Kadex

What it is

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.

What	Address
oracle program	5288ShBXsFxqXiGm22FZi1ZrMnmet4i1ZR3bccyAguqp
clp_pool program	3XZkAqLeQDoNXD6Bb9YoGSEdnvqk9r7UMgrKsN5x3L9v
perp program	BcVwJ91Jd1k7xUNcGYzRygq2ubaCYn7p5MeUZzy1EyLR
card_vault program	J8Tef8N4YSfVwAxpBemCZrz3qCxehTeb2cd1jTwoBczW
kdUSD, the stable token	E2zRTPSvxyqTuiPvnGinCRWDLAfXUkNdLfUVcaFpTCzc
tKDX, the index token	FKNJbb86SZMFZgDVTK48atX4xiqwqACVDQi4vSaSx7F2
Raydium CPMM pool, the price source	FCidcNbQYoe24VwdkMwHeBWjdt3Jqz5Qazh7xPuMWdhV
Oracle account	HGjtgccRYwgvcNwrxjhSgb43UV1yr75PYpCGTKe5gz3h
CLP pool

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.

Repository map

Path	What it holds
apps/web	Next.js app: Trade, Earn, Vault, Portfolio and the API routes
apps/keeper, apps/liquidator, apps/external-feed	The off-chain services
programs	The Anchor programs: oracle, clp-pool, perp, card-vault
packages	Rust crates kadex-math, kadex-risk, kadex-interface, and TypeScript packages types, sdk, oracle, collector-crypt
deployments	Devnet addresses, the launch basket and the IDLs
scripts	Build, devnet deployment, price mover, basket selection
tests	Parity, history, Raydium reader, Collector Crypt and validator suites

Documentation

The documents form a graph with one entry point, docs/README.md. AI readers can start at llms.txt.

To	Read
Understand the product	overview, users, glossary
See how everything connects	system map, architecture
Follow a flow step by step	flows
Look up an instruction, account or error	programs
Understand the price and the rules	oracle, invariants
Work on the web app	web app, frontend contract
Run the services and scripts	services
Find a devnet address	devnet

Roadmap

• Risk core, oracle, pool, perp and card vault programs
• Raydium CPMM pool as the price source
• Web app with Trade, Earn, Vault, Portfolio and hedge mode
• Devnet deployment with hosted app, keeper and liquidator
• Index token backed by vaulted cards, so a card's fractions can enter the Earn pool (#1)
• Vault the ten-card launch basket in deployments/basket.json
• Multisig with a timelock as upgrade authority, and split admin roles
• Mainnet readiness: fresh program keypairs, audit, legal review

Team

Name	Role	GitHub
Kauã Miguel	Fullstack dev	@Kc1t
Deborah Pavanelli Colicchio	Web3 developer	@eudehh
Pedro Henrique	Backend dev	@opedrooz

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.