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Before you start

  • A wallet on Base. The app asks you to switch networks if needed.
  • Collateral on Base: USDC or ETH.
  • ETH on Base for gas and the small amounts that reimburse others who send transactions for you. With one-click trading, these come from your trading account instead.

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Opening a position

The trading UI looks like this: openPunt lists ETH, BTC, ZEC, XRP, SOL, and ten tokenized stocks, each with USDC or ETH collateral. Choose Long or Short, set size and leverage, and hit Request Long or Request Short. A matcher takes the other side, then openOracle sets the open price. Size is denominated in the collateral token. Collateral is your margin: at 100x, $1,000 of size needs $10 of USDC. The opening fee starts at the market minimum and rises until a matcher fills or the cap is reached. See Fees.

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What you can’t do

openPunt has one kind of order: a request that opens at the oracle price. It does not have:
  • limit, stop, take-profit, or stop-loss orders,
  • partial closes: a close always closes the whole position,
  • adding or removing margin on an open position, or
  • changing a position’s terms once it is matched.
To change your size or margin, close the position and open a new one.

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Advanced Settings

The ticket exposes optional overrides behind Advanced Settings. Leave them on Auto unless you have a reason to change them. Max ROE is the maximum profit as a percentage of your margin. On Auto, it is sized so that the margin your counterparty posts covers most price moves over the maturity. See Max profit. Maturity is when the matcher can also close your position. Before it, only you can close. On stock markets, maturities that would reach within one day of an ex-dividend date or split are blocked. See Maturity. Funding is the fixed annualized rate for the position. Auto uses the market’s base rate (a perp funding median for crypto, SOFR plus 2.5% for stocks), plus a variance or covariance term on ETH collateral. See Fees and funding. Open slippage cancels the open and refunds collateral if the oracle price is this far off the reference price. Oracle size is oracle-game liquidity as a percentage of notional. Default 7%, minimum 6.9%. Oracle timer is how many blocks a report must sit undisputed before it can settle.

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After you request

Your request appears in the Positions tab. Until the position opens, the only actions are cancelling the request and executing the opening oracle game. Cancel. While your request waits for a matcher, the Status shows the opening fee you are offering, rising each round, and max at the cap. Cancel returns your margin and everything else you prefunded. A request expires after about 20 seconds. After that, anyone can cancel it, and MEV bots usually do, keeping a small part of the ETH you prefunded. Opening game. Once a matcher takes your request, the Status shows the opening oracle game’s current price, with a ring that fills until the game can settle. Disputes appear under Entry Price. There is nothing to click yet. Execute. When the game can settle, someone has to execute it to open the position. MEV bots usually do this within seconds. If they do not, the button becomes Execute a couple of blocks later, and you can execute it yourself. An opening executed more than 3 minutes after its game became eligible to settle is cancelled instead, and both sides are refunded. Refund. If the opening game runs longer than 30 minutes, the Status reads Opening expired and the button reads Refund (wallet). It returns both sides’ margin and is always sent from your wallet, even with one-click trading on. With one-click trading on, Cancel and Execute can read Authorize OCT first, when your trading account has no live session key for the position’s collateral. Clicking it signs a new session, and the button then shows the real action. Once the position is open, see Request close.