# Home Welcome to Avantis - DeFi's universal leverage layer for global assets. Here are some links to get you started: [Website](about:blank) [Twitter](https://x.com/avantisfi) [Discord](https://discord.com/invite/avantisfi) ## Mission Avantis is on a mission to build products that uniquely combine crypto and global assets: One DEX, infinite strategies. We're activating onchain traders by enabling them to express global macro views, combined with the power of onchain narratives. ## Vision We envision a world where leverage can be meaningfully used to trade and market-make not just crypto, but real-world assets, sports, prediction markets and much more. That's what we're building: One DEX, infinite possibilities. ## Introduction Avantis protocol: an advanced onchain exchange for cross-asset leverage, where users can long or short synthetic crypto, forex and commodities, or provide liquidity to power trading on these markets. Synthetic leverage combined with a USDC stablecoin LP makes Avantis very capital efficient, allowing for a wide selection of trade-able assets and high leverage (up to 500x). We are also unlocking fine-grained risk management for our LPs via [time and risk parameters](broken://pages/leQkwqCNIamNT3Wz9FWk), allowing any LP to be a sophisticated market maker for leverage trades, and building composable protocols on top of our leverage engine. Avantis has pioneered several innovative mechanisms that don't exist elsewhere in DeFi: * Loss Rebates: A rebate on any losses for certain trades that help balance the platform's open interest skew * Positive slippage: Better than market entry prices, for trades that balance open interest skew * RWA access: Trade the Japanese Yen, Gold, Bitcoin, and much more in one terminal ! * Zero-fee leverage: Pay only from your profits (popular among scalpers / short time-frame traders). * Advanced risk management for liquidity providers: LPs can deposit USDC passively, or turn into active market makers by choosing a risk tranche, and deciding their time-lock. ### Team The Avantis protocol is created by the Avantis Foundation, who contracts several service providers as its developers. Several members contribute to the development of the Avantis protocol, including 14 crypto native individuals, with experience in engineering, investment banking, consulting, VC / private equity, incentive design, product design, and backend / frontend engineering. Cumulatively, the contributor team has over 20 years of cumulative experience in crypto. {% hint style="info" %} *Note: Please do not constitute anything written here or on our social channels as investment advice. Always do your research, carefully read the docs and ping our team to fully understand the protocol and any associated risks, including but not limited to smart contract and market risks.* {% endhint %} # AVNT Token The ticker for universal leverage. ### **What's $AVNT**
$AVNT is the connective tissue of the Avantis ecosystem; a utility and governance token designed to align, scale, and secure our vision of building DeFi’s universal leverage layer.\ \ Global assets belong onchain and while Avantis pioneered this movement, $AVNT will catalyze it.\ \ As Avantis grows, $AVNT will improve protocol security, ensure incentive alignment between protocol stakeholders, and foster progressive decentralization and accountability. *** ### **$AVNT Contract Address** Address: 0x696F9436B67233384889472Cd7cD58A6fB5DF4f1 ### **Tokenomics** #### **Token Details** * **Token Name:** Avantis * **Ticker:** $AVNT * **Type:** ERC20 * **Chain:** Base * **Total Supply (Fixed):** 1,000,000,000 * **Token Contract Address (Base):** [0x696F9436B67233384889472Cd7cD58A6fB5DF4f1](https://basescan.org/address/0x696f9436b67233384889472cd7cd58a6fb5df4f1#code) ### **Token Distribution**
### **Airdrop** Check your eligibility and claim your $AVNT by **November 8, 2025** at [foundation.avantisfi.com/airdrop](https://foundation.avantisfi.com/airdrop) ### **Trade $AVNT** $AVNT will be available on: * [Coinbase](https://coinbase.com) (Spot + Perpetuals) * [Upbit](https://upbit.com) (Spot) * [Binance](https://www.binance.com/) (Spot + Perpetuals) * [Bybit](https://www.bybit.com/) (Spot + Perpetuals) * [Gate](https://www.gate.io/) (Spot + Perpetuals) * [Bitget](https://www.bitget.com/) (Spot + Perpetuals) * [Kraken](https://www.kraken.com/) (Spot + Perpetuals) * [OKX](https://okx.com) (Perpetuals) * [Aerodrome](https://aerodrome.finance/) (DEX - Spot) * [HTX](https://htx.com) (Spot + Perpetuals) * [CoinDCX](https://coindcx.com) (Spot) More exchanges coming soon. ### Brand Assets {% file src="/files/zLqsygiWkdPF3T83KUUA" %} *** # Staking: Security Module **Avantis Security Module** The Avantis Security Module (SM) is a mechanism designed to protect the protocol LPs against major shortfall events. Avantis token holders can opt-in by staking their tokens in the SM. In return, they earn protocol rewards, XP boosts and fee discounts— but accept the theoretical risk of slashing if the module is activated to cover a loss. **Rewards**
$AVNT stakers are integral to the safety of protocol LPs. In exchange they receive: * **AVNT Rewards:** Stakers get additional $AVNT for securing the protocol. This will be available as soon as AVNT claims go live. The following staking benefit(s) are live: * **$AVNT yield:** Target APR of 20%, paid out every block in $AVNT. * **XP boosts:** In Season 3, the only way to attain boosts on accumulating XP is by staking $AVNT. Every Avantis user who stakes $AVNT is already accumulating XP boosts in Season 3. This XP boost will be retroactively reflected once Season 3 officially goes live on our UI. This XP will translate into future airdrops, giving the highest share of $AVNT to the most loyal stake (stakers get a max boost of 3x, weighted by stake duration and amount). Learn more [here](/rewards/avantis-xp/season-3/xp-boosts-season-3). * **Coming soon:** Over the coming days and weeks, we will be releasing the following upgrades to $AVNT: * **Fee discounts:** Traders can stake AVNT to get up to 40% discount on both fixed-fee and ZFP (profit sharing perps). This is to ensure maximum alignment between $AVNT with Avantis' trading community. * **Buy-backs:** Systematic buy-backs to drive sustainable value capture for $AVNT. **Staking Risk: Slashing** Avantis' liquidity providers are effectively taking the opposite side of trading activity. During extreme market volatility, there can be situations in which OI (open interest) gets skewed one way for a short time, and the market price action goes one way too. This can cause impermanent loss for LPs (same as in a DEX pool when prices diverge). If LPs pull capital out during these times, they can realize this loss. Avantis has a strong buffer to safeguard against these types of principal drawdowns (the buffer itself builds up during the normal course of trading activity via trading fees). Slashing is only activated if the vault buffer ratio drops **<0.95 and the entire LP loss is realized** because traders close their trades (i.e a **>=5%** immediate loss to LPs). The maximum stake that can be slashed is **20%** of staked AVNT. However in the history of the protocol: * Max realized single day share price drawdown for LPs has only been 30bps (0.30%) * Since august 2024, there have been realized LP losses at all (see attached share price chart which shows linear growth without any downturns i.e no realized losses).
**This means in the operating history of the protocol there has been no hypothetical slashing event (had AVNT been live on day 1 of mainnet).** We also have a healthy protocol treasury, which can be used to fill the buffer. It's also worth noting that the "max slashing" parameter of 20% (i.e the max % of staked tokens that can be slashed, is 20% of stake at most). **To summarize - slashing is an extremely low probability event, reserved for long-tail events when the protocol's treasury cannot cover large, realized losses to LPs.** # Staking: Fee Discounts Save on trading fees by staking AVNT tokens. The more you stake and trade, the higher your discount tier. ## How It Works Stake $AVNT here: Staking fee discounts reward active traders who also stake AVNT tokens. Your discount tier is determined by two factors: 1. **AVNT Staked** — The amount of AVNT tokens you've staked. 2. **30-Day Trading Volume** — Your rolling 30-day trading volume (Fixed Fee or Zero-Fee Plus) Both requirements must be met to unlock a tier. AVNT staking unlocks your eligibility, and trading volume activates your discount. ### Discount Tiers
Tier$AVNT Staked30D Fixed-Fee Vol30D Zero-Fee VolFixed-Fee DiscountZero-Fee Discount
1500$150,000$500,0005%2.5%
22,500$500,000$2,000,00010%5%
310,000$1,500,000$6,000,00015%10%
450,000$5,000,000$20,000,00020%20%
5250,000$30,000,000$100,000,00030%25%
### Understanding Your Tier Your tier is calculated as the **minimum** of your AVNT tier and your volume tier: ``` Your Tier = MIN(AVNT Tier, Volume Tier) ``` **Example 1:** You stake 59,000 AVNT (Tier 4 eligible) but only have $1M in 30D volume (Tier 2 volume). Your effective tier is **Tier 2**. **Example 2:** You have $30M in 30D volume (Tier 5 volume) but only stake 3,000 AVNT (Tier 2 eligible). Your effective tier is **Tier 2**. **This means staking AVNT unlocks your maximum possible tier, but you need the trading volume to activate it.** ### Volume Requirements You can meet the volume requirement through **either** trading mode: * **Fixed Fee Volume:** Standard trading with upfront fees * **Zero-Fee Perps (ZFP) Volume:** Trading at 75x+ leverage with profit-sharing You only need to meet **one** of the volume thresholds, not both. The system takes whichever is higher. ### Lifetime fee discounts Users can view their lifetime fee savings from staking here: **Under stats and insights**
### Rolling 30-Day Window Your trading volume is calculated over a rolling 30-day period. This means: * Volume from trades older than 30 days automatically drops off * Your tier updates in real-time as volume changes * Consistent trading maintains your tier ### Grace Period If your volume drops below your current tier's requirement, you have a **15-day grace period** before downgrading. This gives you time to increase your trading activity without immediately losing your discount. * Grace period: 15 days. * During grace: You keep your current tier's discounts. * After grace: You move to your newly calculated tier. * Upgrades are instant (no waiting period). ### Stacking with Referral Discounts Staking discounts **stack** with referral discounts. If you have both: ``` Total Discount = Staking Discount + Referral Discount ``` **Example:** 20% staking discount + 5% referral discount = 25% total discount on fees.t ### Maximizing Your Discounts 1. **Stake enough AVNT** to unlock your target tier 2. **Trade consistently** to maintain volume requirements 3. **Use a referral code** for additional stacking discounts 4. **Monitor your 30D volume** to avoid unexpected downgrades # $AVNT Buyback and Burn. Avantis operates a **systematic, revenue-linked buyback and burn program** that ties $AVNT token supply reduction directly to protocol revenue. This page covers how the program works, the fee allocation structure, verification methods, and the roadmap for scaling.
*** ### Overview The Buyback & Burn program allocates a percentage of daily protocol trading fees to purchase $AVNT on the open market and permanently remove it from circulating supply. This mechanism ensures that as protocol usage grows, token supply decreases — creating a direct, transparent link between Avantis's economic activity and $AVNT value accrual. **Key properties:** * **Systematic** — Executes daily, automatically, and proportionally to revenue. * **Revenue-linked** — Buyback volume scales with trading activity. * **Permanent** — All purchased tokens are sent to a burn address and removed from supply forever. * **Verifiable** — Every purchase and burn is onchain and publicly auditable. *** ### How It Works #### Eligible Fees 30% of all trading fees is directed to buying back $AVNT, here's the breakdown: | Fee Type | Included in Buybacks? | Details | | ---------------- | --------------------- | --------------------------------- | | Opening fees | ✅ Yes | Charged when a position is opened | | Closing fees | ✅ Yes | Charged when a position is closed | | Win fees | ✅ Yes | Charged on profitable trades | | Margin fees | ❌ No | 100% allocated to LPs | | Liquidation fees | ❌ No | Allocated to protocol treasury | #### Excluded Fee Rationale **Margin fees** are excluded because they compensate liquidity providers for their cost of capital and serve as a hedge against trading volatility and unhedged trades. Directing 100% of margin fees to LPs ensures LP protection and sustainable liquidity depth. **Liquidation fees** are excluded because they fund the protocol treasury, covering operational costs for the core team. #### Daily Execution Each day, the designated percentage of eligible fees is used to: 1. **Purchase** $AVNT on the open market. 2. **Burn** the purchased tokens by sending them to a null address, permanently removing them from supply. Buyback volume adjusts proportionally — higher protocol revenue means more tokens bought and burned; lower revenue means fewer. There is no fixed dollar amount or manual intervention. *** ### Current Fee Allocation #### Milestone 1 — Live Now **30% of daily opening, closing, and win fees** are allocated to buyback and burn. | Fee Type | Allocation | | ---------------------------- | -------------------------- | | Opening / Closing / Win fees | 30% → Buyback & Burn | | Opening / Closing / Win fees | 70% → Liquidity Providers | | Margin fees | 100% → Liquidity Providers | | Liquidation fees | 100% → Protocol Treasury | The core principle: operate at break-even while directing the majority of revenue back to token buybacks and ecosystem growth (LP + trader incentives). *** ### Milestone Roadmap #### Milestone 1 — 30% Allocation ✅ * **Status:** Live * **Allocation:** 30% of daily opening, closing, and win fees * **Activation:** Immediate, no conditions #### Milestone 2 — 50%+ Allocation 🔜 * **Status:** Planned (target: end of Q2) * **Allocation:** 50%+ of daily trading fees * **Activation condition:** Completion of protocol economic upgrades Milestone 2 is **not** tied to an arbitrary revenue number. It activates once the following structural improvements are complete: * **LP capital efficiency improvements** — Optimizing how liquidity is deployed. * **Liquidity architecture upgrades** — Evaluating removal or restructuring of protocol-owned LP positions to increase the sustainable fee share captured by the protocol. * **System risk management enhancements** — Ensuring higher buyback allocations do not compromise trading liquidity or system stability. These upgrades enable a higher allocation to buybacks without reducing LP returns or degrading the trading experience. > **Design principle:** Allocation scales alongside structural upgrades, not arbitrary thresholds. *** ### Verification All buyback and burn activity is fully transparent and on-chain. You can verify at any time using the following: | Resource | Link | | --------------------- | ------------------------------------------------------------------------------ | | **Buyback Dashboard** | [foundation.avantisfi.com/buybacks](https://foundation.avantisfi.com/buybacks) | | **Buyback Address** | 0xa75886adA4dE4BA28F2385615216E48e7bEA1410 | | **Burn Address** | A null address where $AVNT is sent for permanent removal | Daily purchases and burns are recorded on-chain and displayed on the official buyback dashboard. # Airdrop 2 ## $AVNT Airdrop 2 **Eligibility Criteria & Allocation Mechanism** Season 3 | September 3, 2025 — February 28, 2026 *** | | | | -------------------- | ------------------------------------------------ | | **Season** | Season 3 (September 3, 2025 — February 28, 2026) | | **Snapshot Date** | February 28, 2026 at 6:30 AM UTC | | **Total Allocation** | 40,000,000 $AVNT (4% of total supply) | | **Claims Open** | March 5, 2026 | | **Claim Page** | | *** ### 1. Season 3 Final Numbers | Metric | Value | | -------------------- | ----------------- | | Trading XP Accrued | 8,600,000,000 XP | | Liquidity XP Accrued | 24,800,000,000 XP | *** ### 2. Eligibility To be eligible for Airdrop 2, a wallet must: * Have accrued XP during Season 3 * Have connected a wallet to Avantis prior to the snapshot * Not be identified as a blacklisted wallet #### Blacklisting Wallets were blacklisted for exploitative trading, sybil behavior, or other forms of system abuse. Blacklisted wallets are ineligible. All allocations are calculated on post-slash data. *** ### 3. Allocation Mechanism #### Liquidity Providers LPs receive $AVNT in linear proportion to their XP share of total LP XP. ``` Wallet LP Allocation = (Wallet LP XP / Total LP XP) x LP $AVNT Pool ``` #### Traders Traders receive $AVNT via a modified linear model. The top wallet (forcible exploitative trading) XP allocation is reduced by 66% and redistributed proportionally across all other eligible traders. As a result, every other trader receives 11.12% more $AVNT than under a pure linear model. *** ### 4. Claim Mechanism Airdrop 2 is claimable in four tranches of 25%, each within a 24-hour window. | Tranche | Date | | --------------- | ------------- | | Tranche 1 — 25% | March 5, 2026 | | Tranche 2 — 25% | March 6, 2026 | | Tranche 3 — 25% | March 7, 2026 | | Tranche 4 — 25% | March 8, 2026 | **Claim page:** # Overview A practical introduction to Avantis ### What are Perpetual Futures? Perpetual contracts, also known as "perpetuals," are a type of derivative contract that allow traders to speculate on the price of an underlying asset, such as a cryptocurrency, without actually owning the asset. These contracts are called "perpetual" because they do not have an expiration date and can be held indefinitely. Perpetual contracts differ from traditional futures contracts in that they do not have a fixed expiration date and do not require traders to physically settle the contract at a future date. Instead, traders are required to maintain a margin balance in their account, which is used to collateralize their position and ensure that they are able to meet their financial obligations under the contract ### Trading Platform: Design Principles Our trading platform has been designed with two parties in mind: #### 1. Traders * Trade perpetuals for crypto, forex and commmodities * Get up to 50x leverage on cryptocurrencies, and 100x on forex and commodities. * Hold custody of your funds (protocol never controls your funds) * We also offer native wallets powered by account abstraction, which combine the best of user safety with the best-in-class DeFi derivatives UX * Competitive fees on every order, with several incentives for traders who help balance protocol OI (open interest) * An unparalleled UI / UX experience for all protocol interactions #### 2. Liquidity Providers * Enable anyone to become a market maker * Traders bet against the trading pool that LPs deposit into * LPs get access to organic yield from trading activities (trading fee + trader losses), as opposed to yield based on token emissions or endogenous staking mechanisms * LPs get fine grained control over their risk preferences via dynamic risk tranches (see [Risk Management : Tranches](/liquidity-providers/risk-management) section) , allowing them to express their unique views on the market while being a passive LP ### Trade Execution Our trading engine is built in a way that protects LPs, while giving traders the best experience in DeFi. * Circle's USDC is the stablecoin LPs can deposit into the market making vault * Traders take leverage against the LP by posting collateral in USDC, and their fees adjust dynamically based on asset class, leverage, trade skew and duration * We've built a unique liquidation mechanism to protect users from large losses, and a system for automatically adjusting margin requirements based on market conditions * The platform supports various order types, including market, limit, and stop orders **Disclosure** Investing in the USDC vault is not risk-free. The risks involved include smart contract risks (i.e risk of a contract failure despite of audits) and losing money to profitable traders. Always invest responsibly, and reach out to the team / discord for any questions.
