FAQ

First, the honest part

Levant is live on Robinhood Chain mainnet only. It is unaudited, and the USDG you trade with has no monetary value. Its token, $LVNT, launched on Virtuals and is not required to trade. It exists so competent crypto traders can try a real oracle-priced perp end to end. Read this section before anything else.

Is there a Levant token, presale, or airdrop?

Yes. $LVNT launched on Virtuals. It is not required to trade: the exchange runs on USDG, and lvUSDG is only the vault share you receive for depositing. There was no presale, airdrop, or points program tied to the exchange. The only genuine $LVNT is 0x3da4d4f7319b4dd14822521aa1befa003f4f4e3c on Robinhood Chain (chain 4663). Any other contract using the Levant name is a fake, so check the address before buying anything.

Is Levant audited?

No. Levant is not audited. The contracts are built with Foundry (solc 0.8.28) and ship with 171 passing tests, but tests are not an audit — they only check the behavior we thought to test. The system runs on testnet, ownership is still on the deployer key, and the oracle is a single signer today. Treat it as pre-release software.

What is Levant, in one paragraph?

Levant is an oracle-priced, vault-backed perpetual-futures DEX for crypto only — no stocks, no order book. Every trade executes against a shared ERC-4626 liquidity vault (the Levant Vault) at a verified, signed oracle price plus a deterministic spread. The vault is the counterparty to every position: it pays profits, absorbs losses, and collects fees. The whole protocol lives behind one EIP-2535 Diamond address, and a keeper fills your intents at the next verified price.

Where does Levant run, and what are the addresses?

How do I get test funds?

USDG is a MockStable contract with 6 decimals and an open mint on testnet — anyone can mint it. There is no faucet queue and no gatekeeping; you mint your own test USDG directly. Because it is a test token, it is worthless by design. You will also need a small amount of ETH (Sepolia ETH) on Robinhood Chain to pay gas.

1. Add Robinhood Chain mainnet to your wallet (chain ID 4663) and get a little Sepolia ETH for gas.
2. Mint USDG from the MockStable contract at 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168 — the mint is open to anyone.
3. Approve the Diamond (0xE07098bc29Ebe50E6203606bc2eA0e1E189cb7e2) to spend your USDG, then open a position or deposit into Earn.
4. Per-position collateral must be at least 10 USDG and at most 500,000 USDG.

What can I trade?

There are 20 crypto perpetual markets, all priced versus USD and all sharing the same risk configuration today: BTC, ETH, SOL, BNB, XRP, DOGE, ADA, TRX, AVAX, LINK, DOT, SUI, LTC, BCH, NEAR, APT, UNI, ATOM, ARB, OP. Every market is crypto — there are no stocks or other asset classes.

Why didn't my order fill instantly?

Because execution is two-step and keeper-driven. Your click does not fill on its own; it posts an on-chain intent and escrows your collateral, and then an off-chain keeper fills it at the next verified oracle price. That round trip is normally a couple of seconds, but it is not instantaneous, and in fast markets the price the keeper fills at can differ from the number on your screen when you clicked.

1. 1You submit an intent and escrow collateral on-chain: submitOpenIntent for a market order, submitLimitIntent for a limit or stop. Nothing has filled yet, and your funds are escrowed by the Diamond — never by the keeper.
2. 2A keeper fills it with a signed price report via executeOpen. Market orders fill at the next verified price; limit and stop orders fill only once the mark crosses your trigger, which is enforced on-chain. Closing is symmetric: closePosition or closePartial, then executeClose.

What is "max slippage" and why must I set it?

Every open and limit intent carries a mandatory maxSlippageBps in the range [1, 500] (0.01% to 5%). There is no implicit default — you always choose it. At fill time, if the spread would push your entry further from the oracle mid than your tolerance, executeOpen reverts with SlippageExceeded: the intent stays pending (it is not consumed), and your escrow remains fully reclaimable with cancelIntent. In the UI you pick a preset such as 0.10% / 0.30% / 0.50% / 1.00%.

How is my fill price determined? Is there slippage?

There is no order-book slippage and no MEV. Your fill is the oracle mid plus a fully deterministic spread, in basis points: a constant 2 bps, plus a price-impact term that grows with trade size relative to market depth, plus a skew term that grows as your trade increases long/short imbalance. The total is floored at 0 (a fill is never better than mid) and capped at 500 bps (5%), and it is always applied worse-for-trade.

# All terms in basis points, applied to the oracle mid.
spreadBps   = 2 + priceImpact + skew
priceImpact = notional * 100 / depth1pct       # depth1pct = 10,000,000 USDG  (moves price 1%)
skew        = 100 * signedImbalance / oiCap    # skewCoeff = 100 bps, oiCap = 2,000,000 USDG
spreadBps   = min( max(spreadBps, 0), 500 )    # floored at mid, capped at 5%

# Worse-for-trade direction:
#   buys  (open long  / close short) fill ABOVE mid  (+spread)
#   sells (open short / close long)  fill BELOW mid  (-spread)

So a trade the size of depth1pct (10,000,000 USDG) pays about 100 bps of price impact, and a trade the size of the whole OI cap (2,000,000 USDG) pays near the full 100 bps skew coefficient; small trades pay only a small premium.

Can an order be rejected for being too risky to open?

Yes. A liquidatable-at-open guard stops the engine from minting a position that would already be at or under its maintenance margin at the mark it filled against — executeOpen reverts with LiquidatableAtOpen. At very high leverage the entry spread alone can put you there, and Levant will not open a position that is dead on arrival. When this happens, no open fee is taken and your escrow is reclaimable.

