How ConaPerps works

A trading interface for the Lighter · Robinhood Chain domain: a dedicated Lighter instance on Robinhood Chain with its own contracts, sequencer, blockspace and liquidity. It is not Lighter Core. Matching, margin, funding and settlement happen on the venue; ConaPerps reads the venue's public market data, builds and signs transactions in your browser, submits them, and reconciles the result.

The venue listed 58 perpetual markets when the integration was verified on 2026-10-08. ConaPerps starts from BTC (market 1) and ETH (market 0) and opens any other market from the same registry; no market comes from a local list.

• Not a derivatives engine. ConaPerps does not match orders, set margin requirements, compute funding or liquidate positions. The venue's risk engine decides every fill, margin requirement and liquidation; ConaPerps calculators are labelled as estimates.
• Not a custodian. Collateral moves from your wallet into the venue contract through a deposit you sign, and is held under your own venue account. Orders are signed in your browser with a trading key generated there and registered to that account, and go from your browser straight to the venue.
• Not private. Orders, trades and positions on this venue are public. See Privacy limitations.

Every order passes through the same states. ConaPerps shows each one as it happens and keeps a receipt.

1. Step 1

   Signature requested

   ConaPerps has built the transaction and is waiting for your signature. Nothing has been sent.

2. Step 2

   Submitted

   The signed transaction was posted to the venue, which answered with a venue transaction hash.

3. Step 3

   Pending

   The venue holds the transaction (status 1, pending) and has not executed it yet.

Then one of these outcomes

• Executed / filled

  Meaning

  The venue executed the transaction (status 2 executed, then 3 packed, 4 committed, 5 verified) and the order filled in full.

• Partially filled

  Meaning

  Part of the size filled. The remainder rests in the book or is cancelled, depending on the time in force.

• Resting

  Meaning

  A limit order sits in the book without a fill. It stays until it fills, you cancel it, or it expires.

• Cancelled

  Meaning

  The order left the book unfilled or partly filled: cancelled by you, expired, or cancelled by the venue (for example a post-only order that would have crossed, or a reduce-only order that would have grown the position).

• Rejected

  Meaning

  The venue refused the transaction and returned an error message, which the receipt shows.

• Failed

  Meaning

  The transaction failed at the venue (status 0), or it could not be submitted at all.

Each requirement is position size × mark price × a fraction, summed over the account's positions. You set the initial fraction per market with a leverage update, down to the market minimum. The core markets use these fractions:

• Initial, minimum

  BTC · market 1

  2 % (50x)

  ETH · market 0

  2 % (50x)

• Maintenance

  BTC · market 1

  1.2 %

  ETH · market 0

  1.2 %

• Close-out

  BTC · market 1

  0.8 %

  ETH · market 0

  0.8 %

Every other market has its own fractions, read live on Markets.

Account value is compared with the three requirements above. Which one it falls below decides what the venue does next.

1. Stage 1

   Healthy

   account value ≥ initial requirement

   Any operation is accepted as long as the account stays healthy afterwards.

2. Stage 2

   Pre-liquidation

   initial > account value ≥ maintenance

   Only operations that do not increase any position and do not lower the account’s health are accepted.

3. Stage 3

   Partial liquidation

   maintenance > account value > close-out

   The venue cancels the account’s open orders, then closes positions with immediate-or-cancel orders at the zero price, a price at which the ratio of account value to maintenance requirement stays the same. A fill better than the zero price pays a liquidation fee of up to 1 % to the LLP.

4. Stage 4

   Full liquidation

   close-out > account value

   The LLP, the venue’s insurance fund, takes the positions over in ascending order of unrealized PnL, as long as it stays above its own initial margin requirement.

5. Stage 5

   Auto-deleveraging

   bankrupt account the LLP cannot absorb

   Positions the LLP cannot take over are matched against opposite positions, ranked by leverage and unrealized PnL, at prices no worse than those positions’ zero price.

A position in isolated margin mode goes through the same stages on its own, backed by the margin allocated to it.

Funding is exchanged between traders at every hour mark; the venue takes no fee on it. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs.

The parameters the venue documents for most markets are SmallClamp 0.05 %, BigClamp 4 % and InterestRate 0.01 %. A premium within the small clamp of the interest rate therefore gives 0.01 % ÷ 8 = 0.00125 % per hour, and no hour can exceed ±0.5 %. Position is positive for longs and negative for shorts; a positive payment is received.

The venue's funding-rates endpoint quotes an 8-hour equivalent. ConaPerps divides it by 8 and shows the hourly rate that is actually charged, which matches the venue's hourly funding history.

The mark price drives unrealized PnL, margin requirements, liquidations and stop-loss / take-profit triggers. It is the median of three values:

• the impact price: the average of the prices to buy and to sell an impact notional against the book;
• the index price plus an exponential moving average of the book's premium, capped at 0.5 % of the index;
• the median of mark prices from external exchanges.

The index price comes from a combination of oracles: Chainlink, Stork and Pyth.

• Market

  How the venue runs it

  CreateOrder type 1, immediate-or-cancel, with a worst-price bound it cannot fill beyond.

  In ConaPerps

  Available

• Limit

  How the venue runs it

  Type 0: good-till-time with an expiry from 5 minutes to 30 days, immediate-or-cancel, or post-only.

  In ConaPerps

  Available

• Post-only

  How the venue runs it

  Limit option: if the order would cross the book, the venue cancels it instead of letting it take liquidity.

  In ConaPerps

  Available

• Reduce-only

  How the venue runs it

  Option on any order: it may only move the position toward zero.

  In ConaPerps

  Available

• Stop-loss (market or limit)

  How the venue runs it

  Types 2 and 3, triggered when the mark price crosses the trigger price.