# Collateral Trusted collateral, trustless execution ### USDC Traders put up USDC (Circle's digital US dollar) as their collateral for trades, and LPs invest USDC into our market-making vaults. We use Circle's USDC as our stablecoin of choice, as it is one of the world's largest stablecoins with a proven and safe track record, and a stablecoin that is available on several exchanges around the world (while being readily available on both Optimism and Base). It is very easy for a trader to swap out their stablecoin into USDC within our app. We did not want to create our own stablecoin, use a less capital efficient stablecoin like DAI, or use a partially regulated stablecoin like Tether. Learn more about USDC from Circle, the company that creates USDC.
# Gasless Trading
Avantis supports **gasless trading** across most user actions by sponsoring transaction gas on behalf of users. Gasless trading is available to **all users and wallets.** *** ### What Gasless Trading Covers When gasless trading is enabled, users do **not** pay gas for the following actions: * Depositing collateral * Opening positions * Modifying positions (size, leverage, TP/SL) * Closing positions Users do not need native gas tokens (e.g. ETH) to perform these actions. *** ### Supported Login & Wallet Flows #### Social Login (X / Email / SMS) * Gasless trading is **enabled by default** * No configuration required * Users can trade immediately after login #### EVM Wallets (MetaMask, Rabby, etc.) For EVM wallets, gasless trading requires **Smart Wallet mode**. **Requirement** * Users must toggle **Smart Wallet** during login **Behavior** * When Smart Wallet is enabled → all supported actions are gasless * When Smart Wallet is disabled → users pay gas normally This toggle is required to allow Avantis to sponsor gas on behalf of the wallet.
*** ### How Gas Is Sponsored Avantis sponsors transaction gas using infrastructure provided by Gelato. This enables: * Transaction relaying * Gas abstraction for supported actions * Consistent execution across users Gas sponsorship does not change trade execution logic or pricing. *** ### Limitations * Gasless trading applies only to supported trading actions listed above * EVM wallets must enable **Smart Wallet** to use gasless trading * Wallet actions outside the Avantis trading flow may still require gas *** ### Getting Started To trade gasless: 1. Log in via social login **or** 2. Connect an EVM wallet and enable **Smart Wallet** 3. Start trading 👉 # Onramp USDC Avantis offers seamless on-ramping through our integration with **Fun.xyz**, allowing you to purchase or transfer USDC directly into your trading wallet using cards, bank transfers, or centralized exchanges. Fun.xyz acts as the infrastructure layer that powers deposits, wallet creation, and payment routing. Avantis does **not** custody your funds, store card information, or process card payments. *** ### **How It Works** You can fund your Avantis trading balance through: * **Cards** (Visa / Mastercard) * **Centralized exchanges** (Coinbase supported today; others coming soon) * **Direct crypto deposit** (you can deposit any cryptocurrency from supported networks, which will be converted to USDC on Base network) Fun.xyz automatically selects the best onramp provider (MoonPay, Ramp, Transak, Topper, etc.) based on your region, limits, and availability. Note - Onramping is blocked in select countries with respect to OFAC guidelines. Refer to [TOS](https://www.avantisfi.com/docs/tos).
### **Card On-Ramping** To deposit using a card: 1. Select **Deposit → Card** 2. Choose your provider (Fun will auto-select the optimal one) 3. Complete KYC (if required by the provider) 4. Pay using Visa/Mastercard 5. USDC is delivered directly into your wallet → and shows up as Avantis trading balance #### **Important** Card purchases can be subject to **chargebacks**.\ Fun.xyz and the underlying payment processor handle all fraud checks, disputes, and compliance requirements. *** ### **Exchange On-Ramping (Coinbase)** 1. Click **Deposit → Exchange** 2. Select **Coinbase** 3. Approve access through Coinbase Auth 4. Select the asset and amount to transfer 5. Funds are sent directly into your connected wallet. Supported: * Coinbase Coming soon: * Binance * Kraken * Gemini *** ### **Crypto Deposits** If you prefer depositing cryptocurrencies directly, choose **Deposit → Wallet**. You will see: * Your Fun wallet address * QR code * Network & Asset selector * Minimum deposit information Your crypto will be converted to USDC on Base mainnet, and will reflect after network confirmation. *** ### **Fees** Fees vary based on: * Region * Payment method * Provider (MoonPay, Ramp, etc.) * Network gas fees Fun.xyz surfaces the full fee breakdown before you confirm a deposit.\ Avantis does **not** charge additional on-ramp fees. *** ### **Limits** Limits depend entirely on the selected provider.\ Common factors include: * KYC level * Card type (prepaid cards usually restricted) * Region * Provider risk models Fun.xyz handles all limit checks dynamically. *** ### **Security** * All card payments, identity verification, and fraud screening are handled by Fun.xyz and their regulated partners. * Avantis never receives or stores: * Card data * KYC documents * Personal identity information * MPC wallets are non-custodial and owned by you. # FAQs ### **Support** For payment issues, KYC concerns, delays, or chargebacks, contact: 👉 **Fun.xyz Support:** Avantis cannot intervene in payment or compliance flows. #### **Is Avantis processing my card payment?** No. All payments, verification, and compliance checks are handled by Fun.xyz and their partner processors. *** #### **Who do I contact for support?** All support related to: * Failed deposits * KYC issues * Chargebacks * Payment holds * Card declines * Exchange linking issues * Wallet provisioning problems\ …must go directly through [**Fun.xyz Support**](https://intercom.help/funxyz/en/articles/10732578-contact-us), not Avantis. Avantis cannot assist with payment processing. *** #### **Why is my card purchase delayed?** Some providers take longer for: * Fraud review * KYC approval * Liquidity routing\ [Fun.xyz ](https://intercom.help/funxyz/en/articles/10732578-contact-us)handles all routing and will notify you if additional verification is needed. *** #### **Why do fees differ across providers?** Different onramp providers have different: * Regional licensing * Fraud risk * Card processing costs\ Fun.xyz always selects the cheapest compatible provider automatically. *** #### **Where do my funds go?** Your funds are deposited into your **Fun.xyz MPC wallet**, and Avantis reflects the balance in your trading account. *** #### **Can Avantis recover my funds if I send to the wrong address?** No. All deposits go through your Fun.xyz wallet, and only Fun.xyz can assist with deposit-related issues. *** #### **Can I use the Fun wallet outside Avantis?** Yes. You can export your private key and use the wallet anywhere. *** #### **Is KYC required?** KYC depends on the provider: * Some card payments require full KYC * Some crypto deposits require none\ Fun.xyz handles the verification process. # Accurate Oracle Execution Avantis uses Pyth Pro’s low latency price feeds and Chainlink’s decentralized network to deliver the most accurate execution prices for traders. Since Avantis is an oracle based trading platform, we always get the most accurate trading price for each of our listed assets. There is no price discovery that happens within the platform (given it is not an exchange), but the benefit of that is that our users get the best execution prices.
### Accurate Oracle Execution Avantis uses **Pyth Pro’s low latency price feeds** and Chainlink’s decentralized network to deliver the most accurate and resilient execution prices for every trade. Avantis does not perform internal price discovery (it is not a centralized exchange). Instead, all execution prices are sourced from premium external oracle networks to ensure the best execution for traders. #### Accurate Oracles with Minimal Risk and Low Latency (Pyth Pro) **1. Weighted Price Feeds:**\ To mitigate price manipulation and ensure resilience during volatile conditions, Avantis sources price data from **Pyth Pro** — an enterprise-grade oracle network with direct pricing contributions from exchanges, market makers, and trading firms. Pyth Pro aggregates prices with confidence intervals and filters unreliable sources to maintain high accuracy and stability. **2. On-Demand Pricing:**\ Oracle latency is a common risk for on-chain pricing. Avantis minimizes this risk through **on-demand price pulls**: before every trade, the latest Pyth Pro prices are requested and validated on-chain, reducing the chance of stale or delayed data. > Note - Pyth Pro price feeds are live for all markets except WTI-USD which operates of Pyth Hermes price feeds until support for Pyth Pro goes live. **3. Fail-Safe Smart Contracts:**\ If price feeds exhibit excessively wide confidence intervals or otherwise fall outside acceptable parameters, transactions are prevented from executing, protecting both traders and the protocol. **Trading on Avantis has become faster and more accurate, powered by @PythNetwork Pro feeds**, as announced on Avantis’ official channel. #### Chainlink Oracle for Maximum Decentralization To maximize decentralization and provide an additional security layer, Avantis also incorporates **Chainlink price feeds** as a fallback and cross-verification source. In this dual-oracle model: * For each trade, Avantis fetches the latest Pyth Pro price and compares it with the corresponding Chainlink feed. * If the deviation between the Pyth Pro on-demand price and the Chainlink feed exceeds a configured threshold (e.g., 5% on liquid pairs), the transaction fails and the user must retry. * Both feeds must be present and valid for execution to proceed. > *Example:* If Pyth Pro’s on-demand price for ETH is $1600 but the Chainlink feed reports $1400, the 14.3% divergence exceeds the 5% threshold, and the transaction will fail.
