Using Moxie
Trading guide
What the numbers on the trading screen mean, how margin and fees are worked out, and what happens to your position as an event approaches.
Prices#
Each market follows one yes/no event. Its contracts trade between $0 and $1, and the price follows the source market: it rises as the event looks more likely and falls as it looks less likely. A contract priced at $0.62 is worth $0.62; your profit or loss is the change in price times the number of contracts you hold.
| You think… | Do this | You gain when |
|---|---|---|
| The event will look more likely over time | Long · Yes | The price rises |
| The event will look less likely over time | Short · No | The price falls |
Moxie is a perpetual: there are no fixed expiries or order books to manage. You can open, add to, reduce or close a position whenever the market is open, and your profit or loss follows the price continuously.
Margin#
Prices can jump straight to $0 or $1 on news, so Moxie requires full collateral for the most a position could lose, plus a $0.05 safety buffer per contract.
| Side | Margin per contract | Example at $0.40 |
|---|---|---|
| Long | Price + $0.05 | $0.45 per contract |
| Short | The larger of ($1 − price + $0.05) and the price | $0.65 per contract |
Because positions are fully collateralized, a price move can’t push your account below zero. Margin is released back to free collateral when you close.
Fees and price protection#
- Trading fee: 0.3% of the position’s value (contracts × price), charged on each open and close. 100 contracts at $0.50 pay $0.15.
- Spread: the liquidity provider buys slightly below and sells slightly above the market price. The order ticket’s Est. fill price already includes it.
- Price protection: every order carries a limit $0.02 per contract worse than the quote. If the market moves more than that before your transaction lands, it fails and nothing is charged except the network fee.
- Network fees: a fraction of a cent of SOL per transaction.
The order ticket#
| Field | Meaning |
|---|---|
| Amount | How much free collateral to commit, margin and fee included. Moxie works out the number of contracts from it. |
| Contracts | The position size. Each contract is worth up to $1. |
| Est. fill price | Your expected fill price, including the liquidity provider’s spread. |
| Margin | Collateral locked while the position is open. |
| Fee | The 0.3% trading fee. |
| Value at $1.00 / $0.00 | What the position would be worth if the price went all the way in your favour: $1 per contract. Positions are closed at the mark before the event ends, so this is a ceiling, not a payout. |
Funding#
Moxie’s price is kept close to the source market by funding. When Moxie trades above the source, longs pay shorts; when it trades below, shorts pay longs. Payments are small, accrue continuously and settle straight into your portfolio balance — you don’t need to do anything. See How it works for the details.
Before an event closes#
Every market follows a fixed schedule leading up to the source event’s close time. The status badge on the trading screen shows the current phase.
| Phase | When | What you can do |
|---|---|---|
| Active | Until 30 min before close | Everything: open, add, reduce, close. |
| Restricted | 30 min before close | Trading continues, but the liquidity provider takes smaller orders. |
| Reduce only | 10 min before close | Only orders that shrink a position. Close or trim; you can’t open or add. |
| Hard-flat | 1 min before close | Trading stops. Any position still open is closed automatically at the protected mark. |
| Resolved | After close | The market is finished. Your collateral and settled PnL stay in your portfolio. |
Positions in several markets
One portfolio holds positions in every market, all backed by the same collateral. Each position settles on its own schedule as its event approaches.
NextHow it worksSource markets, the three prices, funding, keepers and settlement.