# What's CAP? [CAP](https://cap.finance) is a decentralized trading protocol. It's designed to be fast and easy to use by anyone. * [Trade](/trade/open-a-position) 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](/pool/deposit) ETH or USDC to back trader profits and receive a share of trader losses. * [Stake](/pool/deposit) 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](https://discord.gg/zkdr8vnujz) and [Twitter](https://twitter.com/CapDotFinance). ### White Papers * [Crypto-Synthetic Trading](https://cap.finance/whitepaper.pdf). 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](https://cap.finance/whitepaper_mm.pdf). 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 * [2022](https://cap.finance/letters/2022.pdf) ### Stats [Token Terminal](https://www.tokenterminal.com/terminal/projects/cap) has stats on CAP's trading volume, revenue, and more. [Defi Llama](https://defillama.com/protocol/cap) has stats on TVL and token staking. There are also community-built tools to track protocol stats: * [Dune Analytics](https://dune.com/crypt0gnome/cap-finance) * a [dashboard](https://dash-0xdarkcap.vercel.app/) for positions, liquidation prices, and more * a [Github repo](https://github.com/0xmu/monitor) that you can run yourself to get up-to-date stats from The Graph ### Releases * [CAP v3](https://cap.finance/) (current version) * [CAP v2](https://v2.cap.finance/) * [CAP v1](https://v1.cap.finance/) CAP is open source ([Github](https://github.com/0xcap)). # Terms of Use Cap.finance provides information and access to the decentralized non-custodial protocol called the Cap Protocol (the “Cap Protocol” or “Protocol”). Cap.finance is a front-end user interface independent of the Cap Protocol smart contracts which run in a decentralized manner on one or more blockchains. Cap.finance is one of many possible user interfaces that can provide access to the Protocol. There are no special permissions granted to the Cap.finance user interface as the Protocol is openly accessible and anyone can provide a user interface or access point to the Protocol. **You are entering into a binding agreement.** \ BY ACCESSING OR USING OUR SERVICES, WHICH INCLUDE OUR VARIOUS WEBSITES, INCLUDING, WITHOUT LIMITATION, CAP.FINANCE (AND ANY RESPECTIVE SUBDOMAINS); APPLICATIONS (COLLECTIVELY WITH ANY MATERIALS AND SERVICES AVAILABLE THEREIN, AND SUCCESSOR WEBSITE(S) OR APPLICATION(S) THERETO, THE “SITE”), AND OTHER SERVICES THAT LINK TO THESE TERMS, AS WELL AS ANY INFORMATION, TEXT, LINKS, GRAPHICS, PHOTOS, AUDIO, VIDEO, OR OTHER MATERIALS STORED, RETRIEVED OR APPEARING THEREON, WHETHER ACCESSED THROUGH THE SITE OR OTHERWISE (COLLECTIVELY, THE “SERVICES”), YOU ARE ENTERING INTO A BINDING AGREEMENT WITH US THAT INCLUDES THESE TERMS AND OTHER POLICIES REFERENCED HEREIN (COLLECTIVELY, THE “AGREEMENT”). To the extent that there is a conflict between these Terms and any applicable additional terms, these Terms will control unless expressly stated otherwise. If you don't agree with these Terms, you may not use the Services and should not visit the Site or otherwise engage with the Services. ### Use of the Services To use the Services, you must legally be able to enter into the Agreement. By using the Services, you represent and warrant that you meet the eligibility requirement. If you do not meet the requirement, you must not access or use the Site or the Services. ### Assumption of Risk You assume the risks of engaging in transactions that rely on smart contracts and other experimental technology. Transactions on the Protocol rely on smart contracts stored on various blockchains, cryptographic tokens generated by the smart contracts, and other nascent software, applications and systems that interact with blockchain-based networks. These technologies are experimental, speculative, inherently risky, and subject to change. Among other risks, bugs, malfunctions, cyberattacks, or changes to the applicable blockchain (e.g., forks) could disrupt these technologies and even result in a total loss of cryptoassets, their market value, or digital funds. You are solely responsible for the safekeeping of the private key associated with the blockchain address used to interact with the