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What Tickers is

Tickers is a live-markets arcade and NFT ecosystem built on Elysium, the Hyperliquid L2.

Players trade select perp markets through multiple gamified frontends, using synthetic swaps at up to 1000x leverage. Wins are paid from the vault, and losses, liquidations and fees accumulate in it. Listed markets are priced from the HyperCore order book and the vault runs no book of its own, so there is no slippage and no funding cost.

A native launchpad adds new coins to the arcade. Games on a launch coin are played on the same deep markets as everything else, with multiples of the coin as the prize.

The vault is the central component and the main beneficiary of the ecosystem's economic activity, and it is owned by holders of the Tickers collection.

The parts

• The games. TapRider, CoinRun, PerpStars and Multiplier. Positions you open and close, predictions you place on a grid, and tables where players compete for a pot.
• The vault. One pool of capital takes the other side of every house game, seeded at launch by the Tickers NFT mint. Once it is above its working floor, revenue is distributed equally to qualifying Tickers, half in HYPE and half in KNTQ, which the vault buys on the open market.
• $SPAWN. The ecosystem token. 90% of supply is locked across the 5,000 Tickers at mint and the remaining 10% seeds the LP. Locked $SPAWN unlocks only when its holder loses through play, starting at 200 $SPAWN per dollar lost and then adjusting inversely to the token's FDV. A share of vault revenue buys $SPAWN on the open market and burns it.
• The collection. 5,000 characters that own the vault. Every Ticker arrives with a locked allocation of 180,000 $SPAWN, the exact amount needed to qualify for vault revenue once the vault is above its working floor. A Ticker that joins a launchpad presale also receives a locked allocation of 100,000 of that coin on top of what it buys, with a daily shot at unlocking it.
• The launchpad. Anyone can launch a coin by burning a small amount of $SPAWN, and anyone can buy into its fixed-price presale. Once the raise fills, the coin starts trading and becomes a game. Every 24 hours, one random Ticker has its allocation of that coin unlocked. Once a coin launches, its creator earns a share of both trading and gaming fees.
• Studios. Outside developers build new games on the Tickers engine, choosing from approved presets that fix the payout maths, risk, markets and exposure caps. They own the frontend and the protocol owns the economics, and a new title launches with liquidity, an audience with funded wallets and markets to play on. Verified studios earn a share of the volume their game generates, and the launchpad keeps supplying new coins to build games around.

What makes it different

Tickers is a fair-launched, experimental arcade finance ecosystem that brings together DeFi, NFTs and live markets in entertaining and innovative ways. The ecosystem token has no team supply, no investors and no unlock schedule — 90% of it is locked across the collection at mint, and that share reaches the market only through realized holder losses. Tickers is built around a single idea: to create a viable sandbox and the infrastructure for the core team and outside studios to build, innovate and experiment at the intersection of finance and entertainment.

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How it fits together

When gaming meets trading meets DeFi.

The loop

1. Players play. Every game surface routes through the same settlement engine.
2. The house collects. Losses, liquidations and the fee on winning closes credit the vault.
3. $SPAWN unlocks. Supply is fixed at launch, with 90% locked across the collection. For every dollar lost on a close or a liquidation, $SPAWN unlocks in the player's Ticker, starting at 200 per dollar and adjusting inversely to the token's FDV. The token is liquid from day one on a project-funded LP.
4. Holders are paid. Above the working floor, vault revenue goes to Tickers holding enough $SPAWN to qualify, half in HYPE and half in KNTQ, which the vault buys on the open market.
5. $SPAWN gets bought back. A share of vault revenue buys $SPAWN on the open market and burns it.
6. Creators launch. A coin launched through the Tickers launchpad starts trading and becomes a game the day its presale fills. Coins with their own IP can launch with custom games built around them, giving coin holders another surface to speculate on and to engage with the IP and each other.

Two systems, one engine

The house games and the launchpad-coin games share the settlement engine, the Ticker holder benefits and the frontends, but each pays out from its own capital under its own rules.

The vault is liquid from the day the protocol goes live. Seeded by the mint proceeds, it backs leveraged positions on deep markets priced from the HyperCore order book. Every house game draws on it, and players win multiples of their USDC, with up to 100x upside.

Launchpad coins are funded by their own presales, which seed the coin's liquidity pool for instant trading, while the prize pool comes from the coin's own allocated supply. Players bet USDC on the same markets through the same frontends but win higher multiples of the bet, paid in the coin from its prize pool, which makes launchpad games the higher-payout way to play. Losses and liquidations generated by these frontends are split three ways among the buyback, the creator and the vault, and the buyback share buys the coin from the LP and burns it.

Start

Quick start

What you'll need

• An EVM wallet. MetaMask, Rabby, Rainbow or anything that works with WalletConnect.
• USDC on Elysium to fund your balance.
• A Tickers NFT, if you want to earn a share of vault revenue and unlock $SPAWN if you lose.

The Ticker is optional. Every game is playable and wins are real without one.

1. Connect

Go to tickers.world and connect your wallet. Tickers NFT holders get a deeper layer of the arcade: live vault stats and payout tracking, in-game wallet and asset management, and a holder-only clubhouse to chat, challenge and play against other people.

