Trade gold long or short, up to 5x (25x overclocked)
Profit from the house pool, in GLD
Own one of 777 bars
80% of every fee the desk collects, streamed to you by karat weight
Hold a 14K bar or better
The broker cut on everyone you bring, for as long as they bet
Hold the BULLIONS coin
Gold dropped on you every hour
Everything pays in GLD. Nothing is pushed to you and nothing expires: every payout waits in a contract until you claim it.
Owning a bar does not get you a better price. It gets you a share of what the desk collects afterwards. Two people betting the same amount in the same round win and lose exactly the same, whether one of them owns a kilobar and the other owns nothing.
Before you start
You need a wallet on Robinhood Chain (chain id 4663) with a little ETH for gas and some GLD, Robinhood's tokenized SPDR Gold Shares. GLD is the only money on Bullions: every bet, every margin, every payout is GLD.
Anyone can trade here. There is no allowlist and nothing you have to hold first. A bar is a way to earn from the desk, not a way in.
Bullions is open every hour of every day. Gold spot shuts on Friday at 17:00 ET and does not reopen until Sunday at 18:00 ET; here the price keeps moving through it.
The weekend is the busy part, not the shut part. While spot gold is down, PAXG and XAUT are the only gold prices left, so the perp desk runs tighter on risk: less leverage, a smaller cap on how much can be open per side, and a bigger price impact on size. Everything stays open. Size just costs more. The 15-minute and hourly rounds do not change at all.
The one fixed point in the week is the close, Sunday 18:00 ET, when the week-long round settles, open perps are flattened at one price and the jackpot is drawn. The bell rings again in the same breath, so the only moment betting is shut is the block or two between those two transactions.
Not available in the United States, United Kingdom, Switzerland or Canada.
The floor
The home screen. It shows the live gold price, the change since the last bell, the countdown to the Sunday close and the jackpot pool. If the desk is ever dark, because the keeper has not rung the bell yet, the screen counts down to the next one instead.
Trade: Bull or Bear
Every 15 minutes and every hour a round opens at the live gold price, the strike. You put GLD on Bull (gold above the strike at the close) or Bear (below). When the round closes, the winners split the losers' pot in proportion to their stake, minus a 3% rake, and get their own stake back.
Stake: pick an amount, minimum 0.01 GLD. Tap Bull or Bear, or swipe the card up for Bull and down for Bear.
Lockout: the last 3 minutes of a 15-minute round (10 of an hourly round, 2 hours of the week round) accept no bets.
Week round: one round from the bell to the close. Call the whole week. It is the biggest pot on the board and it is decided on Sunday evening, in the same minute as the jackpot draw.
Both sides: you may hold Bull and Bear in the same round.
Settlement: the first gold price published after the close decides. Exactly at the strike: everyone is refunded. Nobody on one side: the other side is refunded, no rake.
Claim: after settlement a Claim button appears on the card. Winnings stay yours until you pull them; there is no deadline.
Swipe mode
Deposit once, swipe all week. Open a desk with the GLD you want to play, a cap per swipe and a budget for the session. A key is created in your browser; every swipe is signed by it, no wallet prompt. The key expires at the Sunday close. Your GLD stays yours: Withdraw and Revoke work at any time, and winnings are claimed by your wallet as usual.
The budget is what the browser key may spend in total, and it is the number that matters if the key is ever stolen: the cap only limits one swipe. Adding GLD to the desk later does not raise it, so a top-up is never at risk from a key already out there. To give the key more, open the desk again, which is one signed transaction.
Perps
Long or short gold with GLD as margin, against the house pool.
Leverage: up to 5x. Burn 500 BULLIONS to overclock to 25x until the Sunday close.
Fills: orders fill at the next gold price tick after you submit, plus a price impact that grows with your size against the pool. You do not pick the price; nobody can front-run you either.
Fees: 0.1% of the notional on open and on close.
Liquidation: when your loss reaches 90% of your margin, anyone can close you; the liquidator takes 1% of what is left.
Close: press Close; the position closes at the next tick.
At the Sunday close every open position is settled at one price for everyone.
On the weekend the desk carries more risk, because gold spot is shut and only PAXG and XAUT are pricing the metal. So leverage comes down, the cap on open interest per side comes down and price impact goes up. The desk never closes and no order is refused; a big order simply fills further from the tick than it would on a Tuesday. Whatever is already open is left alone: the new settings apply to the next fill, never to a position you opened before them.
Profits are paid from the house pool and capped by what it holds. Read that twice.
Bars
A Bullion bar is your share of the house. 80% of everything the exchange earns streams to bar holders, by weight. There are 777 bars in total, poured one at a time, and there will never be more.
