# Mog Docs — complete public guide

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Index: https://docs.mog.xyz/llms.txt

# What is Mog?

Source: https://docs.mog.xyz/

Markdown: https://docs.mog.xyz/index.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Mog is a **self-bootstrapping perpetual DEX**. Trade long or short with up to 1,000× leverage, zero funding fees, and zero slippage from order size.

Every trade faces **Mog's treasury**—the pool of funds used to pay trading profits. Oracle prices determine your entry and exit; your order size does not move those prices. No order book. No market makers.

## A DEX that builds its own liquidity

Liquidity comes from trading itself. The treasury pays winning trades and receives realized cash losses. Mog's [close curve](https://docs.mog.xyz/trading/pnl-and-closing/) helps it retain funds from that activity, building liquidity for future payouts.

**Trading and treasury flow**

- Realized cash losses flow from traders to the Mog treasury.
- Winning payouts flow from the treasury to traders.
- Trading activity builds liquidity for future payouts.

That's **self-bootstrapping**: the venue builds its own liquidity as people trade. As available treasury equity grows, Mog supports [larger profit caps](https://docs.mog.xyz/trading/maximum-payout/).

Traders who realize a loss earn **MOG**, the protocol's token. Mog allocates a share of trading revenue to [buying and burning MOG](https://docs.mog.xyz/mog/buybacks-and-burns/), linking the token to the venue's trading activity.

## Trading on Mog

Choose a market, go long or short, and set your margin and leverage. Your position has two clear price levels: the liquidation price and the payout price, where it closes at its profit cap. You can close all or part of it earlier, or add margin to give it more room.

Placing an order costs a flat [open fee](https://docs.mog.xyz/trading/fees/), 0.50 USDG at launch. Profitable closes follow the close curve, with a 5% fee on settled profit at launch. When the treasury covers the payout, your net profit is available as cash at settlement. Your remaining cash margin returns to your balance.

If a payout exceeds available treasury cash, only the unfunded amount enters [the payout queue](https://docs.mog.xyz/account/payout-queue/). You can also use [queued funds available for margin](https://docs.mog.xyz/account/payout-queue/#trade-with-your-unpaid-claim) to open another trade, or [give up a claim for MOG](https://docs.mog.xyz/account/payout-queue/#give-up-a-claim-for-mog).

[Open your first position](https://docs.mog.xyz/quick-start/) · [Explore MOG rewards](https://docs.mog.xyz/mog/earning-mog/) · [Trading risks](https://docs.mog.xyz/risk/)

---

# FAQ

Source: https://docs.mog.xyz/faq/

Markdown: https://docs.mog.xyz/faq.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

## How are trades priced?

Mog uses oracle prices. Your order fills on a later oracle price update, so the market can move after you submit. Order size does not change the price. See [order execution](https://docs.mog.xyz/trading/positions-and-leverage/#from-order-to-fill).

## What happens to my profit when I close?

When the treasury covers your payout, your net profit is available as cash at settlement. Only an unfunded amount enters [the payout queue](https://docs.mog.xyz/account/payout-queue/) and waits for incoming trading funds.

## How is profit calculated?

Your position size and the price move determine raw PnL. Profitable closes use Mog's [close curve](https://docs.mog.xyz/trading/pnl-and-closing/); reaching the payout price settles 95% of the raw cap before fees at launch, a share each position keeps from its fill.

## Where does the payout money come from?

The treasury pays winning trades and receives realized cash losses. The close curve helps it retain liquidity over time. This is how Mog [builds its own liquidity](https://docs.mog.xyz/).

## Can I trade with a queued payout?

Yes. Queued funds available for margin can fund a new position at their full value. The amount used leaves the queue at fill; any unpaid return joins the back. See [trading with unpaid claims](https://docs.mog.xyz/account/payout-queue/#trade-with-your-unpaid-claim).

## Can I give up a queued payout for MOG?

Yes. You can give up any part of one claim and receive MOG at once, with no cash. At launch, each USDG you give up earns 40 MOG; the rate halves at each halving. The amount leaves the queue immediately, and every claim behind it moves up. You cannot undo it. Only your main wallet can do it. See [giving up a claim](https://docs.mog.xyz/account/payout-queue/#give-up-a-claim-for-mog).

## What does adding margin do?

It gives your position more room before liquidation. Position size and profit cap stay the same. The new liquidation price takes effect when the margin activates. See [Adding margin](https://docs.mog.xyz/trading/adding-margin/).

## How do I earn MOG?

Realized trading losses earn MOG, and so does giving up a queued payout. Rewards are higher when treasury equity is low, and qualifying losses that clear unpaid claims receive a boost. Mog allocates trading revenue to buying and burning the token. See [MOG rewards](https://docs.mog.xyz/mog/earning-mog/).

## What are the fees?

At launch, Mog charges a flat open fee of 0.50 USDG per order and 5% of settled profit. Adding margin and funding fees are zero. See [Fees](https://docs.mog.xyz/trading/fees/).

Positions filled before the curve upgrade retain their original close curve and full raw cap payout before fees.

---

# Quick start

Source: https://docs.mog.xyz/quick-start/

Markdown: https://docs.mog.xyz/quick-start.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Start with a funded wallet. Connect to Mog, choose a market, and open your first trade.

Your first position

1. Connect: Use your funded wallet.
2. Trade: Choose a market and direction.
3. Manage: Close or add margin.

## 1. Connect

Open [Mog](https://app.mog.xyz) and connect your funded wallet.

Enable a [session key](https://docs.mog.xyz/account/session-keys/) for fewer wallet prompts.

## 2. Choose your position

Select a market. Go long for a rising price or short for a falling price. Set your margin and leverage, then review the position size, liquidation price, and **Max profit** shown in the app. Max profit already deducts the profit fee.

