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Start trading at gains.trade.

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Summary

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Trading experience

  1. Full custody of your funds
    No deposit or signup is required.
  2. Median spot prices
    Orders execute against median spot prices from multiple sources.
  3. Zero price impact on BTC and ETH
  4. Crypto, forex, and commodities available
  5. High leverages available
    Up to 500x on crypto, 1000x on forex, and 250x on commodities.
  6. Competitive fees
  7. Transparent and decentralized
    Trades execute on-chain.
  8. Polished user experience
    The interface has evolved through more than 4 years of user feedback.

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Trading engine

  1. No order books or liquidity for each pair
    gToken vaults provide shared liquidity for all listed trading pairs.
  2. Synthetic leverage (not borrowed)
    Synthetic exposure reduces the amount of liquidity required per market.
  3. Real-time custom Chainlink decentralized oracle network (DON)
    Orders request on-demand spot prices from a custom Chainlink DON.

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How does it work?

Trades are opened with supported collateral such as $USDC, $DAI, $GNS, or $WETH, regardless of the trading pair. The leverage is synthetic and backed by the relevant gToken vault and the $GNS token. When traders have positive PnL, the vault pays it out. When traders have negative PnL, the vault receives the loss. Many derivatives platforms derive execution prices from internal order books or similar models. Gains uses a custom real-time Chainlink node operator network to fetch the median spot price for each trading order. A detailed explanation of the decentralized oracle network is available in Gains Farm: Using Chainlink to Power Decentralized Leveraged Trading.

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More resilient pricing

The DON filters out outlier price action from any single exchange, whether caused by manipulation attempts or temporary lack of liquidity. This reduces the chance of liquidation from isolated exchange wicks. These are your trades. Gains cannot open, close, or edit your open trades unless you have approved the smart contract to do so through a stop loss or take profit, or unless the position must be liquidated. Governance can pause new trade openings during contract upgrades. This does not close existing positions, and traders still retain control over closing their trades. The trading engine is fully decentralized, and users keep custody of their funds. No signup or deposit is required to start trading.

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Concrete example

Because Gains uses multiple price sources for every pair, the ETH/USD price only dipped to $2,980.32 during this volatile move. Compare that with the price action on a major centralized exchange: On that exchange, the wick bottomed at $2,977.62. A position using that exchange price could have been liquidated even though the broader market quickly recovered. The difference between the Chainlink DON price and the centralized exchange price was 0.09% in this case, which equals 13.5% PnL at 150x leverage. Even small price-source deviations can materially affect high-leverage strategies. On order-book venues, closing a position into thin liquidity can also push the price further down and amplify the wick.

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Exceptional user experience

Start trading at gains.trade Because a single gToken vault can provide liquidity across many listed pairs, Gains can support a broad range of markets and leverage profiles. The interface has also been refined through more than 4 years of user feedback.

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Competitive trading fees

Fees are distributed to the governance fund, gToken liquidity providers, $GNS staking, referrals, and the oracle bots that execute limit orders in a decentralized manner. See Fees & Spread for details.

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Liquidity efficiency

Since all trades use gToken liquidity layers (trading vault), we have a big advantage over other platforms who have to build new liquidity in their order books every time they list a new pair, and maintain high liquidity on each pair. By building big gToken vaults (with trading fees incentives), every trading pair listed on our platform benefits from bigger position sizes. This means the platform only requires $USDC, $DAI, $GNS, or $WETH liquidity for ALL pairs that can be traded on the platform. This is possible because Gains does not match buy and sell orders through an order book. Instead, trader PnL is calculated in the smart contracts and settled against the gToken vaults.

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Current limitations

Maximum open interest is capped per pair and per group of correlated pairs. These limits help manage risk for liquidity providers.