What are the fees?

There are two trading fees, both paid to the vault (LPs). The open fee is deducted from your collateral at open, so net margin = deposit − open fee, and your notional is net margin × leverage (max 100x).

How does PnL work — and can I lose more than my margin?

No — you can never lose more than your margin. Margin is isolated per position: the collateral you post bounds the entire downside, positions never share margin, and there is no claw-back beyond what you put in. Profit, meanwhile, is capped (see below).

notional = netMargin * leverage          # netMargin = deposit - open fee

Long   PnL = notional * (exit  - entry) / entry
Short  PnL = notional * (entry - exit)  / entry

# Isolated margin:  max loss  = netMargin
# Profit is capped: max profit = 9 * margin  (reserved and locked in the vault)

Is my profit capped?

Yes. A position's profit is capped at 900% of its margin. To back that promise, the vault locks reserved = margin × 9 for every open position, so it can always pay a winning trade its full capped payout.

Who is the counterparty to my trade?

The Levant Vault — an ERC-4626 vault denominated in USDG — is the counterparty to every position, not another trader. It pays trader profits, absorbs trader losses, and collects every fee (open, close, funding, and the liquidation remainder). Liquidity providers deposit USDG for lvUSDG shares and are therefore net short the traders' aggregate PnL: they profit when traders lose and lose when traders are net profitable.

What is funding?

Funding is a continuous payment from the crowded side of a market to the underweight side, nudging open interest back toward balance. The rate scales with utilization (open interest ÷ OI cap) and skew, starting around 0.01%/hour and clamped to roughly 0.1%/hour. It accrues continuously and is settled into your PnL, so a position on the crowded side bleeds a little over time and a position on the light side is paid.

How do liquidations work?

A position is liquidated once its equity falls to or below the 10% maintenance margin — i.e. a 90% loss on collateral, including funding. Liquidation is permissionless: anyone can liquidate an underwater position by submitting a signed price report, and the liquidator is paid 5% of collateral. No adverse spread is applied on the liquidation mark, and because margin is isolated, only the liquidated position is affected — nothing else in your account is touched.

What happens if the keeper is down?

The keeper is an off-chain service that runs on a server, not on your machine. It is non-custodial: it never holds your funds, and it is bounded by the on-chain guards — it can only ever fill at a verified price within your slippage tolerance and the liquidatable-at-open check. If it stops, execution pauses, but your money does not move: your collateral is escrowed by the Diamond, and any pending intent is fully reclaimable with cancelIntent.

• Safe regardless: escrowed collateral is held by the Diamond, not the keeper. You can always cancel a pending intent and reclaim it in full.
• Paused while down: new fills, take-profit / stop-loss triggers, and liquidations all need a fresh signed price, so they wait until the keeper is back.
• Today's caveat: the oracle is 1-of-1, so the keeper is the only valid signer. Even though liquidations are permissionless to call, a third party cannot produce a valid price report until multi-signer (m-of-n) oracle is live. Your isolated margin still caps any downside in the meantime.

Is the oracle actually decentralized?

Not yet — and we say so plainly. Prices come from a self-hosted EIP-712 signed-price oracle. The EIP-712 domain binds the chain ID and the Diamond address, and each report binds the market, a price, and a publish time; reports older than 60 seconds are rejected, and reports dated in the future are rejected too. The design is m-of-n, but it is 1-of-1 today — the keeper is the sole signer. Underlying prices come from a multi-source feed (Gate.io, then KuCoin, then CoinGecko as fallback), signed in chain time. Running m-of-n signers on independent machines is on the roadmap.

Is Levant available in my country?

Eligibility is your responsibility. Access to leveraged derivatives is restricted or prohibited in some jurisdictions, and it is up to you to confirm that using Levant is lawful where you are. Levant does not provide legal or investment advice and does not verify your eligibility for you. This is testnet software with no-value tokens, provided as-is for experimentation.

Can I add or remove margin, or partially close?

• Add margin: deposit more collateral into an open position. Size is unchanged, so effective leverage falls and the liquidation price moves further away — always safe, no price needed.
• Remove margin: withdraw collateral as long as the remainder stays above the 10 USDG minimum, within max leverage, and strictly above maintenance margin at the current price. You can never withdraw into a liquidation.
• Partial close: close a percentage (e.g. 25/50/75%), realizing proportional PnL and close fee and releasing proportional reserved liquidity; the remainder keeps its entry price and funding basis.
• Cancel intent: cancel an unfilled market, limit, or stop intent and get your escrowed collateral refunded in full.

Can I set take-profit and stop-loss?

Yes. You can attach a take-profit and/or a stop-loss to a position, and the keeper closes it at market once the mark crosses your trigger. For a long, take-profit sits above entry and stop-loss below; for a short, the reverse. The trigger check is enforced on-chain, so the keeper cannot fill it early.

How do I earn as a liquidity provider?

Deposit USDG into the Levant Vault and receive lvUSDG ERC-4626 shares. The vault is the counterparty to every trade, so your returns come from fees plus net trader losses — and your risk is that traders are net profitable. The vault locks reserved liquidity to back open positions' capped max profit; withdrawals are instant up to the unlocked amount, and locked liquidity frees up as those positions close.

How are upgrades handled without touching my position?

Levant is an EIP-2535 Diamond (one address, many facets) with append-only Diamond-Storage and ERC-173 two-step ownership. Upgrades are performed with diamondCut, which swaps facet logic while preserving the vault, LP shares, and all open positions. The address you approved and the funds in the vault do not change across an upgrade.