[Positions and leverage](https://docs.mog.xyz/trading/positions-and-leverage/) explains these choices.

## 3. Submit your order

Placing the order charges the [open fee](https://docs.mog.xyz/trading/fees/) from your balance. Your order fills using a later [oracle price update](https://docs.mog.xyz/trading/positions-and-leverage/#from-order-to-fill). Once filled, check your actual entry price and the position's liquidation and payout prices.

## 4. Manage the position

[Close all or part](https://docs.mog.xyz/trading/pnl-and-closing/) of the position, or [add margin](https://docs.mog.xyz/trading/adding-margin/) to move liquidation farther away. Reaching either price level closes the position automatically.

## 5. Use your balance

When the treasury covers your payout, profit after fees is available as cash at settlement. Your remaining cash margin returns to your balance. Withdraw available funds with your main wallet.

Only an unfunded payout enters [the queue](https://docs.mog.xyz/account/payout-queue/). Queued funds available for margin can also fund a new trade.

---

# Positions and leverage

Source: https://docs.mog.xyz/trading/positions-and-leverage/

Markdown: https://docs.mog.xyz/trading/positions-and-leverage.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Go long when you expect the price to rise, or short when you expect it to fall. Choose your margin and leverage; Mog sets the position's liquidation price, payout price, and profit cap when it fills.

## Margin and leverage

**Margin**, also called collateral, is the money you commit to the trade. Leverage turns that margin into a larger position: **position size = margin × leverage**. The opening range at launch is 100×–1,000×. After you add margin, effective leverage is position size divided by active margin, with a minimum of 50×. Adding margin does not increase position size.

Higher leverage makes a given price move worth more relative to your margin. It also brings liquidation closer. Your position size is also called its **notional**.

You can trade with cash or [queued funds available for margin](https://docs.mog.xyz/account/payout-queue/#trade-with-your-unpaid-claim).

## Two price levels to follow

**Long position · price levels**

Schematic, not a live price quote.

- Liquidation: below entry, where active margin is lost.
- Entry: your fill price.
- Payout price: above entry, where the profit cap is reached.

* **Liquidation price:** the price at which the position loses its active margin and closes.
* **Payout price:** the price at which the position closes at its profit cap. The app’s **Max profit** shows the result after fees.

You can [close earlier](https://docs.mog.xyz/trading/pnl-and-closing/) or [add margin](https://docs.mog.xyz/trading/adding-margin/) to move liquidation farther away. Each long takes Mog's current [profit cap](https://docs.mog.xyz/trading/maximum-payout/) at fill; shorts also account for the limit at price zero.

## From order to fill

Oracle-priced execution

1. Submit: Commit margin and pay the open fee.
2. Price update: Receive a later oracle price.
3. Fill: Open your position.

The update must be posted after your order. Its price window must end more than two seconds after the on-chain time of the block that included your order; the two seconds allow for the chain clock running behind the oracle clock. The market can move between submission and fill. Your order size does not change the oracle price. Orders must meet market and position limits; an order that fails those checks returns its collateral. Placing an order charges the [open fee](https://docs.mog.xyz/trading/fees/), returned only if a pause or a delisting voids the order.

Fill capacity can delay an eligible order until a later update. If an eligible update arrives beyond the oracle delivery staleness limit, the order is voided and its collateral returns. The open fee is not refunded for this cause.

The fee rate and [close-curve setting c](https://docs.mog.xyz/trading/pnl-and-closing/#why-the-curve-differs-by-market) are fixed when the position fills.

## Trigger orders

A trigger order becomes ready to fill when an eligible oracle update touches its level from either direction. It fills at the final price of the update that can admit it, which can differ from the trigger level. There is no limit on that difference. If fill capacity delays execution, the order stays armed and needs no second touch.

## Cancelling an order

Cancellation is a request, not an immediate refund. Updates are processed in order. An eligible update whose window closed no more than two seconds after your cancellation's on-chain time can still assign the fill. For a trigger order, that assignment occurs when it arms.

If no fill has been assigned, the first update whose window closes more than two seconds after the cancellation's on-chain time removes the order and returns its collateral. The open fee is not refunded.

---

# PnL and closing

Source: https://docs.mog.xyz/trading/pnl-and-closing/

Markdown: https://docs.mog.xyz/trading/pnl-and-closing.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

You can close all or part of a position. Your position size and the price move determine raw PnL; a profitable close applies Mog's **close curve**, then the settlement fee.

## How the close curve works

The close curve helps trading activity build Mog's liquidity. Larger favorable moves settle a greater share of raw profit, reaching 95% of raw profit at the payout price at launch. The settlement fee applies afterward.

The curve also limits profit from small, short-lived distortions in oracle prices.

## Why the curve differs by market

Each market has a setting called **c**, its reference distance. At c, the position retains 50% of raw profit. Above c, the curve rises toward 95% at the payout price. A farther payout price reduces retention at the same intermediate move.

Select an asset and move across the plot to explore it. Each position keeps the c set when it filled.

Reference close curve

Below c: `p = move²/(move²+c²)`. Above c: `p = 0.5 + (a-0.5)·4t/(1+3t)`, with `t = (move-c)/(D-c)` and a the cap retention frozen at fill (0.95 at launch, where the branch is `0.5 + 1.8t/(1+3t)`). At the cap, p = a. Both move and c are price fractions; 0.15% = 0.0015. Multiply the fraction by 100 for a percentage.

