01
Launch on the curve
Choose a market, direction and leverage. Buyers add USDC backing; sellers receive it from the curve. No perps position opens yet.
EXAMPLEAPT · 2× Long
Pick a market.
Launch a coin.
Choose a market like APT and launch a coin on Aptos. It starts on a bonding curve. At $8,000 of curve backing, it graduates and the keeper can open its Decibel Perps position.
FROM CURVE TO PERPSHOW IT WORKS
01 · BONDING CURVEBuy & sell the coin
02 · GRADUATION$8,000 backingCoin moves to a liquidity pool
03 · KEEPER OPENS PERPS70% margin · 30% cashLeverage applies to marginLaunch. Graduate. Connect.
Perps begin after graduation. Before that, backing stays available for curve sales.
02
Reach graduation
The curve graduates at $8,000 of real backing after the 2% curve fee, or when its sellable allocation runs out. Virtual reserves do not count.
CURVE TARGET8,000 USDC
03
Keeper opens perps
After the pool is created and its LP assets are locked, the keeper targets 70% margin and 30% cash. A 2× strategy targets $2 of exposure per $1 of margin.
AFTER GRADUATIONAutomatic keeper
Graduated does not mean the position is already open. The keeper checks the market, oracle, available margin and execution limits before submitting price-limited IOC orders. Unfilled amounts cancel; it checks actual fills before retrying within its budget. Opening can wait if the market is closed, the order is too small, or the strategy has pending exits. Read the keeper rules
What if APT moves?
After graduation, imagine $100 of strategy backing: $70 margin at 2× creates a $140 position; $30 stays in cash.
EXAMPLE STRATEGYIf APT changes by…
APT2× Long on Decibel Perps
A 10% APT move changes the $140 position by $14: a 14% change in total backing. Funding, fees and rebalancing affect the actual result.
ILLUSTRATIVE MOVEBEFORE COSTS
APT market
+10%
Total backing
+14%
Starting backing value
$100~$114
Illustration before costs, assuming a fully filled position and unchanged cash. Coin price also depends on pool liquidity and demand.
Why the coin can move differently.
The market is part of the story. The coin’s own trading activity matters as well.
AMarket backing
+After graduation, strategy value changes as the perps position gains or loses value.
BCoin demand
→Trades move the curve price before graduation and the liquidity-pool price afterward.
THE RESULTCoin price
Both forces appear in the quote you see before trading.
Selling & receiving USDC.
Before graduation, sales use the curve’s available backing. After graduation, USDC sales settle immediately when the vault has enough available cash. Otherwise, the sale creates a redemption request. Claim from your profile’s Redemptions tab once funds are released.
Get in before launch.
Early mainnet access opens 17 Oct at 13:00 UTC. The official launch follows at 14:00 UTC.