Trading on Gryps: The Execution Workflow

The protocol-level mechanism that makes Gryps work is described in Gryps: Institutional RFQ Perpetuals on SEI. This is the operator’s view: what a trader actually does inside the app.

The trading surface is built around a workflow that runs end to end inside a single account. Connect a wallet, fund it with USDC, request a quote, manage the position, withdraw when done. Everything routes through cross-margin. Everything stays self-custodied through the lifecycle.

Connect and bridge in

Gryps works with any EVM wallet. MetaMask, Rabby, and others that support EVM chains all connect normally. Connecting through the app prompts the wallet to add the SEI network automatically on first connect, so there is no manual chain configuration step.

USDC is the sole collateral asset on the venue. Holding USDC on Ethereum, Arbitrum, Base, Polygon, or other major chains is fine. The integrated LiFi bridge moves USDC from any of those chains into SEI from inside the app. Bridge time runs roughly one to five minutes depending on the source chain, with route and estimated fees previewed before confirmation.

The cross-margin account

Deposits credit the cross-margin account immediately. There is no waiting on confirmation timing past the SEI block. The account model is single-pot: USDC collateral backs all open positions collectively, rather than being isolated per trade.

The trading surface exposes the account state in real time through six metrics worth knowing.

Allocated Balance. USDC committed to the cross-margin account. Available to be unallocated and withdrawn after the fraud-proof window.

Equity Balance. Allocated Balance plus unrealized PnL. The potential future balance after settlement and fees.

Locked Margin. Sum of initial margin across active positions. Guards against excessive concurrent exposure.

Maintenance Margin (CVA). The security deposit. If equity falls to this level, liquidation can occur. Locked and non-transferable while positions are open.

Account Health. Liquidation proximity, expressed as a percentage. Health deteriorates as Equity Balance approaches Maintenance Margin.

Available for Orders. What remains for new positions after the safety buffers. Computed as Equity Balance minus Locked Margin minus Maintenance Margin.

The point of this metric set is to make risk legible at a glance. A trader sizing the next position can read account health, available-for-orders, and locked-margin headroom directly without computing them.

Sub-accounts

A single connected wallet can run multiple sub-accounts in parallel. Each sub-account holds its own balance and locked margin, and operates as an independent risk pool. A Transfer action moves USDC between sub-accounts inside the app, without an off-chain round trip.

The use cases this enables are the ones a desk asks for. Separate lanes for discretionary capital, different trading arms, and strategies. Isolating mandates that need to their own books. Sub-accounts can be created, archived, and managed from the wallet panel, and they all live under one custody root.

Markets and leverage

The venue currently routes every Binance-listed perpetual through the solver network, with live coverage at the time of writing on roughly 500 markets. Leverage caps are set per pair to reflect liquidity and volatility profile. Major pairs run up to 50x. Mid-cap pairs up to 40x. The long tail settles at 20x. Minimum notional sits at $10 on most pairs, with a $30 floor on a handful of liquid majors and $100 on BTC.

Margin modes

Collateral is held cross-margin and backs all open positions collectively. Hedge mode opens a second position direction on the same pair simultaneously, useful for delta management, basis trades, and pair strategies that need both legs live at once. Per-trade leverage is set from a dedicated control on the order ticket within the cap defined for the pair, and can be adjusted while a trade is live.

Order types and when to use each

The order-type set is built for size-sensitive execution rather than retail-shaped speculation. Market orders execute immediately at the best available solver quote and are the right choice when fill certainty matters more than exact price. Limit orders specify a maximum (for buys) or minimum (for sells) price and execute when a solver can meet it. If no solver can honor the price, the order does not execute.

Stop Market converts to a market order once the stop price is touched, which is the right tool for emergency exits and breakout entries where slippage is acceptable as the cost of getting filled. Stop Limit converts to a limit order at the stop, capping slippage by enforcing a price ceiling, with the tradeoff that a fast gap past the limit can leave the order unfilled. Take Profit and Stop Loss attach to an open position with configurable triggers, partial or full. When a trigger price is reached, Gryps requests quotes to close the targeted size.

Scale places multiple limit orders across a price range, with even, skew-to-start, or skew-to-end distribution, useful for laddering into reversals or providing passive size at multiple levels. TWAP slices a large order into smaller chunks executed at set intervals across a defined window, configurable by duration, slice size, and per-slice maximum slippage. As an example, ten BTC over thirty minutes with sixty slices works out to roughly 0.166 BTC per slice with a per-slice slippage cap typically set in the low single digits of basis points.

Position management

Each open position is exposed in the portfolio panel with the state a trader needs to manage it: entry price, mark price, unrealized PnL, liquidation distance, maintenance margin requirement, account health contribution, and locked margin. Leverage on an existing position can be adjusted up or down, and per-position margin can be added or removed in flight. Closes can be partial or full, executed against the same RFQ flow that opened the position. Funding rate, pending orders, and order history all live in the same workspace, so position state and order intent stay co-located.

Funding mechanics

Each market displays a current funding rate (8-hour) and a countdown to the next funding settlement. Funding accrues against the side of the market that is paying and credits the side receiving, on the standard perpetual-funding convention.

Withdrawals and the fraud-proof window

Withdrawals move USDC from the cross-margin account back to the connected wallet. Once a withdrawal is requested, a 12-hour fraud-proof window runs before funds are released. The window is the settlement layer’s safeguard against disputed clearings. It exists so that either party to a bilateral agreement has time to raise objections before USDC moves, which is the mechanism that lets the venue stay non-custodial without giving up clearing integrity. After the window completes, funds finalize back to the wallet.

Speed: hotkeys and TradingView

For desks that work the screen rather than the mouse, the surface includes a keyboard shortcut layer covering most of the order-entry flow. M and L select Market and Limit respectively. A focuses the amount input. P focuses the price input. B and S open Buy (Long) and Sell (Short). T submits the trade. X opens the leverage modal. D opens deposit. O toggles the orderbook. Shift-T and Shift-S configure Take Profit and Stop Loss.

TradingView is embedded in-app with full timeframe and indicator controls, so chart analysis and execution share a single screen. There is no context switch to a separate charting tool and back to a separate execution surface.

Closing

The architectural piece on Gryps explains why an institutional venue on-chain looks different from the order-book-shaped DEXes that came before it. This is the operator’s complement. What makes the venue usable at size is the discipline of the surface: the visible account state, the order-type breadth, the per-counterparty settlement model, and the feedback loop between intent and fill. Together, those are what let professional flow stay on-chain without giving up the properties that flow has historically left on-chain to access.

Companion piece: Gryps: Institutional RFQ Perpetuals on SEI covers the architectural why behind the workflow above.