What's CAP?

CAP is a decentralized trading protocol. It's designed to be fast and easy to use by anyone.

  • Trade directly from your wallet, no account needed. Optionally select leverage up to 50x to multiply potential profits and losses. Trades have 0.1% fee.

  • Pool ETH or USDC to back trader profits and receive a share of trader losses.

  • Stake CAP, the protocol's native token, to receive a share of protocol revenue.

CAP is maintained by a community of internet friends. Find us on Discord and Twitter.

White Papers

  • Crypto-Synthetic Trading. Original research on which CAP v1 is based. The dynamics in later releases are different. This documentation site contains the latest on how CAP works.

  • Crypto-Synthetic Market Making. Research done on creating efficient market making algorithms to fill orders submitted by traders without compromising LPs. The dynamics used by the dark oracle network to market make on CAP are similar to what is described in this paper.

Tokenholder Letters


Token Terminal has stats on CAP's trading volume, revenue, and more. Defi Llama has stats on TVL and token staking.

There are also community-built tools to track protocol stats:


CAP is open source (Github).

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