Illustrative c = 0.0015 (0.15%) and cap distance D = 0.1 (10%); this is not a live market quote or current parameter lookup. This curve includes the illustrative cap distance and excludes the settlement fee. The full position formula follows below.

| Favorable move | Raw profit retained before fees |
| -------------- | ------------------------------- |
| 0%             | 0%                              |
| 0.15%          | 50%                             |
| 1%             | 62.33871%                       |
| 10%            | 95%                             |

The plot combines the selected c with the illustrative cap distance shown below it. Your position uses its own frozen cap distance. Test settings are labeled; values are before fees. Positions filled before the curve upgrade retain their original curve and full raw cap payout.

**View the close formulas**

For a favorable price move $\Delta$ and cap distance $D=r/N$:

$$
p=\begin{cases}
\Delta^2/(\Delta^2+c^2), & 0\le\Delta\le c \\
0.5+(a-0.5)\cdot 4t/(1+3t), & c<\Delta\le D
\end{cases}
\qquad t=\frac{\Delta-c}{D-c},\quad W=p\Pi
$$

$N$ is position size and $\Pi=N\Delta$ is positive raw PnL, limited to the raw cap $r$. $W$ is profit before the settlement fee. Both $\Delta$ and $c$ are price fractions: 0.15% is 0.0015. $a$ is the cap retention the position froze at fill: 95% at launch, where the upper branch is $0.5+1.8t/(1+3t)$. Governance can change $a$ for future positions only. New positions require $D>c$.

Losing closes realize the loss directly, limited to active collateral. At the payout price, new positions retain $a$ before fees: at launch 95%, or 90.25% after a 5% settlement fee. On-chain rounding can slightly reduce calculated amounts.

## Closing a position

A close uses a later [oracle price update](https://docs.mog.xyz/trading/positions-and-leverage/#from-order-to-fill), so the market can move after you submit. If the price touches your liquidation or payout price first, that closes the position instead.

If an update exceeds the oracle delivery staleness limit, it voids the pending close request. The position remains open unless a recorded barrier touch closes it. Review the position and submit a new close if needed.

A partial close reduces position size, collateral, and the profit cap by the same proportion. The remaining position keeps its liquidation and payout prices. A remainder below the minimum size, or below 50× effective leverage after rounding, triggers a full close. The close preview shows when this applies.

[Adding margin](https://docs.mog.xyz/trading/adding-margin/) leaves the profitable-close curve unchanged.

## Your balance after closing

Your remaining cash margin returns to your balance. With enough treasury cash, profit after [fees](https://docs.mog.xyz/trading/fees/) is available as cash at settlement. Only an unfunded amount enters [the payout queue](https://docs.mog.xyz/account/payout-queue/).

## During a pause

Mog can pause one market or the whole venue. A pause stops new orders, new fills, and new margin requests. You can still close all or part of a position, and the close settles at a later oracle update as usual. Liquidation and payout prices keep working. Deposits, withdrawals, and payout-queue payments continue. Pending orders under a pause do not fill. Anyone can void them, and the void returns their collateral and [open fee](https://docs.mog.xyz/trading/fees/).

## When a market retires

You can request a close during the market’s drain period. Once its final oracle record is posted, new close requests stop. That record settles remaining positions at their barrier or the final mark; a pending close request does not survive retirement.

---

# Maximum payout

Source: https://docs.mog.xyz/trading/maximum-payout/

Markdown: https://docs.mog.xyz/trading/maximum-payout.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Your position's **raw profit cap** sets its payout price. New positions retain **95% of that cap before fees** at launch. Governance can change this share for future positions; each position keeps the share set when it filled. The app's **Max profit** shows the retained amount after the profit fee. With the 5% launch fee, this is **90.25% of the raw cap**. Your remaining cash margin returns to your balance separately.

The **payout price** is the price that automatically closes the position at its profit cap.

Every long receives that asset’s current profit cap when it fills. Larger positions need a smaller price move to reach that same cap. Your open position keeps its cap as the treasury changes.

**Long position · price levels**

Schematic, not a live price quote.

- Liquidation: below entry, where active margin is lost.
- Entry: your fill price.
- Payout price: above entry, where the profit cap is reached.

## A growing profit cap

By default, the raw profit cap is the greater of **10,000 USDG or 10% of available treasury equity**. Each asset can use a lower payout floor and equity share. The chart shows the inherited launch settings.

More equity, larger profit caps

The profit cap before fees stays at 10,000 USDG until available treasury equity reaches 100,000 USDG, then grows at 10 percent of equity.

Launch formula: `profit cap = max(10000, 0.1 × F)`. F is available treasury equity in USDG; the result is the raw cap in USDG. New positions retain 95% before fees, or 90.25% after the 5% launch fee. Existing positions keep the cap set at fill.

| Available treasury equity (USDG) | Raw profit cap (USDG) |
| -------------------------------- | --------------------- |
| 0                                | 10,000                |
| 100,000                          | 10,000                |
| 200,000                          | 20,000                |
| 400,000                          | 40,000                |

Default raw cap; new positions retain 95% before the profit fee. Existing positions keep their frozen terms.

**View the payout-cap formula**

$$
J=\max(\beta F,J_0)
$$

$J$ is the asset’s raw profit cap and $F$ is available treasury equity. Here $\beta$ and $J_0$ are that asset’s effective settings, bounded by the global ceilings. The inherited launch values are $10\%$ and $10{,}000$ USDG.

## Available treasury equity

This is treasury cash after accounting for unpaid payouts, claims used as collateral, and allocated protocol payments. Traders' cash collateral is held separately.

## Shorts and position limits

A short's cap also accounts for how far the price can fall, keeping its payout price above zero. The position's cap is fixed at fill.

A long’s entry margin is limited to the asset’s raw cap divided by its configured minimum multiple. For a short, the entry limit uses the smaller of that multiple and entry leverage minus one, because its payout price must stay above zero. The configured multiple defaults to 2 and stays between timelocked global bounds. Market and exposure limits also apply. Future changes do not reprice open positions.

