Markets
Every market on KestrelPerps is discovered from the chain and priced from live pool data. Nothing is seeded, nothing is hardcoded.
A perpetual futures venue is only as honest as its price source. Most demo products ship with a list of tickers and a table of starting prices written by hand, then drift a random walk on top. That is not what happens here. KestrelPerps reads the chain, finds what actually trades, and quotes what the pools actually say.
Where markets come from
The market list is not a file we maintain. It is derived from tokens that are genuinely traded on Robinhood Chain, the Arbitrum-stack L2 with chain ID 4663. A token qualifies as a market when it has a real pool with real depth behind it. At the time of writing that is roughly 83 markets in the demo terminal.
Prices come from live on-chain pool data and refresh about every 20 seconds. There are no seeded prices, no fallback constants, and no synthetic candle generator anywhere in the demo. If a pool moves, the mark moves. If the chain is quiet, the mark sits still, because that is the truth of it.
Two categories
Tokenized equities
About 25 of the markets are tokenized equities. On the chain these carry the naming convention "<Company> - Robinhood Token", which is how they are identified. The set includes SPY, NVDA, AAPL, QQQ, TSLA, GOOGL, MSTR, GME, PLTR, COST, LLY, HOOD, MSFT, RDDT, TTWO, HIMS, SPCX and gld.
Crypto
The remainder are crypto assets native to the chain or bridged onto it: PONS, AI, CASHCAT, WETH, BONER, microduck, CHUMP, BUN, NUDES and others. Some of these are deep. Some are very thin. The product does not pretend otherwise, and the leverage cap is where that distinction gets enforced.
How the leverage cap is derived
Leverage is not a per-market setting somebody typed in. It is read off the market's own liquidity depth, measured from the same on-chain data that produces the price. Deeper pool, higher cap. Thin pool, lower cap.
| Liquidity depth | Maximum leverage |
|---|---|
| Above $2,000,000 | 25x |
| Above $500,000 | 20x |
| Above $100,000 | 15x |
| Above $25,000 | 10x |
| At or below $25,000 | Floor: 10x equities, 5x crypto |
The bands are evaluated top down. A market with $3,000,000 of depth caps at 25x. A market with $40,000 caps at 10x. A market below $25,000 falls to its category floor.
Why the floors differ
The floor is 10x for tokenized equities and 5x for crypto. That is not favouritism. A tokenized equity tracks a real instrument with its own external market, its own reference price and its own depth outside this chain. Pushing its on-chain price away from the underlying is expensive and gets arbitraged. A thin memecoin pool of the same nominal size has no external anchor at all. One trade can move it a long way, and moving it is the whole attack. Same dollar depth, very different manipulability, so the crypto floor sits lower.
Holder tiers add to the cap on top of this: +0, +5, +10, +20 or +50 by tier, hard capped at 100x overall. See the token page for how tiers are read from the on-chain balance, and leverage and margin for what leverage does to your liquidation distance.
long liq = entry * (1 - 0.9 / leverage)
short liq = entry * (1 + 0.9 / leverage)Opening a market that does not exist
If an asset trades on the chain but has no demo market yet, anyone can create one. It costs a real on-chain fee of 0.01 ETH, paid in ETH for gas on Robinhood Chain, sent to the treasury address 0x130dF20141beB7DB58E8bc8481755328fd3A093b.
- Connect the wallet you want to trade the demo from.
- Select the token on Robinhood Chain that has no market yet.
- Pay the 0.01 ETH fee on-chain and wait for confirmation.
- The market is created, priced from its pool, and its cap is derived from its depth like any other.
The fee exists to stop the list filling with dead tokens. It buys a market, nothing else. It is not a deposit, it does not credit demo balance, and it is not refundable. Demo balance is topped up separately, described on the demo page.
Real trading markets are a different set
The demo market list and the real trading market list are not the same thing, and neither is the leverage schedule. Real trading covers over 300 markets with leverage up to 40x. 17 of them are assets that also trade on Robinhood Chain. There are no tokenized equities there. The table above applies to the demo terminal at /demo only.
- Demo: about 83 chain-discovered markets, roughly 25 equities, caps from the liquidity table.
- Real: over 300 markets, up to 40x, sized and margined by the venue's risk engine. 17 of them are Robinhood Chain assets, the rest are majors and other equities.
- Both use live prices. Neither uses a stored price.
Real liquidation levels come from the venue's risk engine, which uses a maintenance margin that varies by asset and by position size. The demo formula above is an approximation there, not a guarantee. The live liquidation price is always shown on the position itself. Read real trading before putting money anywhere near it.