Protocol. We assume no liability or responsibility for any such risks. If you are not comfortable assuming these risks, you should not access or engage in transactions using blockchain-based technology. One of the other defining features of blockchain technology is that its entries are immutable, which means, as a technical matter, they generally cannot be deleted or modified by anyone. This includes smart contracts and cryptoassets generated and programmed by smart contracts. THUS, TRANSACTIONS RECORDED ON THE BLOCKCHAIN, INCLUDING TRANSFERS OF CRYPTOASSETS AND DATA PROGRAMMED INTO THESE ASSETS (SUCH AS REVENUE AND INTEREST ALLOCATIONS), MUST BE TREATED AS PERMANENT AND CANNOT BE UNDONE BY US OR BY ANYONE. YOU MUST BE VERY CAREFUL WHEN YOU FINALIZE ANY TRANSACTION THAT WILL BE RECORDED ON THE BLOCKCHAIN. We are not liable for any third-party services or links. We are not responsible for the content or services of any third-party, including, without limitation, any network, or apps like Discord, or MetaMask, and we make no representations regarding the content or accuracy of any third-party services or materials. The user interface available at cap.finance is sometimes hosted on a third-party service, IPFS. We are not responsible for any action or omission taken by IPFS as it pertains to the user interface or otherwise. The use and access of any third-party products or services, including through the Services, is at your own risk. **You agree to the automated collection and disbursement of proceeds by smart contracts. You acknowledge and agree that all transactions accessed through the Services will be automatically processed using one or more blockchain-based smart contracts. By engaging in transactions using the Services, you acknowledge and consent to the automatic processing of all transactions in connection with using the Services. You further acknowledge and agree that the applicable smart contract will dictate how the funds of a transaction and ownership of cryptoassets are distributed.** **You acknowledge the risks of using the Services. You bear sole responsibility for evaluating the Services before using them, and all transactions accessed through the Services are irreversible, final, and without refunds. The Services may be disabled, disrupted or adversely impacted as a result of sophisticated cyber-attacks, surges in activity, computer viruses, and/or other operational or technical challenges, among other things. We disclaim any ongoing obligation to notify you of all of the potential risks of using and accessing our Services. You agree to (defined below) accept these risks and agree that you will not seek to hold any person or entity responsible for any consequent losses.** **You are solely responsible for the security of your wallet.** You understand and agree that you are solely responsible for maintaining the security of your wallet. Any unauthorized access to your wallet by third parties could result in the loss or theft of any cryptoasset, or any funds held in your account and any associated accounts. You understand and agree that we have no involvement in, and you will not hold us responsible for managing and maintaining the security of your wallet. You further understand and agree that we are not responsible, and you will not hold us accountable, for any unauthorized access to your wallet. It is your responsibility to monitor your wallet. **You agree that you are NOT:** * using the Services for money laundering or any illegal activity; * engaging in fraudulent activity; * acquiring cryptoassets using inappropriate methods, including the use of stolen funds to purchase such assets; * the target of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or any other legal or regulatory authority in any applicable jurisdiction; * listed on the Specially Designated Nationals and Blocked Persons List (“SDN List”), Consolidated Sanctions List (“Non-SDN Lists), or any other sanctions lists administered by OFAC; * located, organized, or resident in a country or territory that is, or whose government is, the subject of sanctions, including but not limited to Côte d’Ivoire, Cuba, Belarus, Iran, Iraq, Liberia, North Korea, Sudan, and Syria; * a resident or citizen of Canada, Switzerland, or the United States of America; or * acting in violation of these Terms. **We do not guarantee the quality or accessibility of the Services.