# What is Rocky?

Rocky is the **trading and liquidity layer for Canton**.

The initial product combines:

* **Privacy-enabled perpetual markets** for leveraged long and short exposure.
* **Canton-native spot markets** for direct asset exchange.
* **Multi-wallet access** through Rocky Wallet, Loop Wallet, Console Wallet, and Send Wallet.
* **Canton-native settlement workflows** designed around selective visibility and atomic execution.

Perpetuals and spot trading are the starting point, not the final destination. Rocky's long-term objective is to connect trading, stablecoin liquidity, tokenized real-world assets, and capital-management products through a unified liquidity layer on Canton.

## Why Rocky

Most on-chain trading venues operate on globally transparent networks. That model can expose account activity, liquidation risk, large trading intentions, and institutional workflows to the entire network.

Canton uses a different architecture. Its selective-visibility model allows information to be shared with the parties that need it without broadcasting every transaction detail globally. This gives Rocky a foundation for building markets that combine:

* **Privacy-aware settlement** - account and settlement data do not need to be visible to every network participant.
* **Institutional-grade workflows** - Canton is designed for regulated assets and multi-party financial applications.
* **Atomic execution** - linked actions can settle together, reducing settlement and counterparty risk.
* **Wallet-based access** - users sign in through supported Canton wallets and use those wallets to authorize deposits and withdrawals.
* **Interoperability across Canton** - assets and applications can participate in coordinated workflows while preserving appropriate visibility.

## Rocky's role in the Canton ecosystem

Rocky is not positioned as only another perpetual DEX. Its broader role is to help turn assets issued on Canton into assets that can be traded, priced, hedged, and deployed productively.

The long-term path is:

1. Establish active perpetual and spot markets.
2. Expand stablecoin access and liquidity.
3. Develop RWA trading and institutional execution workflows.
4. Introduce capital-management and wealth products.
5. Build price-discovery, data, and liquidity infrastructure for the wider Canton ecosystem.


# Product Architecture

Rocky's architecture combines a high-performance execution layer with Canton-native settlement.

## Execution layer

* **Matching engine** - processes eligible buy and sell orders.
* **Order book** - organizes market liquidity and supports market-maker participation.
* **Market-maker API** - provides programmatic access for qualified liquidity providers.
* **Risk engine** - monitors margin, exposure, and liquidation conditions.

## Canton settlement layer

* **Daml contracts** - represent financial rights, obligations, and state changes.
* **Margin and position workflows** - coordinate collateral and position updates.
* **Asset workflows** - handle supported asset movements and transaction approvals.
* **Atomic settlement** - coordinates linked actions so they complete together or do not complete.
* **Selective visibility** - shares transaction data only with the parties required for the workflow.

This separation allows execution to remain responsive while settlement retains Canton's privacy and workflow capabilities.


# Roadmap

Rocky's roadmap is a direction of travel, not a promise that every product will launch on a fixed date. Features remain subject to development, testing, partner readiness, liquidity, legal review, and market conditions.

## Stage 1 - Trading and capital access

The current foundation includes:

* Privacy-enabled perpetual markets
* Canton-native spot markets
* Rocky Wallet, Loop Wallet, Console Wallet, and Send Wallet access
* Order-book execution and risk management
* Canton-native asset and settlement workflows
* Market-maker and liquidity-provider onboarding

## Stage 2 - Stablecoin expansion

Rocky plans to integrate additional stablecoin assets over time.

The goal is to:

* Give users more options for settlement and capital entry.
* Improve liquidity across Rocky markets.
* Support additional quote, collateral, and payment workflows where appropriate.
* Connect stablecoin partners with active trading and liquidity use cases on Canton.

The specific role of each stablecoin will depend on technical integration, available liquidity, risk assessment, and partner coordination.

## Stage 3 - RWA liquidity

Rocky plans to develop dedicated infrastructure for tokenized real-world assets.

Potential areas include:

* **RWA spot and secondary-market liquidity**
* **Private RFQ workflows**
* **OTC and block-trade execution**
* **Collateral and settlement workflows**
* **Hedging and price-discovery tools**
* **Institutional liquidity programs**

Not every RWA is suited to a public order book. Rocky expects to support different execution models according to asset structure, liquidity, investor eligibility, and regulatory requirements.

## Stage 4 - Wealth and capital-management products

Rocky also plans to introduce products that help users manage stable assets and other eligible capital within the Canton ecosystem.

