Learn to trade before you risk real money
Halyard is a perpetual futures exchange for BTC and ETH, built on Trac Network, using USDT from TAP Protocol as collateral. Every price is checked on-chain, leverage stops at 5×, and nobody can deposit until they've shown they understand how a position gets liquidated.
A product by r2rlabs. Lessons and play-money practice are open to everyone, everywhere. Real trading is not available in the United States.
Learn, practice, then trade
Nothing here needs a deposit until you want one.
1. Learn
Six short lessons covering leverage, liquidation, funding and stop-losses. About fifteen minutes, free, no account needed.
2. Practice
10,000 play USDT at real prices, on the same screen as real trading. It runs on your own device, so it costs nothing and risks nothing.
3. Trade
Pass a ten-question experience check, then deposit. Score 9 or 10 and you trade straight away; otherwise the lessons come first.
Halyard is not a spot market. You never own BTC here. Every position is a contract matched against another trader, and when you win, they lose. That is why we make people practice first.
Limits that stay on, even when they cost us volume
5× maximum leverage
For everyone. Most exchanges offer 50× or more, which is how small accounts disappear in an afternoon.
An experience check before the first deposit
Ten questions, for every new account. Experienced traders pass in a few minutes.
Beginner limits for 14 days
Maximum 2× leverage and at most 1,000 USDT deposited in total while you find your feet.
Practice first, always free
Lessons, five practice trades, a stop-loss and a practice liquidation before real money is possible.
rugged2rich means our users don't get rugged
These are commitments we are building in and will publish. The first one already works in our proof of concept.
No one can set a price
Prices come signed from Pyth and every node checks the signatures before a trade fills. We cannot move a price, and neither can anyone else.
No key can take your money
Deposits are held by the contract, not by us. No admin key moves user funds.
Upgrades wait seven days
Every change is announced before it takes effect, so you can leave first if you disagree with it.
Open code and audits
The code will be published and audited before it holds real money. Report a flaw to security@r2rlabs.com.
No promised returns
Not for traders, not for backers. Anyone promising you a yield on leveraged trading is selling something.
Everything disclosed
Paid posts and partnerships are labelled. Fees are listed in full, with no hidden spread.
No liquidity pool. Traders are matched against each other
Every long is matched with a short. The insurance fund covers the two moments that breaks: when one side is missing, and when a crash jumps past a liquidation price.
Community backing needed before beta trading opens.
Share of trading fees that goes to the backers who fund it.
Backers absorb losses before any trader does, with no promised return and seven days' withdrawal notice.
Backing the fund is putting money at risk. Questions before you consider it: backers@r2rlabs.com.
The price check already works
We built the riskiest piece first: a Trac contract that verifies Pyth's signatures itself, tested against real price updates.
To verify a signed price inside a Trac contract.
Automated tests passing against real Pyth updates.
Forged, tampered or replayed prices accepted in testing.
Proof of concept, not yet audited. The code will be published alongside the audit.
Be there when practice mode opens
Practice mode comes first, free and with no deposit. We'll email when it's ready, and again before real trading opens. Nothing else.
We store your address to send those emails and nothing else. Unsubscribe any time. See the privacy page for who stores it.