Wins and losses

The chart shows price movement. Your settled result also depends on the position's payout factor, fees, and whether its payout can be funded immediately.

A favorable move

A long benefits when price rises; a short benefits when price falls. Cardboard first ignores a very small favorable move using a deadband, currently 0.2 basis point of the entry price. It then applies the winning exposure fixed for your position when it opened. The ticket calls this the Indicative win payout factor. It can be below 100%, especially when existing positions occupy much of that market side's available risk depth. See the curve and current market settings.

The market's winning fee is taken from the adjusted gain; it is currently 2%. At close, a separate 0.5 basis point charge on the original order value can also be collected, from profit proceeds first and then returned margin. A tiny favorable price move can therefore leave no profit, or even a small net loss after that charge. The entry-to-exit price move by itself is not a payout quote. These parameters can change without advance notice for new positions; review the ticket before opening.

An adverse move

An ordinary losing close reduces the margin assigned to that position, up to the full amount. The market's loss-side fee is taken from the house's gain when the payout queue is empty and it can be funded; it is not added to your price loss. The order-value charge at close can still reduce the margin you get back.

An eligible loss caused by price movement creates claimable CARDBOARD. The close charge alone does not create tokens. If price reaches the bust price, a separate liquidation path forfeits the full isolated margin.

Where the result appears

After a close, History and Portfolio show the settled position. Returned margin and any immediately funded profit increase your available trading balance. An unpaid profit or surviving claim from a position opened with queued collateral appears under Queued USDC until the queue pays it. Check Status while a transaction is pending; the live PnL display is not a settlement receipt.