Risk Disclosure & Terms
Please read this before trading. By using BONKAI you confirm you understand and accept these terms.
Leverage & loss of funds
Perpetual trading with leverage is high risk. Prices can move sharply against you and you can lose your entire deposit. Liquidation can occur with little or no warning when your margin falls below the maintenance requirement. Never trade with funds you cannot afford to lose.
Trader-driven prices, no external oracle
Each market's mark price is determined entirely by trading activity in that market via a virtual AMM. It is not a regulated benchmark and may diverge significantly from any real-world collectible price. The real card price shown is a reference only.
Peer-funded, capped payouts
Settlement is peer-funded. A market can only pay out what traders have deposited into it. In a one-sided market your profit may be capped by the opposing side's collateral, and a winning position may not be fully payable until opposing interest exists.
Fees & spread
Every trade incurs a taker fee and a disclosed house spread applied to the fill price. These apply equally to all users on every open and close, and reduce your net result. Creating a market costs 0.1 SOL.
Simulated settlement (current phase)
Positions, collateral, and PnL are currently tracked as records in our backend. This is a simulation phase and not on-chain custody or settlement. Train mode uses entirely virtual funds.
No financial advice
Nothing on BONKAI is financial, investment, legal, or tax advice. You are solely responsible for your trading decisions. Collectible and derivative markets are volatile and speculative.