## Receiving your payout

With enough treasury cash, profit after [fees](https://docs.mog.xyz/trading/fees/) is available as cash at settlement. Only the unfunded portion enters [the payout queue](https://docs.mog.xyz/account/payout-queue/). The cap defines the amount you can earn; available cash determines whether any of it needs to queue.

Positions filled before the cap-relative curve upgrade keep their earlier close curve and retain the full raw cap before fees.

---

# Liquidations

Source: https://docs.mog.xyz/trading/liquidations/

Markdown: https://docs.mog.xyz/trading/liquidations.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Liquidation closes your position when the oracle price reaches its liquidation price. You lose the margin committed to that position, including any added margin that has activated.

## More leverage, less room

Higher leverage brings liquidation closer to your entry price. Longs liquidate below entry; shorts liquidate above it.

Higher leverage, nearer liquidation

Initial liquidation distance falls from 1 percent at 100 times leverage to 0.1 percent at 1,000 times leverage.

Illustrative entry liquidation distance: `distance (%) = 100 / leverage`. This is the initial distance before price rounding, not a current position liquidation calculation after margin changes.

| Entry leverage | Distance from entry |
| -------------- | ------------------- |
| 100×           | 1%                  |
| 500×           | 0.2%                |
| 1000×          | 0.1%                |

Entry distances before price rounding. Follow the liquidation price shown on your position.

[Adding margin](https://docs.mog.xyz/trading/adding-margin/) moves liquidation farther away once the addition activates.

## A touch is enough

Mog checks the price path recorded by the oracle. A touch of your liquidation price closes the position, even if the price later recovers. That touch takes priority over a pending close or margin addition.

Realized losses earn [MOG rewards](https://docs.mog.xyz/mog/earning-mog/). If the position uses both claim collateral and cash, losses use the claim collateral first.

---

# Adding margin

Source: https://docs.mog.xyz/trading/adding-margin/

Markdown: https://docs.mog.xyz/trading/adding-margin.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Adding margin gives your position more room before liquidation. For a long, the liquidation price moves lower. For a short, it moves higher. Your position size and profit cap stay the same. **Effective leverage cannot fall below 50×.**

**Long position · price levels**

Schematic, not a live price quote.

- Liquidation: moves farther below entry after added margin activates.
- Entry: fixed.
- Payout price: fixed; the profit cap is unchanged.

## How to add margin

Choose your open position, enter the cash amount, and confirm. The position must be within its margin limit, with no close or margin addition already pending.

Mog locks the cash while the addition waits for a later [oracle price update](https://docs.mog.xyz/trading/positions-and-leverage/#from-order-to-fill). Once activated, the new liquidation price applies. You can then request a close or another margin addition.

## Margin limit

Total active margin cannot exceed 2% of your position's notional or its net profit cap after the settlement fee, whichever is lower. Your available account balance also limits what you can add. The opening leverage range stays 100×–1000×.

For example, a \$10,000 position opened with \$100 at 100× can receive up to \$100 more to reach 50×, provided its net profit cap and your balance allow it. Repeated additions share the same total limit. An amount too small to move the liquidation price is refused.

A partial close must also leave effective leverage at or above 50×. If rounding would put the remainder below the floor, the close becomes a full close. Check the close preview before confirming.

## While it is pending

**Your current liquidation price still applies.** The activation update checks that price before adding the margin. If the position closes before activation, the pending cash is refunded.

An accepted addition cannot be cancelled. You cannot request a close while it is pending. Activation requires an update posted after acceptance. Its price window must end more than two seconds after the on-chain time of acceptance.

Added margin increases the amount you can lose if the position is liquidated. Accepted additions still resolve through activation or refund during a pause or delisting.

---

# Fees

Source: https://docs.mog.xyz/trading/fees/

Markdown: https://docs.mog.xyz/trading/fees.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Mog has two fees at launch. Placing an order costs a flat **open fee of 0.50 USDG**. A winning close pays **5% of settled profit**. Adding margin and funding fees are zero.

## The open fee

Every order pays the open fee when you place it. It is not collateral: it does not change with your margin or leverage, and a scale order pays one fee per entry. Your available balance must cover the margin plus the fee.

Mog holds the fee with the order. When the order resolves — it fills, you cancel it, or it expires unfilled — the fee pays for protocol operations. Mog returns the fee if a pause or delisting voids the order, or if a change to the market's entry limit or cap curve terms makes a resting order ineligible at fill. An order that already fails either check is refused at placement, before the fee is charged.

Governance can change the open fee through the timelock, up to 5 USDG.

## The profit fee

On a winning close, Mog calculates profit using the [close curve](https://docs.mog.xyz/trading/pnl-and-closing/), then deducts the fee. At the payout price, the fee applies to the retained share of the raw cap, 95% at launch.

The app's **Max profit** already deducts this fee from the profit cap. Your remaining cash margin returns to your balance. A losing close has no profit fee. Your fee rate is fixed when the position fills.

## What the fees fund

At launch, 70% of profit fees is allocated to MOG buybacks and 30% to protocol operations. Trader payouts take priority over paying these allocations. Open fees pay protocol operations directly when the order resolves. See [Buybacks and burns](https://docs.mog.xyz/mog/buybacks-and-burns/).

Only profit fees count toward [halving milestones](https://docs.mog.xyz/mog/supply-and-halvings/).

Network transaction costs are separate.

Positions filled before the curve upgrade retain their original close curve and full raw cap payout before fees.

