How TILT works.

01What TILT is

You trade BTC, ETH or SOL against one counterparty: the pool. When you lose, your loss goes to the pool. When you win, the pool pays you in SOL, and what its SOL can't cover is paid in $TILT from the prize reserve, at the dollar value of your win at the close. There is no order book and no other trader on the other side of your position.

The pool is open. Anyone can deposit SOL and be the house: you take a share of what traders lose and you pay the winners. You can lose your deposit. Be the house.

TILT is a token with a fixed supply. Nobody mints more of it. The pool's profit buys it, every hour, so losses push its chart up, and what isn't handed back to the losers is burned.

02One click

Deposit once. Your SOL moves from your wallet to your trading balance. Wins, losses and rent settle there; you withdraw whenever you want, with your wallet.

Sign once. The same signature turns on one-click trading for 7 days: this browser may then open, close and cancel your positions. It can never withdraw or move your TILT. You can turn it off at any time.

Then click. Every order after that goes through without a wallet pop-up, and the network fee is on us.

03A trade, step by step

1. You open. Choose a market, a side, a margin in SOL worth about $1 to $10, more as the pool grows (the biggest win of one position can use up to 10% of the pool's free room) and more if you stake $TILT (see the numbers), and a leverage: BTC 1000x, ETH 1000x, SOL 500x. Opening costs nothing. Your biggest possible win is set aside before your order opens; if there is no room for it, the order does not open.
2. It fills a moment later. Your order fills at a price published after you asked: 3 to 8 seconds later. Nobody, us included, can see that price before you commit. This kills the trick of trading on a price you already know.
3. It lives. Your position follows the market. You can set a take profit and a stop loss.
4. It ends. You close it, your take profit or stop loss fires, or it is liquidated. A liquidation comes when your loss reaches 90% of the margin, and takes the whole margin. At 1000x that is a 0.09% move against you, at 100x a 0.9% move, at 10x a 9% move.

Holding past 1 hour. A position held longer than that pays 0.01% of its size for every hour after the first, counted to the second. It is taken from your margin when the position closes, and goes to the pool. At 1000x with $10 of margin, that is $1 an hour.

If we stop filling. We fill the orders. If we go quiet, you can cancel a pending order after 30 seconds and get your margin back, and you can close an open position yourself after 2 minutes.

04Fair fills

On some exchanges, big orders get served first and some traders never get through. Here, the rules are the same for every order.

• First come, first filled. Orders are filled in the order they arrive.
• Your moment sets your price. Each order fills at the first price published at least 1 second after you asked. A price from before your request is refused, so nobody can trade on a price they already know.
• Size buys no place in line. A $1 order and a $10 order wait the same, and fill the same way.
• Nobody is screened out. Every order that reaches the protocol is filled the same way, whatever app it comes from. Every order and every fill is public, with its price and its time, so anyone can check.
• If nobody fills it. You cancel a pending order after 30 seconds and get your margin back, or you close an open position yourself after 2 minutes, at the first price published after your request.

05What a win keeps

Losing is free: no fee is added to a loss (only a position held past 1 hour pays the small holding fee above). Winning pays the curve. The smaller the move in your favour, the smaller the share of the gain you keep; no win keeps more than 90%. Then a 2% fee is taken on what is left. The share does not depend on your size or your leverage, only on the move.

Example at 1000x with $10 of margin: a 0.1% move is a $10 gain before the curve. You keep about 72% of it. The app shows the same table for your exact size before you click.

The cap. A position wins at most 9× its margin. Paid at once, per hour. In one hour, a wallet is paid at once up to 3× the margin of the positions it closed in that hour. The rest of the win is not lost: it is yours, and it is paid after the bell. How a win is paid. In SOL from the pool first. What the pool's SOL can't cover is paid in $TILT from the prize reserve, at the dollar value of your win at the close. Both are set aside before your order opens.

06Storms

When a market moves more than 0.1% within 60 seconds, it is in a storm. The app marks it in red. While it lasts:

• new positions open at 250x at most;
• a win settled in the storm keeps at most 80% of the gain (see the right column above);
• liquidations work as usual.

Fast markets are where a price can be stale or pushed. The storm rule makes those moments worth less to anyone trying.

