EXOS is the platform live trading events run on.

People will watch trading the way they watch a game.

Live trading competitions already happen on streams, and crowds turn up for them.

Hyperliquid is the engine. EXOS is the console.

Hyperliquid is the engine: the markets, the liquidity, the settlement. EXOS is the console: the place where trading becomes an event people enter, watch and remember.

A console makes its own hit games, the reason people come in the first place. EXOS does the same: its own games are free to play and open to everyone, with prizes paid from fee revenue. Hosted events bring the crowds; EXOS's own games give every one of them somewhere to play the next day.

EXOS is built equally for four groups, and each one makes EXOS better for the others.

Hosts run their own events, commanders lead their legions, and builders keep their strategies their own. EXOS sets the rules of fair play, the same for everyone.

EXOS is designed as a loop that grows and rewards the people in it:

1. 01Hosts bring audiences and are paid half of their event's trading fees, and viewers become traders.
2. 02Community leaders bring their communities, as legions and referrals, where experienced traders help newer ones, and earn from their members' fees.
3. 03Builders create trading bots that run around the clock and fight in the arena, and anyone can rent them, including people still learning to trade.
4. 04Trading fees flow back to the community. Every trade pays a fee, and it is shared first with the people who brought the trade in: referrers, legion commanders and builders.
5. 05Half of what EXOS keeps returns to the community: a prize purse for the arena, and a community treasury for special events and for buying back and burning EXOS.
6. 06Bigger prizes and better events bring more traders, builders, hosts and communities, and the loop turns again.
7. 07Every fee paid earns points, and points decide the EXOS airdrop.
8. ↺ 01 · HOSTS BRING AUDIENCES

The record is why the console works.

It is what a stream and a scoreboard cannot give.

What EXOS will never do

• Charge anyone to enter a competition.
• Sell rank, seats, stages or rates.
• Hold a trader's funds. Funds never leave the trader's own wallet and accounts.
• Take a share of anyone's profits. EXOS earns a fee on flow, shown plainly.
• Pay fee revenue to token holders.

Trading is already a sport. EXOS gives it the arena, the rules, the scoreboard and the record, and lets anyone with an audience host their own event.

They run on a stream, a scoreboard and trust.

People will watch trading the way they watch a game. Trading creators already draw big audiences, and live trading competitions are starting to (section 2).

The players, the venues, the money and the audiences are already here, and all of them have grown fast in the last two years. What nobody has built is the arena, the rules and a record anyone can check. Every figure below is numbered against its source at the end of this paper, as of 7 October 2026.

Trading moved onchain, and Hyperliquid became the venue.

One account now trades everything.

Prediction markets went mainstream.

Traders already compete, by the hundred thousand.

People watch, and creators bring the crowd.

Social trading is where retail is going.

The biggest trading competitions run on press releases and trust.

None settles its results onchain or keeps a permanent public record. Their entrant counts contradict their own earlier releases, their leaderboards come down after the event, and where both figures are published, the headline prize runs well above what was paid: Zoomex's 2025 championship paid 960,000 USDT of a 2.4 million USDT headline.[40] Across the whole category, the only independently verified figure we found is one 24-hour participation count.[24]

EXOS closes that gap.

Every result is settled from onchain fills on Hyperliquid and kept on a record anyone can check.

Our view: trading already has the players, the venues, the money and the audience. What it lacks is the arena, the rules and a record people can trust. That is what EXOS builds.

Every market sits in the same account, so a trader moves between a BTC perp, a stock and a prediction market without moving funds.

The record speaks, and money comes before opinion.

Trading on EXOS is done in company, and every social feature rests on the same rule as theses.

How a fight works

The formats

There is no entry fee on any format, ever. Joining with a bankroll means funding your own fight account; it is never pooled and never paid to anyone.

The rules, enforced in code

• One measure: return on investment.The same for a $25 fight and a $10,000 seat.
• Leverage.Ranked fights and the Royale trade each drawn market at its venue maximum, never above 25x. Casual has no cap below the venue's own.
• Drawdown.Lose half your starting bankroll in a ranked fight or the Royale and your side is out. Casual allows 90%. A 3v3 seat is never put out by drawdown. A breach must hold on two checks in a row: one bad check never ends a run.
• The draw.Pairings and Royale seats come from a drand commit-reveal draw: the seed is committed before it is known, so anyone can check that nobody chose the result.
• The record.Every fight is public and permanent. Rank is earned in the open; nothing buys a place.

There are two ladders, and neither reads the other:

Every ranked fight moves both. Placement on each needs three different opponents fought in its period, win or lose.

