Flash Trade
Pool-to-peer perpetuals and spot exchange on Solana with up to 500x leverage.
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Flash Trade key facts
| Category | Derivatives exchange |
|---|---|
| Chains | Solana |
| Platforms | Web, SDK |
| Custody | Non-custodial |
| Fees | 0.02% open/close on majors; 0.1% on meme markets |
| US availability | Not available: US persons prohibited |
| Security audits | Offside Labs (2025), Halborn (2023, 2024) |
| Token | FAF, 1,000,000,000 supply on Solana |
| Chains | Solana |
FAF token
- Price
- $0.0001 -0.0% 24h
- Market cap
- $89,849
- Fully diluted value
- $89,849
- 30-day change
- -6.7%
Market data: CoinGecko, updated Nov 10, 2026. Educational content, not financial advice.
What is Flash Trade?
Flash Trade is a perpetuals and spot exchange on Solana that trades against a liquidity pool (FLP) rather than an order book, with up to 500x leverage and Pyth price feeds. Open and close fees start at 0.02% on majors. The FAF token gets 50% of protocol revenue.
How Flash Trade works
Flash Trade uses a pool-to-peer model: liquidity providers deposit assets into pools, receive FLP tokens and act as counterparty to every trade.
Orders execute instantly against the pool at the Pyth oracle price, with a size-based spread applied on entry and exit. When traders win, the pool pays; when they lose, the losses flow back to the pool. Fees go to LPs every hour, and LPs keep 70% of fees in the Crypto, Stable and Solana DeFi pools and 80% in meme pools.
Shorts always post USDC. Longs are backed by the market's backing asset, such as JitoSOL for SOL, XAUt for gold or SPY for equities; if you pay with another token, the protocol converts it and charges a pool swap fee. Each position also has a max profit set when it opens. Major crypto markets cap profit at 25% of position size, so a 100x BTC long reaches its cap on a 0.25% move.
Keeper bots liquidate a position once collateral falls below maintenance margin, which is set per pool: 1000x maintenance leverage on Crypto Pool markets and 50x on meme, ORE and equity markets. There is no insurance fund because the pool is always the counterparty, and leftover maintenance margin is not returned. When a Pyth price strays from its EMA, a High Volatility Flag is set, and a larger gap puts the market in close-only mode.
How to start with Flash Trade
- Flash's terms prohibit use by anyone resident in the United States or a US territory, regardless of IP address, and warn that hiding US residence with a VPN may get addresses blocked.
- Where it is allowed, you sign in at flash.trade with email, Google, WhatsApp, X, Discord or a passkey, which creates a Privy embedded wallet, or connect Solflare, Backpack or Phantom.
- You deposit SOL, USDC or another supported token, then pick a market, direction and 1x to 100x leverage.
Flash Trade fees and limits
- As of July 3, 2026, the docs list 0.02% on majors, forex, metals and most equities, 0.1% on JUP, JTO and meme markets, 0.2% on KMNO and PYTH, and 0.5% on ORE.
- FAF stakers receive 50% of protocol fees in USDC every 6 hours, a split approved through FAFtarchy governance and live since June 2025.
Each trade has three costs: an open or close fee on each leg, the size-based spread on each leg, and hourly margin fees tied to pool utilization.
Risks to know before using Flash Trade
- High leverage and the profit cap interact badly: on majors the 25% cap binds after small moves, and take-profit orders cannot be placed beyond the max profit price.
- Accrued margin fees and the pending close fee count against your collateral, so your liquidation price moves even when the market does not.
- Degen Mode raises leverage to 500x on SOL, BTC and ETH, which puts liquidation very close to entry.
- Liquidity providers take the other side of every trade, so a run of trader profits lowers FLP value.
- Flash's programs were audited by Offside Labs in 2025 and by Halborn in 2023 and again from February 6 to March 20, 2024, and the team ran an economic audit with GriGonTok that simulated black-swan losses for FLP.
Flash Trade usage
From DefiLlama (TVL) (fees users paid), updated Nov 10, 2026.
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Flash Trade pros and cons
- 0.02% open/close fee on SOL, BTC and ETH
- Audits by Offside Labs and Halborn
- 50% of protocol revenue goes to FAF holders
- US persons are prohibited by the terms of service
- Spread is charged on both entry and exit
- Meme markets cost 0.1% and ORE 0.5% per open or close
Flash Trade FAQ
What is Flash Trade?
Flash Trade is a perpetuals and spot exchange on Solana that trades against a liquidity pool (FLP) rather than an order book, with up to 500x leverage and Pyth price feeds. Open and close fees start at 0.02% on majors. The FAF token gets 50% of protocol revenue.
How much value is locked in Flash Trade?
$213,960.5 according to DefiLlama on Nov 10, 2026. It is deployed on 1 chain: Solana.
How much does Flash Trade cost?
0.02% open/close on majors; 0.1% on meme markets, according to Flash Trade’s own page (checked Sep 26, 2026).
Does Flash Trade have a token?
Yes, FAF. Its market cap was $89,849 on CoinGecko on Nov 10, 2026. Educational content, not financial advice.
Is Flash Trade available in the US?
Not available: US persons prohibited, according to Flash Trade’s own page (checked Sep 26, 2026).
Does Flash Trade hold my funds?
No. Flash Trade is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
- Flash Trade: official site
- Flash Trade: Docs, Fees
- Flash Trade: Terms of Service
- Flash Trade: Docs, Audits
- Flash Trade: Docs, FAF Token
- Flash Trade: What Do I Need To Trade
- Flash Trade: Pool-to-Peer Mechanism
- Flash Trade: Fee Distribution
- Flash Trade: Collateral Specification
- Flash Trade: Max Profit
- Flash Trade: Liquidation
- Flash Trade: Pricing Engine
- Flash Trade: Fund Your Account and Make Your First Trade
- Flash Trade: Revenue Sharing
- CoinGecko
- DefiLlama
How this page works
Sources: Flash Trade: official site, Flash Trade: Docs, Fees, Flash Trade: Terms of Service. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.