Both directions
Shorting an ADR means finding borrow, paying for it, and hoping it is not recalled. Here it is the same click as going long.
Long / ShortThe thesis · 论点
China's biggest companies trade in New York all day and make their news in Beijing all night.
Why perps
A contract needs neither an account nor a share to sell.
Borrow on these names is thin and expensive, and the tape stops at 16:00 in New York. A perpetual needs neither a borrow nor an open exchange.
The bell stops, you don't
New York closes at 16:00 ET, right before China wakes up. The contract keeps trading through the gap, so the overnight headline is tradable overnight.
24 / 7 / 365Up to 20× leverage
Cross margin posted on-chain in ETH. The large caps go to 20×, the thinner OTC lines to 10×.
Margin in USDCNo broker, no custody
No brokerage account, no margin agreement, no share-lending desk. Collateral sits in a contract you can read.
Self-custodiedMarkets · 市场
Sixteen names. One margin account.
Every mark is the last print of the US listing. Prices below are live from the exchange feed.
| Market | Mark | 24h | Funding / 8h | Open interest | Max lev. | Trade |
|---|---|---|---|---|---|---|
| Loading the feed… | ||||||
—
Funding paid every 8 hours · longs pay shorts when positive
A local convention
红 涨 绿 跌
红 Red is up
绿 Green is down
In mainland China, red is the colour of gain and green the colour of loss — the opposite of Western screens. ChinaPerps keeps the local convention everywhere: on the ticker, in the book, on your position blotter. If you have traded Shanghai before, nothing needs re-learning. If you haven't, this is the first thing to.
How it works · 流程
Three steps from stablecoin to position.
-
01
Post collateral
Post margin on Robinhood Chain. It backs every market in the account at once, and it never leaves a contract you can read.
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02
Pick a mark
Each market follows one US listing — BABA on the NYSE, PDD on the NASDAQ — and marks to its last printed price.
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03
Long or short, to 20×
Set size and leverage and the ticket shows the liquidation price before you sign. Funding rebalances the two sides every eight hours.
Margin accountUSDC
100,000.00
Long 10×Wallet100,000 USDC
Margin used0.00
PositionsNone
The math · 算法
Priced in New York. Margined on-chain.
Every market marks to the last print of its US listing, so the chart you trade is the chart the exchange published. Margin, P&L and liquidation are worked out in front of you before you sign — these are today’s live numbers on Alibaba.
BABA 阿里巴巴
PDD 拼多多
TCEHY 腾讯控股
JD 京东
BIDU 百度
NIO 蔚来
LI 理想汽车
XPEV 小鹏汽车
+ 8 more
$500 margin × 10× leverage
= $5,000 of BABA exposure
÷ $109.30 per share
= 45.75 shares long
a 1% move on $5,000
= $50 P&L · 10% on margin
maintenance 0.5% · liquidation at
= $99.47 · 9.0% against you
0Listed markets
0×Max single-name leverage
0.00%Taker fee
24/7Trading hours
开始交易
The bell rings at 16:00. Your position doesn't care.
Open the terminal with a paper balance of 100,000 USDC and trade the real tape.