Delphi Perps

Delphi is a fully decentralized perpetual futures exchange built on Base, designed to deliver the speed, simplicity, and professional features traders expect from centralized platforms—while keeping everything truly on-chain where it matters.

Collateral stays in smart contracts under user control. Settlement is on-chain. Liquidations are transparent and automated. Prices come from institutional-grade oracles. No custody, no opacity, no sudden pauses—just leveraged trading done right.

In ancient Greek myth, Delphi was revered as the literal center of the world—the omphalos, a sacred stone marking the exact spot where Zeus released two eagles from opposite ends of the earth, and they met in flight above the site. Apollo claimed the sanctuary by defeating the serpent Python, then established his oracle there. The priestess Pythia, seated above vapors rising from the earth, delivered prophecies that guided kings, generals, and entire city-states for centuries. Delphi wasn't just a place of prophecy; it was the trusted source of truth in the ancient world.

DeFi deserves its own trusted center.
Delphi is that center for decentralized perpetual futures.

We're building in Coinopolis, the emerging on-chain financial metropolis where liquidity, leverage, and innovation converge. And naturally, we power our price feeds with Pyth Network—because if you name your protocol after the most legendary oracle in history, you don't compromise on prophecy.

Base's flashblocks deliver sub-second finality in testing, making it the ideal chain for high-frequency trading applications. Faster confirmations mean tighter spreads, more accurate liquidations, and a dramatically better trading experience—especially under leverage.

We launched the testnet on Base Sepolia to leverage this infrastructure from day one. When mainnet arrives, Delphi will be ready.

Delphi combines on-chain settlement with minimal off-chain services for performance:

• Smart Contracts (Solidity): ClearingHouse, OrderManager, PositionManager, LiquidationManager, FundingManager, Vault, PythOracle
• Backend Services (Rust with Alloy): Matching engine, market maker bot, liquidator bot
• Frontend (Next.js + React): Professional trading interface with real-time charts and one-click execution

All off-chain components use isolated signing keys and run in scalable containers.

Smart Contract Layer

Backend Services Layer (Rust)

Frontend Layer

• TradingView-style charts (multiple timeframes)
• Real-time order book depth
• One-click trading (WalletConnect/MetaMask)
• Live PnL and risk metrics
• Mobile-responsive

Order Types

Position Management

• Leverage: 1–10x (isolated margin)
• Liquidation Price: Entry × (1 ± (1/leverage − maintenance margin))
• Maintenance Margin: 5%
• Risk Tools: Stop-loss, take-profit, trailing stops

Funding Rate

• Calculated hourly based on market skew
• Longs pay shorts (or vice versa) to anchor perpetual price to spot
• Settled automatically on position changes

Liquidation Process

1. Margin ratio falls below maintenance margin (5%)
2. Liquidator detects via real-time monitoring
3. liquidatePosition() submitted
4. Fees distributed: liquidator reward (~1%), insurance fund, treasury
5. Remaining margin returned to trader

• Primary: Pyth Network, pull-oracle (sub-second latency)
• Fallback: Aggregated WebSocket feeds from major exchanges
• Historical: Candles (1m–1w) stored in PostgreSQL for charting

• CUSD: Protocol-native stablecoin collateral (1:1 USD peg)
• Idle collateral deposited to Aave → traders earn yield while holding positions

• Full self-custody—no centralized counterparty
• Modular contracts with restricted permissions
• Insurance fund for socialized losses
• Circuit breakers on extreme volatility or RPC issues
• Dedicated hot wallets per service (minimal funds)
• Full audit planned before mainnet incentives