2. Deposit

USDC lands in a unified balance that works across every game. Bridging from HyperEVM to Elysium takes about a minute. Coming from another chain means getting to HyperEVM first.

3. Approve a session

One signature authorises opening and closing positions for a limited time, up to a spending cap. That's what lets you play at tap speed without signing each action.

Withdrawals always need your main wallet. A session key can never move funds out.

4. Play

Pick a game, a market, a direction and your size. You enter at the HyperCore mid the moment you start, and your PnL is calculated from that entry.

Some games let you build a position in layers. In TapRider every tap adds to it, and your entry becomes the average of everything you've put on at different levels.

You pay no gas. Transactions are relayed.

Holding

Every Ticker arrives with a locked allocation of 180,000 $SPAWN, the exact amount needed to qualify for vault revenue, paid in HYPE and KNTQ once the vault is above its working floor.

$SPAWN unlocks only when you lose through play. Every dollar you lose on a close or a liquidation unlocks $SPAWN in your Ticker's wallet, starting at 200 per dollar and adjusting inversely to the token's FDV.

Unlocked $SPAWN can be sold, but a Ticker qualifies for vault revenue only while its wallet holds its full allocation, so selling any of it ends the share until the balance is restored.

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FAQ

Is this a casino?

It is a set of games priced from live markets. Outcomes follow real price movement, the games use no random number generator, and results can be verified against chain state.

That said, it is leveraged speculation with short holding periods, and most participants in short-horizon leveraged trading lose money. See Risk.

Where does the randomness come from?

The games have none. Price movement is the outcome, and nobody, including us, can pre-compute where a market will be in thirty seconds, so there is no entropy source to trust.

The one random element is the daily draw on launched coins, which picks a single Ticker from those that played that day. See The daily draw.

Who is the counterparty?

On house games, the vault, which is seeded by the mint and built up by losses and fees. On launchpad coins, the coin's own prize pool. On tables, the other players. See How it fits together.

Can the house lose?

Yes. The vault takes the other side of every house position, so a run of winning players draws it down. It manages this by hedging its net exposure once hedging is live, capping what it can owe at any moment, and queueing payouts if they exceed free capital. See Positions and risk.

What stops the price being manipulated?

Every game is priced from Hyperliquid's order book, and moving a market that deep costs far more than any position in the arcade could pay out. The guard checks that each price read is fresh and agrees with an independent mark before a position can open. See Pricing.

Do I need a Ticker to play?

No. Anyone can play. A Ticker is what earns you a share of vault revenue and unlocks $SPAWN when you lose. For every presale it joins, it also receives a locked allocation of that coin, with a daily shot at unlocking it.

How do I get my money out?

You can withdraw your balance at any time. Withdrawals need a signature from your main wallet, since a session key can never withdraw.

The arcade

The games

The arcade has three kinds of game.

Positions are opened at a price, carry live PnL, and end when something closes them. The vault takes the other side.

Predictions cost a fixed amount and pay a fixed multiple if a condition is met before it expires.

Tables put players against each other for a pot, with the house taking a rake.

Positions

You open at a price, your PnL moves with the market, and the position ends when you close it, when a clock closes it, or when it runs out of margin.

Predictions

Multiplier is the prediction game. You tap a price zone on a grid, and it pays its multiple if price reaches that zone before it expires. Your risk is whatever you tapped, the payout is fixed at placement, and there is no position to manage.

Tables

CoinRun Versus races up to five players over the same clock. Everyone picks their own market, direction and leverage, and the field is visible the whole way. Furthest along at the buzzer takes the pot.

PerpStars is high-stakes poker played with leveraged positions. Everyone bets the same amount blind, nobody sees what market, direction or leverage anyone else picked, and the only thing on the table is each player's live PnL. Cards are dealt between rounds and can be played to strengthen your own hand or wreck someone else's. Highest PnL at the buzzer takes the pot.

Launchpad coins

Coins launched through the pad run on both Multiplier and CoinRun. Players bet USDC on BTC or ETH, the same deep markets as every other game, and win multiples of the bet, paid in the coin from its prize pool. See the launchpad.

What is shared

Every game reads the same price, respects the same guard and settles through the same engine. One balance and one session key cover all of them.

A new game is a configuration entry on the existing protocol, so the arcade adds titles without changing anything underneath.

The arcade

TapRider

Ride it as long as your nerve holds.

Pick a direction. The position opens at the live mid. The chart runs, your PnL moves, and the liquidation line sits in view the whole time. Tap to close.

Scaling in

Tapping the same direction again adds to the position. The new tap fills at the current price, which changes your average entry and moves the liquidation line.

Adding while the position is against you genuinely buys room — it moves the price at which you bust further from the market. It also raises the amount at stake, and each tap buys less room than the one before while adding the same exposure. The liquidation line moves visibly with every add, so you can see what each one is worth.

Getting liquidated

The line drawn on the chart is the price at which the contract acts. When price reaches it, the position closes and the remaining margin is forfeited in full.

Each position is isolated, so the most you can lose is the margin you put into it. The rest of your balance is untouched.

