Enclave evidence
The confidential enclave publishes signed updates with attestation references. Registered enclave keys rotate every 24 hours through the published governance path.
ALL PRODUCT FAMILIESSmall Caps
Small Caps
Smaller names. Carefully considered.
Micro-cap and penny-stock perps priced by an attested enclave. Three independent licensed feeds, a published uncertainty band, and liquidity-based limits for every name.
Explore Small Caps
EXPOSURE2–10× by class
Micro-cap and penny-stock perps priced by an attested enclave. Three independent licensed feeds, a published uncertainty band, and liquidity-based limits for every name.
FEESLive spread + 8 bps
Read the execution fee and any financing or carry in the quote before signing. Thin liquidity, market halts and reopening gaps can move prices past a stop. New listings begin with half-size caps.
COLLATERALOne USDC balance.
Cross margin draws from the shared USDC ledger. Isolated mode reserves collateral for an individual position.
SMALL CAPS / MECHANICS
Inside the
instrument.
A guarded listing earns its limits through observed liquidity and price quality.
STEP 01
Independent licensed sources are aggregated within an attested confidential enclave.
Guarded graduation
New names start with half caps. Graduation requires 30 days with LIVE state for at least 95% of session time and bands inside their class limit.
Wide bands and halts
A wide band pauses new entries. A halted underlying follows the special halt and deleveraging rules; the resumption can gap past a stop.
| Class | Underlying liquidity | Max leverage | Base spread | Off-hours |
|---|---|---|---|---|
| A | ADV ≥ $50M | 10× | 10 bps | 3× |
| B | ADV $5–50M | 5× | 25 bps | 2× |
| C | ADV $1–5M | 3× | 50 bps | 1.5× |
| D | OTC tiers | 2× | 100 bps | Closed |
Mechanics and design limits follow the supplied Leveret protocol specification. Current execution limits come from the verified on-chain configuration.
Know the terrain.
Thin liquidity, market halts and reopening gaps can move prices past a stop. New listings begin with half-size caps.
Read the signed quote, current market state and fee estimate before signing.
Explore protocol rules