** As a condition to accessing or using the Services or the Site, you acknowledge, understand, and agree that from time to time, the Site and the Services may be inaccessible or inoperable for any reason, including, but not limited to equipment malfunctions, periodic maintenance procedures or repairs, causes beyond our control or that we could not reasonably foresee, disruptions and temporary or permanent unavailability of underlying blockchain infrastructure or unavailability of third-party service providers or external partners for any reason.You acknowledge and agree that you will access and use the Services, including, without limitation, the Site at your own risk. You should not engage in blockchain-based transactions unless it is suitable given your circumstances and financial resources. By using the Services, you represent that you have been, are and will be solely responsible for conducting your own due diligence into the risks of a transaction and the underlying smart contracts and cryptoassets. ### Disclaimers and Limitations of Liability **We make no representations or warranties.** THE SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, WE DISCLAIM ALL WARRANTIES AND CONDITIONS, WHETHER EXPRESS OR IMPLIED, OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT AND DISCLAIM ALL RESPONSIBILITY AND LIABILITY FOR: * THE SERVICES BEING ACCURATE, COMPLETE, CURRENT, RELIABLE, UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE. 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FURTHER, YOU EXPRESSLY ACKNOWLEDGE THAT WE ARE NOT RESPONSIBLE FOR LOSS OR DAMAGE CAUSED BY ANOTHER USER’S CONDUCT, UNAUTHORIZED ACTORS, OR ANY UNAUTHORIZED ACCESS TO OR USE OF THE SERVICES. * VIRUSES, WORMS, TROJAN HORSES, TIME BOMBS, CANCEL BOTS, SPIDERS, MALWARE OR OTHER TYPE OF MALICIOUS CODE THAT MAY BE USED IN ANY WAY TO AFFECT THE FUNCTIONALITY OR OPERATION OF THE SERVICES. **Limitation of Liability.** TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL WE BE LIABLE TO YOU FOR ANY LOSS, DAMAGE, OR INJURY OF ANY KIND INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, EXEMPLARY, CONSEQUENTIAL, OR PUNITIVE LOSSES OR DAMAGES, OR DAMAGES FOR SYSTEM FAILURE OR MALFUNCTION OR LOSS OF PROFITS, DATA, USE, BUSINESS OR GOOD-WILL OR OTHER INTANGIBLE LOSSES, ARISING OUT OF OR IN CONNECTION WITH: (A) THE SERVICES OR YOUR INABILITY TO USE OR ACCESS THE SERVICES; (B) MISUSE OF THE SERVICES (INCLUDING WITHOUT LIMITATION, UNAUTHORIZED ACCESS OF THE SERVICES); (C) ANY USER CONDUCT ON THE SERVICES; OR (D) TERMINATION, SUSPENSION OR RESTRICTION OF ACCESS TO ANY THE SERVICES.IN ADDITION TO THE FOREGOING, NO PARTY INVOLVED WITH CAP.FINANCE SHALL BE LIABLE FOR ANY DAMAGES CAUSED IN WHOLE OR IN PART BY: (A) USER ERROR, SUCH AS FORGOTTEN PASSWORDS OR INCORRECTLY CONSTRUCTED SMART CONTRACTS OR OTHER TRANSACTIONS; (B) SERVER FAILURE OR DATA LOSS; (C) THE MALFUNCTION, UNEXPECTED FUNCTION OR UNINTENDED FUNCTION OF THE BLOCKCHAIN, ANY COMPUTER OR CRYPTOASSET NETWORK (INCLUDING ANY WALLET PROVIDER), INCLUDING WITHOUT LIMITATION LOSSES ASSOCIATED WITH NETWORK FORKS, REPLAY ATTACKS, DOUBLE-SPEND ATTACKS, SYBIL ATTACKS, 51% ATTACKS, GOVERNANCE DISPUTES, MINING DIFFICULTY, CHANGES IN CRYPTOGRAPHY OR CONSENSUS RULES, HACKING, OR CYBERSECURITY BREACHES; (D) ANY CHANGE IN VALUE OF ANY CRYPTOASSET; (E) ANY CHANGE IN LAW, REGULATION, OR POLICY; (VI) EVENTS OF FORCE MAJEURE; OR (F) ANY THIRD PARTY.THIS LIMITATION OF LIABILITY IS INTENDED TO APPLY WITHOUT REGARD TO WHETHER OTHER PROVISIONS OF THESE TERMS HAVE BEEN BREACHED OR HAVE PROVEN INEFFECTIVE. THE LIMITATIONS SET FORTH IN THIS SECTION SHALL APPLY REGARDLESS OF THE FORM OF ACTION, WHETHER THE ASSERTED LIABILITY OR DAMAGES ARE BASED ON CONTRACT, INDEMNIFICATION, TORT, STRICT LIABILITY, STATUTE, OR ANY OTHER LEGAL OR EQUITABLE THEORY, AND WHETHER OR NOT THE CAP.FINANCE INVOLVED PARTIES HAVE BEEN INFORMED OF THE POSSIBILITY OF ANY SUCH DAMAGE. IN NO EVENT WILL THE CAP.FINANCE PARTIES’ CUMULATIVE LIABILITY TO YOU OR ANY OTHER USER, FROM ALL CAUSES OF ACTION AND ALL THEORIES OF LIABILITY EXCEED ONE THOUSAND U.S. DOLLARS (U.S. $1,000.00). UNDER NO CIRCUMSTANCES SHALL ANY CAP.FINANCE PARTY BE REQUIRED TO DELIVER TO YOU ANY VIRTUAL CURRENCY AS DAMAGES, MAKE SPECIFIC PERFORMANCE, OR ANY OTHER REMEDY. IF YOU WOULD BASE YOUR CALCULATIONS OF DAMAGES IN ANY WAY ON THE VALUE OF VIRTUAL CURRENCY, YOU AND WE AGREE THAT THE CALCULATION SHALL BE BASED ON THE LOWEST VALUE OF THE VIRTUAL CURRENCY DURING THE PERIOD BETWEEN THE ACCRUAL OF THE CLAIM AND THE AWARD OF DAMAGES. 