FAQ

Trading

What does Tack cost?

No trading fee and no liquidation bounty. You pay Solana transaction fees and rent for the accounts you open: about 0.0016 SOL for a quote and 0.0026 SOL for a position, which is not refunded.

How much collateral do I need?

On the maturities Tack lists, a quarter of the notional to open, and a position stays open while its balance is above a tenth. The ticket fills in the exact minimum. See Collateral and margin.

Can I take part of a quote?

No. Quotes are whole lots: you take a maker's notional at the maker's rate, or post your own quote for the size you want.

Can I close a position before maturity?

Not directly. Open the opposite side in the same maturity for the same notional: the floating legs cancel and the difference between the two fixed rates is what you end with. Both positions settle at maturity.

Why did my position close before maturity?

Either it fell below maintenance margin at a checkpoint, or its funding source failed and the market closed at its last verified checkpoint. The Closed tab shows which. In both cases each side withdraws its remaining balance.

Why can't I trade right now?

Trades wait while the market publishes Phoenix's latest funding record, usually a few seconds after each hour. They stop entirely while Phoenix's funding or index price is older than the market allows, and after maturity. The app says which.

What happens at maturity?

Trading stops at Friday 07:00 UTC, when the last funding hour begins. Phoenix's funding record for the hour that ends at 08:00 settles every position for the last time, and you withdraw from the Closed tab.

Funding

Which funding does Tack use?

Phoenix's SOL perp funding, the cumulative total every Phoenix position settles against, read by the program from Phoenix's account on chain. See The floating leg.

Where do the landing page's charts come from?

From Phoenix's hourly SOL, BTC and ETH funding, 19 November 2025 to 1 October 2026, averaged by day. Tack's swaps settle on the SOL one, read from Phoenix's account on chain.

Why is the floating leg on SOL, not dollars?

So that it pays exactly what a Phoenix position of the same size receives. The amount of SOL is fixed when the maturity opens, at notional divided by that day's price.

TACK

Does Tack have a token?

Yes: TACK, a governance token. Holders vote on which maturities Tack lists and on what terms. Its whole supply goes into one public launch on the same terms for everyone, with nothing set aside for a team, investors or a treasury. See TACK token.

Do I need TACK to trade?

No. Swaps are collateralized and settled in USDC, with no trading fee. TACK is for governance.

Wallets and safety

Which wallets work?

Any Solana wallet that supports the Wallet Standard, such as Phantom, Solflare or Backpack. Hardware wallets connected over USB are not supported in the app.

Does Tack hold my funds?

Your collateral sits in the market's vault, owned by the program, and only the program's rules move it. The Tack service builds transactions but has no key that can sign for you.

How do I know what I am signing?

The app shows a review before every trade, and it decodes each transaction itself before your wallet sees it: it checks the fee payer, the programs called and the amounts. If anything differs from what you entered, it refuses to ask your wallet.