House rules
How the desk works, what it charges, who gets paid, and the ways it can fail. Written before the token existed and kept true after.
What this is
FIFTYX is a trading front end on the Orderly Network order book, deployed on Robinhood Chain. You connect a wallet, deposit USDG into Orderly's vault contract on Robinhood Chain (or USDC from another Orderly chain), and trade perpetual futures on tokenized stocks, indices, gold and crypto. Orders are matched by Orderly's shared order book; the same liquidity every other Orderly front end sees. We do not custody funds, we do not run the matching engine, and we cannot pause your withdrawals.
The one thing we control is the fee on top of Orderly's base, and where that fee goes. It goes to the holders of $50X.
Fees
| Taker | 5 bps of notional | 3 bps to Orderly, 2 bps to the desk (the rake) |
| Maker | 0 bps | nothing to the desk on maker fills |
| Funding | per market, every 8 hours | paid between longs and shorts, none of it to us |
| Liquidation | per market, set by Orderly | goes to the liquidator and Orderly's insurance fund, none to us |
| Deposit and withdrawal | gas on Robinhood Chain | Orderly may charge a small withdrawal fee; it is shown before you sign |
Orderly's base fee falls with the desk's tier (volume or ORDER staked). If the base falls, the rake rises by the same amount; the taker fee you pay does not change without a post on this page first.
Leverage
Maximum leverage is set per market by Orderly's risk engine, not by us, and it changes. Today the stock and index markets allow 10x to 20x and BTC and ETH allow up to 100x. The live figure is on every chip on the front page and inside the order form. We never print a leverage the desk cannot deliver; if the name of this desk ever reads as a promise of more than the risk engine allows, the risk engine wins.
What the holder gets
Every Friday at 20:00 UTC, a script pays USDG to every wallet holding at least 1,000 $50X at the 19:00 UTC snapshot, pro rata to balance. The pool is:
- 100% of the rake withdrawn from Orderly to the fee wallet since the last payout, and
- 50% of the Pons creator fees claimed since the last payout, swapped to USDG on chain.
Amounts under 1 USDG are carried to the next payout, not lost. The fee wallet address, its live balance, every payout and every transaction hash are on the Holders page. If a payout is late, the reason is posted there before 20:00 UTC. It is never skipped silently.
Anti-cheat and the failure modes
Wash volume
Wash trading through the desk would pay Orderly 3 bps and holders 2 bps per side. It would not pay the washer. We do not run volume bots and we do not pay anyone to trade. Volume figures on the Proof page are Orderly's, per broker id, not ours.
The fee wallet is an address, not a contract
Orderly settles builder fees to the broker admin account, from which they are withdrawn as USDG to the fee wallet. A human holds that key until a distributor contract replaces the script (roadmap item one). Until then the guarantee is the ledger: every USDG that enters the wallet is visible on chain, and every payout is a hash you can check against it.
Orderly goes down
If the order book is unavailable the desk shows Orderly's status and nothing else. Positions and margin live in Orderly's contracts, not with us.
The token stops trading
The desk keeps running; it does not need the token. Payouts continue to whoever holds it at each snapshot.
We stop
The site goes to an honest stopped state the same day, the fee wallet balance is paid out on the next Friday, and the desk itself keeps working because it is Orderly's.
Who cannot use it
Residents of the United Kingdom, the United States, and every region on Orderly's restricted list are geo-blocked from trading. This is not a formality: the UK bans crypto derivatives for retail and the front end honours that. Do not use a VPN to get around it; you would be trading on a venue that will freeze the account when it notices.
Roadmap, with honest states
- buildingThe desk on Robinhood Chain with USDG margin, this site, the holder ledger.
- nextBroker id registered on Orderly, fee schedule live, first rake withdrawn to the fee wallet.
- then$50X launched on Pons V2, ETH quoted, 1% creator tax, first Friday payout with hashes.
- laterA distributor contract replaces the payout script, so the fee wallet is code rather than a key.
- maybeOur own listed market (Orderly's Perp Anything) on a stock nobody else fronts; needs a $25k insurance deposit and a market maker.
FAQ
- Is this Hyperliquid?
- No. It is an Orderly front end. Same idea, stock perps, on Robinhood Chain, with the rake going to holders instead of a foundation.
- Why USDG and not USDC?
- USDG is the dollar Robinhood Chain runs on, so you can move it from a Robinhood wallet without a bridge. Orderly's vault on this chain takes USDG.
- Can I trade stocks at 50x?
- No. Stocks are 10x to 20x here and the order form will not let you type more. If you need 50x, the crypto markets go to 100x, and you will probably regret it.
- Do I have to hold the token to trade?
- No. Trading pays holders; holding does not gate trading. The two are different rooms.
- What is the rake, actually?
- 2 bps of every taker fill. On $1M of taker volume that is $200. It is not a lot per trade; it is all of it, every week.
- Who are you?
- A small team that has launched on this chain before and paid a coupon before. The fee wallet and the ledger are the identity that matters.
- Is the market open on Sundays?
- Yes. The perps trade 24/7 against Orderly's index price. Off hours the index is what the last print plus funding says it is, and the spread is wider. That is the whole point of a Sunday night.
- What if the rake is tiny?
- Then the payout is tiny and the ledger says so. We do not print projections.