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To the extent applicable law does not permit us to disclaim certain warranties or limit certain liabilities, the extent of our liability and the scope of any such warranties will be as permitted under applicable law. ### Indemnification You agree to indemnify, defend, and hold us harmless from any claim or demand, including reasonable attorneys’ fees, made by any third party due to or arising out of: (a) your breach or alleged breach of the Agreement (including, without limitation, these Terms); (b) anything you contribute to the Services; (c) your misuse of the Services, or any smart contract and/or script related thereto; (d) your violation of any laws, rules, regulations, codes, statutes, ordinances, or orders of any governmental or quasi-governmental authorities; (e) your violation of the rights of any third party, including any intellectual property right, publicity, confidentiality, property, or privacy right; (f) your use of a third-party product, service, and/or website; or (g) any misrepresentation made by you. We reserve the right to assume, at your expense, the exclusive defense and control of any matter subject to indemnification by you. You agree to cooperate with our defense of any claim. You will not in any event settle any claim without our prior written consent. ### Waiver of Injunctive or Other Equitable Relief. TO THE MAXIMUM EXTENT PERMITTED BY LAW, YOU AGREE THAT YOU WILL NOT BE PERMITTED TO OBTAIN AN INJUNCTION OR OTHER EQUITABLE RELIEF OF ANY KIND, SUCH AS ANY COURT OR OTHER ACTION THAT MAY INTERFERE WITH OR PREVENT THE DEVELOPMENT OR EXPLOITATION OF THE SERVICES, OR ANY OTHER WEBSITE, APPLICATION, CONTENT, SUBMISSION, PRODUCT, SERVICE, OR INTELLECTUAL PROPERTY OWNED, LICENSED, USED OR CONTROLLED BY CAP.FINANCE. ### Termination; Cancellation This Agreement is effective unless and until terminated by either you or us. You may terminate your Agreement with us at any time by ceasing all access to the Site or the Services. If, in our sole judgment, you fail, or we suspect that you have failed, to comply with any term or provision of the Agreement (including without limitation any provision of these Terms), we reserve the right to terminate our Agreement with you and deny you access to the Services. We further reserve the right to restrict your access to the Site or to stop providing you with all or a part of the Services at any time and for no reason, including, without limitation, if we reasonably believe: (a) your use of the Services exposes us to risk or liability; (b) you are using the Services for unlawful purposes; or (c) it is not commercially viable to continue providing you with our Services. All of these are in addition to any other rights and remedies that may be available to us, whether in equity or at law, all of which we expressly reserve.WE RESERVE THE RIGHT TO MODIFY THE SERVICES AT ANY TIME, BUT WE HAVE NO OBLIGATION TO UPDATE THE SERVICES. YOU AGREE THAT IT IS YOUR RESPONSIBILITY TO MONITOR CHANGES TO THE SERVICES THAT MAY AFFECT YOU. YOU AGREE THAT WE MAY REMOVE THE SERVICES AND/OR ANY CONTENT THEREON FOR INDEFINITE PERIODS OF TIME OR CANCEL THE SERVICES AT ANY TIME, WITHOUT NOTICE TO YOU. ### Severability If any provision of the Agreement (including, without limitation, these Terms) is determined to be unlawful, void, or unenforceable, such provision shall nonetheless be enforceable to the fullest extent permitted by applicable law, and the unenforceable portion shall be deemed to be severed from the Agreement. Such determination shall not affect the validity and enforceability of any other remaining provisions. ### Entire Agreement The Agreement (including, without limitation, these Terms) and any policies or operating rules posted by us on the Services constitute the entire agreement and understanding between you and us and govern your use of the Services, superseding any prior or contemporaneous agreements, communications, and proposals, whether oral or written, between you and us (including, but not limited to, any prior versions of these Terms). Any failure by us to exercise or enforce any right or provision of the Agreement (including, without limitation, these Terms) shall not constitute a waiver of such right or provision. ### Governing Law These Terms and any separate agreements whereby we provide you Services shall be governed by and construed in accordance with the laws of the Cayman Islands.
# Setting up your wallet CAP currently runs on Arbitrum, an Ethereum L2 network. ### Set up Arbitrum on MetaMask 1. Go to [arbiscan.io](https://arbiscan.io/). 2. Scroll down and click on "Add Arbitrum Network". ![](/files/uLJ9fke6zWxlrRcalNQp) This will add the Arbitrum network configuration to your MetaMask wallet, allowing you to connect to Arbitrum One (Arbitrum's main network). Alternatively, you can configure the connection manually in MetaMask's network settings using these values: * Network Name: **Arbitrum One** * RPC URL: **** * Chain ID: **42161** * Currency Symbol: **ETH** * Block Explorer URL: **** ### Bridge funds to Arbitrum Next, you'll want to bridge some ETH, USDC, and/or CAP from Ethereum mainnet into Arbitrum. The quickest way to do this for ETH and USDC is to use [Hop](https://app.hop.exchange/). It allows you to move between Arbitrum and other chains without time delays. There are also other bridges you can use, such as [Synapse](https://synapseprotocol.com/), [cBridge](https://cbridge.celer.network/#/transfer), and [Across](https://across.to/). You can use Arbitrum's official bridge at [bridge.arbitrum.io](https://bridge.arbitrum.io/) to bridge CAP. Once you have funds on Arbitrum, you're ready to trade, pool, or stake. # Spread The Gospel As a Gospel Spreader, your mission is to drive more traders to CAP and grow the CAP community. The scope of your work is limited only by your creativity. This program is not compensated. You would be doing volunteer community work. ### Requirements * You have engaged followers on crypto Twitter; **or** * You are a respected member of a crypto community (you have authority); **or** * You are a great writer, content, or meme creator (with tangible experience); **or** * You have previous experience growing a legitimate, engaged crypto community. ### Your Work Anything you do that is *ethical* (not spam or hard shilling) that grows the community and awareness is acceptable. Here are some examples: #### Promote CAP * [**Spread the Gospel**](https://discord.com/channels/917495173863329902/918178841019703327) **of CAP by replying to high value, relevant tweets** * **Recruit new community ambassadors** * Introduce influencers and trading groups to CAP * Reach out and create partnerships with other protocols * Like and retweet CAP's official announcements * Add "@CapDotFinance Community Ambassador" to your social media bio #### Create Content for CAP * **Create and grow local CAP communities in your own language on Telegram** * Tweet about CAP (bonus if it's a high quality thread!) * Translate CAP content or documentation to your language * Publish articles on Medium or Mirror * Create educational videos on Youtube or TikTok #### Design for CAP * Create emoji or sticker packs for Discord or Telegram * Create memes and post them on social media * Create cool CAP graphics and animations #### Community Engagement * Engage with the community on Twitter, Discord, and Telegram * Answer questions on Discord & Telegram in a timely and responsive manner * Delete & ban spam * Start new topics of discussion on Discord & Telegram * Share relevant news and/or memes on Discord & Telegram # Open a position To start trading, go to [Trade](https://cap.finance/#/trade) and connect your wallet with the Arbitrum One network selected. 