---

# Wins and losses

Source: https://docs.mog.xyz/account/wins-and-losses/

Markdown: https://docs.mog.xyz/account/wins-and-losses.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

A winning close returns your collateral and settles your profit after fees. A losing close deducts the loss from your collateral and returns the rest.

## A winning position

When the treasury covers your payout, net profit is available as cash at settlement. Your remaining cash margin returns to your balance.

Where your profit goes

Is the payout fully funded?

- Yes: Profit is available as cash.
- Partly or not yet: Cash pays first; only the rest queues.

Reaching the payout price settles 95% of the raw cap before [fees](https://docs.mog.xyz/trading/fees/) at launch. Governance can change this share for future positions; each position keeps the share set when it filled. Closing earlier uses the [close curve](https://docs.mog.xyz/trading/pnl-and-closing/).

## A losing position

The loss comes out of the position's margin. Your remaining cash margin returns to your balance. Liquidation uses all active margin, including added margin that has activated.

Realized losses earn [MOG rewards](https://docs.mog.xyz/mog/earning-mog/).

## If you traded with a queued payout

Losses use claim collateral first, then cash. Remaining claim collateral becomes a new payout: available cash pays it, and any unfunded amount joins the back of [the queue](https://docs.mog.xyz/account/payout-queue/).

Positions filled before the curve upgrade retain their original close curve and full raw cap payout before fees.

---

# The payout queue

Source: https://docs.mog.xyz/account/payout-queue/

Markdown: https://docs.mog.xyz/account/payout-queue.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

**With enough treasury cash, your profit is paid at settlement.** The queue applies only when a payout exceeds the cash available. Any funded portion is available as cash; only the remainder waits.

**Your remaining cash margin returns to your balance when the position closes.** For a cash-funded position, only unfunded profit waits in the queue.

That unpaid amount is a **claim**: a record of what Mog still owes you. Incoming trading funds pay queued claims in order.

## Trade with your unpaid claim

If Mog owes you **100 USDG** available for margin, you can use it as **100 USDG of collateral** for a new perp. The usual position limits and leverage choices apply.

Choose how much of your available queued balance to use. The [open fee](https://docs.mog.xyz/trading/fees/) is paid from your cash balance. The amount used leaves the queue when the position fills. The unused part keeps its place.

Returning claim collateral is treated as a new payout. It is paid from available cash; any unfunded amount joins the back of the queue.

Trading with claim collateral

How does the position close?

- Profit: Return collateral + net profit.
- Partial loss: Return remaining collateral.
- Full loss: Cancel the claim collateral.

Qualifying losses also earn the [MOG reward boost](https://docs.mog.xyz/mog/earning-mog/#extra-rewards-for-clearing-claims).

## While the order is pending

The reserved amount keeps its queue place and can receive payments until the trade fills. Cancelling the order releases the reservation in place once the [cancellation resolves](https://docs.mog.xyz/trading/positions-and-leverage/#from-order-to-fill).

If payments leave too little unpaid collateral for the order, the order is voided. The open fee is not refunded. You can submit a new order for the remaining amount available for margin. When another holder in the same group gives up or stakes part of a claim, rounding can lower your unpaid amount by a tiny fraction of a cent. An order that uses your unpaid amount to the last fraction can void for that reason alone. The app never lets these orders use more than your unpaid amount rounded down to a whole dollar. That leaves room for the rounding, unless your unpaid amount is almost exactly a whole number of dollars.

## Give up a claim for MOG

If you prefer MOG now to cash later, you can give up (renounce) any part of a claim. You receive MOG at once and no cash.

At launch, each **1 USDG you give up earns 40 MOG**. The rate halves at each [halving](https://docs.mog.xyz/mog/supply-and-halvings/) and stays fixed while any payout is queued. It is one tenth of the MOG that a loss on the same amount of claim collateral earns. See [MOG for giving up a claim](https://docs.mog.xyz/mog/earning-mog/#mog-for-giving-up-a-claim).

The amount you give up leaves the queue at once. Every claim behind yours moves up by that amount.

Choices for an unpaid claim

What do you want to do with it?

- Wait: Incoming trading funds pay it in order, as cash.
- Trade with it: Use it as collateral. It leaves the queue when the position fills.
- Give it up: Receive MOG now. It leaves the queue at once, with no cash.

Before you give up a claim:

- **It is final.** You cannot undo it, and the claim does not return.
- **One claim at a time.** Choose a claim and an amount up to what remains unpaid on it.
- **Main wallet only.** A session key cannot give up a claim.
- **Settled claims only.** A claim qualifies once its settlement round completes.
- **Payments come first.** If a payment reaches the claim first, you keep that cash and give up at most what remains.
- **Pending orders keep their reservation.** An amount reserved for a pending order stays reserved. You can give up the rest.
- **Not during a venue-wide pause.** Give up the claim after the pause ends. The rate does not change in the meantime.

MOG's market value is not promised. See [Payout liquidity risks](https://docs.mog.xyz/risk/#payout-liquidity).

## The order of payment

The oldest group of claims is paid first. Traders who settle in the same round share that group's payments proportionally.

Payments become available as cash as funds arrive. How often you collect them does not change your queue priority. Claims stay with their account and have priority over buybacks and protocol operations.

Payment timing depends on incoming trading funds. See [Payout liquidity risks](https://docs.mog.xyz/risk/#payout-liquidity).

---

# Deposits and withdrawals

Source: https://docs.mog.xyz/account/deposits-and-withdrawals/

Markdown: https://docs.mog.xyz/account/deposits-and-withdrawals.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Deposit funds to trade, then withdraw available cash with your main wallet.

## Deposit

Use the network, asset, and destination account shown in the app. Once the funds reach your balance, they are ready to use.

