

Multiple Positions

Each MarginAccount supports up to 5 simultaneous positions across any market. Positions are stored in a fixed-size array. MarginAccount size = 546 bytes.

Fees & Costs

Fee Distribution

Trading fees collected on open and close are distributed:

Funding Rate

Funding is settled hourly by the keeper via settle_funding (permissionless crank). The funding rate has two components:

Base Rate:  30 / 100,000 per hour = 0.03%/hr = 0.72%/day
Skew Rate: skew_factor * (long_OI - short_OI) / (long_OI + short_OI)
           where skew_factor = 1,000 / 100,000 = 1%

Total Funding = base_rate + skew_rate (per hour)
Longs pay when long OI > short OI (and vice versa)

Risk Management

Liquidation

A position is liquidatable when its margin ratio falls below 5% (500 bps).

Margin Ratio = (collateral + unrealized_PnL) / notional

Liquidation Price (Long):
  entry_price * (1 - (collateral - notional * 0.05) / notional)

Liquidation Price (Short):
  entry_price * (1 + (collateral - notional * 0.05) / notional)

Liquidation is permissionless — anyone can call liquidate. The keeper checks every 10 seconds and liquidates undercollateralized positions.

Liquidation Distribution

Add / Remove Margin

Use add_margin to move free collateral into a position (lowering liquidation price). Use remove_margin to withdraw margin back to free collateral (health-checked — cannot reduce margin ratio below the liquidation threshold).

Oracle

Price Source

Prices are scraped from TCGPlayer product pages using Playwright (headless Chromium). The keeper runs a browser instance, navigates to each product page, and extracts the current market price. All 4 live markets are scraped in parallel.

Update Frequency

The oracle updates every 5 minutes (300,000ms). Each market has its own on-chain oracle account (PDA seeded with ["oracle", market_id]).

Adaptive EWMA Smoothing

Raw scraped prices are smoothed using an Adaptive Exponential Weighted Moving Average (EWMA) with 4 tiers based on price deviation from the current EWMA:

EWMA formula: new_ewma = alpha * raw_price + (1 - alpha) * prev_ewma

Price floor protection: if candidate < floor, update is rejected entirely.
  ETB floor: $100 | Charizard-X floor: $200
  Charmander floor: $1 | Pikachu floor: $10

Staleness Protection

On-chain, the oracle has a staleness threshold of 30 minutes (1,800 seconds). Anyone can call check_and_pause (permissionless) to automatically pause the protocol if the oracle is stale beyond the auto-pause threshold of 1 hour.

Secondary Authority

The oracle accepts updates from either the admin wallet or a secondary authority keypair. The keeper automatically fails over to the secondary keypair after 3 consecutive primary failures, and sends Telegram alerts when failover occurs.

Liquidity Pool

How It Works

Liquidity providers deposit USDC into the pool via lp_deposit and receive LP shares. Shares represent proportional ownership of the pool. The share price = total_usdc / total_shares.

Earning Fees

30% of all trading fees are directed to the LP pool. LPs can claim their proportional share of accumulated fees via claim_fees at any time.

Withdrawing

Call lp_withdraw with the number of shares to burn. USDC is returned proportionally. There is no lockup period — withdraw anytime.

Protocol

Program Details

Deployed Addresses

All Instructions

API Reference

The keeper exposes an HTTP API on port 3001. On the frontend, endpoints are proxied via Vercel rewrites at /api/keeper/*.

GET /ping

Health check. Returns {"ok":true,"timestamp":"..."}

GET /health

Comprehensive system health including oracle status, liquidation stats, funding stats, Solana RPC health, and per-market oracle data.

GET /prices

Historical price data for charting.

Response: [
  { "id": 1, "timestamp": 1717401600, "raw_price": 161.5, "ewma": 161.6, "deviation": 0.001, "alpha": 1, "tx_signature": "..." },
  ...
]

GET /candles

OHLC candle data aggregated from raw 5-minute price records. Used for charting.

Response: [
  { "time": 1717401600, "open": 161.5, "high": 162.0, "low": 160.8, "close": 161.9 },
  ...
]

GET /trades/recent

Recent trades across all users.

Response: {
  "trades": [
    { "id": 1, "timestamp": ..., "user_pubkey": "...", "direction": "long", "notional": 100, "entry_price": 156.19, ... },
    ...
  ]
}

GET /trades

Trades for a specific user. Requires user parameter.

GET /stats

Protocol statistics (24h/7d volume, trades, liquidations, fees, unique traders).

FAQ

Roadmap