CARDBOARD emissions

CARDBOARD is the exchange's reward token. Its supply starts at zero and grows when qualifying trading losses settle. Receiving CARDBOARD does not reverse a USDC loss; it gives you tokens that can be staked for a share of future distributions.

Which losses count

An adverse-price loss on a closed position can mint CARDBOARD. A liquidation counts its full lost margin. The eligible amount can differ from the raw price loss when a loss-side fee is funded. A close charge that turns a flat trade into a small net loss does not, by itself, qualify for tokens.

There is no public purchase or deposit route that creates CARDBOARD. The token is issued through the trading-loss rules. Tokens in a wallet currently cannot be sent between wallets until the protocol enables transfers; claiming, staking, and unstaking still work.

Why the amount changes

The current mint rate is 100 CARDBOARD for each $1 of eligible loss while the exchange's tracked house result is below $2 million. Beyond that threshold, the rate gradually decreases as cumulative growth advances. A later distribution or decline in house funds does not simply reset that progress. The CARDBOARD reward curve on the app shows the current rule.

The rate applies to eligible loss basis, not to the position's full order value. A larger notional or higher leverage does not guarantee a larger token award. The page's claimable balance is the amount already credited to your trading account.

Claim CARDBOARD from losses

Open Cardboard and look for CARDBOARD from losses. If the balance is positive, select Claim CARDBOARD to move those tokens to your connected wallet. The page shows wallet and staked balances separately.

Claiming requires your connected wallet's approval and Solana network fees. After claiming, use Staking and rewards to learn how tokens can participate in USDC distributions.