What is Stratos

Stratos is a perpetuals exchange for convex payoffs. Instead of trading ETH, you trade ETH² or ETH³: markets whose price is ETH's price raised to a power. When ETH goes up 10%, ETH² goes up 21% and ETH³ goes up 33%. When ETH goes down 10%, ETH² goes down 19% and ETH³ down 27%. The same markets exist for HYPE.

Every market also has a straddle: a position that pays on the size of a move in either direction.

Three things make Stratos different from a leveraged perp:

• The payoff is exact. A long pays exactly (price ÷ entry)ᵖ − 1 on your size, with no index games, no mark/index spread and no markup. The liquidity pool carries the tracking error of the hedge, not you.
• Funding is the only price. You pay a funding rate for the convexity you hold (or receive it if you're short). The 0.05% trading fee never changes. See Funding.
• Past the standard max leverage, you get a knock-out, not a liquidation. One leverage setting from 1x to 50x. Above 5x the position has a fixed exit price set when you open, and you can never lose more than your collateral. See Leverage.

The other side of every trade is the pool. Anyone can deposit into it to earn funding and fees. The pool is hedged minute by minute with options and perps on Derive, so it isn't a bet against traders: it's a market maker for convexity. See Safety.

Where things are

Status

Stratos is in paper mode: the app runs on live prices with test dollars. Use the Test wallet button for a throwaway wallet and Get test dollars to fund it. Nothing on it is real money yet. Testnet and mainnet come later, each with its own announcement.

Quick start

1. Open app.stratos.cash, click Test wallet, then Get test dollars.
2. Pick a market from the dropdown at the top left (ETH², ETH³, HYPE², HYPE³, or a straddle).
3. Choose Long or Short, enter collateral, and set leverage with the slider (or type it).
4. Read the ticket: position size, liquidation or knock-out price, fee, and funding per day.
5. Click Long ETH² · $600 (or whatever your ticket says). Your position appears under Positions, where you can add margin, set take-profit and stop-loss, close half or close all.
6. Closed trades show under Trades with a Flex card you can share and a Replay of the trade on the chart.