  In ConaPerps

  Available

• Take-profit (market or limit)

  How the venue runs it

  Types 4 and 5, triggered on the mark price in the same way.

  In ConaPerps

  Available

• TWAP

  How the venue runs it

  Type 6: the venue splits a large order into smaller market orders over a set time.

  In ConaPerps

  Not exposed

1. Source verification of the venue's implementation contract. The proxy 0x94bA…fF9d points to an implementation (0x82de…1d90) that is not verified on Sourcify or Blockscout. Until it is, ConaPerps sends only the documented deposit call (selector 0x8a857083) and simulates it before every send.
2. Fast-withdraw documentation. The venue's fee and claim mechanics for fast withdrawals are not published.
3. A production RPC provider key. The public Robinhood Chain RPC is rate limited; heavy traffic needs a provider endpoint (Alchemy is the one the Robinhood docs recommend).

These four facts hold for every order placed through ConaPerps:

1. 01Orders are sent to the venue sequencer as signed transactions and rest in a public order book keyed by account index.
2. 02Executed trades are public: price, size, time and both account indexes appear in the public trade feed.
3. 03Account collateral and open positions are readable by anyone who knows the L1 address (the venue account API is public).
4. 04No encrypted-order, commit–reveal or private mempool path exists on this venue. ConaPerps does not simulate one.

A private RPC changes only the route your wallet uses to reach Robinhood Chain for approvals and deposits. Orders never pass through an RPC: they are signed in your browser and posted to the venue sequencer, which places them in the public book. A field hidden in an interface is hidden on your screen only; the venue's order book, trade feed and account API stay public.

• Every fill: price, size, time and both account indexes, in the venue’s public trade feed.
• Your collateral, available balance and open positions (entry price, size, unrealized PnL and the venue’s liquidation price), readable by anyone who knows your L1 address.
• Your approvals, deposits and other Robinhood Chain transactions, on the public explorer.

A ConaPerps receipt is the venue's record of a transaction (hash, status, matching-engine event, order state) together with the Robinhood Chain receipt for wallet transactions. Both can be checked independently, as described in Verifying a receipt. Neither is a cryptographic proof that the venue executed correctly: they show what the venue and the chain recorded.

Orders, cancels, leverage changes, key registration and withdrawal requests are venue transactions. Look one up with:

The answer carries the transaction's status code and the matching-engine event with the fill price and size:

• 0failed
• 1pending
• 2executed
• 3packed
• 4committed
• 5verified

• Client order index: chosen by ConaPerps when it signs the order, unique per order.
• Order index: assigned by the venue when it accepts the order.
• Market index: the venue's market id (BTC 1, ETH 0).

The venue's active and inactive order lists return the same identifiers with the order's status and filled amounts. They are private reads: they need an auth token signed by your registered trading key.

Approvals and deposits are ordinary Robinhood Chain transactions sent by your wallet. Open the hash on Blockscout: https://robinhoodchain.blockscout.com/tx/<hash>. A deposit is a call to the venue contract with selector 0x8a857083, which is deposit(address,uint16,uint8,uint256), carrying USDG asset 3 and route 0.

Orders are signed by the official lighter-go WASM signer, pinned to one build. ConaPerps checks the file's SHA-256 against the pinned value before it loads it.

To check it yourself, download /signer/lighter-signer.wasm from this site and hash it (for example with sha256sum); the result must equal the SHA-256 above. The binary's source is the web-wasm directory of lighter-go at the pinned commit, where it can be read and rebuilt.

Robinhood Chain Testnet: chain 46630, explorer explorer.testnet.chain.robinhood.com, USDG 0xF694…6220. Its venue API base is api.rh-testnet.lighter.xyz and its signing chain id is 300; no testnet account was funded during the build.

• Chain reads (balances, allowances, receipts, simulations) go to /api/rpc, a same-origin relay that forwards read-only JSON-RPC methods to rpc.mainnet.chain.robinhood.com, falling back to robinhood-rpc.publicnode.com and robinhood.drpc.org. It relays no transactions: your wallet sends approvals and deposits itself.
• Market data comes from ConaPerps server routes (/api/markets, /api/candles, /api/book, /api/funding, /api/account) that read the venue's public API and cache it for a few seconds.
• Signed venue transactions (key registration, orders, cancels, leverage, withdrawals) go from your browser directly to the venue's sendTx endpoint.

No secrets are required to run ConaPerps: signing happens in the visitor's browser, and every read uses public endpoints.

• NEXT_PUBLIC_NETWORK

  Purpose

  Network this build targets: robinhood (chain 4663) or robinhood-testnet (chain 46630). One build, one network.

  When unset

  robinhood

• NEXT_PUBLIC_SITE_URL

  Purpose

  Public origin of the deployment, for metadata and canonical links.

  When unset

  Vercel production URL, else http://localhost:23500

• NEXT_PUBLIC_EXECUTION

  Purpose

  “live” lets a visitor register a trading key and sign venue transactions; anything else keeps the terminal read-only (market data, calculators, balances and deposits stay available).

  When unset

  read-only

• NEXT_PUBLIC_VENUE_API_KEY_INDEX

  Purpose

  API key slot ConaPerps registers on the visitor’s venue account. Slots 0–3 belong to Lighter’s own apps.

  When unset

  11

• RPC_UPSTREAM_URL

  Purpose

  Server-side upstream for the /api/rpc relay. A provider endpoint (Alchemy) is better than the rate-limited public RPC in production.

  When unset

  the network’s public RPC

• UPSTREAM_DOH

  Purpose

  Set to 1 where the DNS resolver hijacks *.robinhood.com: the RPC host is resolved over DNS-over-HTTPS and TLS is still verified.

  When unset

  off

• VENUE_API_BASE

  Purpose

  Server-side override of the venue API base.

  When unset

  the network’s Lighter domain