> > Note - Chainlink cross-verification applies to markets live both on Pyth network and Chainlink network # SLs / TPs Avantis offers tight stop losses. Given we use oracles for execution, a user's TP or SL request is always filled at or very close to the requested price (note: higher leverage and volatile markets do create more distance between the requested and actual close price). **Zero-fee Perpetuals (ZFP)** [Zero-Fee Perpetuals (ZFP)](/trading/zero-fee-perpetuals-zfp) offers up to 500x leverage. Avantis is the only DEX to offer this level of leverage. Depending on leverage, minimum stop loss can also vary. This is because at high slippage , a position on high leverage can enter at a negative PNL, which is why an SL buffer is required. # Market Hours #### Market Hours Since Avantis relies on Pyth price oracles, we follow their market hours (which in turn are the [traditional market hours](https://www.cmegroup.com/trading-hours.html) of each asset class), available at the following hours: | Asset Class | Opening Hours | Exceptions | | ----------------------- | ---------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------- | | Crypto | 24/7 | No market close | | Forex | From Sunday 5PM ET to Friday 5PM ET | Trading continues during most US holidays | | Metals | From Sunday 5PM ET to Friday 5PM ET | Spot gold and silver trading also follow [CME holiday closures](https://www.cmegroup.com/tools-information/holiday-calendar.html) | | Commodities | WTI: From Sunday 6PM ET to Friday 5PM ET | Daily maintenance window applies from 5PM ET to 6PM ET and follow [CME holiday closures](https://www.cmegroup.com/tools-information/holiday-calendar.html) | | U.S Indices (SPY , QQQ) | Every weekday from 9.30AM ET to 4PM ET | Markets are closed on weekends, and follow [NYSE Holidays & Trading Hours](https://www.nyse.com/markets/hours-calendars) | | U.S equities | Every weekday from 9.30AM ET to 4PM ET | Markets are closed on weekends, and follow [NYSE Holidays & Trading Hours](https://www.nyse.com/markets/hours-calendars) | # Price Gaps Exercise caution while keeping trades open after market hours #### Caution: Price Gaps An important risk associated with the real-world assets is the potential for price gaps. A price gap occurs when the market opens at a significantly different price level than where it closed. This can happen due to various factors, such as: * When economic data is released – particularly if it contains data that the market isn’t expecting * As major news events are announced, particularly global and/or unexpected news * When trading resumes after a weekend or holiday—especially if major news is announced in that period {% hint style="info" %} As a practical example, our team found that on average, EUR-USD had an absolute price gap of 0.40% over the last year. This means that as a trader if you were using 10x leverage on a long EUR-USD position, and the price moved down 0.40% the next day, the effective PnL impact would be -4.00%! If your stop loss was set at -3.00%, it would not execute there, it would instead execute at -4.00% {% endhint %} Price gaps can cause significant losses or gains for traders who have open positions. Exact stop losses and take-profits cannot be guaranteed because of these price gaps (as a certain stop loss or take profit might be "skipped" because of the gap, effectively filling at a different price than expected). We recommend exercising caution while keeping trades open after market hours (especially because leverage can amplify gains or losses). Read more about price gaps [here](https://www.forex.com/en-us/trading-academy/courses/managing-risk/market-gaps-and-slippage/) {% hint style="info" %} Stop losses and take-profits cannot be guaranteed at the requested price, because of price gaps (as a certain stop loss or take profit might be "skipped" because of the gap in opening versus closing price, effectively filling at a worse price). We recommend exercising caution while keeping trades open after market hours to prevent unexpected gains or losses {% endhint %} #### Caution: Liquidation after-market hours. For asset classes like equities, price-gaps can affect liquidations even after market-hours. Meaning, if price moves against a trader after the market closes, the trade can be liquidated. This is a safety measure meant to protect against after-market volatility, and price gap exploits. # Trading Fees (Fixed-fee perpetuals) Learn about trading fees based on the different asset classes Avantis offers # Crypto Blue-chip cryptocurrencies includes BTC and ETH **Summary of Fees and Incentives** | Fee / Incentive | Value | | ----------------------------------------------------------- | ----------------------------------------------- | | [Opening Fee ](#dynamic-opening-fee-0.04-0.1-position-size) | 4.5 bps. | | [Closing Fee](#closing-fee-0.1-adjusted-position-size) | 4.5 bps. | | [Loss Protection Incentive](/rewards/loss-rebates) | 5%-20% of net PnL, based on long-short skew | | [Dynamic Margin fee ](#dynamic-margin-fee) | Based on skew and utilization | | [Dynamic Spread](#dynamic-spread) | Based on Trade size | | Zero Spreads | Zero slippage on BTC, regardless of trade size! | #### Opening Fee: \[0.045%] \* Position Size Opening fee applies on the total position size of a leveraged trade. An example, if a trader puts up $100 of collateral at a 30x leverage, then the total position size would be $3,000. The opening fee would be deducted from the position size, e.g $2.4 (0.8% of $3,000). $97.6 is now the collateral value of the trade. {% hint style="info" %} For BTC, ETH, SOL, and Memes, the opening and closing fees are fixed at 6bps. For all other crypto alts, its at 8bps. {% endhint %} #### Closing fee: 0.045% \* Adjusted Position Size Closing fee applies to the adjusted position size of a leveraged trade, where: *Adjusted Position Size = Total Position Size + Accrued PnL - Accumulated Margin Fee* Most peer to pool perpetual protocols deduct closing fee upon opening an order, however the reason why we use the adjusted position size is to help traders save fees when they are in a loss, and protect LPs when traders are in profit. In the above example, if a trader puts up $100 of collateral at a 30x leverage, then the total position size would be $3,000. After deducting the opening fee (and assuming no change in the price of the underlying asset), the leveraged position size with an accumulated margin fee on the position of $10 is $(3000-10) =$2990. Hence, the closing fee is 2990\* 0.08% = $2.392. {% hint style="info" %} For BTC, ETH, SOL, and Memes, the opening and closing fees are fixed at 6bps. For all other crypto alts, its at 8bps. {% endhint %} #### Dynamic Spread In order to account for excessively large trades on lower liquidity assets, there is a dynamic spread (price impact) that is applied on the total position size of a leveraged trade. This spread is reguarly updated with the goal of matching liquidity across other exchanges. Currently, the spread estimates the volume required to make a price impact of 1% based on the orderbooks of the most liquid exchanges, and then extrapolates this 1% impact depending on the trading size. The dynamic spread also takes into account whether the trade increase or balances skew via a skew impact component. ***Dynamic Spread = Constant Spread + Price Impact Spread + Skew Impact Spread*** *where,* *Constant Spread* is a constant parameter for each asset, *Price Impact Spread = max ( exp(Tradesize/1% Orderbook Depth/Price Impact Parameter) -1 , Tradesize/1% Orderbook Depth),* *Skew impact spread=Skew Parameter \*\[* exp (skew after trade)- exp (skew before trade)+exp (1-skew after trade)- exp (1-skew before trade)*]* An an example, assume the dynamic spread is calculated as 0.1% based on trade size and skew. If the pair is currently priced at $1,520, the dynamic spread will then be 0.1% \* $1,520 = $1.52. Hence for a long trade, the user will enter at a price of $1,521.52 **Zero Slippage** Avantis' unique synthetic vAMM allows for zero slippage on $BTC! Check out why this matters! {% embed url="" %} #### **Dynamic Margin fee** A margin fee applies to the collateral value of a position each block (and is displayed in a hourly format on the website). This is to make sure traders do not borrow most of the vault's capacity, and also leave room for other traders to take part in trading against the vault. It is also dependent on how skewed the positioning is in a particular asset, with a higher fee for traders on the skewed side (eg if skew is 90-10 long-short, longs will pay a higher margin fee). Hence, it is both a risk management measure, as well as a fair parameter that allows for several traders to utilize the platform. The formula for determining the fee at any moment will be based on several factors. It can be summed up as: **Hourly Margin Fee =** **Base Fee\* \[(1/(1- Utilization ratio \* Skew Ratio))-1]** 1. Base Fee: A fixed fee that varies per pair based on each pair's volatility. E.g, Base fee for BTC and ETH is 0.01% / hour, but increases for alt-coins 2. Utilization= Asset Utilization 3. Asset Utilization= USDC Borrowed / USDC Limit for the Specific Asset 4. Category Utilization= USDC Borrowed / USDC Limit for the Defined Category 5. Long Skew Ratio= Long Open Interest for the specific asset /( Long Open Interest + Short Open Interest for the specific asset) 6. There are certain thresholds placed on utilization and skew to lower fees at low utilization and to incentivize balancing when skews are high. {% hint style="info" %} Example: The open interest on long positions for ETH is $10,000, and open interest for short positions for ETH is $500, while utilization is 20%, ie 0.2. In this case, the long short ratio is = $10,000 / (10,000 + 500) = 95% long, 5% short. Clearly, we do not want the protocol to always be in this state. Hence, the margin fees paid by longs would be 20.54% annualized (0.23 bps/hour), while shorts would only pay 0.88% annualized (0.01 bps/hour). This makes going long (both for new positions and existing positions) expensive, and urges traders to close out their positions. On the other hand, shorting is cheap! Traders are encouraged to take the opposing view, bringing skew ratio back to healthy levels {% endhint %} # Forex Trade 10+ FX pairs with the most competitive spreads and fees. **Types of Fees** | Fee / Incentive | Value | | ------------------------------------------------------- | -------------------------------------------------------------------------------------------------------- | | [Dynamic Opening Fee ](#opening-fee-0.03-position-size) | 1 bp - 5 bps, based on long-short skew | | [Closing Fee](#closing-fee-0.03-adjusted-position-size) | No closing fees | | [Dynamic Margin fee ](#dynamic-margin-fee) | Based on skew and utilization | | [Fixed Spread](#fixed-spread-0.01) | Zero Spreads for EUR-USD, USD-JPY, and GBP-USD. 1bp spread (across opening and closing) for other pairs. | #### Dynamic Opening Fee: \[0.01% - 0.05%] \* Position Size Opening fee applies on the total position size of a leveraged trade. An example, if a trader puts up $100 of collateral at a 30x leverage, then the total position size would be $3,000. The opening fee would be deducted from the position size, e.g $0.3 (0.01% of $3,000). $99.7 is now the collateral value of the trade. *Dynamic Opening Fee: A Skew-Adjusted Mechanism* In an effort to optimize the fee structure for market participants, we have introduced a skew-adjusted dynamic opening fee. This fee is designed to incentivize balanced trading and mitigate systemic skew. Specifically, traders on the less skewed side of the market will benefit from discounted fees. The fee is determined according to skew:
Long SkewShort SkewLong Opening Fee (bps)Short Opening Fee (bps)
1051
0.90.14.51.5
0.80.242
0.70.33.52.5
0.60.433
0.50.533
0.40.633
0.30.72.53.5
0.20.824
0.10.91.54.5
0115
#### Fixed Spread: 0.01% Forex markets, especially for major pairs are generally very liquid, while being less volatile than the crypto market. Hence, unlike cryptocurrencies (where the spread is dynamic), we only charge a fixed spread of 0.01% on certain forex assets, to account for any minor (and unfavorable) price movements that occur right between a trade order being sent, and it being executed onchain. This spread is only charged upon opening an order, not closing. **Zero Spreads** Pay absolutely no spreads on top 3 FX Pairs (EUR-USD, USD-JPY and GBP-USD). #### **Dynamic Margin fee** A margin fee applies to the collateral value of a position each block (and is displayed in a hourly format on the website). This is to make sure traders do not borrow most of the vault's capacity, and also leave room for other traders to take part in trading against the vault. It is also dependent on how skewed the positioning is in a particular asset, with a higher fee for traders on the skewed side (eg if skew is 90-10 long-short, longs will pay a higher margin fee). Hence, it is both a risk management measure, as well as a fair parameter that allows for several traders to utilize the platform. The formula for determining the fee at any moment will be based on several factors. It can be summed up as: **Hourly Margin Fee =** **Base Fee\* \[(1/(1- Blended Utilization ratio \* Blended Skew Ratio))-1]** 1. Base Fee: A fixed fee at 0.0015% / hour 2. Blended Utilization= 0.75 \*Category Utilization + 0.25\* Asset Utilization 3. Asset Utilization= USDC Borrowed / USDC Limit for the Specific Asset 4. Category Utilization= USDC Borrowed / USDC Limit for the Defined Category 5. Blended Skew = 0.75 \*Category Skew + 0.25\* Asset Skew 6. Long Asset Skew Ratio= Long Open Interest for the specific asset /( Long Open Interest + Short Open Interest for the specific asset) 7. Long Category Skew Ratio= Long Open Interest for the whole category/( Long Open Interest + Short Open Interest for the whole category) {% hint style="info" %} Example: The open interest on long positions for EUR-USD is $10,000, and open interest for short positions for EUR-USD is $500 while long and short open interests for FX as a category are $15000 and 2000$ respectively. FX category OI limit is $150,000 and EURUSD OI limit is $100,000. In this case, the blended utilization ratio is 0.75\*(15000+2000)/150000 + 0.25\*(10000+500)/100000 =0.153 and the blended skew ratio is 0.75\*(15000/(15000+2000)) + 0.25\* (10000/(10000+500)) = 0.899, or 89.9% long and 10.1% short. Hence, the margin fees paid by longs would be 2.11% annualized (0.024 bps/hour), while shorts would pay 0.21% annualized (0.0023 bps/hour). {% endhint %} # Commodities Avantis offers WTI, Brent, Gold and Silver. More commodities coming soon! **Types of Fees** | Fee / Incentive | Value | | ------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | [Opening Fee ](#opening-fee-0.06-0.08-position-size) | 6-10bps | | [Closing Fee](#closing-fee-0.06-0.08-adjusted-position-size) | No closing fees. | | [Loss Protection Incentive](/rewards/loss-rebates) | No loss protection incentives. | | [Dynamic Margin fee ](#dynamic-margin-fee) | Targets 10% APR within normal (non-skewed) market conditions, assuming 30% utilization. Goes up or down based on long-short skew imbalance, utilization changes and market conditions (e.g volatile margin fees on Oil in April 2026). | | [Spread](#fixed-spread-0.02) | Variable, based on orderbook depth. | #### Opening Fee: 0.06- 0.1% \* Position Size Opening fee applies on the total position size of a leveraged trade. An an example, if a trader puts up $100 of collateral at a 30x leverage, then the total position size would be $3,000. The opening fee would be deducted from the position size, i.e $1.8 (0.06% of $3,000). $98.2 is now the collateral value of the trade. #### Dynamic Spread Spreads are calculated dynamically based on orderbook depth of each asset. Most RWAs have a very liquid global orderbook, which is why spreads are generally very favorable. #### **Dynamic Margin fee** A margin fee applies to the collateral value of a position each block (and is displayed in a hourly format on the website). This is to make sure traders do not borrow most of the vault's capacity, and also leave room for other traders to take part in trading against the vault. It is also dependent on how skewed the positioning is in a particular asset, with a higher fee for traders on the skewed side (eg if skew is 90-10 long-short, longs will pay a higher margin fee). Hence, it is both a risk management measure, as well as a fair parameter that allows for several traders to utilize the platform. The formula for determining the fee at any moment will be based on several factors. It can be summed up as: **Hourly Margin Fee =** **Base Fee\* \[(1/(1- Blended Utilization ratio \* Skew Ratio))-1]** 1. Base Fee: A fixed fee that varies per pair based on each pair's volatility. E.g, Base fee for Gold is 0.0025%/hour and Silver is is 0.005% / hour 2. Blended Utilization= 0.75 \*Category Utilization + 0.25\* Asset Utilization 3. Asset Utilization= USDC Borrowed / USDC Limit for the Specific Asset 4. Category Utilization= USDC Borrowed / USDC Limit for the Defined Category 5. Long Skew Ratio= Long Open Interest for the specific asset /( Long Open Interest + Short Open Interest for the specific asset) {% hint style="info" %} Example: The open interest on long positions for Silver is $10,000, and open interest for short positions for Silver is $500, while blended limit utilization is 20%, ie 0.2. In this case, the long short ratio is = $10,000 / (10,000 + 500) = 95% long, 5% short. Clearly, we do not want the protocol to always be in this state. Hence, the margin fees paid by longs would be 10.27% annualized (0.12 bps/hour), while shorts would only pay 0.44% annualized (0.005 bps/hour). This makes going long (both for new positions and existing positions) expensive, and urges traders to close out their positions. On the other hand, shorting is cheap! Traders are encouraged to take the opposing view, bringing skew ratio back to healthy levels {% endhint %} # Indices Trade SPY and QQQ with up to 100x leverage. **Types of Fees** | Fee / Incentive | Value | | ------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | [Opening Fee ](#opening-fee-0.06-0.08-position-size) | 4.5 bps | | [Closing Fee](#closing-fee-0.06-0.08-adjusted-position-size) | 4.5 bps | | [Loss Protection Incentive](/rewards/loss-rebates) | 10% | | [Dynamic Margin fee ](#dynamic-margin-fee) | Targets 5% APR within normal (non-skewed) market conditions, assuming 50% utilization. Goes up or down based on long-short skew imbalance and utilization changes. | | [Fixed Spread](#fixed-spread-0.02) | 1bp avg. spread | #### Opening Fee: 0.045% \* Position Size Opening fee applies on the total position size of a leveraged trade. An an example, if a trader puts up $100 of collateral at a 30x leverage, then the total position size would be $3,000. The opening fee would be deducted from the position size, i.e $1.35 (0.045% of $3,000). $98.65 is now the collateral value of the trade. #### Fixed Spread: 0.01% Avg spread To account for volatility, we charge a 0.02% spread (one way only) to account for any unfavorable price movements that occur right between a trade order being sent, and it being executed onchain. This spread is only charged upon opening an order, not while closing. #### **Dynamic Margin fee** A margin fee applies to the collateral value of a position each block (and is displayed in a hourly format on the website). This is to make sure traders do not borrow most of the vault's capacity, and also leave room for other traders to take part in trading against the vault. It is also dependent on how skewed the positioning is in a particular asset, with a higher fee for traders on the skewed side (eg if skew is 90-10 long-short, longs will pay a higher margin fee). Hence, it is both a risk management measure, as well as a fair parameter that allows for several traders to utilize the platform. The formula for determining the fee at any moment will be based on several factors. It can be summed up as: **Hourly Margin Fee =** **Base Fee\* \[(1/(1- Utilization ratio \* Skew Ratio))-1]** 1. Base Fee: A fixed fee that varies per pair based on each pair's volatility. E.g, Base fee for Gold is 0.0025%/hour and Silver is is 0.005% / hour 2. Utilization Ratio= Asset Utilization 1. Asset Utilization= USDC Borrowed / USDC Limit for the Specific Asset. 3. Skew Ratio= Long Open Interest for the specific asset /( Long Open Interest + Short Open Interest for the specific asset) # Equities Trade MAG7 and Coinbase with up to 25x leverage. **Types of Fees** | Fee / Incentive | Value | | ------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | [Opening Fee ](#opening-fee-0.06-0.08-position-size) | 4.5 bps | | [Closing Fee](#closing-fee-0.06-0.08-adjusted-position-size) | 4.5 bps | | [Loss Protection Incentive](/rewards/loss-rebates) | 10% | | [Dynamic Margin fee ](#dynamic-margin-fee) | Targets 10% APR within normal (non-skewed) market conditions, assuming 50% utilization. Goes up or down based on long-short skew imbalance and utilization changes. | | [Fixed Spread](#fixed-spread-0.02) | 2.5bp avg. spread | #### Opening Fee: 0.045% \* Position Size Opening fee applies on the total position size of a leveraged trade. An an example, if a trader puts up $100 of collateral at a 30x leverage, then the total position size would be $3,000. The opening fee would be deducted from the position size, i.e $1.35 (0.045% of $3,000). $98.65 is now the collateral value of the trade. There are zero closing fees. #### Fixed Spread: 0.025% Avg spread To account for volatility, we charge an avg spread of 0.025% to account for any unfavorable price movements that occur right between a trade order being sent, and it being executed onchain. Spreads are only charged on opening. #### **Dynamic Borrow fee** A borrow fee applies to the collateral value of a position each block (and is displayed in a hourly format on the website). This is to make sure traders do not borrow most of the vault's capacity, and also leave room for other traders to take part in trading against the vault. It is also dependent on how skewed the positioning is in a particular asset, with a higher fee for traders on the skewed side (eg if skew is 90-10 long-short, longs will pay a higher margin fee). Hence, it is both a risk management measure, as well as a fair parameter that allows for several traders to utilize the platform. The formula for determining the fee at any moment will be based on several factors. It can be summed up as: **Hourly Margin Fee =** **Base Fee\* \[(1/(1- Utilization ratio \* Skew Ratio))-1]** 1. Base Fee: A fixed fee that varies per pair based on each pair's volatility. E.g, Base fee for Gold is 0.0025%/hour and Silver is is 0.005% / hour 2. Utilization Ratio= Asset Utilization 1. Asset Utilization= USDC Borrowed / USDC Limit for the Specific Asset. 3. Skew Ratio= Long Open Interest for the specific asset /( Long Open Interest + Short Open Interest for the specific asset) # Keeper Fees All Avantis orders are executed by a network of decentralized keeper bots. #### **Dynamic Gas Fee Module** Keepers are bots that pick up transactions sent by users via the Avantis smart contract, and execute them on chain. For this, an execution fee is paid to the keeper upon opening or closing a trade. These fees are directly paid to the blockchain by the keeper, and not to the Avantis smart contract. In order to ensure fairness for both the keeper (whether this is a keeper run by Avantis or the community) and the trader, we calculate keeper fees dynamically every time a user places a trade or closes it. This ensures: 1. Keepers are not covering the gas cost of a transaction personally. 2. The trader is not overpaying for gas.

