Trade perps withfully private .
Private order flow.
Verifiable settlement.
Private Margin. Fund trades from a shielded balance while keeping margin details and account state out of the public pre-trade path.
Private Intents. Submit side, size and order details as private intent data instead of broadcasting them as plaintext order flow.
Verified Settlement. Publish proof-backed state updates after matching, so the market can verify outcomes without seeing a trader's full book.
Another Trading Platform?
Perp DEXs already work. The problem is what they expose.
- Positions reveal size, side, leverage, and margin pressure.
- Large trades can signal strategy before execution.
- Liquidation levels become targets.
- Institutions expose more book detail than they should.
- Public order flow creates room for copy-trading and front-running.
Built for serious perps flow.
PNLX ships with the tools traders expect, while sensitive trading state stays private by default.- Market and limit orders
- Private margin and leverage
- Hidden TP/SL and liquidation levels
- Batch execution
- Proof-backed settlement
How PNLX stays verifiable.
Private execution does not remove public verification. PNLX keeps trader state hidden while commitments, ZK proofs, and Soroban settlement make every accepted state transition checkable.
- Commitments/nullifiers
- RISC0-backed batch execution
- ZK margin, liquidation, and position circuits
- Soroban settlement
- Public aggregate market data
Questions and Answers.
Clear answers on privacy, collateral, matching, and what remains public.
Does private trading mean the market cannot verify trades?
No. PNLX publishes commitments, nullifiers, and proofs so accepted state transitions can be checked.
What backs a position on PNLX?
The default collateral path is USDC on Stellar. Underlying perp markets can include XLM, BTC, ETH, SOL, and XRP without making those assets the collateral.
What stays private?
Positions and margin are represented by commitments on-chain. In the current testnet, PNLX operators and hosted provers can read the underlying inputs. Boundless uploads may also be retrievable through their storage URLs.
Where does ZK fit?
The matcher processes orders off-chain and produces a RISC0 batch execution proof. Soroban verifies the proof before finalizing settlement.
Is everything hidden?
No. Deposits and withdrawals can link activity to a wallet. Oracle prices, commitments, nullifiers, settlement timing, fee totals, and maker/taker intent relationships are also public.
Is matching threshold encrypted?
Not yet. Threshold-encrypted intake and operator-blind matching remain future design work.
Is my stop-loss price guaranteed?
No. Stops are best effort. Execution needs fresh prices, an available keeper or supported browser workflow, valid proofs, backed liquidity, and chain confirmation. Price gaps and delays can worsen or prevent an exit.
Trade private perps on Stellar.
Connect your Stellar wallet and trade with shielded state, private execution, and proof-backed settlement.