How Slab works

Each market tracks an index: one card in one grade, or a weighted basket such as a whole set. The level is Σ weight × price of each constituent, in USD, using sold-price data for the exact grade.

Weights are fixed when the market is listed and published with the methodology. An AI model helps map each constituent to the right product listing and flags anomalies (lots, reprints, wrong grades); it never produces the number.

The publisher signs each new value and posts it on-chain as a numbered snapshot. A snapshot only exists when the source data actually changed; in between, signed heartbeats prove the feed is alive.

When you place an order, the contract fixes the snapshot it will fill at: the latest one plus a small lag. Nobody — not you, not a keeper, not us — can choose the fill price, and seeing a sale before it reaches the index gives no edge.

Orders are final. If the fill would be worse than your worst accepted price, or your margin would be too low, the order is cancelled and your margin refunded. If the price feed stalls, you can cancel after the market's maximum order age.

The fill includes a small price impact that grows with the market's long/short imbalance, and a maker fee (if you reduce the imbalance) or taker fee (if you increase it).

Every market has its own vault, funded first by the campaign pledgers and later by anyone. The vault is the counterparty to all traders in that market only.

It earns most of the trading fees, the funding paid by the crowded side, a borrow fee on the capital reserved for payouts, and liquidation penalties. It pays trader profits.

Before a position opens, the vault reserves its maximum payout in cash. Total reservations can never exceed the vault's cash times the utilization cap, so every winning trade is fully backed, and losses never spread across markets.

Deposits and withdrawals are queued and settle at the next snapshot (withdrawals after a cooldown), so LPs can't jump in or out ahead of a known price move.

Experimental, unaudited software. Smart-contract bugs can lose funds.

Collectible prices are thin and can gap. Leverage amplifies losses and you can lose your whole margin.

Index data comes from third-party sold-price sources and can be wrong, delayed or manipulated. Large jumps are held for review, which can pause a market.

The protocol admin can change parameters, pause markets, force a price and upgrade contracts. Check who holds the admin keys before depositing.

Perpetual futures may be restricted where you live. You are responsible for complying with your local laws.