An example of Keeper fees on Avantis while opening a trade

#### Keeper Fee in Action The below screenshot should be a helpful explanation on keeper fees for opening a trade. As you can see below, the "Estimated fee" is the gas fee (42 cents) of including a user's txn to the L2 (in our case, this L2 is Base). As a part of this txn, the user sends the keeper fee (81 cents in this case) to the keeper bot who then executes this transaction as a second step. n![](/files/Kdffh0oxqqRQumEMAbya) # Zero-Fee Perpetuals (ZFP) Your Success is Our Success, Literally. Pay absolutely zero opening, closing or borrowing fees. Only pay a fraction of your profits (if-any) upon closing. ## A 0-1 instrument, built for high-leverage, loss-averse traders. [Avantis](https://beta.avantisfi.com/trade) is introducing “zero-fee perpetuals”, DeFi’s first true “perpetual”, that enables traders to open perp positions, while only paying a fraction from their profits (if any) upon closing: this means no fixed opening and closing fee, or borrowing fee, if your gross PNL is < 0. For the first time in DeFi, only pay from your future profits. Zero-fee perpetuals are now live in beta for BTC, SOL and ETH, with up to 250x leverage (with a minimum leverage of 75x). ## Back to basics: What is a perpetual The word “perpetual” itself is a misnomer. Your position can still be liquidated, even if price doesn’t move against you. But how? * Orderbook (CLOBs) DEXs and CEXs charge you funding rates for taking the popular side. If you hold for too long, these fees can lead to liquidations. More often than not, crypto markets are long-biased, meaning long traders pay funding fees constantly to short traders. * AMMs: Fully onchain perpetuals exchanges powered by LP pools (like Avantis, GMX, Gains) charge a borrowing fee. This too can eat into net profits and cause liquidations over time. In addition, there’s two major economic issues with perps: * Fixed fees reduce your alpha: Traders always need a certain price move to “breakeven” on costs. * Changing liquidation prices (impacted by funding and / or borrow fees) creates inefficient risk management for high leverage trades. * Borrow fees (or funding rates) erode your collateral over time ## Pay only if you win. Data from popular perp exchanges shows that 90%+ traders end up losing money trading perps. Yet they’re still subject to fixed fees, holding fees and slippage. **Why pay ANY fees if you lose?**
# Introduction **Introducing “Zero-fee perps”, a new type of perpetual purpose-built for high leverage, loss averse traders.** What if there was a perpetual you could truly hold on to, one that you only pay fees on if you win. A perp that aligns all counterparties: the protocol, protocol LPs and the traders. Here’s how it works:
* Say bob wants to open a ETH long trade and chooses zero-fee perps. * This would allow Bob to open a position size of $1M ($10K collateral, times 100x leverage) for free! This means: * No opening fees or fixed closing fees. * No borrow fees (”holding costs”). * As the trade goes on, one of two things can happen 1. Bob is right, and his gross PNL is positive. Say the price moves 1% in his favor, meaning on 100x leverage he is now up 2x on his collateral. * *Bob will now pay a fraction of his profits as fees.* 2. Bob is wrong, and his gross PNL is negative * Bob doesn’t pay any close fees, or borrow fees while closing the trade. In option A, Bob made pure profits without putting up any fees upfront, and also earned Avantis XP. In option B, Bob only lost on gross PNL (market moves), however did not give up any portion of his collateral to fees, and also potentially earned some Avantis XP! This is how zero-fee perps work! It allows you to hold onto a perp position for much longer than a traditional perp, and also focuses on fee sharing only after traders are profitable. **This closely aligns the protocol to LPs and traders.** # Fee structure & Comparison **Basic Economics** Wondering how much it costs to trade this perp if you do win? Well, profit sharing (win-fees) vary based on one important outcome: what is your ROI? Zero-fee perps are designed to reward higher returns: **As your ROI increases, you keep a larger percentage of your profits**. Profit sharing can be as low as 2.5% of your gross profits. This is to encourage traders to cash out when they’re the most in profit, while also ensuring LPs are fairly compensated for allowing traders to scalp in and out of positions without paying any fixed or borrowing fees.

ZFP traders keep more of their profits, the higher their ROI is. On average traders keep ~80%+ of their profits without paying anything upfront.

**Fixed Fees vs Zero-fee perps: Quantitative modeling** Another interesting way to understand whether you’d want to stick to fixed-fee trading or trade zero-fee perps, is by looking at net PNL for zero-fees vs fixed fees perps (in relation to the underlying crypto asset’s price moves and leverage). It’s important to do this under some core assumptions (Avantis’ trading terminal also has a live calculator where you can enter these variables). 1. **Zero-fee perps** 1. Zero fees for losing trades. 2. Variable profit-sharing (win-fees) as low as 2.5% of gross PNL, based on ROI. As your ROI increases, you keep a larger percentage of your profits. 2. **Fixed fees** 1. 0.06% open / close fees for BTC (charged on position size). 2. Borrow Fees: 10% APR, charged on position size. 3. Spreads: The same [dynamic spreads](https://docs.bloom.trading/bloom/) that apply to fixed-fee perps, also apply to Zero-fee perps. 4. Duration: In both cases, let’s assume the trade is open for 7 days. 5. Collateral / Leverage: Trader has $100 in collateral, with varying degrees of leverage (anywhere from 10x-100x). 6. Underlying price move (for the asset in question, eg BTC) has been shown to vary from 0.05% to 25%.

Fixed-fee perps vs zero-fee perps

#### **Key Takeaways** 🔴 With fixed fee perps, you need a much larger price move to even break even. 🟢 However, with zero-fee perps, small price moves can still be profitable, making it a far better model for most traders, especially loss-averse traders. 🔴 With fixed fee perps, position decay is much higher given borrow fees eat into collateral over time. The above analysis only assumes that a position is held for 7 days, but the impact is much larger for longer holds. 🟢 Zero-fee perps have zero borrow fees, allowing traders to hold positions for much longer without any change in liquidation price. 🔴 Zero-fee perps are only available for a minimum leverage of 75x. If you're a risk managed, mid-long term perp trader, it generally does not make any sense to trade fixed fee perpetuals. Please exercise caution in using leverage, and always choose what works best for you ! # Available Assets / Features Here are the assets and features that are currently available in Zero-fee perpetuals. **Assets** ZFP is currently available for crypto majors and memes * Majors: BTC, ETH, SOL, XRP, HYPE with 75x-500x leverage. * Memes: DOGE, FARTCOIN, PEPE, WIF, SHIB with up to 250x leverage. **Features** 1. Currently only Market orders are supported; Limit orders coming soon. 2. You can add collateral to your positions, although withdrawing collateral is disabled (to prevent economic abuse). 3. No Loss protection rebates (since fees are already zero). 4. Referral discounts only apply on fixed-fee trades, not zero-fee trades. However $AVNT staking will enable reduced profit sharing in the future! # Disclaimer: Beta ***Disclaimer: Variable Parameters.*** Zero-fee perps are currently in beta, and all parameters are subject to change based on protocol risk and trader feedback. If you’re beta testing, please report all bugs in our discord via a ticket, and we’ll be quick to resolve any issues (and incorporate your feedback). Additional risk-measures might be applied later, such as * Re-introducing borrowing fees to improve LP sustainability. * Adding borrow fees after a certain time period (say 1 month). * Force-closing positions after a long time period (say 3 months). * Revising dynamic slippage. * Revising profit sharing (win-fees). * Increasing minimum leverage. Join our discord for support and feedback: [discord.gg/avantisfi](http://discord.gg/avantisfi) # Liquidations Liquidators play a crucial role in our trading engine ## Maintenance Collateral Maintenance collateral is the minimum collateral required to keep the position open and not liquidated. The position will be liquidated if its collateral falls below the required maintenance collateral. Collateral health ratio is used to determine the maintenance collateral. For any given position, the collateral health ratio is determined as: * Collateral Health Ratio = (Net Collateral + PnL - accumulated margin fee - closing fee) / Net Collateral, where * *Net Collateral= Original Collateral - Opening Fee* * Liquidations happen when collateral health ratio falls to 80% or lower. We plan to open-source our liquidation bot, so that anyone in the community can run liquidators, and ensure that our trading engine functions smoothly. All liquidators (regardless of whether they're run by our team or external bots) get to keep 15% of the liquidated collateral as a liquidation reward. # Limitations Ensuring risk management for LPs while creating the best possible trading experience **Scaling Open Interest** As a margin trading protocol where traders are borrowing leverage from liquidity providers, we need to have a framework in place to ensure that liquidity scales across asset classes (crypto, forex and commodities) and traders in a fair and equitable manner. In order to make this happen, we scale open interest in the following ways: 1. First, the theoretical maximum open interest (Max OI) is set to 90% of total TVL across our market-making vaults. This ensures there is enough liquidity available for traders, while keeping a small buffer to facilitate smooth LP withdrawals if needed. 2. Second, we divide up this maximum open interest into its constituent asset classes. In the beginning, we offer crypto, forex and precious metals pairs, but over time, max OI will be shared with more commodities and other exotic asset products (like indices) as well. The OI per asset classes will always add up to 100%. Currently, the OI split looks as follows:

Maximum OI going to each asset class

3. Finally, we keep variable OI limits on pairs within each asset class. This is both a risk management and accessibility measure, as we don't want all available OI to be captured by only one pair. We will continuously monitor the LP and trader experience to fine-tune these parameters, and ensure both sets of users have the best possible experience. The per pair OI caps in each asset class need not add up to 100%. **Other Limitations** There are also two other limitations that are in place to ensure that TVL can scale for traders, while protecting liquidity providers * Maximum Profit (%): In the beginning, we will limit trader PnL to +2,500%, meaning a trader can make at most 15x profits on their collateral (for any single position). This is variable based on each asset. * Max Trades Per Pair: Set at 20 (across market and limit orders), to prevent bad actors from DDOS'ing the executor bots (and allowing organic limit orders to go through) * Per Wallet OI Cap: In order to ensure that OI is spread evenly across traders and asset classes, we have the following OI caps on individual wallets (assessed at the time of opening a new trade)
Asset ClassIndividual Wallet OI Cap (% of Asset Class OI)
Crypto15%
Forex15%
Metals15%
**Minimum Trade Duration** * After some research with contributors at Pyth Network, we've implemented an important UX change pertaining to the closing time of trades. This duration depends on your trade size (position size) and the type of asset you trade, and mostly affects scalpers (short term swing traders). * On crypto blue chips (ETH, BTC, SOL), Memes (DOGE, SHIB, PEPE, BONK, WIF), Forex and RWA pairs, there's no such limitations. * On certain altcoins / RWA pairs, there is a minimum trade duration of 3 or 10 minutes, depending on duration. Higher trade sizes can have a minimum duration before which your trade cannot be closed. The minimum duration is 3 min. But why? * Avantis uses oracles for pricing, and a very important element here is that while Avantis trades do not have an impact on market prices, highly professional (and unethical) actors can manipulate orderbooks (and hence the Pyth price). Hence, this change is necessary to deter such traders! # For CFD Traders Avantis is the most transparent CFD broker, by design. ## CFD Trading on Avantis Trade the same assets you already know — forex, gold, indices, stocks — but without a broker. Onchain, transparent, self-custody. *** ### Why Avantis Over a CFD Broker? **No B-book.** Traditional CFD brokers take the other side of your trade. When you lose, they profit. Avantis uses a decentralized liquidity pool and independent oracle pricing (Pyth/Chainlink). Nobody profits from your losses. **Self-custody.** Your funds stay in your wallet. No withdrawal requests, no approval queues, no account freezes. **Transparent fees.** Clear, verifiable fee structure. **No KYC to trade.** Log in with email, Google, X, or SMS. Start trading in under 5 minutes. *** ### What Can You Trade?
