What is Cardboard Trade?

Cardboard Trade is a USDC trading app on Solana for taking a long or short view on BTC, ETH, or SOL. Each position has its own margin and a displayed bust price. You can choose leverage from 1× to 1000×, subject to the market's limits and a $10 million maximum order value.

What happens when you trade

You choose a direction, margin amount, and leverage. The app shows an indicative payout factor, fees, and liquidation threshold before you sign. The position opens against the exchange's house balance; there is no order book of other Cardboard traders to match with. When you close, the position settles at the accepted market price. The final result may differ from the number you saw moments earlier as prices change.

Your deposited USDC balance and the margin assigned to an open position are tracked separately from house funds. A profitable close may create a queued payout if house funds cannot pay the full claim immediately. The queue pays in order as funds become available, without a promised payment date.

CARDBOARD and staking

Eligible trading losses create claimable CARDBOARD tokens. You can move claimed tokens to your wallet, stake them, and claim a share of USDC distributions when they occur. Tokens are not a refund for a losing trade, and staking income is not guaranteed. Read CARDBOARD emissions and Staking and rewards before relying on either.

Start with the basics

You can inspect charts and public activity without connecting a wallet. To use an account, connect a Solana wallet and deposit USDC. The FAQ answers common questions about limits, costs, and access. Risks and safeguards explains the controls that can affect trading and withdrawals.