1. Select a market to trade. ![](/files/0AaSxv68ADdPVLxKHilB) 2. Select a base currency. Your margin will be denominated in this currency. ![](/files/gp533PKls2rXj2EFr18B) 3. Select leverage. Leverage multiplies your potential profit or loss on the trade. ![](/files/xaMxv2uTJ65t6ZDfOngC) 4. Enter a trade size. This is equal to margin × leverage. For example, a trade size of 50 ETH at 50× leverage will use 1 ETH in actual balance (margin) from your wallet. ![](/files/sJSe8KO14FTRKuy6IYzM) If you think price will rise in the future, open a long. If you think price will fall, open a short. ### Settlement Once submitted, your order will appear as "Settling" in your positions panel while it is picked up and priced by the dark oracle network (usually a few seconds). ![](/files/oxKA0lv6pnGdFwNd0wXx) Once settled, your position's execution price and unrealized profit or loss (P/L) appear. ![](/files/32G6K2gpD4DZrmHWAlfx) ### Funding As long as your position is open, it will incur funding, which is charged hourly. The hourly funding rate appears on the confirmation screen prior to opening a position. All P/L numbers shown in your dashboard are already inclusive of all funding charges. ### Profit & Loss Here, you opened a 5 ETH position at 4077. If the market rises by 1%, your P/L will equal: $$ 5 ETH \times 1% = 0.05 ETH $$ Conversely, if the market falls by 1%, your P/L will equal: $$ 5 ETH \times -1% = -0.05 ETH $$ ### Liquidation If your loss exceeds -80% of the margin tied to the position, the position is liquidated. You can choose to avoid liquidation by [adding margin](/trade/add-margin) to your position. # Add margin You can add margin to a position by placing an order in the same direction. The amount of margin you submit with your new order will be added to your existing position. This can be useful in scenarios where you want to avoid liquidation or lower your leverage. #### Example You have a 100 ETH long on BTC-USD at 10× leverage (10 ETH margin). You submit a 50 ETH long on BTC-USD at 5× leverage (10 ETH margin). Your new position is 150 ETH long on BTC-USD with 20 ETH margin, e.g. 7.5× leverage. You've successfully added margin and reduced the leverage of your position. # Close a position 1. Click on the X to close a position. Closing a position will realize its profits or losses. ![](/files/L8PL9D442dfP63qGNyxh) 2. Enter how much of your position you'd like to close. ![](/files/jVDhC37MTSGpMLof0h62) ### Settlement Once your order is submitted, your position's status will be "Closing" until the dark oracle picks up and prices your order (usually a few seconds). ![](/files/vjLPBSLHdfbjOEI0J4M0) Once settled, a new item appears in your History panel indicating the profit or loss you made. ![](/files/yOBLaDpB9JgIZJOQ6axF) # Deposit To begin, go to [Pool](https://cap.finance/#/pool) and connect your wallet with the Arbitrum One network selected. By depositing into a pool, your funds will pay out potential trader profits. In exchange, you'll receive a portion of trader losses and liquidations based on your share of the pool. 1. Click on Deposit then enter an amount to deposit into the pool. ![](/files/u9HbSYr5ncLlzJUisnFY) #### Risks Pooling is **not risk-free**. There can be prolonged periods of time where traders in aggregate make profits, which can deplete the capital you deposit into the pool. Other risks include smart contract risk and dark oracle network mispricings, which can lead to instant pool depletions. Consider all of these risks before depositing. **Only deposit capital you can afford to lose**. ### Your Share Your share of the pool will fluctuate based on trader profits, losses, and other LP transfers. ![](/files/5KhW40rMYKlhZ0bcFQEF) ### Your Rewards Your rewards will accrue in real-time based on your share of the pool. You can claim rewards any time by clicking on Collect. ![](/files/xLPW3niQPGxVhPwLrt9y) # Withdraw You can withdraw funds from a pool at any time after a cooldown period has passed since your last deposit (usually a few hours). 