Winding

Opening a position takes a deposit and a wallet confirmation; the system handles the leverage loop and the settlement behind it. Some markets require issuer onboarding first, and some wind synchronously; see how it works.

The steps

1. Select a market. Each market pairs a tokenised asset collateral with a base asset (for example, a money market fund token against USDC) and sets its own leverage range, minimum investment, and eligibility.
2. Accept the terms. First-time users sign an on-chain terms-of-service acceptance before any request.
3. Verify, where required. Markets that require compliance show a verification step backed by Keyring Connect; the wallet needs a valid credential before the deposit can proceed.
4. Deposit and choose leverage. Enter the base asset amount and choose a target leverage within the market’s range.
5. Confirm in the wallet. One batched confirmation covers account creation and token approval where needed, then the wind request itself.
6. Settlement (asynchronous markets). The request appears under the position view while the tokenised asset settles off-chain; timing follows the asset’s cycle (for example T+1 with weekly batches). No action is needed during this phase.
7. Finalisation (asynchronous markets). An operator finalises the position once the tokenised asset is delivered; the position is then active, with its collateral, debt, and leverage in place.

On markets that wind synchronously, the position opens the moment the transaction confirms, with no settlement or finalisation step, though a holdback portion of the collateral can arrive later. Permissioned markets also require issuer whitelisting first; the market’s page states its terms.

While a request is pending

Positions become monitorable the moment they finalise, and can be increased later by winding again from the same market page.