cliff> docs

Pricing

Prices are in US dollars. Cliff reads the coin's price in SOL from the coin's own pool, and SOL's price in USD from a deep SOL/USDC pool, then multiplies them. Both are read inside your transaction. There is no oracle and no one types in a price.

For each, Cliff keeps two numbers: the spot price right now, and a 5-minute time-weighted average (TWAP). Anyone can record a new price sample every 15 seconds, and each sample can move at most 10% from the one before it, so a price pushed for a moment barely moves the average. If the history is too short or the latest sample is more than a minute old, trading stops rather than falling back to the spot price.

You always get the worse of the two. That's what makes pushing the price to get a better fill pointless.

Shown as market caps

The site shows every coin by market cap, not per-token price: the price times the coin's current supply, read on-chain, so burned tokens don't count. Your entry, close, liquidation line and wipe line are all shown as market caps too. The supply is the same at entry and close, so every percentage below works the same on market caps as on prices: a 2× short liquidates when the market cap is 45% above your entry.

Opening a short

You send an amount of USDC and pick a leverage, L.

The open fee goes to the vault. Collateral must be at least 5 USDC.

Limits and caps

A new position can be no bigger than the smallest of three limits:

• The room left in that market: its cap minus all the shorts already open in it
• The vault's free balance: everything not already reserved for open positions
• 20% of the whole vault

Each market's cap comes from its pool:

R is the SOL in the coin's pool, valued in USD. 0.0513 is the share of that SOL a 10% price move pulls out of the pool. (pool fee + 5%) is roughly what it costs to move the price that far. Dividing by 10% gives the position size at which pushing the price would break even, and 25% keeps the cap well below that. The cap is recalculated on every trade, so a pool that drains gets a smaller cap straight away.

Funding

While a position is open it pays 0.02% of its size per hour, in whole hours. A position held for 3 hours and 50 minutes pays 3 hours. Funding goes to the vault.

Closing and payout

After the 2-minute minimum hold you can close at any time. Cliff settles at the close mark:

The vault pays any profit and keeps any loss. The program records the result before it sends anything, then closes the position account and returns its rent to you.

Liquidation

If the market cap (at the close mark) climbs to the liquidation line, anyone can close your position and earn 1% of your collateral for doing it. At the wipe line the position is a total loss.

The vault

The vault holds USDC and takes the other side of every short. Stakers own it in shares. NAV per share is the vault's USDC divided by all shares. You get shares at NAV when you deposit. The very first deposit burns 1,000 shares so nobody can game the starting NAV.

To withdraw, you make a request, wait 24 hours, then claim. You're paid at the NAV when you claim, not when you asked. A withdrawal can't take money reserved for open positions. USDC sent straight to the vault is a donation: it raises NAV for everyone and mints no shares.

After every change the program checks that the vault really holds at least what it owes. Your deposit is at risk and there is no fixed return. See the vault page for the risks.

$CLIFF fees and the team

$CLIFF launches on a Meteora bonding curve paired with USDC. Every buy and sell pays a 3% fee, before and after it graduates to a full pool at 7,800 USDC raised. Meteora keeps 20% of that fee. The rest is claimed by Cliff's keeper, sent to the fee account, and swept: 80% into the vault, 20% to operations. All of it is listed on the transparency page.

The vault's 80% is minted as team shares. They're locked for 30 days from initialisation, then can only leave through the normal withdrawal rules. There is no other way for the team to take money out.

Every parameter