DEXTER

#What Dexter is

Dexter is a perpetual DEX on Base with a prop-firm layer welded on top. The trading side is self-custodial, cross-margined, oracle-priced, and competitive on fees. The prop layer is the wedge: traders skip the capital question by buying a fixed-price pack ($49 to $299), pass a coded set of rules (+10% target, -4% daily floor, -8% total floor), and unlock a real funded account whose profits split 90 / 10 in their favor.

That bundle does not exist anywhere else. Traditional prop firms run closed simulators with discretionary cashiers. Other perp DEXes end at the order book. Airdrop farms reward shallow wallet activity. Dexter pays for one thing — proven trading skill, measured against a public matching engine and settled on Basescan.

The execution stack is hybrid for a reason. Matching, funding, and liquidations run off-chain in a single ordered loop so fills clear at CEX latency. Collateral, payouts, and treasury permissions live in audited contracts with Merkle-proof release. Traders see CEX-class fills; every dollar of collateral and every basis point of fees stays reconcilable on-chain by anyone with a block explorer.

The economics are funded by pack fees and trading volume — not by inflated incentive math. Funded traders carry no further capital at risk after the upfront pack, and Dexter's treasury sits behind the same drawdown limits every challenger faces.

#The funded challenge

One pack purchase, one evaluation window, one funded line. There are four pack sizes and a free demo — no monthly subscription, no resets, no escalating challenge ladder. The fee is the entire upfront cost; the allocation is the entire downside Dexter underwrites.

• Starter — $49 fee, $5,000 funded equity. Smallest skin in the game. Best for proving the rules before sizing up.
• Growth — $99 fee, $10,000 funded equity. Standard tier for active traders.
• Swing — $199 fee, $25,000 funded equity. The most popular pack. Sized for directional swings.
• Elite — $299 fee, $50,000 funded equity. Largest funded line. For traders running real position size.
• Free demo — $25,000 simulated equity, 14 days. No KYC, no payout. Same matching engine, same rules — built to validate strategy before paying.

Every pack carries the same rule set, in plain numbers: a +10% profit target on the funded equity inside a 30-day window, a -4% daily drawdown floor measured close-to-close, and a -8% total drawdown floor from the high-water mark. Breach either floor and the challenge closes; clear the target without a breach and the funded account provisions automatically.

Profit share is fixed at 90% to the trader, 10% to the protocol — no scaling tiers, no time decay, no "elevated" tier behind a paywall. Payouts settle in USDC on Base to the wallet you signed up with, typically within 24 hours of a request once one-time KYC clears. There is no escrow, no payout cap, and no withdrawal queue.

1-Step packs run target and risk rules in a single phase. 2-Step packs split the evaluation into a target phase plus a consistency phase — same fee, same payout share. Both formats publish identical numbers; the choice is style, not economics.

#Custody and execution

Two things have to be true at once: fills clear at venue latency, and every dollar stays auditable on a public block explorer. Dexter satisfies both by splitting the runtime from custody.

Contracts hold the money. Collateral, payouts, and treasury permissions live in audited Base contracts. The collateral vault, insurance reserve, treasury, and reward pool are distinct addresses — failures on one rail do not cascade. There is no off-chain "Dexter wallet" you have to trust between deposit and withdrawal.

Releases are proof-gated. Every withdrawal references a periodically published Merkle root that proves the requested amount is solvent against the latest snapshot and consistent with the trader's recorded PnL. The challenge window catches inconsistencies before funds move.

The matching loop runs off-chain. Order admission, funding accrual, and liquidations execute in a single ordered loop with cryptographic batch receipts. The contract verifies each receipt before it affects on-chain balances. Off-chain speed, on-chain proof.

Marks come from Pyth, cross-checked. Primary feed is Pyth Hermes; Chainlink, RedStone, and Uniswap V3 TWAPs back-check it. Stale, deviating, or paused feeds are rejected before they reach the book, and the venue's current state — fully open, tightened, or waiting — is published on the trade page in real time.

KYC is one-time and only at payout. Demo accounts never trigger it. Paid traders only see it the first time they request a real on-chain withdrawal; after that, payouts settle automatically. Jurisdiction blocks (IR / KP / SY / CU) and OFAC / EU / UK sanctions lists are enforced at the cashier, not at the order book.

#Getting started

Three steps, no waiting list.

1. Connect and pick. Wallet connect at app.dexter.market/dex/airdrop. Choose the free 14-day $25K demo or one of the four paid packs. Pay in USDC, ETH, or BTC on Base.
2. Trade the rules. Open perps at app.dexter.market/dex. Push equity past +10% inside 30 days, stay inside -4% daily and -8% total drawdown floors.
3. Pass and get paid. Funded line provisions in the same UI on pass — no separate onboarding. Request payout, clear one-time KYC, and USDC lands on Base inside 24 hours.

No interviews, no quarterly evaluations, no fee resets, no paperwork between the pack purchase and the funded line. Rules in, payouts out.