Poketrade Docs

Overview

Poketrade lets you take a position on a Pokémon card's price without ever owning the card. Each contract is a standard call or put on a specific graded card at a fixed strike, expiring on a set date and settling in cash.

• 55 listed cards across Base Set, Jungle, Fossil, Neo, Team Rocket, 151, Evolving Skies and more — from Pikachu (~$8) to Moonbreon (~$2,240) and Lugia (~$1,300).
• Real prices. Each card's spot is its live TCGplayer market price, pushed on-chain to a price oracle.
• Fully collateralized. A single vault is the counterparty on every trade and is backed 1:1, so it can always pay.
• Cash-settled in USDG — a 6-decimal stablecoin on Robinhood Chain.

The four trades

Every position is one of four building blocks. Two are long (you pay premium, defined risk), two are short (you collect premium, take on obligation).

How prices work

Two prices matter: the underlying (what the card is worth) and the premium (what the option costs).

Underlying — the card's spot

Each card's spot is its live TCGplayer market price from the Pokémon TCG API. An off-chain keeper pushes these to the on-chain PriceOracle so every quote and settlement references the same number. Prices refresh on a schedule; the oracle rejects stale data.

Premium — the option's price

Premiums are quoted by a Black-Scholes engine using the oracle spot, the strike, time to expiry, a risk-free rate, and a per-card implied volatility (collectibles are volatile, so IVs run high). The vault, being the counterparty, adds a house edge on top of fair value:

• Buyers pay fair value +40%.
• Writers receive fair value −40%.

That spread is what accrues to liquidity providers over time. It also means, on average, buyers pay up for convexity and the pool is compensated for taking the other side.

The options chain

Open the terminal, pick a card from the market list, and you'll see its chain: a ladder of strikes around the current spot, each with a call and a put. For every strike you get the live premium, implied volatility, and delta.

• Pick a strike and an expiry, choose Buy/Sell and Call/Put.
• The ticket shows premium, total cost, breakeven, max profit/loss, collateral required, and the position Greeks.
• A payoff diagram previews your P/L at expiry before you place the order.

Settlement

Contracts are cash-settled against the oracle price. There is no physical exercise, no shipping, and no grading disputes.

• Buyers may close (exercise) any time; anyone may settle a position once it has expired.
• Payout = capped intrinsic value. A long's maximum loss is exactly the premium paid.
• Writers post full collateral (their max loss) up front and receive the premium. At settlement the vault takes the capped intrinsic from that collateral; the writer keeps the rest.

Liquidity pool

The vault is the house, and its liquidity comes from LPs. Deposit USDG on the pool page and your share takes the other side of every option traded, collecting the premium spread over time.

How it works

The Poketrade vault is the sole counterparty on every option contract. When a trader buys a call or a put, the vault locks the collateral and collects the premium. When a writer sells an option, the vault pays out the premium from its reserves. Every premium is quoted at Black-Scholes fair value plus a 40% house edge. Over many trades, that edge accrues to the pool and grows the value of each LP share.

Pool stats

The pool page shows four numbers in real time:

• Pool TVL — the total USDG deposited by all LPs. This is the vault's total equity.
• Free liquidity — the USDG not currently locked as collateral on open positions. This is what's available for new trades.
• Utilization — the percentage of pool funds actively backing open options. Higher utilization means more premium is flowing to the pool, but less room for new trades.
• USDG / share — the net asset value (NAV) per LP share. Starts at 1.0000 and grows as the pool earns the house edge. If NAV is above 1, the pool has been profitable.

Depositing

1. Open the pool page and select Testnet or Mainnet in the top-right corner.
2. Click Connect Wallet and choose MetaMask (or any injected EVM wallet). The app will prompt you to add Robinhood Chain if it's not already in your wallet.
3. On testnet, click Get test USDG (faucet) to mint free test tokens. On mainnet you need real USDG on Robinhood Chain.
4. Enter the amount of USDG to deposit. The preview shows how many LP shares you'll receive and your pool share after the deposit.
5. Click Deposit USDG and confirm the transaction in your wallet. Two approvals may be required: one to approve the USDG spend, and one to execute the deposit.

Withdrawing

1. Switch to the Withdraw tab on the pool page.
2. Enter the USDG amount you want back (or click MAX). The preview shows how many shares will be burned.
3. Click Withdraw USDG and confirm in your wallet.

You can withdraw any time, but only free liquidity is available. If the pool is fully utilized (all funds are backing open options), you'll need to wait until positions expire or are closed.

Locked markets

Cards whose collateral requirement exceeds the pool's free liquidity show as locked (with a lock icon) in the terminal. They unlock automatically as liquidity grows or as existing positions settle. Cheaper cards unlock first.

Risks

• Directional risk. The pool takes the opposite side of every trade. If many traders are profitable at once, the pool NAV can drop below 1.
• Utilization risk. At high utilization, your USDG is locked and you cannot withdraw until positions expire.
• Smart contract risk. The contracts are experimental and unaudited. Only deposit what you can afford to lose.

Get started

• 1. Connect a wallet. Any injected EVM wallet (MetaMask, Rabby, Coinbase, Trust). The terminal adds/switches to Robinhood Chain for you.
• 2. Get USDG. On mainnet you need real USDG; on testnet use the faucet on the pool page.
• 3. Trade. Pick a card, strike and expiry, review the ticket, and place the order.
• 4. Or provide liquidity. Deposit USDG in the pool to earn the house edge instead of trading.