Potential areas include:

* Stable-asset strategies
* Trading-fee and market-making strategies
* Funding-rate and basis strategies
* Structured or fixed-term products
* Automated allocation and risk-management tools

These products may involve material financial, smart-contract, liquidity, counterparty, and market risk. Any future product will require its own specifications, risk disclosures, eligibility rules, and return methodology.

{% hint style="warning" %}
**No guaranteed return**

Any target, estimate, or historical yield is illustrative and does not guarantee future performance.
{% endhint %}

## Stage 5 - Unified liquidity layer

Over the longer term, Rocky plans to connect its markets, assets, and data into broader Canton infrastructure.

Potential capabilities include:

* 24/7 price discovery
* Market and funding-rate data
* RWA reference prices
* Canton-native oracle services
* Cross-chain stablecoin and capital routing
* Automated hedging and allocation strategies

This is the progression behind Rocky's positioning:

> **The Trading and Liquidity Layer for Canton**


# Getting Started

## Open the application

Visit the [Rocky trading application](https://app.rocky.exchange/trade).

Always verify the domain before connecting a wallet or approving a transaction:

```
https://app.rocky.exchange
```

## Supported wallets

Rocky currently supports four Canton wallet login methods:

| Wallet             | Access                              |
| ------------------ | ----------------------------------- |
| **Rocky Wallet**   | Rocky's native wallet experience    |
| **Loop Wallet**    | Connect an existing Loop account    |
| **Console Wallet** | Connect an existing Console account |
| **Send Wallet**    | Connect an existing Send account    |

To connect:

1. Open the Rocky application.
2. Select **Connect Wallet**.
3. Choose Rocky Wallet, Loop Wallet, Console Wallet, or Send Wallet.
4. Confirm that the wallet is connected to **Canton Mainnet**.
5. Review and approve the login request in the wallet.

Your connected wallet is used for account access and for authorizing deposits and withdrawals. Rocky will never ask you to share a recovery phrase, private key, or wallet password.

{% hint style="info" %}
**Wallet compatibility**

Supported wallets and connection requirements may be updated. Refer to the live connection window in the application for the current list.
{% endhint %}

## Before you trade

Make sure that:

* Your wallet is connected to Canton Mainnet.
* You hold a supported deposit asset in the connected wallet.
* You have deposited sufficient funds from the wallet into your Rocky trading account.
* The deposit has been credited and is visible as available trading balance.
* You understand the difference between spot and leveraged perpetual trading.
* You have reviewed the market's collateral, leverage, minimum size, and fee information in the application.

{% hint style="info" %}
**Wallet balance and trading balance are separate**

Connecting a wallet allows you to log in and authorize transactions, but it does not automatically make the assets in that wallet available for trading. Before placing a perpetual or spot order, you must deposit a supported asset into your Rocky trading account and wait for the deposit to be credited.
{% endhint %}

## Account and balance structure

Rocky separates the assets held in a connected wallet from the balances available inside the trading platform.

| Account or balance            | Purpose                                                                                                       |
| ----------------------------- | ------------------------------------------------------------------------------------------------------------- |
| **Connected wallet balance**  | Assets held in Rocky Wallet, Loop Wallet, Console Wallet, or Send Wallet before they are deposited into Rocky |
| **Available trading balance** | Deposited funds that are available for new perpetual or spot orders                                           |
| **Perpetuals equity**         | The value assigned to perpetual trading, including available collateral and position profit or loss           |
| **Margin in use**             | Collateral currently supporting open perpetual positions and orders                                           |
| **Spot free balance**         | Spot assets available to place new orders or withdraw                                                         |
| **Spot locked balance**       | Spot assets reserved by open limit orders                                                                     |
| **Withdrawable balance**      | Funds that are not locked in orders or required as position margin and can be withdrawn                       |

The main balance relationships are:

```
Connected wallet
    ↓ Deposit
Rocky trading account
    ├─ Perpetuals equity → Available margin + Margin in use
    └─ Spot balance      → Free balance + Locked balance
```

### How balances change

* **Deposit** - moves a supported asset from the connected wallet into the Rocky trading account.
* **Open a perpetual position** - allocates part of the available balance as margin.
* **Place a spot limit order** - moves the required spot balance from free to locked while the order remains open.
* **Cancel an open order** - releases the unused locked balance.
* **Close a perpetual position** - releases the remaining margin and realizes the position's profit or loss.
* **Complete a spot trade** - deducts the sold asset and credits the purchased asset.
* **Withdraw** - moves an eligible balance from the Rocky trading account back to the selected wallet.

