How TILT works.

01What TILT is

You trade BTC, ETH or SOL against one counterparty: the vault. When you win, the vault pays you. When you lose, your loss goes to the vault. There is no order book and no other trader on the other side of your position.

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

02A trade, step by step

1. You open. Choose a market, a side, a margin from $1 to $500, and a leverage: up to 1000x on BTC and ETH, 500x on SOL. Opening costs nothing.
2. It fills a moment later. Your order fills at a price published at least 1 second and at most 4 seconds after you asked. Nobody, us included, can see the 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 when the loss reaches 95% of your margin. On a liquidation the whole margin goes to the vault.

At 1000x, a price move of 0.095% against you is a liquidation. BTC moves that much in seconds on a normal day. The app shows the exact liquidation price before you open.

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.

03The bell

Every hour, on the UTC hour, the vault counts the hour: all losses minus all wins paid. If the house is up, that net result is split three ways:

40%

buys TILT on the market

20%

goes to TILT stakers, in USDC

40%

stays in the vault, to pay future winners

Two limits apply. Nothing is split while the vault holds less than $1,000 of free money, and the split never takes more than what sits above that floor. If the house is down for the hour, 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 hour's losses that paid for it.

04Cope and rent

The TILT bought at the bell goes to the hour's losers, in proportion to their net loss for the hour: losses minus wins, never below zero. Each loser gets at most 3.75% 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 20% stakers' share of every hour, paid in USDC, split by stake. After 7 days it unlocks and you can unstake it, keep it staked, or sell it.

Example: you lose $200 net in one hour and the hour's buyback is large enough. You get up to $8 worth of TILT, staked, earning USDC from the next bell.

05The Rekt King

The biggest net loser of each hour is the Rekt King. The King's cope is doubled: up to 7.5% of the loss back in TILT. The crown shows in the app for the hour, and every loss prints a rekt card you can download and post.

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

06Winning

Losing is free. Winning pays. Three rules decide what a win is worth:

• The tithe. 10% of every gain goes to the vault.
• The cap. A position can win at most 9 times its margin.
• The dead zone. A move under 0.5 basis point (0.005%) between entry and exit counts as zero, for wins and losses alike.

The line. If the vault can't pay a win in full, you get what it can pay now and the rest waits in line. The line is paid in order, first in, first paid, as losses come in. There is no deadline and no guarantee of one.

07Why 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 7.5% of its loss, even as Rekt King. The other wallet pays 10% of its win as tithe, and the first basis point of every win goes to price impact. Even with the stakers' share counted, a round trip costs the pair more than it gets back. The rule is written into the settings: the King's maximum plus the stakers' share must stay below the tithe, and any change that breaks it is refused.

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

08The numbers

Launch settings. They can be changed, within the rule above.

Prices come from Pyth, a network that combines prices from many trading venues. Orders fill at its mid price. If its uncertainty band gets wider than 0.2% of the price, orders wait instead of filling.

09Risks

• The house wins over time. One counterparty, the vault, takes every trade. The tithe, the dead zone and the cap are its edge. Most traders lose.
• 1000x is a 0.095% move. Less than a tenth of a percent liquidates you.
• The vault can run dry. Wins then wait in line with no date.
• We fill your orders. If we stop, cancel after 30 seconds, close yourself after 2 minutes.
• 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. The anti-washing rule cannot be broken by a change.
• Not where it's illegal. Perpetual futures are restricted in many countries. Check yours.

10Right now

The app runs as a demo: simulated traders on live market prices, with a play balance. Nothing in it is real money, and the app shows a Demo mark the whole time. Real trading opens later, and this page will say when.