07The bell

The bell rings every hour, on the UTC hour. The pool counts the hour: all losses minus all wins paid. If the house is up, that net result is split:

40%

buys TILT on the market

15%

goes to TILT stakers, in SOL

35%

stays in the pool: the depositors' share

10%

pays the team

Holding fees count in the result. While nobody stakes, the stakers' share stays in the pool. A buyback never pays more than 5% above the 5-minute average price of TILT. Right after launch, the bell rings every 10 minutes until the first pool deposit counts; then every hour.

Two limits apply. Wins paid in $TILT are paid back to the prize reserve first, out of the pool's profit. Nothing is split while the pool holds less than 1 SOL of free money, and the split never takes more than what sits above that floor. If the house is down, nothing is bought.

Anyone can ring the bell once the hour is over. It doesn't wait for us. On the TILT chart in the app, every buyback has a mark: tap it to see the losses that paid for it.

08Cope and rent

The TILT bought at the bell goes to that hour's losers, in proportion to their net loss: losses minus wins, never below zero. Each loser gets at most 4% of their net loss in TILT, valued at the price it was bought. What is not handed out is burned in the same step.

Your cope arrives staked and locked for 7 days. While staked, it earns rent: the stakers' share of every bell, paid in SOL, split by stake. After 7 days it unlocks and you can unstake it, keep it staked, or sell it.

The launch pot. For the first weeks, a pot of TILT bought by the team is handed out on top of cope, a little at every bell, to that hour's losers in proportion to their net loss. It is not held to the 4% limit; one wallet takes at most 10% of a bell's share. Your part arrives staked and locked for 30 days, and earns rent. Nothing in the pot can go back to the team: what losers don't get is burned at the end.

09The rekt card

Every loss prints a rekt card: how much, at what leverage, how fast, and how much TILT your loss is about to buy. Download it, post it.

Next to the card is Revenge: one tap reopens the same margin and leverage on the same market, the other way.

10Why washing doesn't pay

The obvious trick: open a long on one wallet and a short on another, lose on one side, win on the other, collect cope. It doesn't work.

A wallet gets back at most 4% of its loss. The other wallet leaves at least 11.8% of its win to the curve and the fee. Even with the stakers' share and an app's share counted, a round trip costs the pair more than it gets back. The rule is written into the settings, and any change that breaks it is refused.

And cope only comes out of the net result. If every loss is matched by a win, there is nothing to buy with.

11Apps that bring trades

TILT is a protocol: anyone can build an app on it. An app that brings an order earns 1% of what that trader loses, out of the house's share (the trader pays nothing more), and 10% of what the house takes from that order's win. It never touches margins or the line. This site is one such app.

12The numbers

Current settings. They can be changed at any time, within the rule above.

Prices are a median of large exchanges. We read them and sign them twice, with two separate signers; if the two prices are more than 0.2% apart, orders wait instead of filling.

13Risks

• The house wins over time. One counterparty, the pool, takes every trade. The curve on wins and the cap are its edge. Most traders lose.
• 1000x is a 0.09% move. Less than a tenth of a percent takes the whole margin.
• A win can be paid in $TILT. What the pool's SOL can't cover is paid in $TILT at the dollar value at the close. If $TILT falls by more than a third between your open and your close, you get the $TILT set aside for you, not more.
• SOL can fall. Margins and wins are in SOL. If SOL falls by more than about 9% between your open and your close, a win is paid at most what was set aside for it.
• We sign the prices. Every price comes from us, signed twice. If we stop, cancel after 30 seconds, close yourself after 2 minutes.
• We fill your orders. If we stop, cancel after 30 seconds, close yourself after 2 minutes.
• This browser can trade for you. One-click trading lets this browser trade for you for 7 days. Anyone with this browser can trade your balance, never withdraw it. Turn it off on a shared computer.
• TILT can go down. Cope is paid in TILT and stays locked for 7 days while its price moves.
• Settings can change. The numbers above can be adjusted, and a change takes effect at once, with no waiting period. The anti-washing rule cannot be broken by a change. Pausing new trades takes effect at once; closing, cancelling and claiming never pause.
• No outside audit. TILT has not been audited by a third party. Trade or deposit only what you can lose.
• One admin key. One admin key holds the settings, not a multisig yet. A change applies at once, like a pause.
• Not where it's illegal. Perpetual futures are restricted in many countries. Check yours.

14Right now

TILT is live on Solana mainnet. Real trades, real payouts. The bell rings every hour.