How Wick works

Wick is a paper-trading terminal for stock-token perps. The prices are simulated, but the machinery is real: a matching engine, funding, margin and liquidation work the way they do on a live venue.

The order book

Every quarter of a second, simulated market makers quote 16 price levels on each side around the fair price. While the exchange is open the spread is about 0.04%; when it's closed, market makers quote three times wider and less than half as deep, as they would with no reference price.

• Market orders walk the book level by level. What you pay is the size-weighted average of the levels you used, so a big order costs more than the top price. The ticket shows this slippage before you send.
• Limit orders rest in the book with price-time priority. They fill when other traders' orders reach them or when quotes move through your price. A limit that crosses the book fills the crossing part immediately as a taker.
• Other traders send random market orders, a bit more often in the direction the price is moving. They can fill your resting orders.
• Fees: 0.06% for taking liquidity, 0.02% for resting orders that get filled.

Index, fair price and funding

The index is the oracle price. It follows the exchange while it's open and pauses at the close. The fair price is where the perp trades, around the clock. On nights and weekends the two drift apart, and funding pulls them back:

premium      = (fair − index) ÷ index
funding / 8h = clamp(premium, −0.75%, +0.75%) + 0.01%
paid hourly  = position value × funding / 8h ÷ 8

A positive rate means longs pay shorts. Funding comes out of your position's margin, so it moves your liquidation price.

Margin and liquidation

Each position has its own margin (isolated margin). Leverage sets how much: a $10,000 position at 10x posts $1,000. You must keep at least 1.5% of the position's value as margin; below that, the position is closed and the rest of the margin is lost.

long:  liquidation = (entry − margin ÷ size) ÷ (1 − 1.5%)
short: liquidation = (entry + margin ÷ size) ÷ (1 + 1.5%)

At 25x the liquidation price sits about 2.5% away. A normal weekend move in a volatile stock token is bigger than that.

Liquidation chance

The risk panel runs 4,000 simulated futures for your position, right in your browser. While the exchange is closed, each path drifts hour by hour until the open and then takes a gap, the jump that happens when the exchange starts trading again. While it's open, it simulates the next 24 hours. Funding is charged along each path. The share of paths that hit maintenance margin is your liquidation chance. The chart under it shows the spread of outcomes; the table shows what a fixed gap at the open would do.

This is a model, not a forecast. Its volatility comes from each market's settings in the simulation.

Replay

Replay runs the last two weekends again, from Friday 15:00 to Monday 10:30 New York time, at 2, 10 or 30 minutes per second. You get a fresh 10,000 paper USDG; your live account is untouched. At the end you see your result next to doing nothing.

Your paper account

The live account is saved in this browser. If you close the tab, Wick replays the time you were away when you come back: funding, take-profit and stop-loss, limit orders and liquidations are all applied along the price path. Reset gives you a fresh 10,000.

API

With the Node server running: GET /api/markets (index, fair price, funding, exchange hours), GET /api/candles?sym=TSLA&tf=5&hours=12 and POST /api/risk with a position to get its liquidation chance.

What the demo doesn't do

• No real prices, exchange, oracle or DEX are read.
• No wallet connection and no deposits: the money is paper USDG.
• Exchange hours follow the NYSE schedule in New York time, without holidays.