1. Click on Withdraw then enter an amount to withdraw from the pool. ![](/files/icpzwBleTW0AdyzYPK9m) A 0.3%-3% fee is retained on withdrawals to prevent liquidity locusts. This fee is distributed to the other LPs in the pool as a reward. ### Utilization A pool's utilization is equal to the current open interest (sum of all open positions) × a utilization multiplier (around 1%, set by governance). ![](/files/mRu7Uh27ltjBMRcTPct6) The amount available to withdraw at any time is equal to the pool's free balance (total balance minus utilized balance). # Buy CAP CAP is the protocol's native token. By staking CAP, you earn a share of the protocol's revenue. Some things to know about CAP: * Fixed 100,000 supply (no inflation) * Initial supply offered entirely to the public on Uniswap (no presales) * Revenue share is paid out in ETH and USDC, not newly minted tokens Click [here](https://cap.finance/#/buy) to buy on Arbitrum. You can also buy on Ethereum mainnet [here](https://app.uniswap.org/#/swap?inputCurrency=ETH\&outputCurrency=0x43044f861ec040db59a7e324c40507addb673142). Staking happens on Arbitrum, so you'll need to [bridge](https://bridge.arbitrum.io) your CAP if you hold them on another chain. # Deposit To begin, go to [Pool](https://www.cap.finance/#/pool) and connect your wallet with the Arbitrum One network selected. By depositing into the CAP pool, you'll receive a portion of revenue based on your share of the pool. 1. Click on Deposit then enter an amount to deposit into the CAP pool. ![](/files/dPPWLtC9wDimRU24hHWP) ### Your Share Your percent share of the CAP pool will fluctuate based on other deposits and withdrawals. The amount of CAP you hold in the pool will always remain the same. ### Your Rewards Rewards will accrue in real-time based on your share of the pool. You can claim your rewards any time by clicking on Collect. # Withdraw You can withdraw your CAP from the pool at any time without restrictions. 1. Click on Withdraw then enter an amount to withdraw from the CAP pool. ![](/files/7xArBUq2ipuwwrNrE1QU) # Contracts ### Protocol * Router: [0x5ABFF8F8D5b13253dCAB1e427Fdb3305cA620119](https://arbiscan.io/address/0x5ABFF8F8D5b13253dCAB1e427Fdb3305cA620119) * Trading: [0xbEd32937D8A5D1421241F52809908f1a17D75bDb](https://arbiscan.io/address/0xbEd32937D8A5D1421241F52809908f1a17D75bDb) * Oracle: [0xE195a15533c01c8cD6b28f09066842486f80F8f2](https://arbiscan.io/address/0xE195a15533c01c8cD6b28f09066842486f80F8f2) * Treasury: [0x283C41b726634fBD6B72aA22741B202DB7E56aaC](https://arbiscan.io/address/0x283C41b726634fBD6B72aA22741B202DB7E56aaC) * Pool ETH: [0xE0cCd451BB57851c1B2172c07d8b4A7c6952a54e](https://arbiscan.io/address/0xE0cCd451BB57851c1B2172c07d8b4A7c6952a54e) * Pool USDC: [0x958cc92297e6F087f41A86125BA8E121F0FbEcF2](https://arbiscan.io/address/0x958cc92297e6F087f41A86125BA8E121F0FbEcF2) * Pool Rewards ETH: [0x29163356bBAF0a3bfeE9BA5a52a5C6463114Cb5f](https://arbiscan.io/address/0x29163356bBAF0a3bfeE9BA5a52a5C6463114Cb5f) * Pool Rewards USDC: [0x10f2f3B550d98b6E51461a83AD3FE27123391029](https://arbiscan.io/address/0x10f2f3B550d98b6E51461a83AD3FE27123391029) * Pool CAP: [0xC8CDd2Ea6A5149ced1F2d225D16a775ee081C67D](https://arbiscan.io/address/0xC8CDd2Ea6A5149ced1F2d225D16a775ee081C67D) * CAP Rewards ETH: [0x1E91F67a5aa0137aD86eEbAD64E2C2a1B6ae30E5](https://arbiscan.io/address/0x1E91F67a5aa0137aD86eEbAD64E2C2a1B6ae30E5) * CAP Rewards USDC: [0xCEFFAc2522b837012B576770b6F5DD75a3F75C38](https://arbiscan.io/address/0xCEFFAc2522b837012B576770b6F5DD75a3F75C38) ### CAP Token * Ethereum Mainnet: [0x43044f861ec040db59a7e324c40507addb673142](https://etherscan.io/token/0x43044f861ec040db59a7e324c40507addb673142) * Arbitrum One: [0x031d35296154279DC1984dCD93E392b1f946737b](https://arbiscan.io/token/0x031d35296154279DC1984dCD93E392b1f946737b) ### \~ Old Unused Contracts \~ * Pool ETH: [0xB224F2689BC0aFc5b6721a0807d07017D8CDddf8](https://arbiscan.io/address/0xB224F2689BC0aFc5b6721a0807d07017D8CDddf8) * Pool USDC: [0x07B0B00B9008798055071dde6f2d343782b35dC6](https://arbiscan.io/address/0x07B0B00B9008798055071dde6f2d343782b35dC6) * Pool Rewards ETH: [0x9190338f23bE9024A9F9628E44cd169926fE7795](https://arbiscan.io/address/0x9190338f23bE9024A9F9628E44cd169926fE7795) * Pool Rewards USDC: [0x996DA299Fb8247dbc2ef45299b62B897d89C01D4](https://arbiscan.io/address/0x996DA299Fb8247dbc2ef45299b62B897d89C01D4) * Trading (contains bug): [0xCAEc650502F15c1a6bFf1C2288fC8F819776B2eC](https://arbiscan.io/address/0xCAEc650502F15c1a6bFf1C2288fC8F819776B2eC) # API You can trade