Trade unseen. Percolate in shadows.
Private-by-design perpetuals on Solana. Live prices. Oracle-settled. No order book to hunt. Trade any Solana token — paper funds for now, the real engine soon.
A perpetual lets you go long or short on a token's price with leverage, without holding the token itself. AetherPerc makes that simple — and quiet.
Open the desk. No sign-up, no KYC wall, no waitlist. Connect a wallet, or just watch the live markets first.
Any Solana token can have a perp. Prices come from oracles, not a thin order book that can be pushed around.
Go long or short with up to 20× leverage. You post margin; a per-market liquidity vault takes the other side.
Track live PnL, size up or trim, and close anytime. Liquidations are mechanical and oracle-driven — never discretionary.
Under the hood: markets are oracle-priced and coin-margined — your collateral is the token you trade, and your fill prices off a live oracle against a liquidity vault, not a public queue of orders. PnL is backed by real reserves, and the engine keeps the whole book solvent automatically.
On most venues, your resting orders and liquidation price are visible — to the exchange, to market makers, to bots. That visibility gets used against you.
Order books broadcast where stops and liquidations cluster. Price gets wicked into that cluster to trigger a cascade, then snaps right back — you're out at the worst tick.
On AetherPercNo public limit-order book to scan. Marks settle off an oracle, so there's no thin book to push your stop into.
On many chains your pending trade sits in a public mempool. Searchers see it coming and sandwich it — buying ahead of you and selling into your fill.
On AetherPercFills price off the oracle against a liquidity vault, not a public order queue — removing the surface a sandwich needs.
Big resting orders telegraph intent. Counterparties map your levels and lean on them before you've even filled.
On AetherPercEntry is quiet — there's no order broadcasting your intent ahead of execution.
Straight talk: settlement is still on-chain and auditable — privacy here means no order book to hunt and no mempool to sandwich, not anonymity. We're transparent where it keeps the system honest, and quiet where the quiet protects you.
AetherPerc is a private-by-design perpetual-futures venue on Solana, built on Anatoly Yakovenko's open-source Percolator risk engine. It pairs oracle-priced, coin-margined markets with per-market liquidity vaults and an account-local risk engine that keeps the system solvent without forced auto-deleveraging — settling on-chain while removing the public order surfaces that get traders hunted.
Percolator replaces auto-deleveraging with two mechanisms. H, a global coverage ratio, scales how much unrealized profit is actually backed by reserves — every profitable account sees the same ratio, with no queue and no rankings. A/K, lazy side indices, spread the deficit from a bankrupt liquidation across the opposing side in O(1), with no global scans. Capital is senior; profit is junior. The core invariant: no one withdraws more value than exists.
Marks derive from oracles — Pyth where coverage exists, and a pinned on-chain DEX-pool EWMA for long-tail tokens — not a resting order book. Trades fill against a liquidity vault at oracle ± spread, or against a virtual constant-impact curve, depending on the market's matcher mode.
Each market has its own LP vault: anyone can deposit and earn spread plus fees, with risk isolated per market and an insurance reserve seated between trader PnL and LP equity. Markets are coin-margined — you post the token you're trading as collateral, and PnL settles in it.
Liquidation is account-local and permissionless. Any keeper can crank a health check on an account; unhealthy accounts make bounded, deterministic progress or route to a recovery path. No global scans, no first-come liquidation race, no discretionary calls.
There is no public limit-order book, and marks are oracle-settled — together that removes the two surfaces stop-hunting and sandwiching exploit. Positions settle and clear on-chain, so solvency stays verifiable; what's hidden is the order flow that would otherwise leak your intent.
The core engine carries formal, model-checked proofs of its key invariants, and an on-chain audit-crank lets anyone verify solvency — auto-pausing a market if the books don't balance. AetherPerc's wrapper and access layer go through external audit and a public bug bounty before any public funds are at risk.
$AETH is the venue's coordination token — used for fee and LP incentives, market-creation rights, and governance as the protocol decentralizes. Utility is the design goal; it is not a claim on profits or a promise of return.
Real funds are the last step, not the first. Each phase has to prove out before the next begins.
Live Solana prices, paper trading, any token by symbol or mint. The goal here is the experience — prove the desk feels right before a cent is at stake.
Our forked Percolator program is deployed and live on Solana devnet — compiled from source, verifiable on-chain. Market initialization (oracle + LP) is underway; then the simulated layer gets swapped for real wallet-signed instructions.
Devnet program5uGpcojKZ9rFsLHJkfWpSSguvtqV7UigtPQVnn2mXb2FVerify on Solana Explorer →
External audit of our fork's diff and access layer, plus a public bounty. The upstream engine's proofs don't cover our code, so our code gets reviewed by people whose job is to break it.
Deploy to mainnet with first-party capital only — no outside deposits. Full monitoring, alerting, and a tested pause switch, running for weeks before opening.
Open trading to everyone. Per-market LP caps, a seeded insurance fund, and withdrawal ramps during the early window. Real funds, real markets, conservative limits.
Permissionless market creation, isolated LP vaults per market, upgrade authority burned, and $AETH-aligned governance over parameters and incentives.
Holding earns its keep through use, not yield — cheaper trading, and a supply that shrinks as the venue is used.
Hold or stake $AETH for lower trading fees. The more you trade, the more the token pays for itself in savings.
A share of every trading fee buys $AETH on the open market and burns it — supply shrinks as volume grows. It reduces supply; it does not pay holders or promise a return.