Relayer Perp docs
Cross-chain perpetuals on Solana. Long & short other chains' memecoins — BRETT, MOG, MEMECORE and more — with up to 10× leverage, USDC margin, and Solana-native execution.
Overview
Relayer Perp lets Solana traders go long or short on memecoins that live on Base, BNB Chain and Ethereum — without bridging, swapping or switching chains. The underlying price is relayed from each asset's native DEX; execution, margin, liquidations and funding all happen on Solana.
- Foreign memes, native speed — open a BRETT long in ~3 seconds from Phantom.
- One margin asset — USDC across every market, isolated margin.
- $RLAY earns real fees — 40% of trading fees stream to stakers in USDC.
How it works
Three steps from wallet to position:
- Connect Phantom, Backpack, Solflare or WalletConnect.
- Deposit USDC as margin. Isolated margin per position.
- Trade any listed market. Price is relayed from the asset's native chain; the trade settles on Solana.
Liquidity is provided by a pool-based model (HLP-style): you trade against the pool, the pool's price always equals the oracle, so there is no internal price divergence.
Bridge oracle
The most safety-critical component. Pricing uses three layers:
- Layer 1 — Pyth. For assets Pyth covers, its Solana feed is the default source.
- Layer 2 — Custom TWAP. For assets outside Pyth, a worker reads a 10-minute TWAP from the native DEX (Uniswap v3, PancakeSwap v3) and publishes it to Solana via Wormhole VAA — every 30s, faster on volatility.
- Layer 3 — Circuit breakers. Reduce-only mode on a >15% jump between updates, a sanity check vs Pyth, and a liquidation grace period after recovery.
# Oracle publish loop (simplified) twap = read_twap(dex, window=600s) delta = abs(twap - last) / last freq = 5s if delta > 0.02 else 30s # circuit breaker if delta > 0.15: set_market("reduce_only", 60s) publish_to_solana(twap, via="wormhole_vaa")
Market parameters
MVP markets share one parameter set, tuned conservatively for cross-chain meme volatility.
| Parameter | MVP value | Why |
|---|---|---|
| Max leverage | 10× | Higher is catastrophic given oracle latency. |
| Initial margin | 10% | 1 / max leverage. |
| Maintenance margin | 5% | Buffer before liquidation. |
| Liquidation penalty | 2% | 1.5% keeper · 0.5% insurance. |
| Funding interval | 1h | Tighter than the usual 8h for meme vol. |
| Max OI per market | $2M | Hard cap until the insurance fund deepens. |
| Margin asset | USDC | One collateral, isolated mode. |
Fees & tiers
Taker/maker fees drop with $RLAY holdings (staked counts). Every fee is split on-chain.
| Tier | $RLAY held | Taker | Maker |
|---|---|---|---|
| Tier 0 | < 10K | 0.10% | 0.02% |
| Tier 1 | ≥ 10K | 0.08% | 0.01% |
| Tier 2 | ≥ 100K | 0.06% | 0% |
| Tier 3 | ≥ 1M | 0.05% | −0.005% |
Fee split
- 40% → staking rewards (USDC to $RLAY stakers)
- 30% → LP pool (HLP-style yield)
- 20% → treasury / insurance fund
- 10% → $RLAY buyback via Jupiter
Staking
Stake $RLAY to earn a pro-rata share of 40% of all trading fees, paid in USDC (no token inflation). Longer locks earn a higher weight.
| Lock period | Weight |
|---|---|
| Flexible | 1.0× |
| 7 days | 1.25× |
| 30 days | 1.5× |
| 90 days | 2.5× |
reward = (your_stake * weight / total_weighted_stake) * pool_inflow
Liquidity pool
LPs deposit USDC and mint xHLP representing their share. They earn 30% of trading fees plus trader PnL (when traders lose, the pool earns).
- Withdraw cooldown: 4 days, to protect against bank-run dynamics in volatility.
- Seed TVL target: $2–5M at launch.
Risk disclosure
Leveraged trading carries significant risk of loss and is not suitable for everyone. LPs can face drawdowns during strong directional moves. Availability may be restricted in certain jurisdictions. Nothing here is financial advice.