From wallet to trade

1. Deposit: Send supported funds.
2. Balance: Cash arrives in your account.
3. Trade: Choose your margin.

Anyone can deposit to an account; its main wallet controls withdrawals.

## After a trade

Your remaining cash margin returns to your balance when the position closes. When the treasury covers the payout, net profit is available as cash at settlement.

Only an unfunded payout waits in [the queue](https://docs.mog.xyz/account/payout-queue/). Queued funds available for margin can also fund another trade.

## Withdraw

Choose an amount from your available funds and confirm the destination with your main wallet. Available profits can be included in the same withdrawal.

Funds committed to an open position or pending order must be released before withdrawal. Network fees may apply. [Session keys](https://docs.mog.xyz/account/session-keys/) cover trading; your main wallet authorizes withdrawals.

---

# Session keys

Source: https://docs.mog.xyz/account/session-keys/

Markdown: https://docs.mog.xyz/account/session-keys.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

A session key lets you trade with fewer wallet prompts. Your main wallet sets its permissions and expiry, and can revoke access.

## Account permissions

| Action                                               | Authority                         |
| ---------------------------------------------------- | --------------------------------- |
| Place or cancel orders                               | Main wallet or authorized session |
| Request full or partial closes                       | Main wallet or authorized session |
| Add margin                                           | Main wallet or authorized session |
| Trade with cash or queued funds available for margin | Main wallet or authorized session |
| Withdraw or set a withdrawal destination             | Main wallet only                  |
| Give up a queued payout for MOG                      | Main wallet only                  |
| Grant or revoke sessions                             | Main wallet only                  |

A compromised session key can put funds at risk through trading, closes, and margin additions within its permissions.

## Session lifecycle

Control access from your main wallet

1. Authorize: Set permissions and expiry.
2. Trade: Use the approved permissions.
3. End access: Revoke or let it expire.
4. Start again: Authorize a new key.

Maximum session duration: 7 days at launch.

Existing positions and accepted actions continue after expiry or revocation. Accepted margin additions remain locked until activation or refund.

## Revoke access

Revoke the key from your main wallet, then review open positions and pending actions. Use a new key for future sessions after revocation. See [Wallet and session risks](https://docs.mog.xyz/risk/#wallets-and-sessions).

---

# Referrals

Source: https://docs.mog.xyz/account/referrals/

Markdown: https://docs.mog.xyz/account/referrals.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Create a referral link to invite traders to Mog. You can earn a share of settlement fees on their winning trades. A referral does not add a fee for the trader.

## Create your link

1. Open **Referrals** from the desktop navigation or your account menu.
2. Hold the MOG amount shown on the page in your account wallet.
3. Choose a code with 3–24 letters, numbers, or underscores.
4. Select **Create link** and confirm the wallet signature.

Creating a code has no network fee. Each wallet can have one code. Codes are unique and permanent.

## Activate rewards

Before sharing your link, select **Activate rewards** if the page offers it. This transaction records your wallet's MOG balance for the protocol's reward check. It does not transfer or lock your MOG. Your wallet needs ETH on Mog's network to pay the network fee. On testnet, the page links to the test ETH faucet when ETH is missing.

The initial holding requirement is 10,000 MOG. The recorded balance and your balance at settlement must both meet the current requirement. A governance change can change the holding requirement or introduce a delay after activation. The page shows the current status.

Creating a link does not activate rewards. You receive no referral reward for a settlement that fails the holding or activation checks. Rewards are not added retroactively. Existing settlement rounds can remain ineligible after activation because they use the activation status at the round's opening block.

If your balance falls below the requirement, rewards pause. Restore the holding to resume eligibility. Activate again only if the recorded balance no longer meets the requirement.

## Share and track

Select **Copy link** and share it. The invited trader must accept the referral before placing their first order. They can dismiss the invitation instead. A wallet cannot refer itself or replace an accepted referrer.

Your Referrals page shows referred opening volume, trader count, accrued rewards, and rewards paid to your trading balance. Accrued rewards and paid rewards are separate amounts. **Collect rewards** requests payment of any available unpaid rewards. You can also give up unpaid rewards. Mog never pays a given-up reward, and giving it up mints no MOG.

The referral leaderboard has all-time and current-week volume views. A weekly ranking does not promise a cash payout.

## If activation does not finish

If the wallet rejects the request or reports insufficient ETH, correct the issue and try again. If a transaction was submitted, use **Check activation**. If the wallet response was lost, check the wallet before trying again. Only select **Request failed or cancelled** after your wallet confirms the request failed or was cancelled.

See [Fees](https://docs.mog.xyz/trading/fees/) and [Earning MOG](https://docs.mog.xyz/mog/earning-mog/) for the related trading rules.

---

# Earning MOG

Source: https://docs.mog.xyz/mog/earning-mog/

Markdown: https://docs.mog.xyz/mog/earning-mog.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

MOG is the protocol's token, earned through realized trading losses or by giving up a queued claim. Mog allocates a share of trading revenue to [buying and burning MOG](https://docs.mog.xyz/mog/buybacks-and-burns/), permanently removing purchased tokens from supply.

Losses earn MOG because they contribute liquidity or reduce what the protocol owes traders. Rewards are strongest when treasury equity is low.

## What determines your reward?

- **Your realized loss:** the amount that earns rewards.
- **Treasury equity:** lower equity means a higher reward rate.
- **Unpaid claims cleared:** qualifying repayments or cancellations earn a boost.
- **Paid trading fees:** each [halving milestone](https://docs.mog.xyz/mog/supply-and-halvings/) lowers the rate.

## Rewards favor early liquidity

The base rate starts at 200 MOG per loss dollar when available treasury equity is zero. It decreases as equity grows, reaching half that rate at 100,000 USDG before halvings.

