What is Toro Trade?

In short

Priced at the Hyperliquid midSettles onchainNo fundingNo spreadGasless

• There is no order book and no matching engine. Your counterparty is the pool.
• Entry and exit use the same live midpoint, so there is no spread to cross, and because the price is Hyperliquid’s own there is nothing to pull back into line: no funding payments.
• Leverage goes up to 1,000×. Markets on this deployment: BTC, ETH, SOL, HYPE, DOGE, GOLD, ZEC, XRP, LINK, SUI, BNB, LTC, PAXG, TRX.
• You sign; a relayer pays the gas. Withdrawals never depend on the relayer.

Where it runs

Balances, positions, the pool and the payout queue are contract state on HyperEVM mainnet (chain 999). Prices come from HyperCore through a read-only precompile, so there is no price signer and no off-chain feed. Nothing is ever traded on Hyperliquid itself. See Architecture.

What it costs

Opening is free. A losing trade pays only its loss. A winning trade gives up part of its gain, and the part shrinks as the move grows: on BTC, a +1% move keeps about 85.8% of the raw gain, a +0.1% move about 66.3%.

The details are in Wins and losses and Asymmetric impact.

The pool and rebate tokens

The pool starts empty and grows only from traders’ losses; nobody deposits into it. When it cannot pay a winner in full, the margin still comes back at once and the unpaid profit waits in a first-in, first-out queue. Losses mint rebate tokens: 100 per $1 while the pool is below $2M. Staked tokens earn USDC.

Status