Available balance, equity, and withdrawable balance may differ because open orders, margin requirements, unrealized profit or loss, and pending transactions affect how much capital can be used or withdrawn.


# Funding Your Rocky Trading Account

Rocky is accessed through supported wallet connections, but perpetual and spot orders use funds deposited into the user's Rocky trading account.

The basic fund flow is:

```
Connected wallet → Rocky trading account → Perpetual margin or spot trading balance
```

## Deposit funds

1. Connect Rocky Wallet, Loop Wallet, Console Wallet, or Send Wallet.
2. Confirm that the selected wallet account is connected to Canton Mainnet.
3. Open the deposit or funding section in Rocky.
4. Select a supported deposit asset.
5. Enter the amount you want to transfer to your Rocky trading account.
6. Review the asset, amount, destination, and any applicable fee.
7. Approve the deposit request through the connected wallet.
8. Wait for the transaction to complete and the amount to appear as available trading balance.

Do not place a perpetual or spot order until the deposit is shown as available balance in Rocky. A completed wallet transfer and a credited trading balance may not appear at exactly the same time.

## Withdraw funds

1. Open the withdrawal section in Rocky.
2. Select a supported asset and enter the withdrawal amount.
3. Confirm the destination wallet and review any applicable fee.
4. Submit the withdrawal request.
5. Wait for the withdrawal to complete and verify the updated balance in the receiving wallet.

{% hint style="danger" %}
**Finality warning**

Deposits and withdrawals may involve irreversible on-chain transfers. An incorrect wallet account, asset, destination, or network selection can result in permanent loss.
{% endhint %}

## If a deposit does not appear

* Confirm that the transaction was submitted on Canton Mainnet.
* Verify that the asset is currently supported for deposits.
* Confirm that the deposit was sent through the funding workflow displayed in Rocky.
* Check the transaction status in the connected wallet.
* Refresh the Rocky application after the transaction has settled.
* Use the transaction reference to check the status on an official Canton explorer where available.
* Contact official Rocky support and provide the transaction reference if the deposit remains uncredited.


# Live Markets

Rocky currently supports both perpetual and spot markets.

## Perpetual markets

| Market   | Quote / Settlement Asset | Maximum Leverage |
| -------- | ------------------------ | ---------------- |
| BTC-PERP | CUSD                     | Up to 100x       |
| ETH-PERP | CUSD                     | Up to 100x       |
| CC-PERP  | CUSD                     | Up to 100x       |

Maximum leverage is a market limit, not a recommendation. The leverage available for an individual order may depend on market parameters, position size, liquidity, and risk controls.

## Spot markets

| Market    | Base Asset | Quote Asset |
| --------- | ---------- | ----------- |
| CBTC/CUSD | cBTC       | CUSD        |
| cETH/CUSD | cETH       | CUSD        |
| CC/CUSD   | CC         | CUSD        |
| cETH/CBTC | cETH       | CBTC        |

Spot markets exchange one asset directly for another and do not use perpetual funding or leveraged position mechanics.

{% hint style="info" %}
**Live-market notice**

Markets can be added, paused, or updated. Always check the [live trading interface](https://app.rocky.exchange/trade) for current availability and specifications.
{% endhint %}


# Your First Perpetual Trade

Perpetual futures are leveraged contracts without an expiry date. They allow traders to take long or short exposure without exchanging the underlying asset directly.

## Open a position

1. Connect Rocky Wallet, Loop Wallet, Console Wallet, or Send Wallet.
2. Open the funding or deposit section in Rocky.
3. Select a supported deposit asset and enter the amount you want to transfer to the platform.
4. Review and approve the deposit through the connected wallet.
5. Wait until the deposit is credited to your Rocky trading account and appears as available balance.
6. Select a perpetual market from the market selector.
7. Choose **Long** if you expect the market price to rise, or **Short** if you expect it to fall.
8. Select a **Market** or **Limit** order.
9. Enter the order size and review the required margin.
10. Set leverage within the market's permitted range.
11. Review the estimated entry price, fees, liquidation price, and other order details.
12. Submit the order.
13. Monitor the order or position from the relevant account panel.

The margin required to open and maintain a perpetual position is deducted from the available balance in your Rocky trading account, not directly from the remaining balance in your connected wallet.