More treasury equity, fewer MOG per loss dollar

Before halvings, the base rate falls from 200 MOG at zero equity to 100 at 100,000 USDG. Full qualifying claim repayment or cancellation doubles the rate.

Launch base reward per realized loss dollar before halvings: `200 / (1 + (F / 100000)²)`. F is available treasury equity in USDG. Full qualifying claim retirement multiplies this by 2; partial retirement boosts only the qualifying amount. Team issuance is additional.

Giving up a queued claim mints a tenth of the full-boost rate: `0.1 × 2 × 200 × 2^(-n)` = 40 × 2^(-n) MOG per USDG given up. Queued claims exist only while available treasury equity is zero, so the equity curve does not apply, and the rate is fixed while any payout is queued. Team issuance is additional.

| Equity (USDG) | Base MOG per loss dollar | Full claim boost (MOG) |
| ------------- | ------------------------ | ---------------------- |
| 0             | 200                      | 400                    |
| 100,000       | 100                      | 200                    |
| 250,000       | 27.58621                 | 55.17241               |

Before halvings. The upper curve includes the full claim boost. Team issuance is additional.

**View the reward curve**

$$
\mu_F=\frac{1}{1+(F/F_{\mathrm{half}})^2}
$$

$F$ is [available treasury equity](https://docs.mog.xyz/trading/maximum-payout/#available-treasury-equity). $\mu_F$ scales the reward rate. The half-reward setting $F_{\mathrm{half}}$ starts at 100,000 USDG and is governable.

## Extra rewards for clearing claims

A cash loss can pay a queued trader. A loss on [claim collateral](https://docs.mog.xyz/account/payout-queue/#trade-with-your-unpaid-claim) cancels that part of the claim. Both reduce what Mog owes and earn a boost on the qualifying amount.

At launch, the boost doubles the base reward on each qualifying dollar. Only the amount actually repaid or cancelled receives it.

**View the mint formula**

Total trader rewards for a settlement round are:

$$
\text{MOG minted}=\varepsilon_0\,\mu_F\,2^{-n}(\ell+bu)
$$

The base rate $\varepsilon_0$ is 200. $\ell$ is total realized loss; $u$ is the qualifying claims repaid or cancelled, at most $\ell$. The boost factor $b$ is 1, and $n$ counts completed halvings.

Equity and halving settings are fixed at the round's start. Individual rewards use each trader's loss and share of qualifying claim reductions, with on-chain rounding.

## MOG for giving up a claim

You can also give up an unpaid claim for MOG. See [how to give up a claim](https://docs.mog.xyz/account/payout-queue/#give-up-a-claim-for-mog). Giving up a claim reduces what Mog owes traders, so it earns MOG without a trade.

At launch, each USDG you give up earns **40 MOG**. The rate halves at each [halving](https://docs.mog.xyz/mog/supply-and-halvings/). It is one tenth of the 400 MOG that a loss on the same dollar of claim collateral earns at zero equity, with the full claim boost.

The rate stays fixed while any payout is queued. Team issuance is additional.

**View the give-up rate**

For a claim of $a$ USDG:

$$
\text{MOG minted}=\tfrac{1}{10}\,(1+b)\,\varepsilon_0\,2^{-n}\,a
$$

Available treasury equity is zero while any claim is queued, so the equity factor is 1. At launch, the rate is $40\cdot 2^{-n}$ MOG per USDG.

MOG's market value depends on demand and liquidity. See [Supply and halvings](https://docs.mog.xyz/mog/supply-and-halvings/) and [Token risks](https://docs.mog.xyz/risk/#usdg-and-mog).

---

# Supply and halvings

Source: https://docs.mog.xyz/mog/supply-and-halvings/

Markdown: https://docs.mog.xyz/mog/supply-and-halvings.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

MOG is fair-launched with zero starting supply. Realized trading losses and given-up queued claims create new MOG. Supply is uncapped, while treasury growth and paid-fee milestones reduce the reward rate.

## Halvings follow trading activity

The base reward rate halves at **100,000 USDG in lifetime paid trading fees**, then each time that total triples: 300,000, 900,000, and so on.

Each milestone halves the rate

The maximum base rate falls from 200 to 100 MOG at 100,000 USDG of paid fees, to 50 at 300,000, and to 25 at 900,000.

Launch rate at zero equity: `200 × 2^(-n)` MOG per realized loss dollar. n counts reached lifetime paid profit-fee milestones, starting at 100,000 USDG and tripling each time. Open fees do not count. These examples exclude claim boosts and team issuance.

| Lifetime paid profit fees (USDG) | Halvings reached | Base MOG per loss dollar at zero equity |
| -------------------------------- | ---------------- | --------------------------------------- |
| 0                                | 0                | 200                                     |
| 100,000                          | 1                | 100                                     |
| 300,000                          | 2                | 50                                      |
| 900,000                          | 3                | 25                                      |

Base rate at zero equity. Claim boosts and team issuance are additional.

Reached milestones stay in effect if treasury equity falls. The [equity curve and claim boost](https://docs.mog.xyz/mog/earning-mog/) also affect rewards.

## When fees count

A profit fee counts once its recipient has received a cash-backed balance they can withdraw. Fees waiting to be paid count later. [Open fees](https://docs.mog.xyz/trading/fees/) never count. A fee its recipient gives up before payment never counts. A settlement round keeps the reward settings from its start.

## Initial team allocation

For the first 730 days, an additional 10% of each MOG mint accrues to the team, including mints for [given-up claims](https://docs.mog.xyz/mog/earning-mog/#mog-for-giving-up-a-claim). Each recipient mints their share by claiming it, and claims stay open after the window. The accrual ends after the window; minting continues.

