LeverUp

LeverUp is an LP-free perpetuals exchange on Monad that delivers uncapped open interest, 100% fee redistribution to traders, and leverage up to 1001x. Built around a Virtual Market Making Vault (VMMV) instead of traditional liquidity pools, it is designed for active, high-leverage traders seeking a fairer fee model where losing positions pay zero fees and winning positions share a portion of gains with the protocol.

LeverUp generates yield purely from trader activity and gives back 100% of the fees it collects to traders each epoch (a set time period). The protocol collects fees from three sources:

• Open/Close Fees — 0.045% of the trade size for standard leverage (1x–100x). For the very high leverage tier (500x–1001x), called Zero-Fee Perpetuals, the rules change: if a trader ends with a loss, all fees are zero; if they end with a profit, they pay a close fee equal to the smaller of 85% of that profit or 0.03% of the trade size. Real-world asset (RWA) pairs have a lower 0.02% fee.

• Holding Fee — charged when a position closes. It is based on the position size, the entry price, the number of seconds the position was open, and a per-second rate.

• Funding Fee — calculated every second from the imbalance between long and short open interest. A volatility-based base rate from the Pyth oracle adjusts it. When the rate is positive, longs pay shorts; when negative, shorts pay longs.

All accumulated fees are then distributed to stakers. Staked xLV holders receive their share directly in USDC. Staked yLV holders receive xLV instead (the protocol buys $LV with USDC and stakes it on their behalf).

LV token emissions are also distributed weekly to traders, in proportion to points earned from trading volume, profit/loss, and referrals. The weekly amount decays by 1% each week, and can flex up or down by up to 35% based on recent protocol fee trends.

A Trader Investment Fund collects extra collateral from traders whose net profit/loss is negative over time. It invests these funds actively and sends the returns back to traders.

The LVUSD synthetic stablecoin also generates yield when it trades above 1 USDC (a "premium" condition). In that case, extra vault USDC is deployed into stablecoin yield strategies for additional income.

Staking exit-rebase: If a staker exits instantly, they forfeit 50% of their xLV position. That forfeited amount is then redistributed proportionally to the remaining stakers.