A bar is not a key to anything. It gives you no better price, no earlier fill and no round nobody else can bet. What it gives you is a cut of what the desk has already taken: gold by karat weight, a referral link at 14K and up, a ticket in the Sunday draw at 24K. Everything you can see at the table is the same for you and for someone who owns none.
Purity
Bars
Weight
Doré
388
1x
8K
194
2x
14K
116
4.5x
18K
58
10x
24K
21
25x
Pour: pay the pour price and you get one bar, sealed. Every bar costs the same, whatever comes out of it. A bar carries no principal, so smelting it returns the yield it has earned, not the price you paid.
Open: a sealed bar opens a couple of blocks later, and the tier is drawn from what is left in the deck by a block hash that did not exist when you paid. You can open it yourself, or someone else's pour opens it for you, or the keeper does. Nobody can pick a tier, including us.
Claim: pull the GLD your bar has earned, any time.
Upgrade: burn BULLIONS to move up one karat, as far as 18K. Each step has a fixed price in gold, paid in BULLIONS at the coin's time-weighted price, so the coin amount moves with the coin and the app shows it before you sign. Half of your pending yield locks into the bar, half is paid to you. 24K is never for sale and never an upgrade: 21 of them exist and they only come out of the deck.
Refine: every 14 days. Forget it and your weight starts to decay after 14 days, down to a floor of 25%. Refine and it is restored. Refining costs BULLIONS once the coin exists; until it does, the fee is set to zero and refining is free.
Smelt: burn the bar and take out everything in it: the yield it has earned, plus any gold locked into it by an upgrade.
Nothing anybody else does can take gold out of your bar. Weight depends only on karat, never on how much gold is locked inside.
Jackpot
10% of everything the exchange earns goes to the Sunday jackpot. Every GLD you wager during the week is a ticket (from 0.01 GLD total). Every 24K bar is one extra ticket. You do not need a bar to be in it: betting is what buys tickets, and it buys them at the same rate for everyone. The draw happens at the close, sealed at the bell and finalized by a block nobody can choose. The pool goes to one wallet.
Broker
Hold a 14K bar or better and you get a referral link. Anyone who arrives through it is bound to you on their first bet, forever, and 1% of everything they lose streams to you in GLD. It comes out of the rake, not out of their odds: they stake the same, win the same and lose the same as anyone who arrived on their own.
The 14K check happens once, when a bettor is bound to you. After that the binding is permanent and so is your cut, whatever you later do with the bar.
BULLIONS, the coin
BULLIONS is the coin of Bullions. Fixed supply, one billion, never minted again.
The contract is 0x108c647C2BA19d7F9D6a5B496a5adFb3C885c265 on Robinhood Chain, and its pool is on the chart. Read the address off both before you buy anything: there is one coin, and that is it.
It trades on Pons against GLD, so every swap pays its fee in gold, and that fee is cut four ways:
a third to the team, for running the thing;
a third buys BULLIONS on the open market and burns it, so every trade shrinks the supply and leaves a real bid on the book;
a sixth to you, if you hold the coin, paid in gold;
a sixth to the house, where the bars, the jackpot and operations share it.
Half of everything the coin earns comes back to the coin.
Hold the coin, stack gold
Every hour the gold drop closes and you can claim what you earned, in GLD. There is nothing to stake, nothing to lock and no deadline: the coin never leaves your wallet, and unclaimed gold keeps piling up until you come for it, so you can ignore the site for a month and take the lot in one transaction.
What you earn is worked out from three plain rules:
You are paid on the lowest balance you held during the period. Buy more halfway through and the extra counts from the next period; sell any part and you are counted on what was left. Turning up an hour before the cut earns nothing.
Every holder is paid, pro-rata. No minimum to qualify and no ceiling: hold one BULLIONS and you are in, hold a tenth of the float and you take a tenth of the drop. Your share never depends on how much anybody else is holding.
The pool, the team wallet, the burn address and the project's own contracts earn nothing. Gold sent somewhere that cannot claim it is gold thrown away.
The drop cuts every hour, so whatever timezone you are in, you are never waiting on it and never have to be awake for it.
BULLIONS is also burned when a bar is upgraded, when a trader overclocks, and when seized gold is auctioned. Nothing prints it.
Straight talk
Binary rounds are a wager. If you cannot lose the stake, do not place it.
GLD on chain is Robinhood's token, with an issuer blocklist and a pause.
The house pool can lose. Bar holders earn the rake and carry that risk.
Nothing here is financial advice. Bullions is code, and the code is public.