Closing a moment before the line returns whatever equity is left.

The arcade

CoinRun

One run, one shot. You watch a racer move.

Pick a market, a direction and a leverage level. The run lasts between one and three minutes on a hard-capped clock.

Watching a racer instead of a number

Every racer moves at a baseline pace. Profit adds to that pace, loss subtracts from it, and a position deep enough underwater brings the racer to a standstill.

Distance is pace accumulated over the whole run, so a racer who holds a modest profit throughout ends up ahead of one who spikes early and gives it back. In Solo the racer is how your PnL is drawn. In Versus it is what decides the race.

Leverage is the racing line

A jumpy market at high leverage can put a racer half a track ahead in forty seconds. It can also stall them for the rest of the run, or end the run instantly through liquidation.

Because the clock and the baseline pace are both fixed, high leverage buys variance. Picking a spicier market is a view on that market, and that view is what the game is about.

Liquidation

A liquidated racer stops where they are. There is no recovery inside the time remaining.

Solo

A timed run against the market. Finish with your PnL in the green and you keep the profit. Finish in the red and the vault keeps what you lost.

The vault is the counterparty, so Solo runs only on the deepest, most established markets. See Pricing.

Versus

A race against people. Two to five racers each pick their own market, direction and leverage, and everyone can see how far along everyone else is.

Everyone pays the same entry and the winner takes the pot, less a rake. At the buzzer, the racer furthest along wins, even if everyone is underwater. A liquidated racer is out, and their entry stays in the pot for whoever survives.

Positions in Versus are simulated against live prices. They decide the race, and nothing settles against the vault, so the stakes are set by who wants to play.

A race that starts with fewer than five is a real race with a smaller pot, and the house never fills an empty seat.

Launchpad coins

CoinRun runs for launchpad coins too. Players bet USDC on BTC or ETH, and wins are paid in the coin from its prize pool. See the launchpad.

The arcade

PerpStars

High-stakes poker, played with leveraged positions.

Everyone at the table bets the same amount. Nobody sees what market, direction or leverage anyone else picked. The only thing on the table is each player's live PnL.

The table

Up to eight seats. Three rounds of betting, bound by a clock.

Every round, each player puts in the same amount and opens one position. Market, direction and leverage are theirs to pick and nobody else's to see. After three rounds every player is carrying three blind positions and the pot holds everyone's stake.

The pot stays whole until the end, and nobody can take money off the table.

What everyone can see

Each player's running PnL, updating live.

You know exactly who is winning and you have no idea why. A player up forty percent could be riding a small move at maximum leverage or a large one at minimum, on any market on the board.

Cards

A card is dealt to each player after every round. You have to play at least one card after the second round to be dealt a third, so nobody arrives at the clock holding everything.

Hand Buster — reveals one opponent's position in full: market, direction and leverage.

Take Profit — locks one of your positions at its current PnL. It stops moving for the rest of the game and your money stays in the pot. You are buying certainty and giving up the rest of the run.

Momentum Flip — reverses one of your own positions from long to short or short to long. The table sees that you played it. Nobody sees which position you flipped.

Stop Loss — sets an automatic exit on one of your positions.

Emergency Shield — blocks a card played against you. Held and played in response, with a few seconds to decide.

The clock

After the third round the clock starts and runs for ninety seconds. Cards can be played at any point during it.

Highest PnL when the clock hits zero takes the pot.

Getting liquidated

Pick 1000x and lose the position, and your money stays in the pot for somebody else to win. A wiped player keeps their seat and their cards, which makes them useless on the scoreboard and dangerous in the last thirty seconds.

The vault is not involved

Positions in PerpStars are simulated against live prices. They move like real positions and decide who wins, but nothing settles against the vault. The pot is the only money in play, and the house takes a rake from it.

Formats

Head-to-head, full tables, tournaments and battle royales all run on the same rules. Longer formats add rounds and cards, and positions stay hidden throughout.

The arcade

Multiplier

Tap where you think price is going. If it gets there, you get paid.

A grid of price zones sits ahead of the live chart, each one showing what it pays. Tap a zone to place a bet at your chosen size. If price enters that zone before the line sweeps past it, the zone pays its multiple.

Reading the grid

Each zone is a hex that covers a price range over a short window of time. The grid scrolls as the round runs, so zones move toward the price line and expire behind it.

Multiples are set by how far a zone sits from the current price and how much time is left to reach it. Zones next to the line pay a few times your bet. The furthest ones pay up to 200x, or up to 100x on launch coins.

The winning condition

Price has to touch the zone. It does not have to stay there or finish there. One tick inside is a win and the payout settles immediately.

A zone that expires without being reached costs you the bet placed on it.

Tapping more than once

Every tap is its own bet. Many players keep several live at once, laddering zones in the direction they expect price to move, or spreading across both sides of the line.

Bet size is set once and applies per tap, so ten taps means ten identical bets.

The round

Everyone in a round sees the same grid, the same price line and each other.

Other players appear with their character and their running PnL. If somebody is up two hundred dollars, everyone else in the round sees it while it happens.

Zone limits

A zone can only take so many bets before it fills. As bets accumulate, its posted multiple falls for later taps, and once it reaches its limit it stops accepting taps for that round.