• Seats. Up to 100 fighters: 20 seats go to the top of the previous month's ladder, and 80 are drawn from that month's tickets.
• Tickets are earned in the arena: ten for a win (more for an upset, fewer against the same opponent again), a share for a close loss, one for every clean fight, and one for every $100,000 traded. Tickets expire when the month's Royale starts.
• Eliminations. Every six hours an elimination removes the lowest returns, and any breach is out at once.
• The finish. After 48 hours, the top three returns win.

The Crown is the season's title. At the season's end, its 32 seats go to the 32 highest season ratings among fighters who have fought three different opponents that season. It is a bracket, one round a day, and every fighter joins with the same $1,000.

The host runs the event. EXOS sets the rules of fair play.

Humans against machines, live.

What a trader pays EXOS

Hyperliquid's own trading fees are separate. The approval a trader signs once before trading caps EXOS's fee at 1%; no rate can go above it, and the approval can be revoked at any time.

What a trader never pays EXOS: an entry fee (EXOS is always free to enter), a rake on a fight, or a share of profits.

A worked example. A referred trader pays $100 in fees. The referrer gets $20. Of the $80 EXOS keeps, $40 goes to the team, $20 to the prize purse and $20 to the community treasury.

The referrer: 20% of the fees their referred traders pay, every week in USDC (from $10). Nothing is paid when referrer and referee share a funding source.

The legion commander: 10% of the fee on members' arena fills.

The Forge maker: 20%, 25% or 30% of the fee on subscribers' fills, by stage.

EXOS keeps at least half of every fee. If the shares would pass that, the referrer's share is trimmed first.

EXOS never displays a prize it has not funded. Prizes are paid from fee revenue, not from a token printed for the purpose.

Points are one running total, from 3 August 2026 until the EXOS token launches. They never reset with a season. At launch, points decide the airdrop, and then they are removed from EXOS for good.

Every rule needs proof.

The full rules are in the Fair-Play Policy at exosdex.xyz.

The tokenomics

VERSION 1 · 7 OCTOBER 2026

The allocation and supply are settled; the launch date is announced ahead. What the token and staking are used for will grow as new features are built, and this document will change with them.

EXOS will launch a token. The people who use EXOS earn it: points, earned on every fee paid since 3 August 2026, decide who receives it in an airdrop, and then points retire. The token's value comes from the platform working, through buyback and burn from the community treasury, never from fee revenue paid out to holders. Holding it never buys a place.

Three names, three pots.

The community reserve and the partners, advisors and future hires fund hold EXOS tokens. The community treasury is different: it holds USDC, a quarter of everything EXOS keeps from fees, and it funds special events and buyback and burn.

The 300M airdrop is shared in four pools, so everyone who grows EXOS shares in it, not only the people paying fees.

Every account with points gets its share. No minimum and no cap.

Fair play first. Accounts that broke the fair-play rules (wash trading, self-referral, fake accounts) are removed before the final tally.

A snapshot announced in advance: points freeze at it, and the airdrop follows.

Unclaimed tokens return to the community reserve after 90 days.

Points retire. Once the airdrop is made, points are removed from EXOS.

Unlocked at launch. The whole airdrop is claimable at launch: no investors hold tokens that would sell against it.

Buyback and burn, never a payout.

Buyback and burn. The community treasury (a quarter of everything EXOS keeps, after recruiters, commanders and makers are paid) buys EXOS back on the market and burns it.

Two ways to burn. Besides the treasury's buybacks, a community vote can burn tokens from the community reserve at any time. Both take EXOS out of supply for good.

Special events. The community treasury also funds special events, and some of its spending is put to the community as options to vote on.

Never a payout. EXOS's fees are never paid out to holders.

• Never buys a place. Holding EXOS never buys rank, a seat, a Forge stage or a better rate. Rank is earned in the open.
• Never a gate on playing. EXOS is always free to enter, with or without the token.
• Never a share of revenue. Value reaches the token through buyback and burn, not distributions.
• Never a prize. Prizes are paid in USDC, from fee revenue and by hosts. EXOS is never handed out as a prize, because prize tokens are sold straight for dollars.

Now, before launch, launch, after launch.

Live now

• Trade: perps, stocks, commodities, spot and prediction markets, all on Hyperliquid.
• The Arena: Ranked and Casual 1v1, 3v3 legion battles, the monthly Royale and the Crown, with ranks from Rookie to Legend.
• Legions: the new Legions. Found a legion, lead it, and trade alongside experienced traders who help newer ones.
• Outcomes and social trading: calls with a thesis behind them, the caller board, following the traders you trust, and share cards for every call and fight.
• Points and referrals.
• The EXOS app on your phone, with notifications.

Sources