Getting started / Introduction

Spot buys real shares. Leverage is synthetic margin vs LPs, on listed markets only. Get started, or read Why Hedge.

#What you actually trade

Every market is a question with two sides, Yes and No. Buying a side gives you shares in that outcome. A share pays out $1.00 if the outcome happens and nothing if it does not, so a share priced at 40¢ is the market’s way of saying the outcome looks roughly 40% likely.

That single fact explains most of the interface. A price is a probability quoted in cents. The number of shares your money buys is the amount divided by the price. Your position is worth what someone else will currently pay for those shares, which is why its value moves before the question is ever settled.

2x/3x uses the same price. You do not hold the shares. Margin controls a larger size; the vault takes the other side.

#One balance, one chain

Cash is USDG on Robinhood Chain. Spot converts to the venue token and back. See Money and tokens. Levered margin never leaves this chain.

#Where to start

#How to read these docs

Guides first if you just want to trade. Concepts for the vocabulary. Leverage for traders, LPs, and future makers.