Long or short anything.

Permissionless margin markets powered by onchain liquidity. Trade crypto, emerging tokens and supported real-world assets using transparent onchain margin.

Start trading Provide liquidity

Pons flywheel

Trading builds liquidity.

Creator revenue from the ecosystem becomes protocol-owned USDG liquidity rather than sitting idle.

Protocol-owned
-
Fees routed
-
  1. Pons token trades
  2. Creator fees
  3. USDG
  4. Protocol liquidity
  5. More borrowing capacity
  6. More markets
  7. More trading

Liquidity is not leverage. Leverage is granted by the risk engine, market by market.

Liquidity makes a token visible. Only the risk engine can make it tradable on margin, one market at a time.

Any token can become a market.

Every pool the indexer finds starts as DISCOVERED. Only markets that pass the risk engine earn leverage, and the engine can take it away again.

Pons / Uniswap v4
graduationUSDG in

Bonding curve

Token receives onchain liquidity

A Pons launch graduates from its bonding curve into a Uniswap v4 pool, or an approved Robinhood Chain AMM pool appears.

Discovered

0 Pons launches tracked

Protocol discovers the pool

The indexer watches Pons launches, graduated pools and approved AMMs. Nothing is tradable yet.

Analyzing

Risk factors

    Risk engine evaluates quality

    Ten deterministic factors, from depth and volatility to oracle quality and holder concentration. Same inputs, same answer.

    Margin limited
    AUp to 10x0 live
    BUp to 5x0 live
    CUp to 2x0 live
    DSpot only0 live

    Safe assets receive a tier

    The score picks a tier; hard gates can only lower it. Unsafe or unproven markets stay spot only.

    Margin active
    Borrow USDG▲ Long
    Borrow the asset▼ Short
    ETH / USDG-max 10x

    Traders can long or short

    Borrow USDG to go long, or borrow the asset to go short, inside the market's own limits. Start trading

    Know your health factor.

    One number decides whether a position lives. Below 1.00 it can be liquidated. It moves with the oracle price, accrued interest, collateral and size, and it is recomputed on every one of them.

    HF = collateral value × LT ÷ debt value

    Long: price may fall 1 − 1/HF before liquidation.

    Short: price may rise HF − 1 before liquidation.

    • Healthy≥ 1.25
    • Warning≥ 1.10
    • Danger≥ 1.00
    • Liquidatable< 1.00
    Margin calculatorSame math as the terminal
    USDG
    Leverage4.0x
    1xmax 10x, tier -
    ∞
    Healthy
    Position size-
    Borrowed-
    Entry-
    Liquidationnone
    Drop to liq.-
    Fees-
    Trade Long on ETH (4.0x)

    Simulated margin terminal • Live oracle prices

    Risk has tiers.

    The tier fixes max leverage, liquidation threshold, penalty and size caps. The numbers below are defaults: governance can change them, the AI Risk Copilot can only explain them.

    A

    Deep liquidity

    Majors and deep stock tokens.

    Max leverage
    10x
    Liq. threshold
    97%
    Liq. bonus
    1.5%
    Target HF
    1.10
    Live:none right now
    B

    Medium liquidity

    Established tokens, capped stock markets.

    Max leverage
    5x
    Liq. threshold
    92%
    Liq. bonus
    4.0%
    Target HF
    1.12
    Live:none right now
    C

    New or long-tail

    Young launches that passed the gates.

    Max leverage
    2x
    Liq. threshold
    80%
    Liq. bonus
    7.0%
    Target HF
    1.20
    Live:none right now
    D

    Unsafe

    Spot only until the market earns a tier.

    Max leverage
    Spot
    Liq. threshold
    -
    Liq. bonus
    -
    Target HF
    -
    Live:none right now
    A sea of cloud with dark peaks breaking through.

    Utilization

    -

    Rates follow utilization. Past the kink, borrowing gets expensive fast.

    Provide liquidity.

    USDG in the margin vault is lent to traders. Suppliers earn the borrow interest the traders pay, plus a share of liquidation penalties. Yields are variable and never guaranteed.

    User liquidity

    -

    Deposits from liquidity providers. Withdrawable while idle cash allows.

    Protocol-owned liquidity

    -

    Pons creator fees, claimed in USDG and allocated by treasury rules.

    Borrow APR
    -
    Supply APR
    -
    Safety reserve
    -
    Interest earned
    -
    Provide liquidity

    Simulated rates. Loss waterfall: reserve first, then protocol-owned, then users.

    A folded sheet of silk dissolving into pixel fragments.

    AI Risk Copilot

    AI assists.
    It never trades.

    Take-profit, stop-loss and liquidations run on deterministic keepers, whether a model is online or not. The copilot reads the same numbers you do and explains them.

    It can

    • Summarises a market in plain language
    • Explains why a market holds its tier
    • Suggests leverage inside the hard limits
    • Estimates liquidation risk before you sign
    • Suggests take-profit and stop-loss levels
    • Flags unusual market behaviour

    It never

    • Custodies funds
    • Opens trades for normal users
    • Bypasses risk limits
    • Changes protocol risk parameters
    • Moves treasury funds
    • Controls liquidations

    ONSWAPS

    Leverage with rules you can read. Liquidity that stays onchain. Long or short anything that earns a market.

    Start trading