Don't trade.Until you find your best rate.
The rich don't trade. They hold. Bring the token you already own, set the rate you'd sell at, and traders pay you the fee.
Live quote · illustrative depth · settles in the app
One book. Both problems solved.
Settlement, by limit orders. Inventory, by the pool. Together, a real market.
Settlement: solved by limit orders
Every trade is a limit order on one on-chain book: you name your price, the book matches you with the best one available. The price comes from people actually trading, not from a formula, and nothing fills at a price you didn't set.
Inventory: solved by the pool
Anyone can deposit into the pool. Deposits fill the other side of trades, only inside the price range each depositor chose, and earn a fee every time. The assets come from everyone, not from a market-making firm.
Together: an organic market
Orders and pool deposits meet on the same book, so prices come from real trades, averaged over ten minutes so nobody can rig a moment. Real prices, real liquidity, no middleman.
Lose less on every trade.
Simulated results. Rerun every number yourself.
A large trade that loses up to 66% of its value to price impact on Uniswap v2 fills near its quoted price here. If the book can't fill you, your money comes back. No fake prices.
A sandwich attack that takes $500,000 from one trade on Uniswap v2 gets $2.55 here. After paying gas, the attacker loses money on every trade size.
In the simulation, a 25% move turns Uniswap and Curve LPs net negative: their impermanent loss outruns the fees. A Rate LP only ever fills at the fair price plus its own quoted tolerance, so every tier stays net positive.
Slippage by trade size
Percent of the trade lost to price impact, as the trade grows relative to book depth.
- Rate
- Uniswap v2
- Uniswap v3
- Curve
Trade size, as % of pool depth
View as table
| Trade size, as % of pool depth | Rate | Uniswap v2 | Uniswap v3 | Curve |
|---|---|---|---|---|
| 0.1% | 0.0% | 0.50% | 0.31% | 0.04% |
| 1% | 0.0% | 2.2% | 0.40% | 0.06% |
| 5% | 0.0% | 9.3% | 0.78% | 0.14% |
| 10% | 0.0% | 16.9% | 1.3% | 0.25% |
| 25% | 0.06% | 33.5% | 2.7% | 0.69% |
| 50% | 0.24% | 50.1% | 4.9% | 6.6% |
| 100% | 0.57% | 66.7% | 9.2% | 50.2% |
Sandwich profit by trade size
What an attacker nets sandwiching one trade, net of nothing but the trade itself.
- Rate
- Uniswap v2
- Uniswap v3
- Curve
Trade size, as % of pool depth
View as table
| Trade size, as % of pool depth | Rate | Uniswap v2 | Uniswap v3 | Curve |
|---|---|---|---|---|
| 1% | $0.00 | $5K | $0.00 | $4K |
| 5% | $0.00 | $40K | $4K | $30K |
| 10% | $0.00 | $85K | $31K | $73K |
| 30% | $0.30 | $265K | $187K | $266K |
| 60% | $2.55 | $540K | $450K | $564K |
LP loss when the market moves
Impermanent loss — how far a position ends up behind simply holding the two assets, once the price has moved — at Rate's widest tolerance vs. passive AMM liquidity.
- Rate
- Uniswap v2
- Uniswap v3
- Curve
Price move, as a multiple of the starting price
View as table
| Price move, as a multiple of the starting price | Rate | Uniswap v2 | Uniswap v3 | Curve |
|---|---|---|---|---|
| 0.5× | -0.00% | -5.7% | -32.5% | -28.9% |
| 0.8× | -0.00% | -0.62% | -9.1% | -8.3% |
| 0.95× | -0.00% | -0.03% | -0.67% | -1.3% |
| 1.05× | -0.00% | -0.03% | -0.61% | -1.2% |
| 1.25× | -0.00% | -0.62% | -8.6% | -8.3% |
| 2× | -0.00% | -5.7% | -30.7% | -28.9% |
| 5× | -0.00% | -25.5% | -64.7% | -62.2% |
Rate LPs still profit after the market moves 25%
A pool quotes a stale price until an arbitrageur takes the gap, wiping out Uniswap's and Curve's fees and leaving their LPs negative, while an Rate LP sets their own price — so the worst case is the price they chose, and profit holds even at +100%. CEX makers are counted at gross with inventory cost as zero, and the top tier still trails Rate's thinnest net.
LP net profit after price move, per $1M matched volume
View as table
| Venue | Gross | Loss when price moves | Net |
|---|---|---|---|
| Rate, thin market | $11K | -$12 | $11.0K |
| Rate, mid-depth | $3.1K | -$1 | $3.1K |
| Rate, deepest | $1.1K | -$0 | $1.1K |
| Rate, s = 0 (any depth) | $1K | $0 | $1K |
| Uniswap v2 | $3K | -$6.2K | -$3.2K |
| Uniswap v3 (0.30% tier) | $3K | -$85.5K | -$82.5K |
| Curve | $400 | -$83.2K | -$82.8K |
| CEX maker, top tier | $100–$600 | not modeled | $100–$600 |
| CEX maker, retail tier | -$1K to -$200 | not modeled | -$1K to -$200 |
Compare with data.