Governance sets the recipients and their shares. An empty recipient list forfeits the allocation, and a recipient removed from the list forfeits any unclaimed share. See [Governance risks](https://docs.mog.xyz/risk/#governance).

---

# Buybacks and burns

Source: https://docs.mog.xyz/mog/buybacks-and-burns/

Markdown: https://docs.mog.xyz/mog/buybacks-and-burns.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Mog allocates trading revenue to buying and burning MOG. Burns permanently remove purchased tokens from supply.

## What funds buybacks?

At launch, **70% of settlement fees** is allocated to buybacks. The remaining 30% funds protocol operations.

Above **2 million USDG of available treasury equity**, a growing share of net treasury growth also funds buybacks. Earlier deficits must be recovered before new growth qualifies.

More equity, a larger buyback allocation

The allocation rate is zero through 2 million USDG of available treasury equity, 50 percent at 6 million, and 80 percent at 10 million.

Launch formula: `excess = max(F - 2000000, 0)`; `allocation = excess² / (excess² + 4000000²)`. F is available treasury equity in USDG. The fraction applies to eligible net treasury growth after settled profits and recovery of prior deficits, not to all treasury funds.

| Available treasury equity (USDG) | Eligible growth allocated to buybacks |
| -------------------------------- | ------------------------------------- |
| 2,000,000                        | 0%                                    |
| 6,000,000                        | 50%                                   |
| 10,000,000                       | 80%                                   |

Applies to eligible net cash growth after settled profits and prior deficits.

**View the allocation curve**

$$
z=\max(F-F_1,0),\qquad g(F)=\frac{z^2}{z^2+G^2}
$$

$F$ is [available treasury equity](https://docs.mog.xyz/trading/maximum-payout/#available-treasury-equity). At launch, the threshold $F_1$ is 2 million USDG and the scale $G$ is 4 million USDG. Both settings are governable.

## From revenue to burns

How buybacks work

1. Fund: Pay the buyback wallet.
2. Buy: Purchase MOG.
3. Burn: Remove purchased tokens.

Trader payouts take priority. The buyback allocation is paid only when trader claims, including claims used as collateral, remain fully cash-covered. Purchases then depend on the operator and market liquidity.

## When a wallet gives up its fees

The operator wallet and the buyback wallet can each give up fees that Mog has not yet paid to them. These fees already wait behind every trader payout. Giving them up mints no MOG and pays no trader sooner.

Afterward, the treasury keeps the amount given up: once the queue clears, that part of the surplus is never paid to those wallets. Fees booked after the give-up are still paid. A given-up buyback fee funds no buyback. A given-up fee never counts toward [halving milestones](https://docs.mog.xyz/mog/supply-and-halvings/).

MOG's price depends on market conditions. See [Token risks](https://docs.mog.xyz/risk/#usdg-and-mog).

---

# Risks and trust assumptions

Source: https://docs.mog.xyz/risk/

Markdown: https://docs.mog.xyz/risk.md

Reviewed protocol version: 8.0.0

Protocol review date: 2026-10-02

Scope: reviewed public documentation. Numerical examples use illustrative or launch settings; they are not live quotes or a guarantee of current deployed parameters. Consult the app for current market and position values.

Trading puts your active collateral at risk. Payout funding, oracle prices, software, governance, and account security also affect your funds.

## Leverage and execution

At 100×–1,000× entry leverage, the initial liquidation distance is about 1%–0.1%, before rounding. A small price move can consume all active collateral.

Orders and closes use later oracle prices. Touches of the liquidation or payout price settle before margin activations and manual closes. Added margin increases the amount at risk; its protection begins at activation.

## Payout liquidity

With enough treasury cash, profit is paid at settlement. If a payout exceeds available cash, the unfunded portion enters the queue as an unpaid claim. Its payment depends on future cash flow and can be delayed indefinitely.

Using an unpaid claim as collateral gives up that amount's queue priority at fill. Remaining claim collateral returns as a new claim, with any unpaid amount at the back, including after a win.

You can also give up a claim for MOG. That is final: you receive MOG, not cash, and its value is not guaranteed.

## Oracles and infrastructure

Mog relies on accurate source prices, verified oracle updates, and correct settlement. Incorrect or manipulated updates can cause losses. Network congestion, outages, and delayed updates can extend exposure and delay actions.

Positions remain exposed during interruptions. Recorded barrier touches can close them when processing resumes. Smart-contract or integration defects can also put funds at risk.

## Governance

The launch governance delay is 48 hours. Global parameter bounds and protocol module replacements use the timelock. Governance can change an asset’s payout floor, equity share, entry minimum multiple, and close-curve reference without that delay. Payout and entry terms stay within the global bounds. Changes affect future fills; open positions keep their frozen terms. Emergency pauses can stop new orders and margin requests sooner; accepted actions continue under their settlement rules.

The protocol has authority to mint MOG. A malicious upgrade could break its emission rules.

When funds can leave

Where are your funds?

- Available cash: Withdraw with your main wallet.
- Committed funds: Wait for settlement, refund, or claim payment.

Funds in positions, pending orders or margin additions, and unpaid claims can remain committed beyond the governance delay.

## Wallets and sessions

A compromised main wallet can control the account, withdraw cash, and give up claims. A compromised session can put funds at risk through trading and margin additions. Revoke affected sessions and review pending actions.

## USDG and MOG

USDG depends on its issuer, network, and availability. Test deployments use test assets.

MOG's price and liquidity depend on market conditions. Rewards can be worth less than the realized trading loss or the claim you gave up. Fees that their recipients give up never count toward halvings, so recipients can keep the reward rate higher. Buybacks depend on the operator, available funding, and market liquidity.