Tickers

The collection

5,000 characters. Original IP created with the culture of trading as its main theme. Colorful archetypes you have met in the trenches, meticulously hand-drawn with over 800 unique traits and dozens of 1/1s.

What a Ticker does

It owns the house. Mint proceeds seed the vault, and holders are the counterparty to the house games.

It earns. Every Ticker arrives holding a locked allocation of 180,000 $SPAWN, the exact amount needed to qualify for an equal share of vault revenue. It is paid half in HYPE and half in KNTQ once the vault is above its working floor.

It unlocks. Every realized loss unlocks part of that allocation. Unlocked $SPAWN can be sold, at the cost of the vault revenue share. See Qualifying.

It gets an extra bag. A Ticker that joins a launchpad presale gets a locked allocation of that coin on top of what it buys, and a daily shot at unlocking it. See The daily draw.

It holds a wallet. Everything above lands in the Ticker's own wallet and travels with it when it sells. See Token-bound accounts.

Tickers

Token-bound accounts

Each Ticker has its own ERC-6551 account: a wallet with its own address, tied to the NFT and able to hold and move assets.

Its $SPAWN allocation, vault revenue and the coins it receives from launchpad presales and daily draws are held in this account, separate from the wallet that owns the NFT.

Why the assets live in the NFT

Qualifying for vault revenue depends on the account holding its full 180,000 $SPAWN allocation. Keeping that balance in the Ticker's own account makes the entitlement a property of the asset, so it can be read, traded and priced like any other trait.

It also means one wallet can hold ten Tickers as ten separate positions, each with its own allocation and its own qualifying state, without any of them netting against the others.

And because everything a Ticker accumulates stays inside it, a listing carries its full state. What it holds and whether it qualifies are both visible on chain before anyone bids.

Practicalities

The account is created through the standard ERC-6551 registry and controlled by whoever holds the NFT. Distributions are claimed through the Tickers dashboard.

Tickers

Qualifying

Every Ticker starts out qualifying for a share of vault revenue. Whether to keep it is a coordination game.

The qualifying balance

A Ticker qualifies while its wallet holds its full allocation of 180,000 $SPAWN, locked or unlocked. It arrives holding exactly that, so it qualifies from the moment it mints.

There is no headroom. Selling any part of the allocation drops the wallet below 180,000 and the Ticker stops receiving vault revenue until the balance is back at 180,000. Topping it up from the open market restores the share.

Unlocking

The allocation is locked at mint. Losing unlocks it — every dollar lost on a close or a liquidation unlocks $SPAWN, starting at 200 per dollar and adjusting inversely to the token's FDV. Unlocked tokens become sellable. See Unlocking.

Every unlock gives a holder the same choice: sell the tokens or keep the share.

Above the allocation

A wallet holding more than 180,000 $SPAWN raises that Ticker's trading limits. Qualification itself does not scale — the share of vault revenue is the same for every qualifying Ticker.

Measured at distribution

Qualification is checked at the moment revenue is distributed. A wallet holding its full allocation then takes its share for that cycle.

It travels with the NFT

The $SPAWN sits in the Ticker's own wallet, so a Ticker sold while qualifying arrives at its new holder still qualifying. A Ticker sold with its balance below 180,000 arrives not qualifying, and a buyer can see which before they bid.

Per Ticker

Every Ticker qualifies on its own. Holding ten gives you ten shares; selling down one leaves the other nine untouched.

The game theory

The Tickers' share of vault revenue is split among the Tickers that qualify. Every holder who sells down and drops out leaves the same pot divided fewer ways, so the share of everyone still holding goes up.

That makes holding worth more the more people fold, and it puts every holder in the same position: sell the tokens now, or keep the share and collect from whatever the vault earns.

How large that share gets depends on how much the vault earns and how many Tickers are still qualifying when revenue is distributed.

The engine

How it works

One settlement engine sits under every game. The games are frontends; the engine prices, settles and keeps score.

The parts

Engine. Tracks balances, opens and closes positions, settles PnL.

Dispatcher. The entry point. Takes many signed intents at once so several players' taps settle inside a single transaction.

Keys. Session keys. A player authorises a scoped key once and signs individual actions off-chain with no wallet popup. Revoking is always a direct action from the main wallet, and a session key can never withdraw.

Feed. The price source, read from Hyperliquid's order book.

Vault. Capital for the house games. Reserves against open positions, pays winners, takes losses.

Unlock. Releases locked $SPAWN into a Ticker's wallet when a loss is realised.

A game end to end

A signed intent reaches the relayer and goes to the Dispatcher in a batch. The Engine reads the price, checks the guard and opens the position, after reserving its maximum possible payout against free vault capital.

On close it settles PnL, takes its fee from profit only, updates the player's balance and, for a Ticker holder, releases $SPAWN if the close was a loss.

Balances are internal, so no funds move on-chain per trade, which is what lets one balance work across every game. Transactions are relayed, so players pay no gas.

What backs a position

House games settle against the vault. Tables settle from a pot the players fund. Launchpad games settle from that coin's prize pool.

