TRADE. LONG OR SHORT. UP TO 50X.
Punch runs GMX v1 mechanics: oracle-priced execution against the chain's own KLP pool, so there is no order book to walk and no price impact from your own size. Here is everything a trader needs to know.
MARKETS ON FLOW EVM
| Token | Role | Oracle |
|---|---|---|
| PYUSD0 | Strict stable, 6 decimals | Fixed price feed |
| WFLOW | Long / short | Pyth |
| WBTC | Long / short, 8 decimals | Pyth |
| WETH | Long / short | Pyth |
PYUSD0 is the strict stable of the pool: collateral and settlement for shorts. WFLOW, WBTC, and WETH are all shortable. Contract addresses live in Chains & Contracts.
LEVERAGE & POSITION RULES
- Maximum leverage: 50x (vault-enforced).
- Minimum profit rules apply on volatile tokens: a position must clear 1.5% (150 bps) of profit if closed within the first 180 seconds, which blunts oracle-latency scalping.
- Liquidation fires when collateral no longer covers losses plus fees. Liquidations execute against oracle prices, and on Punch, getting liquidated earns the maximum 5x trade-to-earn multiplier (see Lose-to-Earn).
FEES
| Fee | Rate | Notes |
|---|---|---|
| Open / close position | 0.10% of position size | Charged on entry and exit |
| Borrow fee | ~0.01% per hour | Paid by open positions to the pool, scales with utilization |
| Swap (pool) | 0.04% – 0.30% | Dynamic, based on whether the swap improves pool balance |
| Liquidation | $5 flat | Paid to the keeper network |
Protocol fees split 50/30/20: 50% to the local KLP pool's holders, 30% to protocol operations, and 20% to sPUNCH stakers. All of it is paid in the fee tokens themselves, not in emissions.
ORACLE & EXECUTION
Prices come from Pyth with a fixed-price feed for the strict stable. Pyth on Flow is a pull oracle: prices go stale after 60 seconds unless someone pushes an update on-chain. Punch does not run a 24/7 price pusher (that would cost thousands of FLOW/day). Instead, actions that read price synchronously bundle a Hermes price update in the same transaction; the user pays the oracle fee via getUpdateFee(updateData).
| Action | Bundle update? |
|---|---|
| KLP deposit / withdraw | Yes: prices full basket (all 3 Pyth feeds) |
| Router swap | Yes: prices tokens involved in the swap |
| Open / close position (market) | No: queued; keeper executes with fresh price |
| Limit / trigger orders | No: keeper executes at fill time |
Two safety gates apply to every Pyth-priced execution:
- Staleness: a price older than 60 seconds is rejected.
- Confidence: a price with a confidence interval wider than 50 bps of price is rejected.
Market orders are picked up and executed by keeper bots against a fresh oracle price; limit and trigger orders wait until their price hits, then execute. The keeper pays Pyth fees from the KeeperExecutor contract balance (separate from LP/swap user-funded updates).
CONNECTING
NETWORK DETAILS
Chain: Flow EVM (chain ID 747)
RPC: https://mainnet.evm.nodes.onflow.org
Explorer: https://evm.flowscan.io
Punch supports standard EVM wallets plus the native Flow Wallet. Access to the trading interface is restricted in some jurisdictions; see Risk & Disclosures.