Points pilot rules

• Points only. No deposits, no prizes; points have no value.
• Liquidation only takes the position's margin.
• Recorded milestones move the index at once and can liquidate leveraged positions.

Who can join

• You must be 18 or older and accept the Terms; sign-in asks you to confirm both.
• Hold at least $10 of REGI to join the points pilot. You must hold it when you sign in and when you place each order; the balance is checked at those moments. A wallet with open positions can sign in without it, to close them. Closing a position needs no REGI.
• Leverage above 1× needs at least $50 of REGI locked in your own vault (see How the lock works). 1× needs only the REGI to join.
• Dollar amounts are converted at the median of the REGI/USDC pool over the last 24 hours, sampled every 10 minutes. While there are too few samples, sign-in and new orders wait ("REGI price updating").
• The leaderboard lists only wallets that currently hold the REGI needed to join.
• One person, one wallet. Starting balance 10,000 points, once per wallet per season, for all three markets.
• Sign in with a one-time message: it is not a transaction and costs nothing. The session lasts 12 hours. Smart-contract wallets aren't supported yet.

Markets

• The pilot trades three markets, one per Arc index: ABI (Arc Builders Index), AII (Arc Integrations Index) and AEI (Arc Ecosystem Index).
• One points balance per wallet covers all three. Every open and close is paid from and back to it.
• One direction at a time in each market: you can be long ABI and short AII, not long and short ABI. Up to 5 open positions per market.
• Each market has its own mark, funding rates, house, fee pool, insurance and weekly split. The same rules apply in all three. AII has no base layer, so the base-sample pause doesn't apply there.

How the lock works

• Each wallet gets its own vault contract, made the first time it locks. Locking approves the lock contract to move the amount, then moves it from your wallet into your vault.
• Locked REGI stays yours. You can withdraw it at any time; withdrawing closes your leveraged positions. The pilot never takes or spends it; it only reads how much is in your vault, at each order above 1×.
• Each leveraged position keeps the lock amount needed when it opened. If a withdrawal leaves less than that, the position is closed at the next price of its market, with the normal close fee, funding and borrow. It is not a liquidation. A change in the REGI price alone never closes a position.
• REGI in your vault keeps its REGI holder distributions; you claim them from the vault to your wallet.
• The lock contract's address shows here once it is live; until then, leverage above 1× is closed. Lock, withdraw and claim transactions are public on Arc.

Orders and leverage

Market orders fill at the first mark of the order's index posted after the order (the mark updates every 5 s); with no mark within 10 s the order is refused. Leverage 1, 2, 3, 5, 10, 20, 30×, capped at the lower of 0.1 ÷ σ_24h and 1 ÷ (2.5% + 0.5%), so a 2.5% milestone step stays inside the margin; from 1× to 30×. New orders pause while the index moved more than max(5σ_1h, 0.5%) in the last hour, and for a minute around each hour's base sample (ABI and AEI; AII has no base layer). Orders and closes wait for each hour's funding to be set (about 15 s); liquidation checks don't. Fee 0.01% of size per side. Borrow 10% a year on size − margin, per hour held. Maintenance margin 0.5%; liquidation is checked on one-minute bars and moves with funding and borrow. One direction at a time in each market: close your longs there before opening a short, and the reverse. Minimum margin 10 pts. Starting balance 10,000 pts, once per wallet.

Leverage is currently capped at 10×.

Funding

Each market's rates are set at the start of every hour from its open positions, per point of size per hour held. Trend: longs pay and shorts receive the index's mean hourly move over the last 6 closed hours, with milestone steps taken out. Milestone premium: longs also pay the mean hourly milestone step of the last 30 days, to the house; it is part of the long rate. Skew: the larger side pays up to max(1.5σ_1h, 0.005%) an hour, in proportion to the imbalance; the smaller side and the house receive 90% of that per point and the pilot keeps 10%. Funding counts toward equity, closing and liquidation.

Each side's share of open size, averaged over the hour before the rates were set. The larger side pays the skew rate.

Borrow

10% a year on the borrowed part (size − margin), charged per hour held and settled at close.

Liquidation and milestones

Funding and borrow paid move the liquidation price toward the mark. The second figure assumes 24 h at this hour's rates.

Recorded milestones change the index at once; orders pause for a minute so nobody trades on stale prices.

Covers losses beyond a position's margin when the index jumps past its liquidation price, up to its balance; the house carries the rest. No position loses more than its margin.

The house and the points economy

Each market has its own house, fee pool, insurance and weekly split; this tab shows the market of the index above. The house takes the other side of the net imbalance between longs and shorts, under the same funding rules. Trading fees, borrow, the funding cut and the house's realized result (from closed and liquidated positions) form the fee pool; its result on open positions stays in its book until they close, and a loss carries over. Each Monday 00:00 UTC the pool splits: 20% to insurance and 80% to the treasury, 50% of which is set aside for a REGI buyback. All in points; nothing is bought during the pilot.

Price: the house's side of the book times the index move. Funding: what positions paid and received, less the pilot's cut. True-up: the difference to the exact result of each position, booked every hour and when it closes. Liquidations: equity left at a liquidation, less gaps insurance could not cover.

These figures are bookkeeping in points inside the game. They are not payments and not a commitment to buy REGI or anything else.

Leaderboard

Balance plus open positions in every market (with funding and borrow), each at its market's latest mark. Only wallets that currently hold the REGI needed to join. Top 50, refreshed every minute. It shows a shortened wallet address.

Fair play

Moving the index on purpose to profit in the pilot, running several wallets, or exploiting bugs isn't allowed; we may reset or remove the points, positions or accounts involved. We may also pause trading, change parameters, start a new season or end the pilot.