Docs / Getting started
FAQ
Short answers to common questions.
Is this an order book?
No. You trade against the Kiln at the oracle mid. There is nobody to match with and nothing to slip through.
Do you trade on Hyperliquid for me?
No. Hyperliquid supplies the price only. Your position exists on Blue Clay and settles against the Kiln.
What happens if I hit my bust price?
The position closes, the full margin settles to the Kiln, and CLAY is minted to your wallet for the loss.
Why is there no funding?
Funding keeps a real perpetual's price near spot. Blue Clay positions are synthetic and always marked to the mid, so they need none.
Can I deposit into the Kiln?
No. The only way to gain exposure to the Kiln is CLAY, and the only way to get CLAY is a realised trading loss.