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Documentation / Foundations

What Amphi trades

Spreads between two tokenized shares, and why their order flow has two sides.

4 min read · pre-launch

Every perpetual venue on a chain sells the same thing: the direction of one price. In a trend, most open interest points the same way, and the pool that takes the other side carries the whole crowd. It collects fees until the trend turns violent, and then it is the last bid in a cascade. No insurance fund changes that shape, because the imbalance is a property of what is being sold.

Amphi sells something else: the spread between two tokenized shares that usually move together. Long NVDA / AMD is long NVIDIA and short AMD in one position. When chips rally, both legs rise and the spread barely moves; what a trader is paid for is being right about which of the two does better.

Why the flow is two-sided

A spread has two ends by construction. Anyone who thinks NVIDIA will outrun AMD has a natural counterparty in anyone who thinks the gap will close, and neither view depends on where the market as a whole is going. That is what lets a vault sit on the other side of the book without carrying a market's trend: its net exposure is the difference between two crowds, not the size of one.

The listed pairs

  • NVDA / AMD — The incumbent GPU against the challenger.
  • GOOGL / MSFT — Search and cloud against Office and cloud.
  • META / NFLX — Attention sold by the ad against attention sold by the month.
  • MU / INTC — Memory against the foundry that wants to be one.
  • TSLA / RIVN — The electric carmaker against the next one.
  • GLD / SLV — The gold-to-silver ratio, a spread older than exchanges.
  • QQQ / SPY — The hundred largest on Nasdaq against the five hundred.
  • MSTR / CRCL — A bitcoin treasury against a dollar issuer.
  • AMZN / COST — The store with no shelves against the one with a membership.
  • GME / AMC — The two that taught everyone else what a squeeze is.

Where two-sided flow fails anyway, four mechanisms catch it: a quadratic skew fee paid to the thin side, a payout cap escrowed at open, two price clocks with a clamp, and scoped session keys. Each has its own page.