Using The App

# Trade

The Swap page lets you trade synthetic assets in two modes: OTC and Market.

For the deeper design rationale, read OTC and Market.

For the full mechanism, read OTC Issuance and Redemption and Market Trading.

# OTC mode

OTC mode mints or burns synthetic assets through the protocol pool.

The trade is not instant. First, you lock collateral or synthetic tokens. Then the trade settles at the next oracle round, using the price reported by the oracle. After settlement, you or an approved third party can claim the output tokens.

OTC mode avoids oracle latency attacks and does not have slippage.

OTC can still settle into a worse outcome than expected if the oracle price moves before the round settles, funding changes, or the pool enters a stressed state.

# Market mode

Market mode is a regular DEX swap.

The trade executes immediately, and the price is determined by the secondary market pool. Market trades can have slippage.

Market mode does not change protocol supply. It only transfers existing position tokens between users.

# Token filters

The app can filter tokens by direction and leverage:

• Stip assets track the underlying price upward.
• Flip assets track the underlying price inversely.
• Squared and cubed assets are power perpetuals, tracking the price squared or cubed rather than using borrowed linear leverage.