## Manage or close a position

After a position is open, monitor:

* Position size
* Entry price
* Mark price
* Unrealized profit and loss
* Margin usage
* Liquidation price
* Funding rate

To exit, submit a closing order for all or part of the position. A position is not closed until the closing order is filled and the application reflects the updated position.

Rocky also provides **Close All** for users who want to submit closing instructions for all open perpetual positions. Review the resulting orders carefully, particularly during volatile or illiquid market conditions.

## Perpetual trading functions

Rocky's perpetual interface includes:

* **Market orders** - seek immediate execution at the best available prices.
* **Limit orders** - execute only at the specified price or better.
* **Long and short positions** - take directional exposure to rising or falling prices.
* **Per-market leverage** - select leverage within the maximum allowed for the chosen market.
* **Cross-margin account view** - available collateral supports the account's perpetual positions under the active cross-margin configuration.
* **Reduce-Only** - restrict an order so that it can only reduce an existing position rather than increase exposure.
* **Positions** - view size, entry price, mark price, liquidation price, unrealized profit or loss, funding, and margin information.
* **Open Orders** - review and cancel unfilled orders.
* **Order History** - review submitted and completed orders.
* **Trade History** - review individual fills and execution records.
* **Close / Close All** - close an individual position or submit closing instructions for all open positions.

{% hint style="danger" %}
**Risk warning**

Leverage amplifies both gains and losses. A relatively small adverse price move can result in liquidation and the loss of the margin allocated to a position.
{% endhint %}


# Spot Trading

Spot trading allows users to exchange supported Canton assets directly.

## Place a spot order

1. Connect Rocky Wallet, Loop Wallet, Console Wallet, or Send Wallet.
2. Open the funding or deposit section in Rocky.
3. Select a supported deposit asset and enter the amount you want to transfer to the platform.
4. Review and approve the deposit through the connected wallet.
5. Wait until the deposit is credited to your Rocky trading account and appears as available balance.
6. Open the **Spot** section.
7. Select an available market.
8. Choose whether to buy or sell the base asset.
9. Enter the limit price and amount.
10. Review the order value, available balance, and any fees shown in the application.
11. Submit the order.
12. Confirm the fill and the updated asset balances in your Rocky trading account.

Spot orders use the available asset balances in your Rocky trading account, not the remaining balances in your connected wallet. After an order is filled, the purchased or received asset is credited to your Rocky trading account. To move that asset back to a connected or external wallet, submit a withdrawal through Rocky.

## Spot trading functions

Rocky's spot interface includes:

* **Buy and Sell** - exchange the base and quote assets in a supported market.
* **Limit orders** - specify the maximum buy price or minimum sell price.
* **Open Orders** - view spot orders that have not been fully filled.
* **Cancel Order** - cancel an eligible open order and release its remaining locked balance.
* **Free and locked balances** - distinguish assets available for new orders from assets reserved by existing orders.

Unlike perpetual trading, a spot trade:

* Exchanges the underlying assets directly.
* Does not create a leveraged long or short position.
* Does not have a liquidation price.
* Does not incur periodic funding payments.


# Trading Concepts

## Long and short

* **Long** - gains value when the market price rises and loses value when it falls.
* **Short** - gains value when the market price falls and loses value when it rises.

## Leverage

Leverage allows a trader to control a position larger than the margin committed.

For example, a 10x leveraged position uses 1 unit of margin to control 10 units of market exposure. This magnifies profit and loss and brings the liquidation price closer to the entry price.

Use leverage according to your own risk tolerance. The maximum permitted leverage should not be treated as a target.

## Order types

### Perpetual orders

* **Market order** - seeks immediate execution at the best available prices. The final execution price can differ from the price visible when the order is submitted.
* **Limit order** - remains open until it is filled at the specified price or better, or until it is cancelled.
* **Reduce-Only** - can be applied when an order should only reduce an existing position.

### Spot orders

* **Limit order** - buys or sells a spot asset only at the specified price or better. The required asset remains locked while the order is open.

Order functionality may vary by market. Always rely on the order panel for the functions available for the selected product.

## Mark price

The mark price is a reference price used for position valuation and liquidation checks. It is intended to reduce the impact of short-lived price dislocations or isolated trades.

Your unrealized profit and loss and liquidation status may be calculated using the mark price rather than the latest traded price.

## Funding

Funding payments help keep a perpetual market aligned with its underlying reference price.

* When the perpetual trades above the reference price, long positions may pay short positions.
* When it trades below the reference price, short positions may pay long positions.