* **Forex** — 18 pairs including EUR/USD, USD/JPY, GBP/USD, USD/INR, USD/TRY, and more. Zero spreads on the top 3 pairs. * **Commodities** — Gold, Silver. * **Indices** — SPY (S\&P 500), QQQ (Nasdaq). * **Equities** — All MAG7 stocks (NVDA, AAPL, TSLA, AMZN, MSFT, META, GOOG) plus COIN and HOOD. * **Crypto** — 60+ pairs including BTC, ETH, SOL, memecoins. Leverage ranges from 5x to 1000x depending on the asset. *** ### What's Different From Your Current Platform? | Criteria | Avantis | CFD Brokers (Exness, XM, etc.) | | ------------------------ | --------------------------- | ------------------------------ | | Who's on the other side? | Decentralized LP pool | The broker (B-book) | | Price source | Independent oracles | Broker-set quotes | | Custody | Your wallet | Broker holds your funds | | Withdrawals | Instant, permissionless | 1-5 days, approval needed | | KYC | No | Yes | | Stop hunting | Impossible (oracle prices) | Widely reported | | Fee transparency | 100% on-chain | Opaque | | Zero-fee mode | Yes (pay only from profits) | No | | Loss rebates | Up to 20% back on losses | No | *** ### Getting Started 1. **Go to** [avantisfi.com/trade](https://avantisfi.com/trade) 2. **Log in** with Email, Google, X, or SMS — wallet created automatically, gas sponsored 3. **Deposit** via card (Visa/MC), Coinbase, or any cryptocurrency. 4. **Trade** — pick your pair, set leverage, set TP/SL, confirm That's it. No broker application, no documents, no waiting. [Onboarding guide →](https://docs.avantisfi.com/tutorials/onboarding) [How to get USDC →](https://docs.avantisfi.com/trading/onramp-usdc) *** ### Learn More * [Trading Tutorial →](https://docs.avantisfi.com/tutorials/trading) * [Fee Structure →](https://docs.avantisfi.com/trading/trading-fees-fixed-fee-perpetuals) * [Zero-Fee Perpetuals →](https://docs.avantisfi.com/trading/zero-fee-perpetuals-zfp) * [Avantis SDK →](https://sdk.avantisfi.com/) * [Start Trading →](https://avantisfi.com/trade) # Future Feeds Roll Adjustment The following assets trade with front-month futures feeds: WTI-USD, BRENT-USD. ### Background On Avantis - commodities trade at their true front-month futures prices. These prices are powered by Pyth, and can be verified at: Since commodities futures expire, your existing positions need to be "rolled over" (migrated) to the next futures contract. ### Roll Adjustment Some assets (Eg WTI-USD, BRENT-USD) on Avantis use **futures-based price feeds** instead of continuous CFD feeds. Unlike perpetual CFDs, **futures contracts have fixed expiries**, so their reference prices periodically switch to the next active contract (called a "roll"). To ensure trading continues smoothly and PnL remains consistent across these expiries, a **roll adjustment** is performed at each rollover. Periodic futures rollovers ensure continuity across contract expiries without affecting users’ PnL. When a futures contract expires, all open positions transition (or “roll”) to the next active contract while maintaining economic neutrality. ### Concept At each expiry, futures roll from the expiring contract to the next month’s contract. Since each contract has a different price, a **price adjustment** ensures all positions remain **PnL-neutral**. **Example**\ WTI futures: * Expiring contract = 90.55 * New contract = 87.85 * Price adjustment = 87.85 − 90.55 = **–2.70** All open WTI positions will have their **entry price decreased by 2.70**, keeping the same open interest (OI). This keeps unrealized PnL unchanged while aligning all positions to the new reference contract price. All open limit orders on the affected pair will be **cancelled** during the roll process to avoid unintended executions against the new contract price. After the roll is complete, traders can re-place fresh limit orders based on the updated market context. All profit targets (TPs) and stop losses (SLs) will be **translated proportionally** relative to the new open price. For example, if your SL was 5% away from your old open price before the roll, it will remain 5% away from your new open price after the roll; the same applies to TPs, preserving your original risk–reward profile. # Revenue Distribution All trading fees from Avantis go towards liquidity providers and the protocol treasury There are two major sources of revenues in Avantis: 1. Trading fees: Dynamic open fees, close fees and margin-fees, as explained in detail in the [fees](/trading/trading-fees-fixed-fee-perpetuals) section 2. Vault Deposit / Withdraw fees: LPs may be charged a deposit or withdraw fee, which varies based on the protocol health and an LP's lock duration. These are explained in detail in the [risk management](/liquidity-providers/risk-management) section ### Liquidity Providers: 100% LPs represent the supply side of the protocol, and are hence compensated for the work they put in as market makers. LPs currently receive 100% of open , close, win and margin fees ! LPs also take counter-trading risk against traders. ### Protocol Treasury: 0% A portion of the protocol treasury will go towards everything related to protocol liquidity. This includes protocol owned liquidity for the USDC vault, sponsoring trading competitions and rewards campaigns (see [this example](https://x.com/avantisfinance/status/1792614141536120970)), giving trader rebates, sponsoring gas, and insuring LPs in case of unforeseen protocol losses. Currently the protocol only receives liquidation fees, and LPs receive 100% of fees. This is to encourage the growth of sticky TVL, which in-turn generates more open interest and liquidity, attracting more traders. We hope to 10x Avantis' traction via this flywheel in the coming months. # Periodic Revenue Distribution Ensuring fairness for all protocol LPs **Why Periodic Revenue Distribution ?** Using periodic revenue distribution, LPs will fairly earn a portion of fees based on the time they provided capital. This is much more effective than distributing returns all at once since it avoids situations where late LPs earn a higher return for the amount of time they were staked. The current period of distribution is set to be every hour, with new fees projected to return over a period of 7 days. This is on a rolling basis, so any accumulation of fees will continuously be distributed. {% hint style="info" %} For example, consider a scenario where a total of $1,000 in fees is generated from liquidations. In this case, $1,000 will be distributed to the LP vault. Let's assume that the vault has $10,000 in TVL. This means that over 7 days (or 7 \* 24 = 168 hours), every hour, 1 / 168 of the new fees, or $5.95 will be distributed. {% endhint %} # Referrals Earn rewards and get fee discounts ### **Referrers: Earn 5% Rebates** Avantis features a fully permissionless referral system, meaning anyone (any trader, LP, community member, or influencer) can be a referrer. To create a referral link, simply click on "create referral link". Your referral code (name, number, or a combination) is linked to your wallet address. So make sure you choose your ideal referral code before confirming its creation.
Once your referral link is created, you can see your total earnings as well as claimable earnings.
# Loss Rebates A novel mechanism that rewards contrarian traders who help balance platform open interest skew. {% file src="/files/dUjdguH35MPNUE3Pmv4f" %} ### Loss Rebates: A Skew-Adjusted Incentive for Traders To further stabilize the market and protect LPs and traders, we've introduced a novel skew-adjusted loss protection feature. Specifically, traders on the less skewed side of the market will receive guaranteed rebate on trading losses. These rebates are tiered based on the market skew at the time of opening the trade (net of the trade's impact on skew). $$\begin{cases} 0% & \text{if } 0 \leq skew < 55 \ 0-20% & \text{if } 55 \leq skew< 100 \end{cases}$$ Note: 1. The loss rebate tier varies by asset, and asset class (from 0% - 20%). Please refer to the market selector dropdown in avantisfi.com/trade, for the latest loss protection rebate %. 2. Once a trade receives loss protection, it does not reset even if the skew trends back to a balanced (close to 50-50 long / short skew) state. This is the beauty of loss protection rebates, they are like a call option that does not expire until you close your position!

Loss protection for crypto blue chips (ETH / BTC / SOL).

This incentive for traders on the non-skewed side will encourage a more balanced distribution of open interest, minimizing risk for liquidity providers and bolstering the overall stability of the protocol. It also allows for several novel directional and arbitrage trades ! See below for some examples on how loss protection works: {% hint style="info" %} Scenario: 85% of the platform's open interest is long $ETH, and 15% is short $ETH. \ \ Example 1: A brave directional trader (or hedger) wants to short $ETH with $10,000 of collateral. In this case if the trader gets liquidated, we give him back $2,000 of his collateral. Example 2 (Directional Trader): If the net PnL of the above trader is -20%, then technically the trader should have lost $2,000 (20% of $10K). However, with loss protection, the trader only loses $2000 \* (1-20%) = $1,600. This is the magic of loss protection ! Example 3 (Modified Basis Trade): Loss protection can also be used to open a "modified basis trade". When OI is skewed (i.e not balanced), basis traders generally go long on an asset on one exchange, and short on the same asset such that they're delta-neutral, but are collecting "funding fees". Given funding fees are variable (so the arb goes away), in a bull-market, a basis-trader could instead go short the same asset on Avantis, and close the trade if the price moves down. This gives the trader the loss protection incentive while remaining delta neutral. {% endhint %} ### Loss Rebates Arbitrage: A novel DeFi trading strategy Check the below links to understand how professional market making firms like Keyrock are utilizing Avantis' novel loss protection mechanism to keep LPs protected, while arbitraging funding rates and loss rebates (on Avantis vs other exchanges): 1. 2. Our [SDK](/avantis-sdk/avantis-sdk) also provides an automated way of integrating loss rebate strategies. # Avantis XP A novel loyalty program for our community. **Experience Points (XP): Liquidity and Trading** [www.avantisfi.com/xp](https://www.avantisfi.com/xp) Avantis experience points (XPs) are offchain representations of a user's onchain actions. Avantis XP measures and track onchain activity, loyalty and accrue to a user in real time. These are non-tradeable and non-transferable, and simply represent a user's activity on the Avantis protocol. There are two types of Avantis experience points - liquidity and trading points. At a high level: 1. **Liquidity XP**: Long term LPs stack the most liquidity points (i.e depositing for the long-term, locking, and completing your lock provides bonuses). E.g, one dollar invested as an LP gives 1 point a day. 1. Referrals: Get 10% of any referred LPs XP. {% hint style="info" %} Note - Starting S3 we've phased out XP boosts on locking deposits. Boosts are now directly linked to $AVNT staked in Avantis Security Module. Learn more [here](/rewards/avantis-xp/season-3/xp-boosts-season-3). {% endhint %} 2. **Trading XP (fixed-fee perpetuals)**: * Volume: All trades accrues volume XP. Volume XP accrues based on a traders' volumes. Every dollar traded gets at-most 1 XP. Longer duration trades get more XP. * Referrals: Get 10% of a referred traders' volume XP. * Liquidations Bonus: Liquidations are rough, and we want to ensure traders still feel supported after a liquidation. All platform liquidations are eligible for trading XP ! 3. **Trading XP (zero-fee perpetuals)**: * Volume: Unlike fixed-fee perpetuals, zero-fee perpetuals only charge traders a fraction of their profits. Hence, XP is based completely on your $ fees paid. Hence, profitable trades get the most XP, although losing trades also get some XP. * Referrals: Get 10% of a referred traders' volume XP. * Liquidations Bonus: Liquidations are rough, and we want to ensure traders still feel supported after a liquidation. All platform liquidations are eligible for trading XP! {% hint style="info" %} Note - Trading XP and Liquidity XP are not fungible (i.e - they're not the same!). {% endhint %} > **Legal disclaimer: Avantis experience points have no monetary value, and do not represent a claim on the protocol's revenues or any token offering / equity. Please do not engage in accumulating Avantis XP with any expectation of financial utility - they cannot be traded or exchanged.** # Season 3 Season 3 began on September 3th 2025, and is set to end on February 28th 2026 with 40,000,000 $AVNT tokens up for grabs, making this the shortest and the most rewarding season.
### Rewards Avantis S3 XP has a reward pool of 4.00% of the Token Supply. This 4% has been allocated from Onchain Incentives with 3% to Traders and 1% to Liquidity Providers.
The Season 3 XP dashboard is now live! Functionally, Season 3 will be very similar to Season 2: ### **Trading XP** * Each dollar traded receives up to 1 XP on fixed fee trades. Factors like market, position size and trade duration are considered. * For Zero-fee perpetuals (ZFP) trades, XP is directly correlated with fees paid, meaning profitable trades generate the most XP. Losing trades also get some XP, however not nearly as much as profitable trades. * All trades facing Liquidations will also receive XP from the get go. ### Liquidity XP * Earn 1 XP per day for each dollar deposited. * We've phased out [Locking deposits](broken://pages/zjKxN1SFatChB1fIa9mi) hence, there is no XP multiplier on it. However, previous locked LP positions will recieve their pending locked bonuses. * We'll be working with select ecosystem partners to scale liquidity, with exclusive boosts to their communities. ### Referrals * Referrers earn 10% of all Trading and Liquidity XP generated by their Referrals. # XP FAQ - Season 3 Common questions about Avantis XP. 1. **Where can I see all of my Avantis XP?**\ You can view your trading and liquidity XP directly on the Season 3 dashboard. It shows your total XP, active boosts, and your trading & liquidity XP ranks. 2. **How long will Season 3 last?**\ Season 3 is live now and will run until February 28th 2026. 3. **How is the Season 3 reward pool structured?**\ Season 3 has a reward pool of **4% of the total $AVNT supply**: * 3% for Traders * 1% for Liquidity Providers 4. **How long does it take for XP to reflect on the dashboard?** * Liquidity XP: Instantly * Trading XP: Within 15 minutes. 5. **What is Trading XP based on?** * **Fixed-fee trades:** Each $1 traded earns up to 1 XP, based on market, position size, and trade duration. * **Zero-Fee Perpetuals (ZFP):** XP is tied to fees paid. Losing trades also earn some XP, though much less than winning trades. * All trades that get liquidated earn XP immediately. 6. Why is my Trading XP low compared to S1, S2? We've revised our XP algorithm to reward longer duration trades for fixed-fee with higher XP. Please do not correlate XP in Season 3, with XP in previous seasons. 7. **What is Liquidity XP based on?**\ You earn **1 XP per day per $1 deposited.** * Locking multipliers from S2 have been phased out. * All XP boosts are linked to [Staking Score ](/rewards/avantis-xp/season-3/xp-boosts-season-3)in Avantis Security Module. 8. **How do referrals work in Season 3?**\ Referrers earn **10% of all Trading and Liquidity XP** generated by their referrals. 9. **How do XP boosts work in Season 3?**\ Boosts are based entirely on your **Staking Score** in the [Avantis Security Module.](/avnt-token/staking-security-module) 10. **Staking Score = Staked $AVNT × (Days Staked ^ 1.05)** 1. The more $AVNT you stake and the longer you stake it, the higher your global boost. 2. If you unstake at any point, your Staking Score resets to zero. 11. **Why should I care about Avantis XP in Season 3?**\ Avantis XP is your way to earn rewards, boosts, and recognition while shaping the onchain future of global markets. By participating early, you’re securing a share of Season 3’s $AVNT rewards. # XP Boosts - Season 3 All XP boosts (Liquidity and Trading XP both) in S3 are based on **Staking score** which directly linked $AVNT staked in [Avantis Security Module](/avnt-token/staking-security-module). > Score = Staked AVNT x (Days Staked ^ 1.05) Staking Score dictates the global boost you receive. More $AVNT staked for longer duration equates to higher Staking Score.
