spent an hour on the
@FX100Perp testnet last night and closed every position on my own terms. that hasn't happened to me on a perp dex in a long time.
the mechanic is simple. every position you open gets 15 minutes where it cannot be liquidated. price does whatever it wants: a wick, oracle noise, a 3% candle out of nowhere. the position survives the full window.
on Base, priced from an oracle instead of an order book, with one shared USDC vault sitting as your counterparty. up to 100x.
they wrapped the testnet in a "liquidation game", which is a smart way to stress it. you're basically being paid to try and blow yourself up.
what makes it interesting to me: at high leverage on a normal perp, the wick decides your trade before your thesis gets a chance. with the window, you get a real directional bet inside a known time box.
closest comparison i can think of is a 15 min binary on
@Polymarket, except there you're capped around 2x with fixed upside. same time box here, no cap.
it comes from the
@protocol_fx crew, so the liquidation engine work isn't starting from a blank page.
still testnet, so one thing i want to see under real volume: what the vault does when a pile of protected positions all lean the same way and nobody can be liquidated for 15 minutes.