bourseperpetual futures on international equities.
bourse lets you go long or short on companies from 38 countries, from infosys and toyota to vale, asml and tsmc, with leverage, settled in usdg on robinhood chain. every market is a us-listed share (an adr or a direct listing), quoted in usd, so there is no currency conversion layer.
there is no order book and no second trader to match with. a single shared liquidity pool is the counterparty to every position. you deposit usdg, pick a side, and close whenever you want. profit is paid from the pool, losses are paid into it.
quickstart
- open the terminal and click connect wallet. pick metamask, rabby or coinbase wallet. robinhood chain is added to your wallet automatically.
- enter an amount in usdg transfers and click deposit. confirm the usdg transfer in your wallet. your balance is credited once the transaction is mined.
- choose a country tab and a stock, set long or short, your margin and your leverage. the ticket shows notional, liquidation price, fee and max payout before you sign.
- click sign. if the market is open you are filled at the live price. if it is closed, your order is queued and fills at the opening price.
- close from the positions tab whenever the market is open. idle balance can be withdrawn back to your wallet at any time.
deposits and withdrawals
deposits
a deposit is a plain usdg erc-20 transfer to the bourse pool address on robinhood chain. the terminal sends it for you. the server reads the transaction receipt, confirms it is a usdg transfer from your wallet to the pool, and credits your idle balance. each transaction hash can only be credited once.
balances
- idle: usdg you can trade with or withdraw.
- margin: usdg locked in an open position. it cannot be withdrawn until the position closes.
- held: margin plus fee reserved for a pending order. it returns to idle if you cancel.
withdrawals
withdrawals come only from idle balance, never from margin in an open position. the pool sends usdg back to your wallet on chain. if the on-chain transfer fails, the amount is returned to your idle balance automatically. you can see every deposit and withdrawal, with its explorer link, in the transfers tab.
trading
every order is a message signed by your wallet. it contains the market, side, margin and leverage, plus a one-time nonce and a timestamp. it never contains a price. the entry price is always the live mark on the server at the moment the order executes, so nobody can choose their own price.
- notional = margin x leverage.
- size = notional / entry price, in shares.
- pnl = size x (exit price - entry price), negative for shorts, minus funding paid.
- on close you receive margin + pnl - close fee, with pnl capped at your max payout and losses capped at your margin.
signed messages expire after 2 minutes and each nonce can be used once, so a signature cannot be replayed.
orders while closed
you can place an order at any time, including nights and weekends. when the market is closed your order is accepted as pending: margin plus the open fee is held from your idle balance, and the order shows in the orders tab.
- at the next open, after the reopen liquidation check, the order fills at the opening price and becomes a normal position.
- you can cancel a pending order any time before the open and get the full held amount back.
- if an order cannot fill at the open (for example the pool has less free liquidity than it did), it is refunded automatically and marked failed with the reason.
- orders placed while closed are capped at 5x leverage, because they are held into the session.
nothing ever fills at a stale weekend price. that protects both traders and the pool from overnight news.
market hours
every bourse market is a us listing, so it follows the us equity session: 09:30 to 16:00 new york time, monday to friday, closed on exchange holidays, with early 13:00 closes on some days.
- open: live prices. positions open and close instantly.
- closed: the last close is shown. new orders are queued for the open. open positions keep accruing funding but cannot be closed until the market reopens.
- reopening: for a moment at the open, bourse marks every market to the opening price and runs liquidations before accepting any orders.
positions held across a close carry gap risk: a stock can open far from where it closed. to limit this, leverage is capped at 5x for positions that will be held across a close.
prices and charts
marks come from the us listing of each company, polled server-side and cached. your browser never fetches prices directly, and prices older than a minute are refreshed on the server before an order is priced. charts show historical candles for 1 day, 5 days, 1 month, 6 months and 1 year. they are for reference; the price you trade at is always the server mark.
fees
| open a position | 0.05% of notional |
| close a position | 0.05% of notional at exit |
| deposit | no bourse fee, only chain gas |
| withdraw | no bourse fee |
| cancel a pending order | free, full refund |
trading fees go to the liquidity pool. example: 10 usdg margin at 5x is 50 usdg notional, so the open fee is 0.025 usdg.
leverage and liquidation
each market has its own max leverage (5x, 10x or 20x, lower for otc listings). leverage above 5x is only available when the position will not be held across a close.
a position is liquidated when its equity (margin + pnl - funding) falls to the maintenance margin of 0.5% of position value. the liquidation price shown in the ticket is:
- long: entry x (1 - 1/leverage + 0.005)
- short: entry x (1 + 1/leverage - 0.005)
liquidations are checked on every price update and immediately at each market open. a liquidated position loses its full margin to the pool. you can never lose more than the margin you put in.
max payout
because the pool pays every winning trade, it can only promise what it actually holds. so every position has a max payout, fixed when it opens and shown in the ticket before you sign:
max payout = min(margin x 10, free pool liquidity)
that amount is reserved in the pool for you until you close. if your profit runs past it, you receive the max payout and no more. example: 10 usdg margin has a max payout of up to 100 usdg, or less if the pool has less free.
funding
funding keeps the book balanced. it is a skew charge: when more open interest is long than short, longs pay and shorts receive, and the other way round. it accrues continuously and is quoted per 8 hours.
