Documentation

leverage on every memecoin.

Leverage on any Solana memecoin, first of its kind.

Everything on a single page: the cost of a position, the margin it ties up, when it gets closed automatically, and what no one on our side can do with your funds.

leverage: 1–20x; set for each position, either direction
fee: 0.1%; included in the fill, when opening and closing
maintenance: 2.5%; of notional has to stay as margin

Onyx is the first place where every Solana memecoin can be traded with leverage. Before, getting leverage on a memecoin meant waiting until it was large enough for someone to list a perpetual; here you can go long or short with leverage on any memecoin that trades on Solana. Sign in with email or a Solana wallet, we create an on-chain wallet for you, you add SOL, and from there each coin has its own page with a chart and a panel to choose direction, size and leverage.

Buying memecoins spot lets you go one way at one pace. Here you can go either way, at up to 20 times the pace.

Every price is taken from the coin's own Solana pool, via GeckoTerminal and DexScreener. Your positions live on your account, are valued at the live price, and are closed for you if the price hits the point where your margin would run out.

account and wallet

When you sign in you get two things: an account, tied to your email or the Solana address you signed with, and a custodial wallet on Solana that belongs to it. The wallet's key is created on our server and never reaches the browser.

Your wallet: A single Solana address, visible in the header and on Portfolio. Sending SOL to it funds your account, and it stays yours as long as the account does.
Collateral: Your deposits, converted to USD at the SOL price on arrival, adjusted by the profit or loss of trades you have closed. Whatever is not tied up as margin in open positions is free to trade with or withdraw.
Sign-in methods: Either email and password, or a browser Solana wallet like Phantom or Solflare (you only sign a message, never a transaction). Each route gives you the same account and wallet.
Not a seed phrase: Nothing to note down. A forgotten password is recovered through your email, and the wallet remains linked to the account.

rules in short

Direction: A long gains when the price goes up; a short gains when it goes down. Every listed coin supports both.
Leverage: Any whole number between 1x and 20x, set at opening. Once a position is open its leverage is fixed.
Size: You set the notional in USD, anywhere from $5 to $250,000. The margin tied up equals notional divided by leverage.
Fee: 0.1%, included in the price: buys fill 0.1% over the live price and sells 0.1% under it. It is already reflected in your PnL. There is nothing else — no funding and no added spread.
Liquidation: If the price goes against you until just 2.5% of notional is left of your margin, the position is closed at that level. More
Maximum loss: The margin, and nothing beyond it. Liquidation costs precisely the margin you put up. Other positions and the rest of your balance are not affected.
Closing: A single click at the live price. The profit or loss lands in your collateral instantly.
Listed coins: Any Solana memecoin whose pool holds $10,000 or more. The list surfaces what is active; search covers everything else. More
Borrowing per coin: Summed over all traders, borrowing on a single coin is held below 10% of its liquidity or 2% of its market cap, whichever is smaller. Reason

your first trade

Sign in. With email or a Solana wallet. Your wallet is created instantly and appears in the header.
Add SOL. Transfer SOL to your wallet address. Once the transfer confirms — typically in about a second — the balance shows in the header and counts as collateral at the current SOL price.
Choose a coin. Markets shows trending, largest and newest coins; search accepts a name, ticker or contract address. Each row leads to a page whose chart is ready on arrival.
Open the position. Pick long or short, leverage and size. Before you confirm, the panel shows the margin required, the fee and the liquidation price. The position fills at the live price and shows up under the chart and on Portfolio.

leverage and margin

Each position has a notional — the USD value of the coins it represents — and a margin — the share of your collateral it ties up. Leverage is notional divided by margin. Gains and losses follow the notional, so a $1,000 position at 10x moves just like holding $1,000 of the coin, while only $100 of your collateral is on the line.

A 10x position	Amount
notional	$1,000
margin locked	$100
fee (0.1%)	in the entry price
balance needed	$100
the coin moves 1%	±$10, or 10% of your margin

More leverage does not raise what each dollar of notional can earn. It lowers how much you put up — and with it, how small a move is needed to wipe that out.

liquidation

Each position has a single price where it gets closed automatically. You see it in the panel before opening, on the position row afterwards, and as a line on the chart. The rule: liquidation happens once losses have reduced your margin to 2.5% of notional.

