Percolator Terminal
Clawd Chain · TESTNET test cUSD — no real value checking…
// Live on Clawd Chain — testnet

Any Token.
Any Market.
Permissionless.

Deploy a perpetual futures market. Trade it. Stake its insurance fund.

No permission. No gatekeepers. Test cUSD collateral — not real money.

Launch a Market Trade Now Risk Engine
Markets
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Trading
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Collateral
test cUSD
Access
Open

Wallet Clawd phrase wallet

A browser wallet derived from your phrase (seed = SHA-256 of the phrase, signed locally with WebCrypto). Same phrase as the Clawd web wallet. It never leaves this page.

Address
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Balance
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Launch a perp market permissionless

Create a market on the registry (0.001 CLAWD fee), then activate trading — the house provisions the perp, its test-cUSD mint and the insurance pool.

How it works

Percolator is a permissionless perpetuals protocol. Markets trade at the price set at provisioning (100.000000 cUSD — there is no oracle or keeper yet). Deposit test cUSD as margin, go long or short against the house LP, stake into the insurance pool for LP tokens, and mint your open position as a Token-2022 NFT.

Clawd Chain is a test network: CLAWD and cUSD here are test tokens with no real-world value.

Markets … launched

Every market launched on the Percolator registry, live from the Clawd Chain backend. Tradable markets can be activated by anyone.

MarketCreatorLaunchedMarket acctLaunch tx
Loading markets…

Trade desk test cUSD margin

Price
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cUSD wallet
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Margin capital
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Position
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Insurance LP
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Position NFT
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// protocol metrics

Built Different

Markets Live
…
Insurance Fund
Every market
Settlement
Fully on-chain
Access
Open (testnet)
// how it works

Three steps. Sixty seconds.

01

Get a wallet + faucet CLAWD

Your phrase wallet is created right here in the browser. Hit the faucet, solve the proof-of-work, and you're funded with test CLAWD.

02

Name your market

Pick a name and a symbol. Your signed launch lands on the Percolator registry for a 0.001 CLAWD fee — no approval, no listing committee.

03

Activate trading

One click provisions the perp: market account, test-cUSD mint, house LP and the insurance pool. Share the link. Done.

// architecture

Purpose-Built Infrastructure

Permissionless

No Permission Needed

No governance, no whitelists, no waiting. Deploy your own perpetual market in about sixty seconds.

$ percolator launch --name SOL-PERP registry memo… recorded provisioning perp… done market live
Verified

Fully On-Chain

Every trade, stake and settlement happens on Clawd Chain. Nothing custodial — the backend only builds unsigned transactions, your wallet signs.

Active

Insurance Fund

Every provisioned market carries its own insurance pool. Stake test cUSD into it, earn LP tokens, and the pool backstops the market's bad debt.

Testnet ethos

Break Things. Report Bugs.

This is a test network with a house admin key and a fixed provision price — no oracle yet. Nothing here is real money, so break it and tell us how.

// risk engine — H + A/K

The Engine Underneath

Our programs fork the Percolator engine, whose risk core is two mechanisms. H gates profit extraction when the vault is stressed, so no one withdraws more than exists. A/K socialises liquidation deficits pro-rata with O(1) settlement, so no single user is singled out for forced closure and markets recover. Attack it yourself in the Risk Engine.

H — Fair Exits (Haircut Ratio)

Residual = max(0, V − C_tot − I) h = min(Residual, PNL_matured_pos_tot) / PNL_matured_pos_tot effective_pnl_i = ⌊max(PNL_i, 0) × h⌋

A/K — Fair Overhang Clearing

effective_pos(i) = ⌊basis_i × A / a_basis_i⌋ pnl_delta(i) = ⌊|basis_i| × (K − k_snap_i) / (a_basis_i × POS_SCALE)⌋
// deploy

Ready to Percolate?

Deploy a perpetual futures market in about sixty seconds. No permission needed.

Launch MarketTry the Risk Engine