8h rate = 0.05 x (long oi - short oi) / pool size, capped at +/- 0.75%
funding is settled when you close, as part of your pnl, and it keeps accruing while the market is closed. the current 8h rate for each market is shown in the terminal and the markets table.
liquidity pool and limits
one pool backs every market in every country. it is never split per country. open interest is tracked per market and exposure is capped globally, so no single market or trade can put the pool at risk.
- a single position's notional cannot exceed 5% of free pool liquidity.
- total open interest across all markets cannot exceed 5% of pool size.
- one market cannot exceed 25% of that global cap.
- minimum margin is 1 usdg.
the pool grows from fees, losing trades and liquidations, and shrinks when traders win. the free liquidity available right now is shown in the terminal ticket.
countries and markets
38 countries, 176 markets. a company listed under two countries is one market with shared open interest. each country uses its local convention for gain colors: red for gains in japan, korea, china and taiwan, green elsewhere.
Argentina10
Australia4
Austria2
Belgium2
Brazil7
Canada6
Chile6
China14
Colombia3
Denmark4
Europe7
France9
Germany10
Hong Kong3
India6
Ireland4
Israel5
Italy4
Japan7
Kazakhstan1
Korea5
LatAm6
Luxembourg3Mexico7
Netherlands5
Nordics8
Panama1
Peru3
Portugal2
South Africa6
Southeast Asia4
Spain3
Switzerland7
Taiwan5
Turkey1
UK7
Uruguay2
Vietnam1security
- every price and balance check runs on the server. the browser never sends a price.
- orders, closes, cancels and withdrawals require a wallet signature with a one-time nonce that expires in 2 minutes.
- deposits are verified from the on-chain receipt and credited once per transaction.
- all balance changes are applied in a single database transaction, so a trade either fully happens or not at all.
- an operator kill switch can halt new positions while still letting everyone close.
- bourse never asks for your seed phrase or private key. only sign messages that start with
bourse.
contracts and addresses
| bourse token (ca) | 0x61986e2e610bb303a56a6b32b5c6eeccc2c2da91 |
| usdg (settlement) | 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168 |
| liquidity pool | 0xa247C626b7bba017cDB4957328bE50C23C6681D0 |
| network | robinhood chain mainnet, chain id 4663 |
| explorer | explorer.mainnet.chain.robinhood.com |
always check the contract address before sending funds. official links are only this site and x.com/BoursePerps.
risks
- leverage: small price moves can liquidate a leveraged position and you lose the full margin.
- gaps: stocks can open far from their last close after news. positions held across a close can be liquidated at the open.
- payout cap: profit beyond your max payout is not paid.
- pool size: when the pool is small, max payout and position size are small too, and queued orders can fail to fill.
- price source: marks depend on an external market data feed. if it is unavailable, the last mark is kept and markets may be unable to trade.
- smart contract and chain: usdg and robinhood chain have their own risks, including outages and congestion.
- not an investment in the stock: a bourse position gives price exposure only. no shares, dividends or voting rights.
only trade with money you can afford to lose. nothing here is financial advice.
faq
who is on the other side of my trade?
the shared bourse liquidity pool. there is no order book to wait on, so every order fills instantly when the market is open.
can i trade on weekends?
you can place orders any time. orders placed while the market is closed are queued and fill at the opening price. positions cannot be closed until the market reopens.
why is my payout capped?
the pool can only promise what it holds. your max payout is fixed at open, reserved for you, and shown before you sign.
can i lose more than my margin?
no. the most you can lose on a position is the margin you put in.
which wallets work?
metamask, rabby, coinbase wallet and other evm browser wallets that support custom networks. phantom does not support robinhood chain.
why can i not withdraw everything?
margin in open positions and amounts held for pending orders are locked. close the position or cancel the order to free it.
how are new countries added?
each country is one config file listing its us-listed stocks. adding a country does not change the pool, which stays shared.
do i own the stock?
no. a position is a perpetual future that tracks the price. you do not receive shares or dividends.