Funding is exchanged between market participants according to the active market mechanism; it is not the same as a trading fee. Review the current funding rate and timing before holding a position through a funding event.

## Margin and liquidation

Margin supports an open leveraged position. If losses reduce available margin below the applicable maintenance requirement, the position may become eligible for liquidation.

Ways to reduce liquidation risk include:

* Using lower leverage.
* Reducing position size.
* Maintaining additional available margin.
* Monitoring the liquidation price.
* Using risk-management orders where available.

Liquidation controls are designed to protect market solvency, but they do not prevent user losses.


# Fees and Market Specifications

Fees and contract parameters can differ by product and market.

Before submitting an order, review:

* Maker and taker fees
* Network or settlement costs
* Maximum leverage
* Tick size
* Minimum order quantity
* Quote and settlement asset
* Funding rate and interval
* Maintenance-margin requirements

Rocky displays the applicable information in the live trading interface. Do not rely on old screenshots, examples, or third-party posts when making a trading decision.

{% hint style="warning" %}
**Important**

Any fee or market parameter shown in educational examples is illustrative unless it matches the current value displayed in the application.
{% endhint %}


# Privacy on Rocky

Rocky's privacy model is built on Canton.

## Selective visibility

Canton does not require every network participant to see every transaction. Participants receive the information they are entitled to see for a specific workflow.

For trading, this architecture can reduce the unnecessary exposure of:

* Account-level balances and settlement activity
* Position and collateral workflows
* Large transaction intentions
* Institutional counterparties
* RWA negotiation and settlement information

## Privacy does not mean invisibility

Privacy should not be interpreted as anonymity or the absence of controls.

Depending on the market and workflow:

* Counterparties and relevant service providers may see information required to execute and settle a transaction.
* Market-level information such as prices, order-book depth, volume, and aggregated activity may be visible.
* Compliance, audit, or legal requirements may require information to be disclosed to authorized parties.

Rocky's objective is to avoid unnecessary global disclosure while preserving the information required for execution, settlement, risk management, and applicable compliance.


# Security

Security depends on both Rocky's systems and the user's wallet practices.

## User responsibilities

* Use only official Rocky domains and verified wallet software.
* Keep recovery phrases, private keys, and passwords offline and private.
* Review every wallet request before approving it.
* Confirm the active wallet account and Canton Mainnet before trading.
* Verify the recipient, asset, and amount before a transfer.
* Start with a small test transaction when using a new workflow.
* Do not trust unsolicited support messages or links.

Rocky support will never ask for your recovery phrase, private key, or wallet password.

## Protocol and operational security

Information about audits, monitoring, incident response, bug-bounty programs, and other security controls should be linked here when officially published.

Do not describe an audit or security program as complete until the corresponding report or official announcement is publicly available.


# Risk Disclosure

Trading digital assets and perpetual contracts involves substantial risk.

Key risks include:

* **Market risk** - prices can move rapidly and unpredictably.
* **Leverage risk** - losses are magnified and can result in liquidation.
* **Liquidity risk** - an order may execute at a worse price than expected or may not execute.
* **Funding risk** - funding payments can reduce returns over time.
* **Smart-contract risk** - software defects or unexpected behavior can cause loss.
* **Wallet risk** - losing credentials or approving a malicious request can result in irreversible loss.
* **Oracle and pricing risk** - reference-price disruptions can affect valuation and liquidation.
* **Network and operational risk** - congestion, downtime, upgrades, or third-party failures can delay access or settlement.
* **Regulatory risk** - product availability and user eligibility may change.

Nothing in this documentation is financial, legal, tax, or investment advice. Rocky does not guarantee profit, liquidity, execution, product availability, or the recovery of lost funds.


# Compliance and Legal

* Rocky may restrict access in certain jurisdictions.
* Identity or eligibility verification may be required for certain products or markets.
* Users are responsible for complying with applicable laws and tax obligations.
* Users remain responsible for the security and use of their connected wallets.
* Product availability may differ by user, wallet, jurisdiction, or asset.

Official legal documents should be linked here when available:

* **Terms of Service** - *link to be added*
* **Privacy Policy** - *link to be added*
* **Risk Disclosure** - *link to be added*


# Quick Links

* [Trade on Rocky](https://app.rocky.exchange/trade)
* [View live spot markets](https://app.rocky.exchange/spot/CBTC-USDCX)

For live markets, leverage, fees, collateral assets, and order specifications, always refer to the Rocky application.