The reserve rule applies to the vault only. A table reserves nothing, because the money is already on the table.

The engine

Pricing

Every position in the arcade is priced from Hyperliquid's order book. Nothing is quoted by the protocol itself.

Reading the book

Execution price is the live mid, read by the contract at the granularity the book itself runs at. Nothing is pushed on-chain ahead of time and nothing is stored between reads.

A conventional price feed updates on a deviation threshold or a heartbeat. At 1000x a half-percent band is five times the margin, so a position could open, liquidate and reopen several times inside a single update. Reading a live book holds up far better at this leverage.

The guard

Three checks run before a position opens or settles.

Freshness. Every price carries the block it came from. A stale reading is refused.

Agreement. The execution price is checked against an independent mark. If the two disagree beyond a tolerance, opening is refused.

Minimum move. Gains below a per-market threshold do not register. With no slippage and no fee on notional, scalping the mid would otherwise be close to free at high leverage.

The first two exist because a feed can fall behind, stall or return a bad tick, and a stale price at high leverage is worth more to a bot with a faster feed than it is to you.

Which markets

BTC and ETH to start, both at up to 1000x. Deep books are what make reading the mid safe at that leverage, and the list grows as more markets qualify.

Launchpad coins never appear on it. Their games run on the same deep markets, and the coin is the prize.

Pausing a market

A market can be paused when something is clearly wrong with it. Opens stop, and closes settle at the price captured the moment the pause was called, so nobody is trapped in a position while the book moves without them.

This is the only real-time lever anyone has over pricing. Everything else runs at the cadence of normal contract changes.

The engine

Positions and risk

The largest unresolved risk is latency between the market and the contract.

Reading a price that is already old

Execution price is read from Hyperliquid's order book, and that read reaches the contract some fraction of a second behind the market itself. At 1000x, where margin is exhausted inside a ten basis point move, that gap has value.

A participant with a direct connection to the exchange sees a move before the contract does and can open against a price that has already gone stale. The cost of that lands on the vault.

What reduces it

Freshness bounds. A reading past its age limit is refused, which caps how far behind the market the contract can be when it acts.

Pricing after inclusion. An open settles against the first market state newer than the block it was included in, so the fill price cannot be known when the intent is sent.

Minimum move. Gains below a per-market threshold do not register, which removes the smallest and most repeatable version of the trade.

Per-side exposure caps. Long and short exposure are capped separately per market, bounding how much directional risk can accumulate from any single pattern of flow.

None of these proves latency arbitrage unprofitable. They reduce the payoff and bound the exposure. Leverage ceilings are set lower while the slower price path is in use, for the same reason.

Where the price comes from, and who attests it

Hyperliquid publishes no state proofs, so the read is attested by the sequencer of the chain the arcade runs on and cannot be proven against Hyperliquid itself. That is a dependency on an operator.

Admin surface

Pause. Can halt opens on a market and freeze the price closes settle against. Cannot move balances, cannot block a close, cannot change a liquidation line that has already been drawn.

Keeper. Moves per-side exposure caps and runs liquidations. Setting a cap to zero stops new opens on that side. Closes continue at the live price.

Owner. Holds parameters, market listings and contract upgrades behind a timelock. The contracts are upgradeable, so the practical limit on what the owner can do is what a new implementation could be written to do. The timelock exists so that any such change is visible before it executes.

What no role can do

Move capital out of the vault outside its published rules. Freeze a withdrawal. Take a position against a player. Alter a settled result.

The one route to changing any of this is a contract upgrade, which runs behind the timelock.

Vault solvency

The vault is the counterparty to every house position, so a sustained run of winning players draws it down.

Exposure is bounded before it is taken. Every position reserves its maximum possible payout from free capital the moment it opens, and one that cannot be reserved is refused. Long and short exposure are capped separately per market. The vault is seeded at launch by the mint, so it has real capital behind it from the first position.

If payouts ever outrun free capital, they queue and are paid in order as the vault refills. Positions are never cancelled and games keep running, but a winner in the queue waits, and the buyback and distributions both stop until it clears.

A larger vault is also a larger target, since the payoff from finding a flaw scales with what is in it. Exposure limits are raised deliberately as it grows, and the working floor stops growing at $1M for the same reason. See Revenue and distribution.

Audits

Audit status and the exact scope of what was and was not reviewed are published before the vault accepts real capital.

The house

The vault

The vault is the counterparty to the house games. Players win from it and route loses and liquidations into it, and the Tickers collection owns it.

Where it comes from

Seeded at launch from the Tickers mint, then grown by what the games collect. It holds real capital from the first position onward.

What it does not back

Tables are player against player, so the vault reserves nothing and risks nothing there. Launchpad games settle from that coin's prize pool.

The working floor

The vault holds a floor of capital that is never distributed. Revenue above it goes to qualifying Tickers and the $SPAWN buyback. See Revenue and distribution.

Rules fixed at deploy

• No administrative sweep. Nobody can move capital out of the vault outside its published rules.
• No administrative freeze on withdrawals. Deposits can pause; exits cannot.
• Protocol fees are charged on what the vault has collected, never on principal.

