Leverage on every coin on Montra, traded for real.

Coins launch on Montra, on Elysium, and get a market here in the same transaction; a coin already on Montra can be imported. Every long really buys the coin on Montra, with HYPE the vault lends it. Every short really sells it, with coins borrowed from the longs. The chart moves with every position.

The market is Montra itself: each coin's one Uniswap V4 pool behind the Montra hook, a bonding curve until the coin graduates and an open pool after. Margin, loans and payouts are in native HYPE. HyperMontra adds the loans.

How a position works

• A long puts up margin at up to the stage's leverage. The vault lends the rest, and the engine buys the whole size of the coin on Montra and holds it. Closing sells the coins, repays the loan with its interest and pays out the rest: the profit or loss is what the coins really sold for.
• A short borrows coins the engine holds for the longs and sells them on Montra; its collateral is its margin plus what they sold for. Closing buys them back. Shorts open once a coin has graduated to its pool, at 1x, and together borrow at most half the longs' coins.
• Auto-deleveraging: when a long leaves while its coins are lent, the engine buys them back on Montra for the shorts, pro rata, out of their collateral.
• Borrow rate: about 0.01% an hour, paid to the vault, on the longs' loans and on what the shorts' coins sold for.
• Liquidations read the keeper's median of three Montra samples, taken at least five minutes apart, never the price of the moment. The penalty is 1% of what the liquidation trades, half to the liquidator, half to the vault.
• Guards: a position opens only while the keeper's reference is fresh and the Montra price is within 10% of it, never during Montra's early-buy fee in a coin's first minutes, and one opening may move the price 15% at most.

Leverage graduation

Leverage follows the depth of the coin's pool on Montra: earned on the lowest of the keeper's last three samples, lost on their median.

What the vault lends is capped too: 80% of it at most across every coin, 10% of it on any one coin, and 20% of that coin's depth. Before graduation, a long's loan is also capped by what the longs' coins would fetch if every other holder sold first. 1x is always open.

0.1% a side, into the vault

Every open and every close pays HyperMontra 0.1% of what it trades. Montra takes its own fee on top, on every buy and every sell: the coin's fee tier, chosen at its launch, before and after graduation alike.

$HYPER is HyperMontra's own coin, and trades here like any other.

The creator's part of the Montra fees of a coin launched here comes to the launcher, which Montra pays it to. The creator keeps their share of it, and the rest takes the same path: the vault first, then the buybacks.

The vault

The vault is HYPE the fees put there, plus anything anyone adds. It lends the longs their leverage and earns their interest, the shorts' borrow rate, half of every liquidation penalty and the share of each pool's fees Montra pays the holders of the coins the engine holds for the longs. Nothing takes HYPE out of it but its loans and its losses; the owner cannot.

It is the counterparty of last resort: when a position ends owing more than it holds, the vault takes the loss. Until the vault has HYPE, there is no leverage: longs trade at 1x.

Read this

• You can lose all your margin. Leverage on a coin that is hours old is as risky as it sounds.
• A fast crash or a rug gaps past liquidation. Liquidations read samples minutes apart, so a coin that collapses at once is liquidated late, and the vault takes what the position no longer covers: at most 10% of the vault and 20% of the coin's depth on any one coin.
• Round trips are expensive. Montra's fee is paid both ways, the coin's fee tier on each, plus HyperMontra's 0.1% a side, on the whole size, leverage included.
• Your trade moves the price, on the way in and on the way out. A short can be bought back early when a long leaves.
• No leverage until the vault has HYPE.
• No third-party audit. The spot engine is new.
• Montra runs the market and holds the creator fees until they are collected.
• Leveraged trading is regulated in many countries, including the EU. Not available where prohibited.