risk
Know what can go wrong.
Leveraged positions on new tokens are the riskiest thing in crypto. Read this once before you trade.
You can lose everything you put in
Leverage cuts both ways
At 5x, a 20% move against you wipes the collateral. Memecoins routinely move 50% in minutes. The liquidation price is shown before you open; take it seriously.
Liquidation is automatic
When equity falls to 10% of the position size the position is closed at the current mark and the remaining collateral, if any, comes back to you. There is no margin call and no warning.
The price can be wrong for a moment
Pool prices
The mark is the token's own pool on Elysium, smoothed over 30 seconds. Thin pools can print strange prices; the smoothing and the size caps limit the damage but do not remove it. If the feed goes stale, opening and closing pause until it is back.
Custody and the counterparty
Your balance is held for you
SOL and USDC you pay or deposit are held by PerpSium on Solana until you withdraw. PerpSium is the counterparty to every position: your profit is paid from the same pot that keeps your losses. Caps on position size and open interest exist so the pot can always pay.
Tokens can go to zero
Many Elysium tokens are days old and have no team, no product and no liquidity beyond their launch pool. A perp on them is a bet on a number, nothing else.