Side	Liquidation price	At 10x, entry 0.0025
long	`entry × (1 − 1/lev + 0.025)`	0.0023125 · a 7.5% drop
short	`entry × (1 + 1/lev − 0.025)`	0.0026875 · a 7.5% rise

What it costs: Precisely your margin. Liquidations carry no closing fee, and nothing past the margin is ever taken.
When it happens: All open positions are compared to the live price every few seconds, online or not. Memecoins are quick: a wick past the level is enough, and the loss is still capped at your margin.
At 20x: Liquidation sits 2.5% away. For a memecoin, one candle often covers that.

fees

There is a single fee, 0.1%, included in your trade price: a long opens 0.1% over the live price and closes 0.1% under it (reversed for a short). The entry in the panel and your PnL both already account for it; nothing is deducted separately. No funding, no deposit fee — only Solana's normal network fee when you send SOL to your wallet.

The fee follows position size, so leverage scales it up. Opening $1,000 costs roughly $1 at 1x and at 10x alike. A liquidation still costs only your margin.

pricing and execution

Mark price: The coin's price in its deepest Solana pool, pulled from DexScreener every few seconds. That one number feeds the latest candle, your PnL and the liquidation check.
Fills: Positions open and close at the current mark price. No order book, no simulated slippage: you get what the panel displays, give or take the second or two it takes to confirm.
Candles: Sourced from GeckoTerminal, from 1-minute up to 4-hour bars. When their feed is rate-limited, the latest known candles stay up, flagged as stale, instead of a blank chart.
Market cap axis: Like most memecoin terminals, the chart can display market cap in place of price — the same candles multiplied by supply.

eligible coins and caps

Search covers everything with a Solana pool. Markets sorts coins three ways: Trending by activity over a window you choose, favouring young pools; Top by today's volume, leaning on the past hour; New by how recently the pool appeared. Majors and stablecoins are excluded.

Two limits determine whether you can open a position and how large it may be. They share one purpose: positions settle at the price in the coin's own pool, and a shallow pool is cheap to move.

Liquidity floor: New positions require the pool to hold at least $10,000. If a coin drops below that, open positions on it can still be closed.
Borrowing cap: Total borrowing on a coin, across every open position from every trader, is kept below the smaller of 10% of pool liquidity and 2% of market cap. Borrowing is size minus margin — the portion the vault lends. The trade panel shows the remaining room before you open.

the reason for the limits

Without limits, draining the vault would be easy. Take a big leveraged long on a coin with a tiny pool. Buy that coin on the open market, which in a shallow pool moves the price a lot for very little. Close the long at the pumped price, sell the coins, pocket the gap. The vault pays for the long's profit, while moving the pool cost next to nothing.

Moving a price costs more the deeper the pool; the payoff grows with position size. Holding borrowing on any coin low relative to its liquidity and market cap keeps the possible gain from a push well below its cost, and puts a dollar ceiling on it. Take a coin with $40,000 in liquidity and a $400,000 market cap:

Coin with $40,000 liquidity, $400,000 market cap	Amount
10% of liquidity	$4,000
2% of market cap	$8,000
maximum total borrowing on it	$4,000
largest combined size at 10x	$4,444.44

The cap rises as a coin's liquidity and market cap rise. Young, shallow coins become tradable as soon as they pass the floor, and the room expands as real capital flows in.

who can do what

You: Open and close positions, set leverage and size, deposit SOL. Your wallet address stays the same.
Us: Keep your wallet's key, which lets trades go through and funds move without you having to sign. Define the risk settings listed here: leverage range, fee, maintenance margin, liquidity floor and per-coin borrowing cap.
Not us: Edit a position once it is open, change your entry or liquidation price, or send your SOL anywhere the app's own flows don't. All figures on this page come from the very constants the engine uses, so what is written here is exactly what runs.

the token

Onyx has one main token. Its liquidity pool is paired with HYPE, so the token is bought and sold against HYPE, not SOL.

risks

Memecoins: Memecoins can shed most of their value within minutes, and some pools are so shallow that a single trade moves the price. With leverage, that means liquidation. Treat every position as one that can go to zero.
Data sources: Pricing relies on GeckoTerminal and DexScreener. Should both go silent for a coin, its positions can be neither opened nor closed until one is back, and liquidation checks pause meanwhile.
Not an exchange: Positions sit on your account rather than on an order book shared with other traders. Onyx is the other side of every position.