Long and short tokenized stocks and Robinhood-native coins — up to 25× — on one pixel-perfect perp DEX. GAMMA brings the percolator risk engine to Robinhood Chain — a perpetual-futures DEX that is solvent by construction. Long TSLA at 10× · short SPY · ape CASHCAT. Wins are only ever paid out of money that actually exists. No ADL queues. No insurance black box. No admin.
Trades fill against an oracle-priced vault — no matching engine, no liquidity mining games. The real innovation is underneath: a risk engine where solvency is math, not a promise. Three invariants do the work, and anyone can verify them on-chain.
Every trade fills against a shared USDC vault at the oracle price ± spread. Liquidity providers are the house — they earn the spread and fees. No order book, no fragmented liquidity, instant fills on any size the vault can back.
Your deposit stands first in line; profit waits its turn. The exchange only pays profit out of its real residual buffer. If open profit ever exceeds it, every winner is paid the same fraction H — instantly and equally. You can never withdraw more value than actually exists.
Most exchanges run an ADL queue that force-closes one unlucky winner to cover a blow-up. GAMMA doesn't. Three lazy per-side indices socialize a liquidation across the whole side, pro-rata, in O(1). No victim is chosen — the loss is shared in microscopic, fair slices.
Repricing is capped per slot: a single oracle wick or funding spike physically cannot move open interest through more loss than the exchange budgeted for. The cause of most "got liquidated on a wick" stories is closed off at the protocol level.
Every market marks to a live oracle today — Pyth equity feeds for the 10 US stocks (SPY, GLD, AAPL, NVDA, TSLA, COIN, MSTR, META, GOOGL, HOOD), pinned DEX pairs for Robinhood-native coins — in the open beta. The marks, funding, liquidations and the haircut you see are the genuine engine running on genuine prices. Only custody is simulated.
Anyone can run a keeper to mark prices and liquidate underwater positions, paid by liquidation fees. There is no privileged operator who can halt the book or front-run you. The exchange runs itself.
The percolator risk engine GAMMA follows ships 471 model-checking proofs covering the H + A/K/F math — haircut conservation, ADL fairness, funding zero-sum. The solvency guarantee isn't marketing; it's proven.
Anatoly Yakovenko (Solana's co-founder) authored the H + A/K/F risk-engine math and an open-source reference. GAMMA is a faithful port of that engine wrapped into something you can actually trade — a live exchange, not a reference implementation.
Trade every mechanic — mark-to-market, funding, liquidations, the haircut — live on real oracle prices, with beta USDC. No signup, no signing, no risk. See the solvency engine work in real time.
Alongside the stock board, GAMMA carries a curated pair of Robinhood-native coins — CASHCAT and PONS — each marked to its deepest on-chain pool, long or short, on an engine that can't go insolvent. Leverage scales to real depth.
Straight answers.