Risks

Read this before trading. You can lose your whole margin, quickly.

Leverage

At 1000x, a 0.1% move against you liquidates the position and its whole margin is gone. That can happen in under a second.

Payout timing

Profits are paid from other traders’ losses, of which 75% reaches the pool. When the pool is short, winnings wait in the payout queue, and there’s no guarantee when they’ll be paid. See The pool and payout queue.

Prices

The oracle can be wrong if its sources are, or if they’re briefly pushed off the real price. Averaging several sources and leaving out ones that stray reduces this, but doesn’t remove it. Trades fill at the price in the next block, which can differ from the price you saw. If the oracle goes stale, opens and closes wait until prices are fresh again, so you may be unable to close during an outage. See Oracle.

Custody

uplong holds deposited USDC. Withdrawals are paid from uplong’s on-chain vault; when it’s short, they wait in line.

Operator

uplong runs the chain that orders transactions. The public explorer lets anyone check the ledger, but you rely on uplong to keep running it.

Software

uplong is new software and may have bugs.

Nothing here is financial advice.