The house

Revenue and distribution

The working floor

The vault holds a floor of working capital that is never distributed. The floor rises as the vault grows, up to a maximum of $1M, and until it gets there a share of revenue stays in the vault and compounds. Deeper capital means higher position limits and bigger games. Past the maximum the vault stops getting deeper, and all of its revenue goes to qualifying Tickers and to the $SPAWN buyback.

If the vault falls below $1M, all of its revenue goes back into the vault until it is restored. Distributions and the buyback pause in the meantime.

Where revenue goes

Vault revenue is split between qualifying Tickers and the $SPAWN buyback.

What it is paid in

The Tickers' share is paid 50% in HYPE and 50% in KNTQ. At each distribution the vault buys both on the open market and pays them out to qualifying Tickers, so every distribution is also a market buy of HYPE and KNTQ.

Who receives it

Every Ticker holding its full allocation of 180,000 $SPAWN, locked or unlocked, receives an equal share of the revenue distributed to Tickers. Each Ticker qualifies on its own, so a holder of ten qualifying Tickers receives ten shares. Holding more than the required 180,000 $SPAWN per Ticker raises trading limits but leaves the vault share unchanged. See Qualifying.

Distributions are claimed through the Tickers dashboard.

The buyback

The buyback share of revenue buys $SPAWN on the open market and burns it. See Buyback and burn.

$SPAWN

The ecosystem token

Mechanics and distribution.

Where it comes from

Supply is fixed at launch. 90% is locked equally across the 5,000 Tickers at mint, 180,000 each, and the remaining 10% seeds the LP.

There is no team allocation, no investors and no unlock schedule. The locked share reaches the market only when a Ticker's holder takes a loss in the arcade, starting at 200 $SPAWN per dollar lost and adjusting inversely to the token's FDV. See Unlocking.

What it does

• Qualifying. A Ticker earns a share of vault revenue while its wallet holds its full 180,000 $SPAWN allocation, locked or unlocked. See Qualifying.
• Launching. Anyone launching a coin through the launchpad burns a small amount of $SPAWN.
• Trading limits. Holding more than 180,000 $SPAWN in a Ticker's wallet raises that Ticker's trading limits.

Supply

One billion tokens, ERC-20, fixed at deploy and reduced only by burns.

$SPAWN

Unlocking

Every Ticker arrives holding a locked allocation of 180,000 $SPAWN. Losing in the arcade is the only way to unlock it.

Each dollar lost on a close or a liquidation unlocks $SPAWN into that Ticker's wallet, starting at 200 per dollar and adjusting inversely to the token's FDV.

Anyone can play without a Ticker and win real money. Only Tickers unlock $SPAWN.

Priced in value

The unlock rate is pegged to the token's fully diluted valuation (FDV). At the launch FDV of $500k, a dollar lost unlocks 200 $SPAWN. As the FDV rises, the rate falls to match: 20 $SPAWN at $5M and 2 at $50M.

It moves the other way too, up to a cap. Below $100k FDV the rate stops at 1,000 $SPAWN per dollar lost.

What unlocking costs

A Ticker earns vault revenue while its wallet holds its full allocation, locked or unlocked. Unlocked tokens can be sold into the LP at any time, and selling any of them takes the balance below 180,000, which ends that share until the balance is restored. See Qualifying.

$SPAWN

Buyback and burn

A published share of vault revenue buys $SPAWN on the open market and burns it. See Revenue and distribution.

How it runs

Continuously, as a share of revenue, at whatever price the market sets. There is no target level and no schedule anyone can trade around.

Funded from revenue

The budget is a share of what the vault earns, so if it earns nothing, nothing is bought. The buyback also pauses while the vault is below its working floor or has payouts queued, and resumes when that clears. Vault capital backing player payouts is never used for it.

Launchpad

The launchpad

Launch a coin. Watch the arcade play it.

99% of launchpad coins die within minutes. Bundled wallets, sniper bots and endless copycats leave buyers with little reason to trust the launch or the distribution. On the Tickers launchpad, coins kickstarted by the community have a much higher chance of breaking out, and they give holders new and exciting surfaces to engage with the coin's IP and each other.

A launch is a fixed-price presale with a target. When the target is met, the coin starts trading and becomes a game on the same day.

Launching

Anyone can launch a coin by burning a small amount of $SPAWN.

A creator gets a fairly distributed coin that trades and plays from day one, backed by an active community of players and stakeholders. Creators earn a share of trading fees and a share of what their coin's games generate.

The presale

Anyone can buy at one price until the raise fills. No curve, no early discount, no private round.

If the target is not met, every contribution is returned and nothing is deployed.

What Ticker holders get on top

A Ticker that takes part in the presale receives a locked allocation of 100,000 coins on top of whatever it buys. Ten Tickers taking part means ten allocations, each requiring a minimum contribution of its own. Allocations come loose through the coin's daily draw. See The daily draw.

The locked supply is sized for the full collection. Whatever is not claimed by participating Tickers is burned at the close of the presale.

Where the supply goes

At full participation, the supply splits as follows.

Every participating Ticker gets the same 100,000 coins, so the total supply depends on how many take part. A coin reaches one billion only if all 5,000 Tickers join. With a thousand participating Tickers, the 400 million tokens left unclaimed are burned and the total supply is 600 million.