permissionlessly using CAP's smart contracts without a UI. ### Parameter Formatting All numbers should be submitted in **base units** (8 decimals) unless otherwise noted. So 10 ETH would be submitted as `10 * 10^8 = 1000000000`. Parameters that require specific formatting: #### productId The product you want to trade, submitted in bytes32 format. * ETH-USD: `0x4554482d55534400000000000000000000000000000000000000000000000000` * BTC-USD: `0x4254432d55534400000000000000000000000000000000000000000000000000` **currency** The address of the currency you want to use for your trade. * ETH: `0x0000000000000000000000000000000000000000` * USDC: `0xff970a61a04b1ca14834a43f5de4533ebddb5cc8` ### Trading Go to the [trading contract ](https://arbiscan.io/address/0xbEd32937D8A5D1421241F52809908f1a17D75bDb)and connect your wallet. #### Submit an order Scroll down to submitOrder and enter: * **`payableAmount`** is your margin if submitting an ETH based trade. Enter the amount in wei (18 decimals). For ERC20 based trades, leave this blank and enter the amount in the **margin** field. * **`productId`**. * **`currency`**. * **`isLong`**. Enter 1 to go long, 0 to go short. * **`margin`**. In base units. * **`size`**. In base units. Size / margin determines your position's leverage. #### Cancel an order If your order has not yet been executed by the oracle, you can cancel it. Scroll down to cancelOrder and enter: * **`productId`.** Your order's productId. * **`currency`**. Your order's currency. * **`isLong`**. Your order's direction (1 for long, 0 for short). #### Close a position Scroll down to submitCloseOrder and enter: * **`payableAmount`** is the fee to pay if submitting an ETH based trade. Enter the amount in wei (18 decimals), usually 0.1% \* your trade size. Otherwise leave blank. * **`productId`**. Your position's productId. * **`currency`**. Your position's currency. * **`isLong`**. Your position's direction. * **`size`**. In base units. The amount you want to close. # FAQ ### Why use CAP? * **Fast**. Orders are executed and settled within a few seconds. * **Cheap**. Contracts are ultra gas optimized and fees are minimal. * **Easy**. Start trading in seconds directly from your wallet. ### How does CAP work behind the scenes? Your newly submitted order is stored in the trading contract. The dark oracle network then picks up and prices your order. When you close your position in profit, the pool pays you your profit. When you close at a loss, your loss is sent to the pool. ### How are prices determined? You can think of CAP as a decentralized OTC trading desk. You submit an order and that order is filled based on a quote provided by the dark oracle network, which takes into account market conditions like volatility. ### What's leverage? Leverage multiplies your buying power, hence your profits and losses. You can select your leverage on every trade and you can use zero leverage by selecting 1×. ### How is profit calculated? Profit or loss is calculated by multiplying the price movement percent by your position size. For example, if you have a 10 ETH long position on BTC/USD and price rises 10%, you make 1 ETH (10 ETH x 10%). ### How is liquidation price calculated? Your position becomes liquidatable when it reaches 80% loss. ### How can I use CAP? CAP is a set of contracts deployed on Arbitrum, an Ethereum layer 2 network. You can use CAP at [cap.finance](https://cap.finance/), [cap.eth.link](https://cap.eth.link/), or by running the [CAP UI](https://github.com/0xcap/client-v3) on your local machine. ### Can I use CAP to trade programmatically? Yes, CAP contracts can be interacted with permissionlessly. See [here](/extras/api). ### My submitted order disappeared? This occurs if your order was not able to be filled by the dark oracle network. This could happen if there is not enough balance in the pool backing your trade. You can try cancelling your order from the contracts [directly](/extras/api#trading). ### Who's behind CAP? CAP is built and maintained by an anonymous group of internet friends. ### I have more questions or feedback? Let community members know on [Discord](https://discord.com/invite/zkdr8vnujz) and [Twitter](https://twitter.com/CapDotFinance).