OLIGARCH
documentation

How OLIGARCH works

OLIGARCH is a decentralized exchange for perpetual futures on the net worth of the world's richest people. Each person is a market. You post USDC collateral, pick a side with up to 20x leverage, and your PnL settles in real time against an on-chain index of their wealth.

The index

Every market tracks a net-worth index denominated in US dollars (shown in billions, e.g. $1.181T). For people whose fortune is dominated by a public asset, the index is reconstructed from that asset:

net worth = asset price × holdings + private-stake estimates

For example, the MUSK index is the live Tesla (TSLA) price times Elon's estimated share count, plus fixed estimates for SpaceX and xAI. The VITALIK index is the ETH price times his on-chain holdings. People with no live market price (Arnault, Gates, Tate) use a static estimate that barely moves. Every trade page shows the exact composition under About.

Data sources

Asset prices
Yahoo Finance — live quotes & intraday OHLC for stocks (TSLA, NVDA…) and crypto pairs (BNB-USD, ETH-USD).
Holdings & private stakes
Manual estimates per person (share counts, SpaceX/xAI/Binance valuations). Tunable, not exact.
On-chain index
An off-chain oracle service computes each net worth and pushes it to a per-market oracle account every ~20s.
Charts
Net-worth OHLC = the driver asset's real intraday candles × holdings + estimates, served from /api/history.

Net worths are estimates, not audited figures. They are close to, but will not exactly match, Bloomberg or Forbes. The point is a tradeable, real-time index, not a precise valuation.

The market: a virtual AMM

Price discovery happens on a virtual AMM (vAMM): a constant-product curve base × quote = k with no real liquidity in it. Trades push the mark price along the curve, so it can drift above or below the oracle index price. That gap is the premium.

A funding rate tethers mark to index: when mark trades above index, longs pay shorts; when below, shorts pay longs. This is what pulls the market back toward the real net worth over time.

Trading

  • Collateral. Deposit USDC into a market. Need some? Hit Faucet in the header to mint test USDC on devnet. PnL, funding and fees settle into that balance; withdraw any free collateral.
  • Leverage. Up to 20x. Your position size = margin × leverage; margin requirements are priced on the oracle index, not the manipulable mark.
  • Fees. A 0.30% taker fee on notional, charged on open and close, routed to the market's insurance fund.
  • Liquidation. If your equity falls below the maintenance margin (2.5%), anyone can liquidate the position for a reward. Watch the margin-health bar.
  • Insurance fund. Seeded by fees; backstops bad debt and funding imbalance — the known risk surface of any vAMM perp.

Risks

This is an unaudited devnet build and a synthetic product: you are trading against a curve and an estimated index, not a claim on anyone's actual wealth, companies, or wallet. The oracle is permissioned (truth by fiat), net-worth estimates can be wrong, leverage can liquidate you fast, and perps on a named person are a regulated derivative in many jurisdictions. Trade only what you can afford to lose. Not financial advice.

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