Burning the unclaimed allocations makes each allocation a larger share of the supply: 100,000 is 0.01% of a billion and about 0.017% of 600 million.

Presale buyers and the pool are priced identically, so the coin opens trading at exactly the presale price.

The pool

Liquidity is seeded from the pre-sale and is permanently locked. Trading fees paid in USDC are shared equally among the creator, the vault and the buyback mechanism, and trading fees paid in the coin replenish the coin's prize pool.

Launchpad

Playing a launch coin

Every successfully-funded coin on the pad is playable in TapRider, Multiplier and CoinRun from the day it launches.

What you bet and what you win

You bet USDC and win multiples of your bet, paid from the coin's own prize pool.

The chart is BTC or ETH, priced from Hyperliquid's order book like every other game in the arcade. The coin is the prize rather than the chart, which is why a brand new coin can carry a game at all.

Prizes are quoted in dollars and paid in coin, converted at a time-weighted price at the moment of payout. Maximum bet size is set by the coin's FDV, starting at $5 and rising as the FDV does, which keeps the largest single prize small next to what the pool holds.

Where the game losses go

Losing bets and liquidations arrive in USDC and are split three ways between the buyback, the creator and the vault. The buyback share buys the coin from its own liquidity pool and burns it.

What the vault carries

Nothing. Wins settle from the coin's prize pool, so the vault takes a share of the losses without ever being on the hook for a payout. A launch coin that fails cannot reach its capital.

Launchpad

The daily draw

A Ticker's allocation is locked. The daily draw is how it unlocks to be sold or accumulated.

How it works

Every 24 hours, 100,000 coins are released to a random Ticker that participated in the coin's pre-sale.

A Ticker qualifeis for the daily draw by playing a minimum required bet for that day through one of the available games. Released coins land in the Ticker's own wallet. See Token-bound accounts.

The rest stays locked

The draw releases a small fraction of a coin's locked supply each day, so by design most of it takes years to reach the market. The result is a slow daily drip that rewards community engagement, adds buy pressure through the arcade, and turns each daily draw into a newsworthy mini-event.

Build

Building on Tickers

Tickers is open to outside studios. Anyone can build a game on the engine, and studios that pass verification get distribution, a revenue share and access to the Tickers IP universe.

What a studio gets

• The engine. Pricing, settlement, relayers and risk, built and stress-tested.
• The vault. An audited vault design with tested breakers, guardrails and hedging mechanisms.
• Players. A listing in the arcade and an audience with funded wallets and skin in the game.
• Characters. All 5,000 Tickers, spanning dozens of unique archetypes, usable as playable characters.
• Revenue. A share of the volume their games generate.

What a studio builds

The presentation layer: the look, the theme, the interaction and the feel. A studio could take the underlying mechanics of CoinRun and turn it into a horse race, a space shootout or a street fight.

A studio seeds its own vault, and the economic parameters come from the protocol. See The preset model.

Building for a launch coin

A coin on the launchpad can have a game built around its own community, mascot or unique IP, settled from its own prize pool. See the launchpad.

Build

The preset model

A game on Tickers is a preset plus a presentation. Studios own the presentation. Presets come from an approved set maintained by the protocol.

What a preset fixes

• What kind of game it is: a position, a prediction or a table.
• How it resolves and the shape of its payout.
• The leverage ceiling, where there is one.
• Which markets are eligible.
• Exposure caps per position and per game, plus the rake for a table.

A studio chooses from the approved presets and builds whatever it wants on top. It cannot alter what a win pays, how far leverage goes, or how much of the vault a game can reserve.

Every house game draws on the same vault, so a preset that paid out more than it collected would drain capital belonging to every holder, through every game on the platform. Holding those parameters at the protocol level means a studio can build anything it likes while the vault's exposure stays known in advance.

Table presets are lighter, since players fund the pot and the vault carries nothing. A game built on a launch coin's prize pool also leaves the vault untouched, but its preset still bounds what a single win can take from the pool.

New presets

Presets can be added. A proposed preset goes through review and launches with a small exposure budget, which expands as the preset builds a record.

Build

Studio revenue

Studios earn a share of volume on the games they build, paid continuously as the game is played, at a published rate.

Volume means the money players put at risk: margin staked in a position game, the sum of bets placed in a prediction game and the pot in a table game.

Why volume

The alternative is a share of house revenue, which would give every studio a direct financial reason to design games where players lose faster.

Paid on volume, a studio earns when people keep playing, which pushes it toward building games people want to come back to.

Eligibility

Volume is attributed to the frontend that submitted it. Revenue share applies to verified frontends — the engine is open to anyone, but payouts and promotion go only to frontends that have passed verification.

Build

Character licensing

Every Ticker is available as a playable character in every game built on the platform.

Studios get an original IP universe and an audience that is already familiar with it. Holders see their character appear in each new game as it ships.

The collection becomes more useful as the platform grows. Each new game adds another place to use every character in the collection, without the holder doing anything.

What studios can do

Studios can render characters in their own art style and game context, animate them and build around them. They can read a character's traits on chain.

