LeverUp is an LP-free perpetuals exchange built on Monad. Traders open leveraged positions directly against the protocol — no liquidity providers, no TVL ceiling, no fee splits. 100% of protocol fees are redistributed back to traders, and leverage goes up to 1001x across crypto majors, RWA, and Monad ecosystem tokens.

That's the one-sentence version. Here's what it actually means.

The Problem Every Perp Trader Lives With

Most perpetual DEXes are built around a fundamental tension: traders need liquidity, liquidity needs LPs, and LPs need to make money. That last part is the problem.

When LPs profit, it comes from somewhere. In practice, it comes from traders — through spread, slippage, and the structural edge that passive liquidity providers hold over active position-takers. The more successful the LP program, the more efficiently it extracts value from trading flow.

The conventional model also creates a ceiling. Open interest is capped by TVL. When liquidity is thin, position sizes get constrained. When LPs withdraw, the whole market shrinks.

LeverUp was built to eliminate this structure entirely.

LP-Free Architecture: How It Actually Works

LeverUp introduces the VMMV — Virtual Market Making Vault. Instead of routing trades through a pool of LP capital, the protocol itself acts as the automated counterparty to every position.

This changes three things simultaneously.

Open interest is uncapped. Because there is no passive LP pool defining the liquidity ceiling, position sizes are not constrained by TVL. The protocol's ability to handle open interest is determined by its risk parameters, not by how much capital passive providers have deposited.

Fees flow to traders, not providers. In a conventional LP-based perp DEX, protocol fees are split — a portion goes to LPs as the cost of their capital. On LeverUp, there are no LPs to pay. 100% of open, close, and holding fees are redistributed back to traders through the protocol's incentive system.

The counterparty relationship is transparent. Every position, point, metric, and protocol flow is on-chain and verifiable. Traders know exactly what they're trading against and how settlement works.

The Asset Layer: LVUSD, LVMON, and AnyCollateral

The LP-free architecture requires a different kind of settlement infrastructure. LeverUp solves this with a native synthetic stablecoin and a composable collateral layer.

LVUSD

When a trader opens a position using USDC as collateral, the system mints the equivalent amount of LVUSD — the protocol's synthetic stablecoin. All positions are denominated and settled in LVUSD.

If the trader wins, they receive more LVUSD than they deposited. If they lose, the difference returns to the vault. LVUSD maintains its peg through a TWAP-anchored stability mechanism: when the peg drifts, the protocol runs LV auctions to absorb and burn excess LVUSD supply.

This design lets the protocol operate without external liquidity providers while maintaining settlement integrity.

LVMON

For traders using MON as collateral, the equivalent is LVMON — a synthetic token that mirrors MON's role within the trading layer. LVMON is minted one-for-one when MON is deposited, and the MON behind it doesn't sit idle.

The protocol deploys that MON across Monad's interest-bearing LST protocols — shMON, dMON — and earns whatever those venues earn. Holders who stake LVMON claim a share of that productive base. The effective APY is amplified by participation rate: the yield is generated on the full MON base, but only distributed to the fraction that chose to stake.

AnyCollateral

The most recent expansion of the collateral layer lets traders use any supported Monad ecosystem token as trading margin — without selling a single coin.

The mechanism is straightforward: lock the token as margin, trade with it, receive PnL in the same token. The protocol handles oracle integration, settlement logic, and liquidation mechanics. The token team does nothing. There are no tokenomics changes, no new contracts, no sell pressure.

Each supported token carries a collateral ratio reflecting its liquidity and volatility profile. A token with a 70% CR contributes $0.70 of effective margin per $1.00 deposited. The token's price movement creates an independent source of liquidation risk — separate from the perp position itself — which traders need to monitor alongside their trade.

AnyCollateral extends LeverUp's role from a trading venue into a capital efficiency layer for the entire Monad ecosystem. The loop it creates is deliberate: more supported tokens → more trading activity → more protocol revenue → more value flowing back to $LV and into the ecosystem that fed it.

Infrastructure: Pyth Pro on Monad

Every position on LeverUp settles directly against the oracle price. There is no separate matching layer to absorb a late feed. Whatever the oracle says at the moment a trade settles is what the trader transacts against.

This makes oracle quality foundational, not optional.

LeverUp runs on Pyth Pro — the institutional tier of Pyth's oracle service. In measured testing across BTC/USD and ETH/USD pairs on Monad mainnet, Pyth Pro averaged 0.086 seconds of staleness versus 1.676 seconds for Pyth Core: a 19.5x improvement. In 91.4% of samples, Pro had zero staleness — the on-chain price matched the live market at that exact moment.

The improvement is consistent across market conditions. Pro held near-zero staleness across all 20 measured time segments, including volatile windows. Core oscillated between 1.5 and 2 seconds throughout.

In practice, this means opens and closes execute closer to the live market, liquidations reference current prices rather than stale snapshots, and the "I got liquidated on a wick that wasn't really there" problem is directly addressed at the infrastructure level.

Monad's block times are fast enough to consume Pyth Pro's feeds at close to their native publish cadence. The chain keeps up with the oracle. The end-to-end trading experience reflects Pro's data quality rather than having it watered down by execution latency.

$LV: How Protocol Revenue Flows to Token Holders

$LV is LeverUp's protocol token. Its value is designed to be a direct, auditable function of what the protocol earns — not a governance token or a speculative instrument, but a claim on protocol revenue.

Traders earn $LV through the point system: trading activity generates points, and LV is emitted to point holders on each epoch. Holders can then stake LV for two distinct reward streams.

xLV stakers receive protocol fees directly in USDC — proportional to their share of the staked pool. Every open, close, and holding fee generates USDC that flows to this group each epoch.

yLV stakers receive $LV that has been bought back from the open market using protocol revenue. The protocol uses designated revenue streams to purchase $LV on-market, then distributes it to yLV holders. All bought-back $LV is burned, removing it from circulation permanently.

The first revenue stream committed to $LV buybacks is already live: the staking commission earned by the LVMON vault. Each epoch, the commission is used to buy $LV on the open market and burn it. The size of the buyback is on-chain and observable — it tracks protocol activity directly.

As additional products mature — perp trading fees, yield products, and others on the roadmap — each is designed to follow the same pattern: a clearly scoped share of revenue, routed to $LV buyback, on-chain, per epoch.

The end state is a token whose connection to protocol performance is explicit, narrow in scope, and auditable by anyone watching the chain.

What LeverUp Is Building

LeverUp launched as a perpetuals venue. Its current trajectory is toward a broader DeFi layer on Monad: perps, staking, yield, and the infrastructure that makes Monad ecosystem tokens productive across all of it.

The through-line across every product decision is the same: the protocol should represent its participants, not extract from them. No LPs capturing trader flow. No opaque fee structures. No off-chain mechanics.

100% of fees back to traders. Every stream on-chain. Every metric verifiable.

That's what LeverUp is.

Start trading on LeverUp → app.leverup.xyz