# BackX (backx.trade)

> BackX is a Hedge & Issuer trading platform on Robinhood Chain and 20+ chains, built by GAZZFUN LLC.
> Motto: "Future Trading for Agents & Capital". Traders hedge a coin (profit when its price rises) with multiplication
> backed by real tokens. Issuers supply USDC that backs those hedges. Everything settles on-chain in open contracts
> owned by a multisig (Safe). Status: private beta; the app runs at app.backx.trade (admins only for now).

## Product
- **Hedge**: buys real tokens worth stake × multiplication. Up to 20× on major coins (BTC/ETH-type pools), 5× on large
  coins, 3× on mid caps, 2× on small caps. The amount entered is what is paid; fees and keeper
  gas come out of it and the rest is the margin. At 5×, $100 opens a position of about $482; issuers lend the rest.
- **Liquidation**: if the price falls to the liquidation price, a keeper sells the position and the issuers are repaid
  first. The trader keeps part of what is left. A trader can never lose more than they paid.
- **1× hedge**: borrows nothing, has no liquidation, issuers get nothing from it.
- **Limit (take profit)**: a sell price above today's price; a keeper closes the position when the time-weighted price
  reaches it, at most 1 % worse than the limit.
- **Issue Reserve**: users issue USDC to a coin's USD reserve. It is lent to hedges and returned first. Issuers earn a
  borrow fee, 10 % of a hedge's gain, and most of what is left after a liquidation. Rewards go into the reserve,
  are shared by all issuers in proportion to their part and are withdrawn with the USDC (nothing to claim). Earnings
  are not guaranteed.
- **Available multiplication**: each coin has a cap, but a hedge can only borrow what the issuers' reserve can lend
  right now, so the maximum shown can be lower when the reserve is busy.
- **Reserve Security Fund**: funded by every position; covers the rare case where a crash moves faster than a
  liquidation can execute, before any issuer loses.
- **Fees**: paid once at open, taken out of the amount entered (including a small flat gas amount for the keeper).
  No funding fees.
- **Wallets**: every user gets a self-custodial embedded wallet (Privy). Login with email, SMS, Google, X, Discord,
  Twitch, Telegram, Farcaster or passkey. No external wallet connection.
- **Swap portal**: same-chain swaps on Ethereum, Base and BNB Chain, routed by LI.FI, with MEV protection.
- **Liquidity Pool (DEX)**: issuing into DEX liquidity pools (PancakeSwap Infinity / Uniswap v4) is planned, not live.
- **Speed**: Robinhood Chain has ~250 ms blocks; BackX targets about 0.5 s for a trade or a liquidation (launch
  targets from a flash-crash simulation, not measurements). Liquidations use a fast reference price (Pyth).
- **$GAZZ**: the core token of BackX and part of the gazz.fun ecosystem. A 2 % holders fee on every hedge goes
  on-chain to gazz.fun, so BackX shares revenue with the ecosystem's holders. Contract on Robinhood Chain:
  0x08a5d78a4bc7754e8aff87b4509e007baeb685f3. Not a promise of returns.
- Short (price down) is not offered at this time.

## Terminology
- "Multiplication" is the platform's word for the position size relative to the stake.

## Links
- Website: https://www.backx.trade/
- App (private beta): https://app.backx.trade/
- Whitepaper: https://www.backx.trade/whitepaper
- Terms of Service: https://www.backx.trade/terms
- Privacy Policy: https://www.backx.trade/privacy
- Operator: GAZZFUN LLC (https://gazz.fun)
- Support: support@gazz.fun · Legal: terms@gazz.fun

## Not for
- Investment advice. Nothing on backx.trade promises returns.