> **Note - Any AVNT unstaked will reset your score to zero.** | **Multiplier** | **Score Required** | | -------------- | ------------------ | | **1.25** | 5,000.00 | | **1.5** | 250,000.00 | | **2** | 1,500,000.00 | | **2.5** | 5,000,000.00 | | **3** | 20,000,000.00 | # Season 2 \[Ended] Season 2 began on December 12th 2024, 00:00 UTC and is expected to end sometime in Q3 2025.

Season 2 is now live!

The Season 2 XP dashboard is now live! Functionally, Season 2 will be very similar to Season 1, with the following improvements: * Referral boosts for liquidity providers: get 10% of referred LPs' XP. * Instant XP accumulation: No more 24 hour refresh times (for LPs) * Season 1 boosts: S1 participants and OGs get up to 1.25x boost on all onchain activity! * Liquidation Bonus XP: Traders now earn Trading XP based on liquidations in Season 2. Read more about Season 2 in greater detail via our Twitter post and medium announcements: * [Twitter](https://x.com/avantisfi/status/1879141479937118376) * [Medium ](https://avantisfi.medium.com/fc6e6c9ac6ed) # XP FAQ - Season 2 Common questions about Avantis XP. 1. **Where can I see all of my Avantis XP?** You can see both your trading and liquidity XP on your XP dashboard. There, you’ll find total XP, any active boosts, and trading and liquidity XP rank. 2. **How long will Season 2 last?** Avantis XP Season 2 will end sometime in Q3 2025 based on completion of certain product milestones. S2 will conclude with a points conversion event and the launch of the **Avantis Foundation**, a DAO that will guide the **decentralized future** of our community. 3. **How long does it take for XP to reflect on the dashboard?** Almost immediately (for liquidity XP), and within 15 mins of closing trades (for trading XP). 4. **Why are trading and liquidity XP different?** Because we believe in fairly rewarding supply and demand side activity! Trading and liquidity XP are not fungible - they are grouped into separate categories so we can ensure that we are appropriately rewarding all of your onchain actions on Avantis. 5. **Why should I care about Avantis XP?** By joining now - you have an early opportunity to shape the future of Avantis. We are committed to building Avantis to its full potential over the coming months, and your participation is crucial in this journey and will be recognized. Learn more about our vision and mission here: 6. **Do I receive Avantis XP for depositing via Superform?** Yes, but please note the following: You cannot lock capital for boosts on Superform, and you will not see the XP on your dashboard (Superform will distribute it back to you). 7. **What is trading XP based on?** Trading XP is based on asset selection, volume, trading style and duration of the trade and not necessarily one particular metric like volume or duration. **Simply put, $1 traded is not equal to 1XP.** Users can earn **up to 1 XP** per traded dollar depending on the asset, duration & trading style. 8. **What if Season 2 ends before my LP lock expires?** Don't worry! Much like Season 1, if the season itself ends before the duration of your lock, you will be granted a portion of your pending locked bonus for liquidity XP. Any future pending locked bonus will be granted in subsequent seasons. # XP Boosts - Season 2 Boost your XP via quests and badges! XP Boosts are multipliers on your XP earn rate, and can be temporary or permanent depending on the type of boost. XP boosts are also separated by Trading Boosts and Liquidity Boosts. An initial list of XP Boosts can be found below (note: we'll have many more boosts coming soon! Watch out for these in the Season 2 dashboard):
NameApplies toCriteriaMultiplier
Chad TraderVolume XPUsers with access to the Avantis Trading Lounge, a private trading community within our server. This role is open periodically through application or by being a top trader in our trading competitions. 2x
Avantis AmbassadorAll XPOfficial Avantis ambassadors, who champion our brand on Twitter and Discord. This is a bespoke role that is obtained periodically via applications (if you think you'll be a good fit, join our Discord and tell us why!). 1.25x
Season 1 OGAll XPParticipated in Season 1 of Avantis XP before Sept 31, 20241.25x
Season 1 Participant All XPParticipated in Season 1 of Avantis XP1.1x
Trading questsTrading XPComplete unique trading quests to unlock additional XP boosts for certain time periodsVariable
Locked Liquidity BoostsLiquidity XPLock your deposited USDC for boosts on your base liquidity XP. Lock for longer to earn the highest multiplier. Note: Locking XP boosts are only granted after completion of the lock, and do not stack with other LP badge boosts.1.2-4x additional boost depending on lock duration
# Season 1 \[Ended] Season 1 of XP lasted from June 11, 2024 - December 11, 2024.
# XP Boosts - Season 1 Boost your XP via quests and badges! XP Boosts are multipliers on your XP earn rate, and can be temporary or permanent depending on the type of boost. XP boosts are also separated by Trading Boosts and Liquidity Boosts. A full list of XP Boosts can be found below:
NameApplies toCriteriaMultiplier
Degen Streak Lv.1Volume XPTrade daily on Avantis for 7 days. Retain the boost by maintaining the streak.1.25x
Degen Streak Lv.2Volume XPTrade daily on Avantis for 30 days. Retain the boost by maintaining the streak.2x
High RollerVolume XPMaintain $5M+ in monthly traded volume.2x
RWA SenseiVolume XPReached $5M cumulative volume traded across real world markets (forex / metals).1.25x on forex/metals trades only
Social Butterfly Lv.1Referral XPAchieved $1M of cumulative traded volume across referred users1.25x
Social Butterfly Lv.2Referral XPAchieved $5M of cumulative traded volume across referred users1.5x
Chad TraderVolume XPUsers with access to the Avantis Trading Lounge, a private trading community within our server. This role is open periodically through application or by being a top trader in our trading competitions. Learn more.2x
Locked LiquidityLiquidity XPLock your deposited USDC for boosts on your base liquidity XP. Lock for longer to earn the highest multiplier. Note: Locking XP boosts are only granted after completion of the lock, and do not stack with other LP badge boosts.1.2-4x additional boost (up to 5x total) depending on lock duration
#### Non-Acquirable Boosts The following boosts are for acquired Discord roles (based on early participation and campaigns) that can not be acquired again in Season 1.
TypeNameCriteriaMultiplier
Volume and Liquidity XPTestnet OGEarly adopter of Avantis testnet.2x
Volume and Liquidity XPTestnet ChampionTop 10 winners of the Avantis testnet trading contest.2x
Volume and Liquidity XPTestnet HeroOwners of our Galxe commemorative NFT.2x
Liquidity XPEarly LPMet the requirements for our Early LP program.2x
Liquidity XPAvant-garde LPMet the LP requirements for the Avant-garde LP role in Avantis Discord.1.5x
Liquidity XPChief WardenMet the LP requirements for the Chief Warden role in Avantis Discord.2x
Liquidity XPStakeholder SentinelMet the LP requirements for the Stakeholder Sentinel role in Avantis Discord.3x
# XP FAQ - Season 1 Common questions about Avantis XP. 1. **Where can I see all of my Avantis XP?** You can see both your trading and liquidity XP on your XP dashboard. There, you’ll find total XP, any active boosts, and trading and liquidity rank. 2. **Do I get rewarded for using Avantis early?** Yes! All onchain actions on Avantis have been accruing XP since our mainnet start date (1/31/24). You can view how much total XP you have by navigating to your points dashboard. 3. **How long does it take for XP to reflect on the dashboard?** Trading points and boosts are calculated at the time of opening and closing of trades. LP points are awarded once per day. 4. **What is the maximum amount of boosts I can get?** Trading boosts can be stacked as long as you fulfill the requirements for each badge. LPers who hold early LP boosts (such as Early LP, Chief Warden, etc) can only stack up to two boosts. Testnet roles (Testnet OG, Testnet Champion, etc) may only be stacked once. Note that boosts are cumulative, ie if you hold (2) 2x boost badges, you’ll receive a total 4x boost. 5. **Why are trading and liquidity XP different?** Because we believe in fairly and equally rewarding supply and demand side activity! Trading and liquidity XP are not fungible - they are grouped into separate categories so we can ensure that we are appropriately rewarding all of your onchain actions on Avantis. 6. **How long can we expect Season 1 of Avantis XP to last?** Season 1 will end on December 11th, 2024. Our primary goal with XP in general to ensure a smooth and fair transition into the next phase of Avantis (The Avantis Foundation). This requires carefully balancing the protocol's growth, roadmap and it's decentralization journey. 7. **Why should I care about Avantis XP?** By joining now - you have an early opportunity to shape the future of Avantis. We are committed to building Avantis to its full potential over the coming months, and your participation is crucial in this journey and will be recognized. 8. **Do I receive Avantis XP for depositing via Superform?** Yes, but please note the following: You cannot lock capital for boosts on Superform, and you will not see the XP on your dashboard (Superform will distribute it back to you). # Avantis LP Vault (avUSDC) avUSDC is the market-making vault of Avantis, earning 100% of all trading fees from perpetuals. ### From Two Vaults to One Avantis is moving to a **single unified vault — avUSDC**. This isn’t just a simplification. It’s a step toward building the most composable, capital-efficient USDC vault in DeFi. With the unified vault, all deposits now flow into one pool, represented by the ERC-4626 token **avUSDC**. There’s no need for LPs to take any action — existing deposits and positions will auto-migrate. Currently, **100% of trading fees (excluding liquidation fees)** will flow directly to avUSDC holders.
### How avUSDC Works
The avUSDC vault is the counterparty to all trades on Avantis. When traders lose, those losses accrue into a protocol buffer — used to settle future payouts. When traders win, their profits are paid out from the buffer before dipping into the vault. LPs don’t earn from trader losses; instead, they earn from **real trading fees** generated by platform activity, while market-makers keep the vault delta neutral. This keeps yield steady organic — a reflection of onchain market volume, not speculation. Risk is managed via the vault buffer, ensuring that LP capital remains protected even during periods of high market volatility. It’s the same philosophy of safety as before, now streamlined into a single structure.
*** ### Unleashing Composability The shift to avUSDC unlocks a new dimension of possibility.
#### **1. Composability** A single, standardized vault token means avUSDC can integrate seamlessly across DeFi. Imagine splitting it on Pendle into a principal and yield token — enabling speculation, hedging, and structured yield strategies built directly on top of Avantis liquidity. #### **2. Leverage** avUSDC will also be usable as **collateral natively** within Avantis. This opens up looping strategies — where users deposit USDC, mint avUSDC, and re-deploy it with leverage. The result: amplified yield potential, without leaving the Avantis ecosystem. #### **3. Yield Optionality** In the future, idle capital within the vault can opt into **external yield sources** like Maple USD or ENA sUSD — giving LPs exposure to uncorrelated yield streams beyond trading activity. avUSDC becomes not just a vault token, but a **DeFi yield primitive** — composable, collateralized, and extendable. *** ### Why It Matters DeFi is built to be open, composable and rewarding! With avUSDC, liquidity providers no longer have to choose between yield and flexibility. Their deposits can power Avantis, earn trading fees, and still participate in broader DeFi opportunities. It’s a fundamental rethinking of what it means to LP — from a static, siloed position to a **dynamic, composable yield engine.** *** ### The Vision Ahead avUSDC is more than a vault migration. It’s the foundation for everything that comes next for Avantis LPs — a unified liquidity layer that connects onchain markets, yield strategies, and collateralized leverage into one cohesive system. As we continue building, avUSDC will evolve into the backbone of Avantis’ ecosystem — the bridge between perpetual trading and the wider DeFi landscape. Liquidity shouldn’t be locked. It should move, compound, and grow. With avUSDC, that future is here. **The Road to avUSDC begins now.** # Risk Management Enhancing LP scalability via battle-tested risk management. **Vault Buffer Ratio - Maintaining Sustainability** As we've mentioned in the [Avantis LP Vault](/liquidity-providers/avantis-lp-vault-avusdc) section, investing in the vault is not risk free. The LPs are essentially taking a bet that even if traders make profits, the trading fees should at least protect the LPs principal. Note: the profit / loss share of Avantis LP vault will be programmable via governance in the future, and we will monitor data post initial launch to observe LP and trader behavior. **Vault buffer ratio & Dynamic Withdraw Fees** In volatile market conditions, there are times where LPs do not have enough of a buffer to sustain any potential impacts from a traders' open PnL. The vault buffer ratio tracks how much buffer the vaults have to sustain any negative impacts from a traders PnL. Vault buffer ratio of 100% indicates that LPs currently have zero buffer against open PnL (i.e a traders' profits that haven't been realized). Similarly, vault buffer of 110% indicates that a trader can draw down 10% of the vault's value, before an existing LP starts losing their principal (note - this is an oversimplification, and does not apply to all LPs equally as LPs enter and leave the protocol at different times) To avoid panic and maintain a healthy experience for traders, a vault buffer fee is taken to manage risk for LPs and traders, and preventing over utilization, which can be risky for LPs. In the long run, this maintains healthy liquidity, which brings confidence for traders, and ultimately generates more fees with less risk for LPs. $$ Vault\ Buffer \ Ratio = \frac{Current\ \ TVL\ +\ Vault \ \ Buffer -Open\ \ PnL \ }{Current\ \ TVL} $$ Where: A. Open PnL = The net Profit / loss from open trades on any given day. These are trades that have not been closed, hence Open PNL is not yet realized. B. Current TVL = The TVL in the vaults at the time of calculating the ratio C. Vault Buffer = The difference between the Vault manager (the contract that holds all open collateral and undistributed PnL) - Open Collateral in the system (collateral sitting in currently open trades). Vault buffer shows how much excess capital is sitting in the LP pools to absorb PnL shocks during market volatility. {% hint style="info" %} Note: Vault buffer ratio is a daily snapshot, and fees are only charged on *withdrawal* when buffer ratio is low. Other times, it is completely free to withdraw. The fees are also *tiered* based on the buffer ratio of the vault as shown below {% endhint %} | Vault Buffer Ratio | Fee | | ------------------ | ----- | | <0.90 | 2.50% | | \[0.90, 0.95) | 1.50% | | \[0.95, 1.00) | 0.50% | | \[1.00, 1.05) | 0.25% | | \[1.05, 1.10) | 0.10% | | >= 1.10 | 0.00% | # Multi-Collateral USDC Borrowing Increase your earning potential, maximize your XP. Powered by Morpho.
