● Testnet live on Robinhood ChainBTC and ETH first, more markets rolling outPUNT accruing on every positionSelf-custody, always● Testnet live on Robinhood ChainBTC and ETH first, more markets rolling outPUNT accruing on every positionSelf-custody, always

Docs

How Punt.house works, in the order it matters. Currently on testnet, using test funds.

What it is

Punt.house is a perpetuals venue on Robinhood Chain. Leverage runs from a 50x floor to a 1000x maximum.

There is no order book and no matching engine. Every position is a bet against a single pool, and that pool is the house.

The house starts empty. There is no seeded treasury and no insider capitalising the counterparty before you arrive. It grows only from what traders lose, and as it grows, position limits and available leverage open up.

Punt.house is currently on testnet, using test funds, while parameters and risk controls are tuned.

Anatomy of a punt

  1. Connect a wallet and enable trading once. A session key is created and kept in your browser.
  2. Post margin, pick a market, pick a side, pick leverage between 50x and 1000x.
  3. The order is signed locally by the session key. No wallet pop-up, no confirmation to click, no gas to think about.
  4. The keeper bundles a fresh signed Pyth price into the transaction and submits it on Robinhood Chain.
  5. The position is open. Margin is isolated and travels with the order. There are no accounts, no balances held on our side, and no cross-margin.
  6. On close, one of two things happens. If the punt lost, the margin you posted becomes the house, and the punt accrues PUNT to you. If it won, the profit is paid from the house. Either way your collateral returns straight to your wallet.

Markets and leverage

Leverage

50x is the floor, not a suggestion. 1000x is the maximum.

That floor is roughly where the serious exchanges stop. They have deep books, tight spreads, and years of work on execution quality, and if you want size without a hair trigger they are better at that than we will ever be. Below 50x you are asking for a different product. This is a house for punts and it is built for nothing else.

Pricing and execution

Pricing

Every fill is priced against a fresh signed Pyth update, bundled into the execution transaction itself. Pyth publishes a confidence band alongside each price, and that band is priced into your fill rather than absorbed by the house.

Execution

Enable trading once and a session key lives in your browser. Every order after that is signed locally, so there is no wallet pop-up on each punt and no gas for you to hold.

An off-chain keeper receives the signed order, fetches the price, and submits the transaction. The contracts on Robinhood Chain hold the house, open and close positions, run liquidations, and maintain the payout queue.

Settlement

Settlement is fast.

We do not publish a figure for it. A number published today becomes a promise under load we have not seen yet, and this venue is still on testnet. You can watch it happen in the app and judge for yourself.

Custody

Margin travels with the order and comes back to your wallet when the position closes. There is no account balance sitting on our side, so there is nothing for us to freeze and nothing for us to lose.

Fees

No fee to open. No fee to close. No funding. No maker or taker schedule.

The house makes money one way: when a punt closes in profit, it keeps a share of the profit. Never a share of your margin.

The share shrinks as the size of the move grows. Small scalps pay the most, big calls pay the least.

Closing at a loss costs nothing extra. You lose the margin you posted and not a cent more, and there is no closing charge stacked on top of a bad punt.

At 1000x, a conventional round-trip fee can eat a serious part of your margin before the price moves at all. Charging only on profit keeps the entry clean.

The queue

Winners are paid from the house. If the house cannot cover a win at the moment it closes, the winner joins the payout queue.

The queue is first closed, first paid. Nobody jumps the line.

Your margin is not in the queue. It returns to your wallet the moment you close. Only the profit waits, and it is paid as later losses refill the house.

While anyone is still owed, the buyback and the team's share both stop. The house pays what it owes before it pays itself.

PUNT

Every losing punt accrues PUNT to the trader who took it.

The accrual rate is highest when the house is emptiest, which means the earliest losers accrue the most for the same loss. Get here early, lose like a champion, own the building.

Winning is still better than losing. It just does not print tokens.

On testnet, PUNT is simulated. The interface shows accrual because the losses are simulated too. Testnet punting does not accrue real PUNT.

Supply, emission schedule, conversion, and timing are not finalised. We are not going to publish numbers we might have to change, so there are none here.

Risk

At 1000x, a very small move against you ends the position. That is not a flaw in the product, it is the product. Positions at extreme leverage are usually measured in seconds.

There is nothing gentle here on purpose. The lowest leverage on Punt.house is higher than the highest leverage most exchanges will give you.

The house keeps a share of profits, which means the odds sit with the house over enough punts. Anyone telling you otherwise about any leveraged venue is selling something.

Punt with what you are willing to lose entirely, because the amount you post is the amount at risk.

Testnet

Everything the real thing does, with test funds. Open and close punts at full leverage, hit liquidations, watch the house fill.

The margin is fake. The attack surface is not. Pyth is real, the keeper is real, and manipulation does not care that the money is play money. We are tuning risk controls and hunting for ways to game the pricing, so if you find one, tell us.

Testnet breakers are noted.