How it works

How it works, in the order you will meet it.

Nothing here is open yet. This page describes what we are building and how it is meant to work, so that you can hold it against what we actually ship.

Opening an account

Four steps, and the third is the one everyone else makes you do twice.

• →You open an account with an address and a password. That is all we ask for today, and it gives you the terminal straight away.
• →At launch, you create the account and complete identity checks. There is no way around this one and we will not pretend otherwise.
• →The rebate is already on. There is no code to enter, no partner link to click first, and nothing to attach afterwards.
• →You fund the account and trade. The counter starts at your first fill.

Six pairs, and why not eight hundred

We open with Bitcoin, Ethereum, BNB, Solana, XRP and Dogecoin. That is a deliberate floor, not an ambition we failed to reach.

A pair is not a line in a list. It carries liquidity, a fee schedule, a settlement path and a support burden when any of those misbehave at three in the morning. Six that we can answer for beats eight hundred we cannot. The waiting list decides what comes next.

What you are charged

Two costs, and only one of them is written on a page anywhere.

• →The trading fee, taken on every fill, as a percentage of the traded amount. It is visible, and it is not where most people lose money.
• →The spread, which is the gap between what you can buy at and what you can sell at, at the same instant. It is never itemised and nobody sends you a statement for it.
• →Withdrawal and network costs, which belong to the blockchain rather than to us.

How the rebate is counted

Fill by fill, and never as a monthly estimate. Each fee is recorded in the currency it was charged in, converted at the rate of the day it was charged, and added to your running total for the month.

Maker rebates are subtracted rather than added. That single line is where most rebate services quietly take more than they say: a fee that was partly refunded to you by the venue is still counted in full as a fee, and the share you are paid is calculated on money you never actually lost.

When it reaches you

Monthly, on a period that closes and does not reopen.

• →A month closes, the total is fixed, and it is paid. A late fill that arrives after closing goes into the open period instead of quietly rewriting one you were already paid for.
• →That rule is enforced in the database, not in a habit. A closed and paid period physically refuses to change its amount.

Where we actually are

Deposits are not open. The fee engine is written and tested, the account structure exists, the terminal runs on live market data, and the site you are reading is live. The exact rebate share is published openly, never negotiated in private. Account holders hear the launch date first.

Open an account Download the white paper (PDF)