They cannot mint characters, alter a character's record or use the characters outside games built on the platform.

What holders keep

A character appearing in a platform game changes nothing about who owns it. The rights a holder has over their own Ticker are set by the collection licence and are unaffected by anything a studio builds.

Build

Verified frontends

Anyone can build on the engine. Verification decides who is listed in the arcade, promoted to players and paid a revenue share.

What verification checks

• The liquidation line a game draws is the price at which the contract acts.
• PnL and payouts shown to the player match what settles.
• The game requests only the session permissions it needs.
• The game runs on an approved preset.

Session keys

Session keys are scoped to the engine itself. A player authorises opening and closing positions up to a cap, and no frontend can extend that authority. A game cannot withdraw a player's funds regardless of how it is built.

Unverified frontends

An unverified frontend can produce valid signed intents and submit them through the same path as anyone else. It receives no listing, no promotion and no share of volume.

Players who arrive through one are protected by the same session limits as everyone else, and withdrawals always require their main wallet.

Reference

Risk

Read this before depositing anything.

For players

Leveraged trading loses money for most participants. Short-horizon leveraged speculation has a well-documented distribution of outcomes, most of which are losses, and the arcade does not change it.

Liquidation forfeits the full remaining margin of the position. That includes equity that a voluntary close a moment earlier would have returned.

Liquidation fires before margin is exhausted. The buffer is disclosed and drawn in the interface, and the equity inside it is lost with the position.

Adding to a losing position increases what you can lose. It moves the liquidation line and raises the amount at stake.

Session keys limit risk without removing it. A compromised session key can open and close positions up to its cap until it expires or is revoked. It cannot withdraw.

Moving funds off Elysium is not instant. Funds sent to another chain arrive after a challenge period of length.

For holders

The vault can lose money. It is the counterparty to every house position. A sustained run of winning players draws it down, and the value backing a Ticker falls with it.

Hedging reduces directional risk without removing it. Exposure between rebalances is unhedged, and basis between the hedge and the settlement price is a residual cost. Until hedging is live, the vault carries all of its directional exposure directly.

Distributions are not guaranteed. They occur only when the vault has revenue above its working floor and no payouts are queued, and what they are worth depends on the prices of HYPE and KNTQ when the vault buys them.

$SPAWN unlocks on losses. It releases part of a Ticker's existing allocation and pays nothing new, and what unlocks is worth less than the loss that produced it.

A launch coin can fail. Its prize pool, its liquidity and every allocation of it are worth whatever the coin is worth, which may be nothing. The vault is insulated from this; a Ticker's allocation of that coin is not.

System risk

Price source. Execution depends on a live order book read from another chain. That read is attested by the sequencer of the chain the arcade runs on, and there are no state proofs to check it against. The guard refuses to open positions when its inputs disagree or go stale, which means the arcade can stop accepting new positions during severe dislocation.

Settlement. The arcade depends on the liveness of the chain it runs on and on transactions being included. Liquidations are permissionless, but no application controls inclusion.

Contracts. Smart contracts can contain errors. Audit status is published before the vault accepts real capital, and the scope of what was and was not reviewed is published with it.

Reference

Glossary

Buffer. The gap between the liquidation trigger and the point at which margin is exhausted, expressed as a share of margin.

Daily draw. Every 24 hours, one random Ticker that played a launch coin's game that day has its locked allocation of that coin unlocked.

FDV. Fully diluted valuation: a token's price multiplied by its total supply. It sets the $SPAWN unlock rate.

Guard. The checks that must pass before a position opens: freshness of the price read, agreement between the execution price and an independent mark, and a minimum move.

House. The vault, considered as the counterparty to the games it backs.

Ladder. Exiting a position in proportional steps rather than all at once. In Multiplier, spreading bets across a series of price zones.

Mark. An independent reference price used to check the execution price.

Preset. The fixed economic parameters a game runs on: what kind of game it is, how it resolves, payout shape, leverage ceiling, eligible markets, exposure caps and, for a table, the rake.

Prize pool. The share of a launch coin's supply that settles wins in its games, replenished by the coin's trading fees paid in the coin.

Qualifying. Holding a Ticker's full allocation of 180,000 $SPAWN, locked or unlocked, which is what earns it an equal share of the revenue distributed to Tickers.

Queue. The first-in-first-out backstop that pays winners in order when payouts outrun free vault capital.

Reserve. The maximum possible payout of an open position, locked against free vault capital while it remains open.

Scaling in. Adding to an open position, which changes its average entry and moves its liquidation line.

Session key. A scoped, time-limited key authorising opens and closes up to a cap, never withdrawals.

Studio. An outside developer building a game on the Tickers engine.

Table. A game where players compete for a pot and the house takes a rake, with no vault exposure.

Token-bound account. The ERC-6551 wallet attached to each Ticker, which travels with it on transfer.

Unlocking. The release of locked $SPAWN into a Ticker's wallet when its holder loses, starting at 200 per dollar lost and adjusting inversely to the token's FDV.

Working floor. The level of vault capital below which no revenue is distributed. It rises as the vault grows, up to a maximum of $1M.