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Some conditions can make it more expensive or slower to open or close a position, or stop it for a while. None of them changes your margin or PnL directly, but while a request waits, the market keeps moving. The risks include but are not limited to what is described below. For an adversary deliberately delaying an oracle game, see Liveness under Oracle risks.

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Gas spikes

Every oracle game must start with enough liquidity that disputing a bad price is still worth the gas. The minimum oracle size therefore rises with gas, while the maximum stays a fixed share of your notional. When gas spikes, the minimum can rise above the maximum for smaller positions, and the UI asks you to increase size. Until gas calms down, positions below that size cannot be opened. The same check applies to closes and liquidations. See Gas and volatility spikes.

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Volatility spikes

A matcher takes the other side of your trade for the opening fee, which starts low and rises until someone takes it. When volatility spikes, matchers want more to carry the risk:
  • More expensive. The fee rises further before a matcher steps in.
  • Slower. Matching can take longer.
  • No match. If no matcher is willing at the highest fee, the request expires unmatched after about 20 seconds. Cancel it from Positions to get everything back, or try again later.
Closing is affected the same way. The close reward also grows with volatility, so closing costs more, and a reporter may wait or not step in. See Fees.

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Wallet-specific quirks

Wallets do not all behave the same, and some change your account in ways that affect openPunt.
  • Phantom smart-account upgrade. Phantom can upgrade your wallet to a smart account through EIP-7702, for example when it swaps USDC to pay your gas. The upgraded account does not accept standard Permit2 signatures. The UI detects this and asks you to sign a wrapped message instead, which your wallet can only show as an opaque hash. To trade without signing an opaque hash, disable 7702 in your wallet. This only affects trading directly from your wallet: One-click trading and exchange balances do not use Permit2 signatures.
  • Unclear errors. Some wallets return a generic error such as “Unexpected error” for problems like not enough ETH for gas. If a transaction fails without a clear reason, check your ETH balance first.
  • Blocked connections. Some networks, such as work firewalls, block the RPCs the app or the wallet reads from. The app can then fail to load state or send transactions until you switch networks.