Perpetuals where the pool
always takes the other side.

Broadarrow is player-vs-pool perpetual futures. There is no order book and no counterparty to find: when you open a position, the liquidity pool takes the other side of it. That makes fills instant and size predictable, and it makes the pool the house — LPs collect fees and trader losses, and they pay out trader wins.

Everything settles in USDG, the dollar stablecoin on Robinhood Chain. You keep custody of your funds throughout: every trade is a transaction you sign and broadcast from your own wallet.

Markets

Broadarrow lists meme coins trading on Robinhood Chain. The catalogue is served live to the app, so the trading terminal is always the source of truth for what you can trade right now.

Prices come from off-chain venues, which the chain cannot verify on its own. So every position change is gated on a short-lived signed voucher: the protocol prices your order and signs it, and then you submit the transaction.

1. 1
   You request a quote

   The terminal asks the pricing service for the market, side and size you picked.

2. 2
   The price is checked, then signed

   Spot is pulled from live DEX liquidity, rejected if the pool is thin, stale, or off its rolling TWAP, and cross-checked against a second venue when one is configured. What survives is signed as an EIP-712 order valid for a few seconds.

3. 3
   You broadcast the trade

   Your wallet sends the voucher to the engine. The protocol never holds a hot wallet on the path, and the signing key can only authorise prices — it can never move your funds.

4. 4
   The engine settles it

   It verifies the signature and the deadline, burns the nonce, applies price impact and your slippage cap, escrows your margin and books the position.

Price impact

The pool charges for the risk it takes on. Opening on the crowded side of a market moves your fill price against you in proportion to how skewed that market already is; opening on the light side moves it in your favour. The impact is shown in the ticket before you sign.

1. 1
   Connect a wallet on Robinhood Chain

   Use Connect in the top bar. If your wallet is on another network, it will offer to switch to Robinhood Chain (id 4663).

2. 2
   Fund it with USDG

   USDG is the only collateral. Margin, fees and payouts are all denominated in it.

3. 3
   Pick a market and a side

   Open the terminal, choose a market, then Long if you expect the price to rise or Short if you expect it to fall.

4. 4
   Set margin, leverage and slippage

   Margin is the USDG you put at risk. Leverage multiplies it into position size — each market sets its own cap, along with a minimum and maximum margin. Slippage is how far the fill may drift before the trade reverts.

5. 5
   Approve once, then trade

   The first trade asks for a one-time USDG approval. After that, opening is a single transaction. The terminal dry-runs every order first, so a trade that would fail becomes an explanation instead of wasted gas.

Closing

Positions are closed from the Positions panel, in full, at the current quoted price. Your margin plus profit, or minus loss and fees, is returned to your wallet in the same transaction.

Funding

Every 8 hours a keeper pushes a funding rate derived from the skew between longs and shorts. The crowded side pays the lighter side, which is what keeps the perp tethered to spot. The rate is clamped per market, so it cannot spike arbitrarily.

Liquidation

A position is liquidated once losses reach 80% of its margin. Higher leverage means a smaller move gets you there:

Circuit breakers

If a market gaps past its configured tolerance between two observations, it halts automatically. New positions are blocked while it is halted, but closing stays open, so nobody is trapped in a position they want out of.

Depositing USDG into the vault mints pUSDG, your share of the pool. pUSDG is never rebased: your balance stays constant and its value moves instead — up as fees and trader losses accrue, down while traders are in profit. Being the house is a real position, with real drawdowns.

Trading fees

Where fees go

Protocol constants

Per-market limits

Each market carries its own risk envelope, set by governance and enforced on-chain. The terminal reads these live, so what you see in the ticket is exactly what the engine allows: maximum leverage, minimum and maximum margin per position, maximum open interest per side, price-impact factor, circuit-breaker tolerance, and the funding-rate clamp.

$BARROW is the security and governance layer of Broadarrow. Where pUSDG generates yield for liquidity providers, $BARROW is designed to protect that yield.

The two-token model

Separating the two lets yield generation and protocol security be optimised independently while staying economically aligned: stakers only earn while the pool is healthy, and only lose when it is not.

The Sherwood Security Module

The SSM is the protocol's insurance mechanism, extending the insurance fund that already collects 10% of every fee. Staking $BARROW into it would let holders:

• Backstop LP deposits — a safety net when a liquidation fails to cover a position.
• Earn protocol revenue — a continuous share of trading fees.
• Vote — on market listings and protocol parameters.

What happens when there is bad debt

1. 1
   A position goes underwater faster than it can be liquidated

   Meme coins gap. If price moves far enough between blocks, closing the position no longer covers what it owes.

2. 2
   The SSM is triggered

   The deficit is measured against the staked pool.

3. 3
   Staked $BARROW is slashed proportionally

   Stakers cover the shortfall pro rata to their stake.

4. 4
   LPs are made whole

   pUSDG holders are compensated, and the pool's NAV is restored.

Staking rewards

Reward rates depend on total staked $BARROW and protocol volume: more trading means more revenue per staker, and more staked $BARROW means it is split more ways.

Value mechanisms

The security flywheel

1. 1
   Trading generates fees

   Revenue enters the system.

2. 2
   Fees reward stakers and fund buybacks

   Value is distributed to $BARROW holders.

3. 3
   Higher yields attract more staking

   More $BARROW is locked in the SSM.

4. 4
   The security buffer grows

   The protocol can safely support more LP capital.

5. 5
   More LP capital arrives

   Deeper pools mean more capacity for traders.

6. ↺
   Higher volume — and the cycle repeats

The point of the loop is that security scales with adoption on its own, instead of depending on governance to keep raising a parameter by hand.

Economic security

Ordered by sequence, not by date. Status reflects what is deployed today, not what is intended.