Avantis has integrated [Morpho](https://app.morpho.org/?network=base), a leading onchain lending / borrowing protocol. Here's what this integration enables for our liquidity providers and traders: 1. **Multi-collateral trading** Borrow USDC on Base using your existing crypto portfolio (BTC, ETH and alts) to simply continue doing what you do best: perps trading! Pay back seamlessly in one bundled transaction after your trade is complete. Increased USDC gives traders access to increased leverage and exposure, without ever selling your crypto assets. 2. **Boosted Avantis XP + yields** Avantis' vault deposits sometimes offer a higher APY (for locked deposits) than Morpho's borrowing APY. Depending on lock duration / yields, you can earn net positive yields (+ boosted Avantis XP), without ever selling your Bitcoin or ETH 🤯. 3. **Supported Markets** Avantis has integrated several markets that support USDC loans on Base. This includes: \- cbETH (yield bearing) \- wstETH (yield bearing) \- cbBTC \- ETH However, we'll launch several new markets soon, giving our users the ability to leverage their entire crypto portfolio on Base to borrow USDC and maximize their potential. # Getting started Learn how to borrow USDC and manage your loans.

USDC borrowing on Avantis, powered by Morpho.

Navigate to avantisfi.com/borrow to get started. Here, you'll see two things 1. Your current USDC loans 2. A list of all available assets you can use as collateral, to borrow USDC. #### Borrowing USDC Borowing USDC is very simple. You simply click on the borrow button for the collateral type you want to borrow from, choose the collateral you want to deposit, the amount of USDC you want to borrow. Then, our integration will create one single transaction to deposit the collateral and borrow the required USDC. You should then see this loan under your active loans. **Managing your loan** There are four things you can do to manage your current loan: 1. Borrow USDC: You can always borrow more USDC from your existing collateral. Just make sure to keep an eye out on your current and liquidation "LTV" (loan to value ratio). This is important to ensure you do not get liquidated. 2. Repay USDC: Simply paying back your debt (or a portion of it) to reduce interest expense! 3. Withdraw collateral: Borrowers withdraw collateral when they are confident that they can pay back their debt (USDC), without getting liquidated. This is either because they have acquired the necessary USDC for repayment, or the value of their collateral is rising. Please exercise caution and carefully read about "LTV" before withdrawing collateral. 4. Close loan: Closing is a bundled transaction that entirely repays all USDC, and withdraws all collateral, net of interest expense. Use this option to seamlessly repay your entire loan in one go. # FAQs The most commonly asked questions from the Avantis community ! #### **1. What are Perpetuals?** Perpetual contracts, also known as "perpetuals" or "perps" are a type of derivative contract that allow traders to speculate on the price of an underlying asset, such as a cryptocurrency, without actually owning the asset. These contracts are called "perpetual" because they do not have an expiration date and can be held indefinitely. #### **2. What is Base?** Base is an Ethereum Layer 2 (L2) network offering a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps or “dapps” onchain. Base is being developed by Coinbase, one of the most trusted full-stack exchanges in the cryptocurrency / blockchain sector. Avantis is built on Base, and the Base Ecosystem Fund is an investor in Avantis Labs, the parent entity of the Avantis protocol. #### **3. What is USDC?** USDC is a digital stablecoin created by Circle, and its value is pegged 1:1 to the US dollar. It is used as collateral for trades on Avantis, as well as for LPs looking to invest in our market-making vaults. #### **4. What is the best way to get started using Avantis ?** Our mainnet alpha is live at . You'll need an EVM-compatible wallet as well as USDC and ETH on Base. For more in-depth information on how to get started, check out our [Tutorials](https://docs.avantisfi.com/tutorials/onboarding). #### **5. Why is the coin/asset I want to trade not listed?** Coins and assets are listed when we can provide a reliable trading experience for them. This is determined based on the availability of a sufficient number of price sources as well as the trading volume and liquidity of the pair from the price sources. #### **6. Where does the collateral go when I close for a profit / loss?** If you close in profit you will **always** be paid out. You are paid out from the USDC vault which bears the risk as the counter-party to traders. If the trade is closed at a loss, you are paid out the remaining portion of your collateral from the contract and the portion which is your loss goes to the vault (unless you have been liquidated - in which case all collateral goes to the vault). The portion of the collateral which was your loss remains in the USDC vault to be used to pay out other traders or be used in the protocol's insurance fund. #### **7. What do TP/SL/LIQ mean ?** TP stands for take-profit, or the ability to close out your trade position at a certain profit % (or at a certain price). SL stands for stop-loss, which is the opposite of take profit (i.e., preventing any further downside from your trade position), and LIQ stands for liquidation price. **8. What are market and limit orders ?** a. Market orders are orders that are executed at market price ( + / - any price difference between opening and execution, i.e "price impact"). b. Limit orders execute a long position when the underlying asset reaches a lower price than the current price, and a short position when the underlying asset reaches a higher price than the current price. #### 9. **Can I go into debt?** **No, you cannot go into debt**. You can only lose the collateral you stake. Naturally, if your position has reached a point where it must be liquidated (-90%) your loss will be all of your collateral. Otherwise, your gain or loss will be what is returned to you. **Do not put up more collateral than you could afford to lose**, and use stop losses and take profits to help manage risk better. #### **10. Can I use other stablecoins as collateral?** You cannot. Other stables can be easily converted to USDC within our in-app exchange tab. We plan to add native support for other stablecoins in the future. #### **11. Who has Avantis been audited by ?** We have been audited by Zellic and Zokyo! Additionally, we are working together with Chaos Labs to help set our genesis trading parameters. Learn more about our security partnerships on our [Security page](https://docs.avantisfi.com/security). #### 12. Where else can I find help if I have a problem or question? Our discord is live! Post your questions and a community member or moderator will help you in the "General" channel. Please read the chat rules. If you need 1:1 help from a team member, please open a ticket. #### **13. Why is an hourly fee necessary?** This allows traders to use lower leverage while still allowing adequate risk management for the protocol. Without this, the entire maximum open interest (i.e., the sum of long / short trade volumes) possible for a pair could be taken up for a long time - entirely stopping other traders from even having the option to trade on these pairs. Hence, hourly fees allow for LP protection, and equitable trading. Our hourly fee is also dynamic based on the long-short skew, which protects LPs in a skewed (long only or short only) market #### **14. Why is price impact necessary?** Price impacts are necessary to prevent oracle manipulation, and to ensure we can still offer the best possible prices across CeFi and DeFi. # Roadmap (Avantis) We're working on a LOT. Everything we ship directly contributes to our long-term vision of building DeFi's largest leverage hub for RWAs, cryptocurrencies and global events. **Late Q1' 23** * [x] Discord, Twitter communities * [x] Landing page and early-access sign up page **Q2 '23** * [x] Finish seed fundraise, make key hires * [x] Launch Testnet v1 (private beta - trading only) on Optimism Goerli, and get feedback from key partners * ETH, BTC 50x perps * JPY-USD, EUR-USD, GBP-USD 100x Forex perps **Q3' 23** * [x] Launch Testnet v1 on Base Goerli * [x] Start development work for $USDC market making vaults - time and risk management * [x] Onboard users from our public waitlist into testnet beta **Q4' 23** * [x] Launch portfolio page on testnet, get feedback from beta testers * [x] Launch LP vaults on testnet, get feedback from beta testers * [x] Public Testnet Launch: Support for more asset pairs, UI / UX and fee improvements * [x] Smart contract audits * [x] Continuous testing to fine tune protocol parameters * [x] Lining up launch partners for mainnet alpha **Q1' 24** * [x] Mainnet Beta * [x] Expanding perps pairs to include top 10 cryptocurrencies and more forex pairs * [x] Fee adjustments * [x] UI / UX improvements * [x] Expanding TVL caps for LPs **Q2' 24** * [x] Launch Mainnet Beta V2 * [x] UI / UX improvements * [x] Modify trade limitations * [x] Expand TVL caps for LPs * [x] Add more asset classes (memecoins, exotic forex pairs, crude oil) * [x] Coinbase Smart wallets * [x] Launch Avantis XP - a novel DeFi loyalty program * [x] Market Maker Integration (Delta neutral USDC LP) **Q3' 24** * [x] Analytics overhaul * [x] 100x leverage on BTC, ETH, SOL * [x] Lower fees + lower latency * [x] New audits planned for September for new perp trade type, CEX-like volume fee tiers, and overall security * [x] Complete backend rewrite: custom indexer * [x] Complete frontend rewrite: frontend overhaul (Typescript) **Q4' 24:** * [x] Season 1 of XP ends December 11th * [x] Explore composable integrations with other protocols (in progress) * [x] Start work on our new zero fee perp product **Q1 2025** * [x] Launch Season 2 of XP * [x] Launch native lend / borrow integration (powered by Morpho) * [x] Migrate to Avantis v1.5 * [x] List Crude Oil perpetuals * [x] Revamp charts / feeds (sub-second latency on charting) * [x] Revamp positions API (smoother front-end experience) **Q2 2025** * [x] Launch Zero Fee Perpetuals (BTC, ETH , SOL). * [x] XP Leagues. * [x] Improved (and enforced) smart trading wallets. * [x] Introduce 500x leverage for zero-fee perps. * [x] Expand ZFP to more assets * [x] Technical Upgrades: Altcoin Fees and Liquidity * [x] Launch SPY / NASDAQ Indices * [x] Announce \[AVNT]. **H2 2025** * [x] Increased OI capacity by 5x on all assets. * [x] Launched Season 3 XP * [x] $AVNT staking boosts for Season 3 XP. * [x] Social wallets with Privy (with gasless txns) * [x] Base app: Mini-app launch. **H1 2026** * [x] Launch ZFP on RWAs like Gold, Silver, Crude Oil and FX. * [x] Universal gas-less trading. * [x] Expanded universe for single name equities: MAG7, AI hyperscalers, and recent IPOs (SpaceX, Cerebras). * [ ] Increased liquidity (OI capacity) for FX & Metals. * [ ] Long-tail metals: Copper, Platinum, Uranium and more. Future rolls. * [ ] Avantis v2: Increased capital efficiency, funding rates, new order types and more. * [ ] IOS App. **H2 and beyond** H2 will be path dependent. Our mission is to build the universal leverage layer - this includes real world markets, assets and trading instruments. We'll update our long-term roadmap based on customer focused learnings from H1. # Roadmap ($AVNT) $AVNT is the beating heart of the Avantis ecosystem. Here's what we've planned for $AVNT. **Q3 2025** * [x] Launched $AVNT * [x] Available on every major CEX and DEX (Spot): Binance, OKX, Coinbase, Bybit, Gate, Aerodrome etc. * [x] Available on every major CEX and DEX (Perps): Binance, OKX, Bybit, Hyperliquid, Lighter etc * [x] Staking for security incentives: \~20% target APR, paid out in $AVNT available to $AVNT stakers in the security module **Q4 2025** * [x] XP Boosts: Up to 3x points boosts for long-term $AVNT stakers. This deeply ties Avantis' core product users (liquidity, trading, referrals) to token usage. $AVNT XP boosts are now live. * [x] More exchanges: Launched on OKX! We'll be bringing $AVNT to every major regional and international crypto exchange. Expect some major announcements here soon. **H1 2026** * [x] Milestone based $AVNT buy-backs: Read more here: * [ ] Fee Discounts: Fee Discounts for $AVNT stakers, providing tangible alpha and utility to $AVNT stakers who also actively trade on the platform. This is in progress **2026** Our goal is to continue expanding the utility and value accrual of $AVNT. We'll be using community feedback to update our token roadmap accordingly. As long-term owners of $AVNT, all our decisions are tied to accruing long-term value to the Avantis ecosystem, and hence to $AVNT. # Avantis SDK The Avantis SDK can be used by developers to build atop Avantis' leverage engine. Developers can integrate the Avantis SDK here: Here's what developers are currently building using the SDK: 1. Loss protection arbitrage bot. 2. Automated trading strategies on Avantis (using zero-fee perpetuals). 3. RWA AI agent for trading macro assets like Dollar Yen and Gold. 4. Text / Voice to perp [(e.g Bankrbot).](https://x.com/avantisfi/status/1939691916091703621) What will you build? For support about the SDK usage or feedback, open a ticket in our [discord](https://discord.com/invite/qJabbFzcUn). # Audits We take security very seriously ### Contracts Our contracts are open source and can be found here: ### Protocol (Smart contract) security Our live contracts have gone through two security audits with [**Zellic**](https://www.zellic.io/) as well [**Zokyo**](https://www.zokyo.io/), who collectively have covered protocols such as Solana, Pyth, Sushiswap, etc. We're adding our security audit reports from both auditors, as well as our partnership announcements here 1. Zokyo: 2. Zellic: {% file src="/files/Dd7qjI9tTQb9YNwQ8bvd" %} Zellic - Audits {% endfile %} {% file src="/files/IQPCvlB6p1KkgoFzHrmr" %} Zokyo - Audits {% endfile %} ### Avantis v1.5 (deployed in Q1'25) v1.5 of the protocol was deployed in Q1'25, and has undergone an audit through both Zellic as well as Sherlock. Their audit reports have been attached below. {% file src="/files/oKWNG6LHmurZPkOdfR1R" %} {% file src="/files/4PnI4WIaMoG0FmpbF3f3" %} v1.5 audit report by Sherlock {% endfile %} ### Economic security We have been working with [Chaos Labs,](https://chaoslabs.xyz/) a leader in Economic and risk management for protocols, to help us to set our genesis trading fee parameters for our mainnet launch. We will continue evaluating and learning from our community as we scale Avantis into Base's premier perpetuals trading hub. Learn more about our partnership below: # Onboarding Explore Avantis using your EOA. Accessing Avantis Website : Navigate to [avantisfi.com/trade](https://avantisfi.com/trade) to start trading! #### Getting Started Login into Avantis with platforms you already use.
