Perpetual futures on an index of tokenized graded trading cards, on Solana.
저장소 README에서 가져옴
README
README 전체를 불러오는 중입니다. 아래는 저장된 발췌입니다.
Kadex
Perpetual futures on an index of tokenized graded trading cards, on Solana.
Kadex turns the graded card market into something you can trade. A collector can own a card or sell it. Kadex adds the positions that were missing: a short, a leveraged long, and a hedge for someone who holds inventory. It puts one index on chain, the Kadex Index, and builds a perpetual market on it.
Kadex turns the graded card market into something you can trade. A collector can own a card or sell it. Kadex adds the positions that were missing: a short, a leveraged long, and a hedge for someone who holds inventory. It puts one index on chain, the Kadex Index, and builds a perpetual market on it.
Side
What you do
Program
Trade
Go long or short on the index with up to 5x leverage. Margin is posted in kdUSD. The ticket shows margin, fee and liquidation price before you sign.
perp
Earn
Deposit kdUSD or the index token tKDX and receive CLP shares. The pool takes the other side of every trade and collects trading fees and borrow.
clp-pool
Vault
Lock a whitelisted graded card and receive fractions equal to its appraised value. Return every fraction to take the card back.
card-vault
What makes it different:
No oracle key. The index price is recomputed from the reserves of an on-chain AMM pool by a permissionless instruction, refresh_price. If the keeper stops, anyone can keep the price alive.
Two ceilings on open interest. A position is admitted only if the pool can pay it and the pricing pool is deep enough that pushing the price costs more than it pays. The lower ceiling wins, in the same transaction.
Rules you can test. Every risk rule is a pure function in a crate with no Solana dependency. 185 Rust tests run without a validator, and 78 more run the deployed binaries on a local one.
Real card data. The Vault page lists Collector Crypt's marketplace of tokenized graded cards, and the vault program only accepts a card from its registered collection.
Screens
Captured from the devnet app.
Trade
Earn
Vault
Card page
How the pieces connect
flowchart LR
subgraph PEOPLE["People"]
TR["Trader"]
LP["Liquidity provider"]
OW["Card owner"]
end
WEB["Web app<br/>Trade, Earn, Vault, Portfolio"]
CC["Collector Crypt<br/>card data"]
subgraph CHAIN["Solana devnet"]
RAY[("Raydium CPMM pool<br/>tKDX and kdUSD")]
ORA["oracle"]
PERP["perp"]
CLP["clp-pool"]
CV["card-vault"]
end
subgraph SERVICES["Services"]
KE["keeper"]
LI["liquidator"]
MO["price mover"]
end
TR --> WEB
LP --> WEB
OW --> WEB
CC --> WEB
WEB -->|"open, close"| PERP
WEB -->|"deposit, withdraw"| CLP
WEB -->|"vault, redeem"| CV
RAY -->|"reserves"| ORA
ORA -.->|"price, read only"| PERP
ORA -.->|"price, read only"| CLP
PERP -->|"CPI"| CLP
KE -->|"refresh_price"| ORA
LI -->|"liquidate"| PERP
MO -->|"swaps"| RAY
The oracle program turns the pool's reserves into one official price: a 30-minute time-weighted average, capped at 5% of movement per 15 seconds. perp settles every position at that price and calls clp-pool, the only program that pays a trader. More graphs: docs/system-map.md and docs/flows.md.
Live on Solana devnet
Deployed on 12 Oct 2026. The tokens are devnet test tokens.
Try it: open the live app, connect a wallet or pick the built-in demo wallet, and the faucet sends test SOL and kdUSD. Every account, parameter and test card is listed in docs/devnet.md. The raw record is deployments/devnet.json.
Quick start
Requirements: Node.js 22 or newer. To build and test the programs: Rust 1.89, Solana CLI 3.1.10 and Anchor CLI 1.2, in a POSIX shell (WSL on Windows).
git clone https://github.com/kadex-protocol/Kadex.git
cd Kadex
npm install
npm run typecheck # compiles the TypeScript packages the app and the scripts import
Web app against devnet. In apps/web/.env.local set NEXT_PUBLIC_KADEX_RPC_URL to a devnet RPC endpoint and NEXT_PUBLIC_KADEX_USDC_MINT to the kdUSD mint from the table above. Then:
npm run web # http://localhost:3000
Programs and tests.
npm run sync-keys # copies the program keypairs to target/deploy
npm run build:programs # deployable build, see docs/deploying.md
npm run test:rust # 185 Rust tests, no validator
npm run test:parity # TypeScript maths equals the Rust
npm run test:integration # 78 tests on a local validator
Services against devnet.
npm run keeper # refresh_price on a loop
npm run liquidator # liquidates positions below maintenance margin
Both services read the addresses from deployments/devnet.json and pay fees from the keypair named by KADEX_SERVICE_KEYPAIR. npm run dev:chain -- <wallet> boots a local validator with the programs deployed and a seeded pool. All suites: docs/testing.md.
Built for Colosseum 2026. Kadex runs on Solana devnet with test tokens. It is not affiliated with Collector Crypt or any grading company, and card images belong to their owners.
