ABOUT DEXTER

#The Dexter thesis

Dexter is the first on-chain prop trading firm. The trading side is a self-custodial perpetual DEX on Base — cross-margined, oracle-marked, mid-double-digit-millisecond fills. The prop layer sits on top: pay between $49 and $299 for a pack, prove a +10% return inside 30 days under -4% daily and -8% total drawdown floors, and trade a $5K–$50K funded account that splits realized PnL 90 / 10 in your favor.

What is new is not the perp venue and not the funded-account model — both exist elsewhere. What is new is that they are the same product, on the same matching engine, with every challenge entry, pass event, payout, and referral cash transfer keyed to a wallet and posted to a Base address. The whole journey from "I want to prove I can trade" to "I got paid for trading" finishes on a public block explorer, in USDC, with no off-chain cashier in the middle.

The point is not to be the biggest perp DEX. The point is that the path from skill to payout is mechanical, coded, and verifiable — and that nobody else has shipped that exact bundle yet.

#How the product flows

From the user side the loop is one screen. Connect a wallet, pick a pack size or the free 14-day $25K demo, and trade the same matching engine the leaderboard runs on. The challenge engine watches the equity curve in the background — daily close-to-close, total drawdown from high-water mark, target hit. When the curve clears +10% inside drawdown, the funded line provisions in the same UI; the next withdrawal flow is real USDC on Base.

Under the hood, four engines run independently so each can be audited and replaced on its own. The market engine handles order admission, funding, and liquidations. The challenge engine handles rule checks, evaluation windows, and tier upgrades. The payout pipeline handles one-time KYC, the 90 / 10 split, and the on-chain transfer. The referral and leaderboard ledger tracks the 8% base + 4% activity bonus per pack, and the per-season reward bracket. Each layer publishes its own state — an oracle degradation cannot silently corrupt a payout, and a referral void cannot move a leaderboard rank.

#Who it is for

Dexter serves three distinct audiences, and the product is shaped to make each one's path obvious from the landing page.

• Skilled traders without size. Pay $49–$299 for a pack, prove the rules, trade a $5K–$50K funded line. The pack fee is the entire cost of capital; the 90% profit share is the entire upside.
• Traders with their own size. Skip the challenge, trade the public DEX with the same cross-margin and oracle marks, and compete on the season leaderboard for ranked cash brackets at #1, #2–3, #4–10, #11–50, and top 100.
• Builders and community members. No trading required. Share a referral code and earn 8% of every paid pack at floor, plus a 4% activity bonus when the referee passes — paid in USDC, transparent in the on-chain ledger.

The three paths share one operating principle: results are visible on a public leaderboard, cash flows through a Base address, and the airdrop record (40% of the fixed 1B DXTR supply) is weighted by behavior that costs the user something real — pack fee, trading discipline, referrals brought in — not by who got there first.

#What Dexter is not

The categories Dexter is not in matter as much as the one it is in.

• Not a yield product. Holding a pack does not entitle the holder to a share of someone else's PnL. There is no staking APR, no "vault deposits earn X%", no rebate paid for showing up.
• Not a fund. Nobody manages capital on behalf of anyone else. The funded account is the trader's account; Dexter's downside is bounded by the drawdown floor coded into the rules.
• Not a copy-trading desk. Demo accounts do not pay out. Copying another funded account is rule-flagged and voids the payout. Each funded line earns by its own decisions.
• Not a farming program. Pack purchase does not auto-vest tokens, and there is no fixed snapshot date to game. The airdrop record is the season-long behavior record — PnL on a paid pack, referrals brought in.
• Not a black box. Pack fees, the +10% / -4% / -8% rule set, the 90 / 10 split, the 8% + 4% referral schedule, the leaderboard formula — every number lives in this whitepaper. If a cashier number disagrees with the doc, the doc governs.
• Not jurisdiction-blind. Iran, North Korea, Syria, Cuba, and OFAC / EU / UK sanctions lists are blocked at the cashier — never silently, never partially.