Every number on this page comes from the same simulation we use to build the product, not a highlight reel: every chart plots the full data grid, including the regimes where Rate doesn't win. We once caught a pricing bug of our own with it, one that was quietly losing money on the safest position, before it touched a dollar, and published that too. We do research in the open, fair and square.
How the fee is actually computedThese are the same three formulas behind the LP charts above, run on your own number instead of a fixed $1M example. Type in how much USDC you'd provide as liquidity and every figure below, and the chart, recomputes live — using the exact rates from the simulation, not rounded estimates.
This is not a yearly or daily rate. Every number below answers one question: once trading volume equal to your own liquidity has matched against it, one time, what fee did you earn? How often that happens in a real day depends on the pair and the market — that turnover rate isn't modeled here. If your liquidity gets matched twice a day, earn this amount twice a day; if it sits untraded, you earn nothing that day.
fee rate × your liquidity
0.30% flat
per matched turn, not per year
fee rate × your liquidity
0.04% flat
per matched turn, not per year
(spread margin + trader's taker fee) × your liquidity — you pay no fee
1% + 0.10%, thin market, top tier
per matched turn, not per year
Fee earned per matched turn, vs. liquidity provided
- Uniswap v2 / v3
- Curve
- Rate
Every line is a straight fee-rate-times-liquidity line; steeper means more fee per dollar deposited. The dashed marker is your current number above.
Liquidity provided (USDC)
Uniswap and Curve charge a protocol-fixed rate, same for every LP, every pair, regardless of how they quote. Rate's LP pays no fee at all — they earn the spread they quoted themselves, plus the fee the trader's own membership tier pays; the rate above is the top tolerance tier on a thin book, the same one behind the “Rate, thin market” row on the charts above. This assumes your liquidity gets matched dollar-for-dollar — real turnover varies by pair and venue, and it's the same simplifying assumption the net-of-price-risk chart above already uses. Open the LP charts above for every tier and book depth, not just this one.
Launch for holders, not flippers.
Create a token on the same book everyone trades on. In an auction the creator holds too: the liquidity stays locked and their tokens vest, so the people who believe in it early aren't the exit.
A coin nobody can change.
- Supply is minted once. No mint function, no owner.
- Listed on the order book in the same transaction.
- Its logo and details attach by your wallet's signature, not an operator's say-so.
One price for everyone.
- Every buyer commits at the rate you set. No curve, no sniping race.
- Oversubscribed? Everyone fills pro-rata and gets the rest back. Under the minimum? Full refunds.
- At least 20% of the raise becomes locked liquidity, and your own tokens vest.
And if anyone lists an auction's token before it graduates, the sale fails and every buyer is refunded in full.
One protocol. Your rate on every chain it runs on.
The same order book, the same launchpad and the same holder-first liquidity, deployed natively on each chain. One portfolio and one Explore view across all of them, and one profile that follows your wallet everywhere.
Mainnet is next.
Rate runs on testnet today. Each mainnet chain appears here the moment its contracts are deployed and verified.
A price that survives someone trying to move it.
Every trade here settles at a price averaged over real trading, not whatever happened in the last block. That price is a primitive other products can build on, not just a number shown to traders.
Lending
A lending market's liquidations are only as safe as the price that triggers them. A flash loan can move a single block's price; it can't move a ten-minute average.
Futures
A perpetual's mark price can read straight from this same book instead of a separate oracle, so the price that liquidates you is one a flash loan can't move.
Options
An option settles against whatever price is quoted at expiry. That price should survive someone trying to move it in the last block — this one does.
Stablecoins
A peg holds only as long as the price watching it can't be cheaply lied to. Read from a book that's already built to resist that.
Every product above needs the same thing: a price nobody can cheaply move. This book already is one.
Don't trade. Let an agent wait for your rate.
Most bots are built to trade more. Agent Desk is built to trade less: it waits for the price you set, acts only inside limits you signed, and does nothing the rest of the time. You hold; it watches. And the agent is on a mandate, never on your wallet.
Limits enforced before execution
Pairs, size, exposure, slippage, cadence, loss and expiry.
A track record with receipts
Every live result links to its strategy version, proposal, transaction, fill, fees and cash flows.
Doing nothing is the default
No price, no trade. The agent cannot widen policy, withdraw capital, or hide a rejected action, and pause stays with you.
Test a frozen strategy against live Rate market data. No wallet authority and no assets at risk.
Hold. Let the traders pay you.
And when you do move, move at your rate: every fill on an open onchain book, at a price you chose.