Your bags on a leash.
You are not.
Lock graduated memecoins, get sponsored USDC margin to trade perps on Hyperliquid. Principal is recalled — you keep the profit. Collateral can never be liquidated or lost.
Order book
Leash / Slack
Principal (recalled at epoch end)
$50.00
Not withdrawable
Withdrawable PnL
+$12.40
Yours to keep
How it works
Deposit-free perp trading in four steps
Lock-to-trade: your memecoins stay yours, the margin is ours, the profit is yours.
Leash it
Lock any graduated motion.meme token in the LeashVault for 7, 30 or 90 days. Hard timelock, no rehypothecation — your tokens sit in escrow and nothing else.
Get Slack
At epoch start your LeashScore is computed and sponsored USDC margin lands on an isolated Hyperliquid subaccount. Protocol capital, not a loan.
Trade on-leash
Trade perps in the terminal with real fees, real funding, real liquidations — on the slack account only. Your collateral is never touched.
Recall & keep PnL
At epoch end the principal is recalled to the treasury. Profit above principal is yours to withdraw. Unlock by timer is unconditional, whatever happened.
Straight talk
What we promise. What we don't.
This is closer to a broker's no-deposit bonus than a DeFi loan — and we say so upfront.
What we promise
- The leash never breaks. Collateral can't be liquidated by trading — this is not a loan and nothing is lent against your tokens. No LTV, no margin call on collateral, no bad debt.
- Loss is capped at the slack. You can never owe the protocol anything.
- Unlock by timer is unconditional — regardless of trading results.
What we don't
- Slack is not guaranteed and is not a right. It is a distribution of a fixed marketing budget.
- Size is recalculated every epoch and can shrink.
- Principal is not withdrawable. Ever. It's recalled to the treasury at epoch end — only PnL above principal is yours.
Two modes, one terminal
On-leash vs Off-leash
One UI, one order book, one chart. A toggle at the top. Going off-leash takes one click — that's the whole funnel.
| On-leash | Off-leash | |
|---|---|---|
| Account | Protocol subaccount | Your own HL account |
| Custody | Protocol funds — zero risk to you | Full self-custody |
| Signing | Agent wallet (orders only) | Your agent wallet |
| Withdrawals | PnL only, via SettlementModule | Standard HL withdraw |
| Fees | Elevated tier (taker 7.0 bps) | Base tier − $LEASH discount |
Slack economics
A budget, not a hole in the treasury
Slack Pool is a fixed per-epoch budget with a hard ceiling.
Payouts are gated: volume ≥ 20× slack, ≥ 72 hours active, leash still on, max 3× slack per epoch.
$16.6k
volume generated per $50 of slack
Monte-Carlo, 200k simulations, realistic retail profile
Fixed
Slack Pool per epoch
A capped budget distributed pro-rata by LeashScore — never an open-ended formula
4 caps
on every slack
Pool share · β×collateral value · wallet cap · per-token budget
≈$25
net cost per activated trader
In market range for a perp DEX — the metric we track from day one
$LEASH token
Utility that feeds the flywheel
LeashScore = V^0.75 × T_mult × L_mult — sublinear on value, boosted by lock term (7d ×1.0 / 30d ×1.5 / 90d ×2.2) and veLEASH.
LeashScore boost
veLEASH multiplies your LeashScore up to ×1.5 — holding converts directly into slack size.
100% PnL payout
Take 60% of profit in USDC instantly, or 100% in $LEASH with 14-day linear vesting. Your call.
Fee discounts
Up to −40% on off-leash trading fees. Keeps converted traders in the terminal.
Governance
Real parameters, not theater: the collateral TokenRegistry and SlackPool budgets.
Revenue share
veLEASH revenue share activates once fee flow steadily covers operations.
Fair launch
Launching on motion.meme. No private rounds, no hidden allocations — team buys declared before launch, with addresses and vesting.
Fee flow
Where every fee goes
The health metric that matters: SlackPool reaching self-funding — when 40% of fee flow covers the net cost of an epoch's slacks. Until then the gap is subsidized from the launch treasury, tracked publicly.
40%
SlackPool
self-funding marketing
25%
$LEASH buyback
→ veLEASH distribution
25%
Operations
HYPE stake, infra, audits
10%
Insurance fund
oracle incidents, force majeure
Live now
The product is available today
Open the app: the terminal, the leash, slack, and $LEASH all work today.
Terminal
On-leash and off-leash
Trade Hyperliquid perps in one UI, one order book, one chart — via builder codes on the main DEX. Toggle on-leash (sponsored slack) and off-leash (your own deposit) at the top; going off-leash takes one click.
Lock-to-trade
Attach a Leash
Lock any graduated motion.meme token in the LeashVault for 7, 30 or 90 days. Hard timelock, no rehypothecation — tokens sit in escrow. Unlock by timer is unconditional.
Slack + claim
Principal vs withdrawable PnL
Sponsored USDC lands on an isolated Hyperliquid subaccount. Principal is protocol capital and is never withdrawable — recalled at epoch end. Only PnL above principal is yours: 60% in USDC instantly, or 100% in $LEASH with 14-day linear vesting.
$LEASH
Utility in the flywheel
veLEASH multiplies LeashScore up to ×1.5, up to −40% on off-leash fees, and a choice of 60% USDC or 100% $LEASH PnL payout. Governance covers the TokenRegistry and SlackPool budgets.
Built on the Hyperliquid stack
Hyperliquid
HyperEVM
motion.meme
HyperCore
HIP-3
CoreWriter
USDC
$HYPEFAQ
Questions, answered honestly
Can my collateral be liquidated?+
No. This is not a loan — nothing is lent against your tokens, so there is no LTV, no margin call on collateral, and no bad debt. Trading losses only ever affect the slack account. Your locked tokens sit in an escrow contract with a hard timelock and no rehypothecation.
Can I withdraw the principal (the slack itself)?+
Never. The principal is protocol capital and is recalled to the treasury at epoch end (the "Recall"). Only PnL above principal is withdrawable — 60% in USDC instantly, or 100% in $LEASH with 14-day linear vesting.
What are the conditions to withdraw profit?+
All of: trading volume ≥ 20× your slack, ≥ 72 hours since the slack was issued, and your leash is still active. Payout is capped at 3× your slack per epoch.
What is a Snap?+
A Snap is your slack account hitting zero — the leash pulled taut. Your loss is capped at the slack; you can never owe the protocol anything, and your locked collateral is completely untouched.
Which tokens are accepted as collateral?+
Automatic, permissionless gates: graduated on motion.meme ≥ 7 days ago, ≥ $10k of one-sided USDC/HYPE pool depth by epoch TWAP, ≥ 150 unique holders, LP not pulled, verified contract with no mint / blacklist / pausable functions. Collateral is valued by exit liquidity (≤ 15% slippage), not market cap, with depth-based haircuts. A guardian multisig can veto tokens but can never approve around the gates.
When do I get my tokens back?+
At the end of your chosen lock term — 7, 30 or 90 days. Unlock by timer is unconditional and independent of trading results. One click, always.
Is slack guaranteed every epoch?+
No. Slack is a distribution of a fixed per-epoch marketing budget (the Slack Pool), allocated pro-rata by LeashScore and capped four independent ways. It is recalculated every epoch and can shrink. It is not a loan, not yield, and not a right.