Avantis uses [https://privy.io](https://privy.io/) to enable seamless onboarding for everyone. You can login via Email, SMS, Google account or X (formally twitter) else, you can opt to login via EVM wallet (Rabby, Metamask, Phantom, Zerion) If you login with a social account (like X), we'll create a custodial wallet for you! However, you can also login using your own non-custodial wallets (like Metamask). You will also need USDC and ETH on Base to trade, USDC being trading collateral, and the ETH being used as gas to deposit your USDC. Refer to [Onramp USDC](/trading/onramp-usdc) if you are looking for ways to get USDC on Base the network. Note - Gas (ETH) is sponsored for users logging in via social platforms (Google account, SMS, X, Email). #### Network Connection Base: Ensure your wallet is connected to the Base network. If it's not automatically connected, you'll need to switch manually. Here's a guide on how to add the Base network to your wallet: [Using Base | Base](https://docs.base.org/using-base/). # Trading Trade crypto and real assets with confidence ### 1. Trading Inputs Section
**Market Selection**: Choose from various markets including crypto, forex, and commodities. You can view our current offered trading pairs [here](https://docs.avantisfi.com/trading/trading-pairs). **Market View:** Decide whether to go Long (if you expect the price to rise) or Short (if you expect the price to fall). **Order Types**: Market orders (executed immediately at current market prices) and Limit orders (executed at a predetermined price). **Collateral and Leverage**: Specify the amount of collateral you want to put up for the trade. Adjust your leverage based on the amount of USDC collateral you are willing to commit. **Fees and Execution Price**: Be aware of the opening fees, hourly margin fees, and the execution price of your trade. For more information on fees check out this[ link](https://docs.avantisfi.com/trading/trading-fees) **Place Order:** After reviewing your trade setup, approve the asset (e.g., ETH-USD) and confirm your order. ### 2. Advanced Trading Features
#### Charts Technical Analysis: Utilize TradingView integrated charts for comprehensive technical analysis and informed trading decisions. Save your custom layouts on the chart. #### Real-Time News Stay Informed: Access real-time news feeds for crypto and forex pairs, providing valuable insights into market trends and events. #### Market Stats Key Indicators: Monitor important indicators like price changes, open interest, and margin fees for each trading pair. ### 3. Position and Leverage Management
#### Positions Tab Order Management: View and manage your current and limit orders, adjusting your trading strategy as needed. #### Risk Management Tools Stop Loss/Take Profits: Set automated thresholds for executing trades to lock in profits or minimize losses. Additionally, you can manage your positions directly from the chart. Leverage Management: Actively manage your risk by depositing or withdrawing collateral, which directly impacts your effective leverage. Close Position: Explore options for partially or fully closing your open positions. ## 4. Avantis Smart Wallet #### Enabling Smart wallet This should lead you to a simple 3 step setup process, where you have to set a pin that ties uniquely to your wallet's signature to unlock a smart wallet for you. Enable trading with your USDC. Your funds stay in your EOA wallet — Avantis Smart Wallet only gets permission to place trades for you.
{% hint style="info" %} SECURITY NOTE: Please remember your login PIN. Without it, you will not be able to access your smart wallet. The team cannot recover your account for you without your PIN, similar to how we cannot access your EOA without knowing the private key. {% endhint %} #### Depositing ETH With your smart wallet enabled, all you need to do is deposit ETH (for gas) Level up your trading UX, by skipping all trading confirmations and approvals. Enable smart wallet by going to the top right section of the screen, and clicking the "enable smart wallet" button.
If you want to further enhance your trading UX, you can always choose to skip open / close modals in the settings menu in the top right hand side.
# Vaults Learn how to be a market maker on Avantis, and earn real yield.
Getting Started Visit page - Go to [avantisfi.com/earn](https://www.avantisfi.com/earn) to access the vaults dashboard. Select Vault: Choose between Junior Tranche or Senior Tranche based on your risk preference. For a better understanding of the different types of vaults refer [here](https://docs.avantisfi.com/liquidity-providers/risk-management-tranches). #### Vault Overview Projected APY: Max projected yield for the vault (for incoming deposits) Current Deposits: Represents the total amount of assets currently deposited in the vault. Locked TVL: The total value of your USDC currently locked in the vault. Current Earnings: Any fee earnings net of trader PnL that the LP has accumulated. Includes trading fees and trader PnL. Current APY: Your current APY estimated based on 7 day rolling average vault performance #### Deposits Deposit USDC for jvUSDC (junior tranche) or svUSDC (senior tranche). Deposit fees may apply based on the vault's balance relative to total TVL. Instructions: Steps to deposit include confirming the USDC amount, reviewing deposit information and fees, and completing the transaction to receive jvUSDC/svUSDC in your wallet. #### Withdraw Section Withdraw jvUSDC (junior tranche) or svUSDC (senior tranche) for USDC: Exchange your vault USDC tokens back to USDC. Withdrawal fees may apply based on the vault's current buffer ratio. #### Lock Section Amount to Lock: Specify the amount of jvUSDC (junior tranche) or svUSDC (senior tranche) to lock. Lock Duration and Reward Boost: Choose the lock duration (up to 6 months) for a reward boost. Locking your vault USDC will issue an NFT representing the locked amount and duration. Unlock Fee: Fees apply for unlocking based on the original lock duration and remaining time. Instructions - Create Lock: Select vault USDC amount and lock duration, confirm the lock, and find the lock details in the locks section. #### Unlock Section Unlocking Process: Allows unlocking of the vault USDC locked in the form of NFTs. Claim Rewards: Claim boosted fee rewards accumulated from your locked NFT. Unlock Fee: Fees may apply based on the original lock duration and remaining time. Instructions: Steps to unlock include choosing the locked vault USDC amount to unlock and completing the transaction. # Portfolio - Traders The most advanced DeFi portfolio analytics page for traders. Period.
**Visit the page:** Go to [avantisfi.com/portfolio](https://www.avantisfi.com/portfolio) to access our portfolio analytics dashboard **PnL and Volumes**: View your cumulative and daily gross PnL, total return, as well total volumes on the platform. **Asset Analytics**: Go deeper into asset level performance, including win rates (“what % of your trades are profitable”), cumulative PnL and volumes by pair and asset class.\ \ **Portfolio Stats**: Average PnL per trade, overall win rate, total trades, total fees paid, and loss protection rebates received.\ \ **Positions and Activity**: See and manage your active positions, and track your historical activity.\ \ **Share**: Share your historical and top trades directly from the portfolio page to Twitter and other social channels. # Referrals Earn rewards and get fee discounts
Introduction to the Referral System: Avantis' referral system is designed to reward both referrers and traders through a tiered system of rebates and discounts. For complete details on the referral system, check out an in depth explanation [here](https://docs.avantisfi.com/rewards/referrals). # Avantis Brand Kit Welcome to the Avantis Brand Kit page! Please refer to brand guidelines below for best practices on how to use our logos, color palette and reference Avantis. ### **Brand Guidelines** {% file src="/files/35Ijt7TqUdh6z4qQ7eKp" %} ### **Logo** The Avantis logo mark encapsulates the fluid dynamics of crypto trading, symbolizing the upward and downward movements within the market, and seamlessly integrated within this flow are the letters 'A' and 'V,' representing Avantis. Our horizontal lockup should be used almost exclusively except where it is not permitted due to size or space restrictions. Our iconmark should be used at smaller sizes where the wordmark is not legible, or in scenarios where the brand name is already present. Please refer to our Brand Guidelines file for "Don't's" on logo usage. We ask that you **do not** change our lockup, use unapproved colors, stretch or distort our logo, apply effects, among other examples listed in the Logo Misuse page. {% file src="/files/nIs1ybny24DiQozXmzXn" %} {% file src="/files/gP8bkPTSrl5fvnIUWy6S" %} {% file src="/files/0XRHWiROo1hKF1cgBlks" %} {% file src="/files/I0W8U9Y01tzMKgFhm2VQ" %} {% file src="/files/OkSdUPkPg7ahsNXj4V83" %} {% file src="/files/WdDF0UFzqhUgPGMjCVuS" %} ### Color Palette
### Elevator Story Avantis is the universal leverage layer — for everything where you can trade FX, crypto, & commodities with up to 500x leverage & zero fees. As Base’s premier DEX, we unite crypto and traditional market RWAs, empowering traders and liquidity providers to tap into both macro trends and crypto narratives from one powerful terminal. Backed by and built on Base, we're transforming how the world trades onchain. *** Please reach out to our team should you have any questions on how to use the Avantis brand. # Vanta: The Avantis Mascot {% hint style="info" %} Introduced, and to us, born on May 13th 2025, Vanta is Avantis’ mascot — the cheetah that captures the speed, precision, and instinct of elite traders. This page breaks down what Vanta stands for, how it ties into the Avantis brand, and how *you* can channel that energy in your content, trades, and community presence. If you move fast and trade sharp, **Vanta’s your spirit animal** 🐆 {% endhint %} ### What's Vanta? Vanta is the official mascot of Avantis — a cheetah that represents the raw instinct of everything we believe great trading should feel like: fast, precise, instinctive, and focused. Vanta embodies the energy of every trader who acts with confidence, cuts through the noise, and moves fast enough to win. More than a mascot, Vanta is a symbol. A reminder that in this game, the quickest thinkers and the sharpest movers win. This isn’t just branding — **it’s a mindset**. ### Why the Cheetah? Because cheetahs don’t hesitate. They scan, they sprint, they strike: with purpose and speed. That’s the kind of edge Avantis traders move with. * ⚡ **Speed**: Trade execution like a predator chasing its mark * 🎯 **Precision**: No flinching. No overthinking. Just clean entries and exits * 🕶️ **Stealth**: Silent until it’s time to make a move In this space, markets shift in seconds. Cheetahs were built for that world. ### What Vanta Means for Avantis Vanta is now part of the Avantis ecosystem across product, content, and community. You’ll start seeing Vanta in: * 🧵 Trade breakdowns and educational content * 🎓 Walkthroughs, tutorials, and strategy posts * 🎨 Avatars, memes, stickers, and community drops * 🧰 Product UI and features (👀 paws and claws coming..) * 🧭 Content and narratives driven by sharpness and speed It’s not just a character — it’s how Avantis communicates its edge. ### How to Use Vanta The spirit of Vanta represents a signal to others that you trade with focus, speed, and instinct. Here’s how you can represent Vanta and truly embody the brand: * [ ] 🐆 **Add the cheetah emoji to your X handle** * Show you’re part of the fastest pack in DeFi as a symbol of edge, confidence, and alignment with the Avantis mindset. * [ ] 🐆 **Include the cheetah in your X bio** * A clean nod to your trading style and the community you run with. * [ ] 🐆 **Bring it into other communities you’re part of** * Telegram, Discord, Farcaster usernames: signal speed and strength wherever you go! * It makes it easy to spot fellow Avantis traders in the wild * [ ] 🐆 **Use the cheetah in your content** * Use Vanta in your trade recaps, memes, and threads * Drop 🐆 when sharing a clean entry or alpha take * Mention Vanta in your setups, chart screenshots, or calls * Create content that embodies speed + precision * Put your GenAI tools to the run! We love to see modular looks of the cheetah in your visuals and content around Avantis and how you’re embodying the spirit. * Whether it’s a meme, trade highlight, or short-form video — if it’s fast, focused, and fierce, it’s Vanta. * Tag us, and we’ll repost top content to the community * Tag us [@avantisfi](https://x.com/avantisfi) and Vanta might just drop in with something exciting 🐾 * [ ] **🐆 Engage with Avantis on socials simply by amplifying the spirit of the cheetah** * Use the cheetah/leopard emoji as replies and QRTs to Avantis’ brand and community content * ⚠️ ***Note:** on most platforms, searching for the cheetah as an emoji might not show up. Try looking up the Leopard instead.* ### You’re here to *Trade Like a Beast*. Vanta isn’t here for hype. Vanta is here for those who move smart, strike fast, and never hesitate. This is a new era for Avantis — and you’re part of it. From content to product to community, the spirit of the cheetah now runs through it all. **Move like Vanta. Trade like a beast.** 🐆 # Voice and Tone Toolkit A quick guide to writing like Avantis - sharp, grounded, and quietly bold. Use this to ensure every word empowers, informs, and reflects the edge our traders expect. **WRITING GOALS AND PRINCIPLES** With every piece of content we produce, we aim to follow these writing goals and principles to maintain Avantis’s persona and tone of voice. Demystify: We make complex concepts simple without watering them down. Our role is to help users understand markets, mechanics, and opportunities—especially those they didn’t know existed. Avantis opens doors, not gates. Empower: We give traders the tools and knowledge they need to make sharp, independent decisions. We don’t talk down or tell people what to do. We offer clarity, context, and choice—backed by product, not promises. Respect: We know our users are savvy, curious, and capable. Our tone is confident, but never condescending. We respect people’s time, intelligence, and risk appetite. Engage: We’re building something new, and that means staying in conversation. We listen, we respond, and we improve. Our users shape the experience alongside us. We value feedback and reward participation. Lead: Avantis isn’t here to follow trends. We’re defining the next frontier in onchain trading. That means our voice should be original, consistent, and intentional—never reactive, gimmicky, or echoing the crowd. Tip for the writer – After writing anything for Avantis, reread it through the lens of these goals. Does it clarify? Does it respect the reader? Does it drive a sense of possibility? If not, rewrite it. **BRAND TONE AND VOICE REVIEW** 1. When people interact with our content, products, and services, we want them to feel empowered, curious, and in control. 2. When we talk to our ideal audience, our tone of voice is sharp, respectful, and forward-thinking. 3. We avoid tones that are loud, condescending, or overhyped. 4. When people see something from our brand, they see it as useful, intelligent, and slightly contrarian. 5. If Avantis were a person, they would be described as strategic, composed, and quietly bold. | Avantis IS | Avantis IS NOT | | ----------- | -------------- | | Clear | Jargon-heavy | | Empowering | Patronizing | | Confident | Arrogant | | Composed | Chaotic | | Intelligent | Academic | | Original | Trend-chasing | | Strategic | Reactive | | Inclusive | Niche | | Respectful | Condescending | | Grounded | Over-promising | | Do | Don’t | | --------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------- | | Explain how zero-fee perps unlock new ways to trade. | Over-sell or hype “0% fees” or “no fees ever” without context or proof. | | Use consistent language and tone across all channels. | Drastically shift tone to mimic meme culture or clickbait trends. | | Speak to users as peers - curious, capable, and responsible. | Talk down to users or assume they know nothing. | | Show how Avantis helps traders express macro and micro views. | Frame Avantis as the “only” path to financial success. | | Highlight trading strategies and tools, not just the token price. | Obsess over short-term performance or speculation. | | Invite community insight and spotlight strong contributions. | Ignore or erase constructive feedback. | | Use analogies and examples to make new markets and features accessible. | Assume users understand traditional finance jargon or mechanics. | | Emphasize product utility and transparency. | Create FOMO with vague promises. | | Be inclusive in your language and appeal, we’re playing our part in bringing traders onchain. | Write only for crypto natives or a narrow audience segment. | **GUIDING PHILOSOPHY** We believe the next wave of traders will be onchain, global, and cross-asset. Our voice reflects that belief, it’s composed but ambitious, clear but never diluted. * We don’t sell dreams. We offer tools. * We don’t chase trends. We define new markets. * We don’t assume hype equals value. We back everything with real use. * We don’t oversimplify. We make complex things understandable. Avantis is here to empower serious traders, regardless of experience, with a platform that respects their edge, their choices, and their time.