The Price That ExistsBefore the Public One Does.
Shadow Perps lets traders open leveraged long/short perpetual positions on PRIVATE companies (OpenAI, Anthropic, ByteDance, Stripe) that have no public ticker. The platform builds a continuous valuation index per company, anchored to real funding and secondary events, carried forward by a basket of public comparables, and settles positions in SOL on Solana.
Private Tech Perpetual Markets
Continuous valuation marks derived from primary funding anchors and dynamic public peer baskets. Settle in SOL with up to 10x isolated leverage.
Maximum Isolated Leverage
Private market conviction, amplified without public float. Open leveraged long or short perpetuals with instant sub-second Solana execution.
Engineered for deterministic private execution.
Eliminating broker non-disclosure friction with on-chain risk isolation, sub-second Solana settlement, and continuous valuation oracles.
Cryptographic Mark Protections
Pyth multi-validator consensus with 60-second exponential moving dampeners prevents predatory frontrunning. Audited by Sec3 and Neodyme with 100% full solvency backstops.
Inspect Audit Invariants
Safe and Secure SOL Settlement
All collateral and PnL settles natively in SOL on Solana. Instant sub-second slot confirmations (~380ms) with direct-to-vault SPL token escrow.
0.10% Taker / Zero Maker Fees
Institutional clearinghouse fee schedule. 0.00% maker rebate to cultivate deep synthetic order book depth on private tech contracts.
How continuous pricing works without an exchange ticker.
Replacing broker friction, non-disclosure agreements, and 90-day paper settlement with an on-chain dual-anchor continuous pricing engine.
Venture Capitalization Anchor
Every index pegs to verified corporate capitalization rounds (e.g. OpenAI Series F at $157B), secondary share buyback tenders, and audited IRS 409A filings. This forms the baseline valuation anchor P_anchor.
Public Comps Carrier Basket
Between primary funding rounds, private companies track public sector peers. Our regression engine weights MSFT, NVDA, and GOOGL to continuously carry valuation deltas forward every 60 seconds with empirical sector beta multipliers.
Oracle Consensus & Filtering
Pyth and Switchboard consensus streams ingest price feeds on Solana. Outlier trimming eliminates idiosyncratic noise, while 60-second exponential dampeners prevent predatory front-running on earnings announcements.
Institutional fee structure. Sub-second clearance.
Multi-Validator Feeds
Pyth and Switchboard multi-source consensus ingesting valuation changes every 60 seconds.
Fixed Taker Fee Schedule
0.00% maker rebate to incentivize deep synthetic book depth on private tech contracts.
Minute-by-Minute Checks
Algorithmic Dutch auction unwinds replace catastrophic flash cascades during market stress.
Secondary Desks vs Public Markets vs Shadow Perps
Why synthetic perpetual contracts supersede legacy venture brokerages and illiquid SPVs.
| Evaluation Dimension | Legacy Secondary Desks | Public Equities | Shadow Perps (Solana) |
|---|---|---|---|
| Accreditation Barrier | ✗Strict SEC Accredited Only ($1M+ net worth / $200k income) | —None (Retail accessible for listed equities only) | Permissionless on-chain access (No broker qualification) |
| Minimum Capital Commitment | ✗$50,000 to $250,000+ per single issuer ticket | —Fractional shares ($1.00) | 0.05 SOL (~$8.00 minimum collateral) |
| Execution & Settlement Latency | ✗60 to 90 Days (Legal paperwork, board approvals, ROFRs) | —T+1 clearinghouse settlement | Instant sub-second Solana slot execution (~380ms) |
| Capital Leverage | ✗0x (100% unleveraged cash lockup for years) | —2x–4x Reg-T margin with strict credit checks | Up to 10x isolated algorithmic leverage |
| Short / Downside Hedging | ✗Impossible (No mechanism to short private stock) | —Borrow fees & hard-to-borrow locate requirements | Native 1-click Short contracts with identical liquidity |
| Transaction Fee Schedule | ✗3.0% to 5.0% broker spread + custodial fees | —Payment for Order Flow (PFOF) hidden spread | 0.10% Taker / 0.00% Maker (Transparent on-chain code) |
| Asset Custody | ✗Offshore SPV or custodian entity risk | —DTC / Centralized Broker-Dealer custody | Self-custodial native Solana wallet (SOL margin) |
Cryptographically Provable Invariant Checks
Shadow Perps is governed by non-custodial Solana smart contracts compiled via Anchor framework with continuous runtime invariant assertions. Position collateral, leverage limits, and Dutch auction settlements are checked deterministically on-chain.