If it has a real pool, you can trade it, small caps included. Limits grow with each coin's liquidity, so nothing trades bigger than its pool can price.
Listing small coins is only safe if moving their pool doesn't move the money. Every coin price on Tenor is read straight from its pool and passed through these checks before it touches a position.
Coin buys fill at the higher of pool spot and the time-weighted price, sells at the lower. A spiked print never fills in your favour.
When spot runs more than 10% from the average, new positions pause until it settles. Closing always works.
Longs are capped by what it costs to pump the pool, shorts by what it costs to dump it. One-sided pools stay one-sided.
A freshly listed coin builds price history before it takes its first position.
A single coin position can make at most 3× its entry size, which bounds what a slow pump can pull from the vault.
Margin checks use the smoothed price, so a single wick can't liquidate you.
On every market, trades that pile onto the crowded side pay a small premium and trades that rebalance it get the better price and the lower fee. Drag both sliders: the numbers use the same formula the engine would.
Two steps, no stale prices. You place, the keeper prints, and the engine fills you at a price you can check on-chain.
Post USDC margin and a worst acceptable price. It sits in the vault as escrow, and you pay a small SOL fee for the keeper.
The keeper publishes a price newer than your order, bounded by an oracle band. Nobody fills you on a stale price, including you.
Your fill is the print adjusted for the book's skew. If it's worse than your limit, the order cancels and refunds instead.
Close any time. PnL, funding and fees settle against the vault in one step. Unfilled market orders expire after 2m.
Funding doesn't jump to a number. It drifts while the book stays one-sided, capped at 0.30%/day. Pick a skew:
Deposit USDC and take the other side of every trade. LPs earn 80% of trading fees and every skew premium, plus whatever traders lose. They also pay out whatever traders win.
At launch, every limit is read from the contracts. Until the engine is live this table shows the simulated values the markets above use.
| Market | Max lev | Maint. | Maker / taker | Skew scale | OI cap / side | Funding cap | Hours |
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$TENOR launches on pump.fun. Once its own pool clears the floor it can be listed on Tenor too, so you can long or short the exchange's own token.
Posts at launchAny pump.fun coin that has graduated to a pool with at least $15,000 of depth to move its price 10%. Paste a mint address and Tenor checks the pool and lists it.
Small caps are the point. A $15K pool gets 2×. Leverage steps up to 3× at $50K, 4× at $200K and 5× at $1M.
Shorts are capped by what it costs to dump the pool. If a pool is too thin to price a short safely, that side stays closed while longs may stay open.
Not yet. The engine is not live. This page demonstrates the markets and rules, and the numbers on it are simulated.
The tLP vault. LPs earn the fees and skew premiums, and they also pay out trader profits.
Orders can't fill without a fresh print, so they wait and then expire and refund after 2 minutes. Closing and withdrawals stay available.