From NFTs to a trading market.

Three steps

1. Create a collection. Choose its name, artwork, circulation limit and starting price.
2. Buy and sell its NFTs. The curve quotes each trade. Its 5% fee goes into a separate perp reserve.
3. Trade Long or Short. When the reserve reaches its target, the same contract enables perpetual positions automatically.

Everything happens on the collection’s market page. There is no separate market-creation transaction, price publisher or trader-matching step.

Create a collection

Select Create collection, enter a name and symbol, and optionally provide a public HTTPS or IPFS artwork URL. Without a link, the collection uses the JPEG Test artwork. Enter any whole-number circulation limit from 10 to 10,000 and a starting price from 0.000001 to 1 ETH. A small combination that cannot support minimum positions is rejected. The first NFT costs that starting price plus the 5% pool fee; later mint prices rise along the curve. Choose a perp opening reserve within the displayed bounds, or leave it blank for the minimum. The form shows the first purchase cost, estimated total buyer spend and Long/Short collateral capacity before launch.

Launch takes one wallet transaction through the registry. The creator address is recorded, but has no reserve withdrawal, free-mint, price-changing or upgrade authority. All curve and fee terms are fixed. Creation itself buys no NFTs and funds no positions.

These are numbered editions of one artwork. The circulation limit counts currently existing NFTs. A sale burns its NFT and frees space for a later buyer, who receives a new token ID. NFTs can also be transferred normally.

Buy and sell NFTs

On the collection page, select NFTs → Buy, choose 1–20 editions and check the quote. Each edition bought raises the curve price by one fixed step. The total includes a 5% fee, plus up to 1% price tolerance; unused tolerance becomes withdrawable credit.

Select Sell to return NFTs to the curve. The site selects the first requested number of editions currently owned by your wallet and shows their IDs in the review. They are burned, the curve price falls and your ETH proceeds are credited after the 5% fee. No NFT approval transaction is needed.

Use Withdraw ETH to move credit to your wallet. NFT ownership and a Long position are different assets.

When do perps open?

New collections choose a fixed opening target between one quarter and all of the rounded 5% fees from buying the full circulation limit once. Leaving it blank selects the minimum. The original Test Curve retains its original fixed target. Actual fees from buys and sells count toward activation. The projected NFT count assumes only one-at-a-time purchases from an empty curve; sales and trade batching can change that count.

The buy or sell that reaches the target activates perps in the same transaction. There is no waiting list or extra activation signature. Activation stays enabled after NFT sales, but every new position still needs enough free profit reserve and remaining exposure capacity.

A higher target waits for more reserve; it does not raise the fixed exposure cap. At the maximum target, the purchases-only path can open perps at the curve’s price ceiling. A Long entered at that ceiling has no upward price-profit potential.

The reserve is funded by real trading fees. It is not the gross mint volume, the NFT redemption reserve or the planned project token’s liquidity.

Open Long or Short

1. Open a collection whose status says Perps open.
2. Select Long / Short and choose a side.
3. Enter ETH collateral and choose 1×, 2× or 3× leverage.
4. Review the fee, entry price and exposure, then approve the transaction.

Long gains when this curve price rises; Short gains when it falls. You do not need to own NFTs. Position quantity is entry notional divided by entry curve price, rounded down to the contract’s precision.

Positions have no fixed expiry. An owner can close at the current curve price within the accepted price tolerance. Borrow fees accrue over time, and anyone may liquidate a position when its remaining equity falls to 5% or less of its entry notional. Liquidation requires an onchain transaction; it is not automatic execution.

Your loss is limited to position collateral, plus separately paid fees and gas. Possible profit is bounded by the curve’s fixed minimum and maximum price. The contract reserves that entire possible profit at entry, instead of imposing the previous Test contract’s ±deposit payout rule.

What does a trade cost?

• NFT buy or sell: 5% of the curve amount, rounded up to wei. All of it goes to the collection’s perp reserve.
• Open a position: 0.1% of entry notional, paid alongside collateral.
• Close a position: 0.1% of its current notional, limited to remaining equity.
• Borrow: 0.05% of entry notional per elapsed day, prorated by seconds and rounded up to wei. It is collected only from remaining equity when the position settles.
• Network gas: separate from these contract fees.

The borrow charge is not a funding payment between Long and Short traders. There are no creator payouts, platform withdrawals, redeemable LP shares or promised yields in this release.

What price does the chart show?

The chart uses actual NFT buy/sell events emitted by the collection contract. Candles group those trades by the selected time interval. Empty history shows “No trades yet”; a failed history request does not substitute example data.

The perpetual reference is the same deterministic curve price used for the next NFT purchase before fees. It changes only when this contract mints or burns through its paid curve. It is not an external floor price, an independent oracle, or a price inferred from NFT transfers. The chart and capacity quotes show the last refresh; execution uses current onchain state.

Recent trade history is loaded in bounded block ranges. Use Load older trades for earlier activity. Older positions can always be looked up by their onchain ID.

Where the ETH goes

Curve reserve: the purchase principal backing all existing NFTs’ curve redemptions. Its value always equals the sum of the outstanding curve steps.

Perp reserve: collected curve and position fees, plus realized trader losses, less realized trader profits. It covers the complete possible profit of every open position.

Trader collateral and withdrawal credit: separate liabilities. They are not available to fund another position. There is no creator withdrawal from either reserve.

A market-wide quantity limit ties total perpetual exposure to the cost of moving the curve. Available ETH alone does not determine position capacity. The order ticket shows the maximum collateral currently available for the selected side and leverage, capped at 100 ETH per position. It uses current free reserves conservatively and excludes extra capacity from the opening fee.

For example, 1,000 NFTs starting at 0.05 ETH with the minimum target open after 323 one-at-a-time purchases, assuming no sells. Buyers spend 19.6876575 ETH including fees; the reserve contains 0.9375075 ETH. At that snapshot, a single 0.5 ETH collateral position at 3× fits either side. These are alternatives: the shared cap cannot hold two such positions together. The current cheap Test Curve cannot reach this capacity without creating a different collection.

Before you trade

• These contracts have not received an independent security audit.
• The curve price can move sharply when NFTs are bought or sold. There is no off-platform price guarantee.
• Leveraged positions can lose all collateral. Borrow fees continue while a position stays open.
• Each position needs a fully backed maximum profit. Small pools may support only small positions.
• The quantity cap and bounded liquidator reward reduce incentives for manipulating the curve; they do not eliminate every ordering, trading or MEV risk.
• Liquidation rewards may not cover gas for small positions. There is no promised keeper service.
• Minted NFTs share one artwork. HTTPS hosting can disappear; an immutable URL does not guarantee permanent hosting.
• Public RPC failures can delay the chart and interface. Check a submitted transaction before retrying.

Buy/sell and owner-close reviews use 1% price tolerance and a five-minute deadline. Liquidation checks eligibility and the current price at execution.

JPEG token on Pons

A separate project token launch on Pons is planned. No finalized token address, supply, ticker, fees or date has been announced. Pons launch access still needs to be confirmed.

The project token is not an NFT edition, perp collateral, a reserve share or a requirement for trading. Its bonding curve is separate from each NFT collection’s curve. No token yield or revenue right is promised. Token plan →

Common questions