# Cope ($COPE) — Backable raise > Machine-readable companion to https://www.backable.biz/raises/PbXeyj6LK7zHcUpAo5NjVSmmmBbBNmRGCWgyrsKrYez > Deal terms and escrow figures come from onchain and API records. The pitch > is the founder's own frozen text — Backable is permissionless and nobody > reviewed it. Listing is not endorsement. Cope is a synthetic perpetuals DEX on Solana: 1000x, no funding, no slippage, no queue and up to 20% of every loss paid back in shares of the pool. ## Status - state: OPENS SOON - goal (hard cap on what the company receives): $50,000 - committed: $0 across 0 backers - opens: 2026-11-02T18:00:00.000Z ## The deal - token price at goal (everyone pays this): $0.005 - MCAP at open (team and existing-investor tokens excluded): $64,500 - FDV (all tokens, locked included): $129,000 - total supply (fixed; minting needs a market-approved proposal): 25,800,000 - supply split: backers 10,000,000 (38.8%) · liquidity 2,900,000 (11.2%) · team 12,900,000 (50.0%) - share of supply sold to backers: 38.8% - team lock before any unlock: 18 months - unlock ladder (3-month TWAP must hold each price): 2x → $0.01 · 4x → $0.02 · 8x → $0.04 · 16x → $0.08 · 32x → $0.16 - monthly budget after funding (onchain ceiling): $5,000 - at close (escrow releases): $40,000 to treasury (80.0%) · $10,000 seeds liquidity - runway at that budget: ~8.0 months ## Protections (identical for every raise) - Approved aligned parties are selected per raise. The raise page lists selected wallets at $0 until they commit, then updates their gross commitments before refunds. - Commitments sit in escrow; the team receives $0 unless the goal is met. - Goal missed → every backer can claim 100% of principal. The claim is a transaction the backer sends themselves; nothing arrives automatically, nobody can refuse it, and there is no deadline. - Oversubscribed → the goal is split pro rata by weight: time in escrow × early-fill boost × Ownership Score multiplier (none = no extra weight, log scale to a fixed cap, read from the committing wallet at close; linked wallets do not combine). Nobody is approved for more than they committed; the rest is claimable the same way. - After funding, spending above the published monthly budget requires a proposal decided by decision markets, not by the team. - Tokens are not equity and may be worth nothing. ## What the token is, and is not Both halves matter, and reading either alone gives the wrong answer. **It is not** a security, equity, loan or ownership interest. Holders have no legal title to any asset, no claim on revenue, no fiduciary duty owed to them, and no ownership of the Cayman segregated portfolio that holds the company's IP. There is no promise of return, buyback or future utility. **It is** a governance claim in a decision market. The treasury is governed by that market rather than by the team, spending above the published monthly budget has to pass it, and the segregated portfolio is contractually required to abide by certain of its determinations. The market can also stop funding the company and direct the money elsewhere. So "the DAO controls X" and "holders own nothing" are both accurate: the first is control through the mechanism, the second is legal title. **The mechanism is the top of the stack.** The constraints above are the structure's current settings, not its ceiling — the operating documents are themselves subject to the decision market, within the scope those documents define. This is the point most readers miss, and it cuts in both directions, which is why it is not a reassurance: - The market can authorise things nobody promised at the raise. - The market can also withdraw things a backer assumed. It "may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project" (fundraise terms, paragraph 5). - Governance power is not legal effect. The market deciding to do a thing does not by itself make that thing lawful or effective; anything with its own regulatory path still has to travel it. The correct reading is therefore not "the page and the terms contradict each other" but "nothing here is fixed except the escrow and the claim." Score the raise on that basis. A page describing what the mechanism could authorise is not making a promise; a page claiming holders *own* an asset outright is overstating it, and that is still worth flagging. ## Diligence signals - disclosure score (mechanical — counts what the founder chose to show, not idea quality): 8/8 — complete - B1 transparency filing: filed - vetting: none — anyone can publish a raise for $15; do your own research - investors on record before this raise: none ## Founder claims (unverified — absence is itself a disclosure) - edge, in the founder's words: Lose a trade, own a piece of the vault: cashback comes as $COPIUM, shares of the pool you traded against, while $COPE holders own and run the protocol. - founder commitment (self-stated): part-time, then full-time — full-time once the raise funds. - customers: Degen perp traders on Solana, and the platforms that build on Cope through builder codes. - why they buy: 1000x with no funding or slippage, and up to 20% of every loss comes back as pool shares. - how the founder knows it solves a real problem: Papertrade, the same model on HyperEVM, made $62.1M in fees in 13 days (DefiLlama, 2026-10-22). $5M went to its team; on Cope that share goes to the DAO. - founder-stated TAM: $1000M (source: https://defillama.com/perps) - metric — Papertrade fees, first 13 days (comparable): $62,100,000 (as of 2026-10-22) - what exists today (founder-reported): 0 of 3 parts live - Cope protocol: building - Builder codes and referrals: building - $COPE staking: planned ## Links (founder-provided — verify control yourself) - website: https://cope.market - x: https://x.com/try_cope - telegram: https://t.me/sparkdotfun/13067 - docs: https://www.cope.market/docs ## Onchain - raise: PbXeyj6LK7zHcUpAo5NjVSmmmBbBNmRGCWgyrsKrYez (v0.7) - token mint: JCvQTE37BG4Ybn5nC7yWkFRpd2ACLaVyxM7KMM1mmeta - quote mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v - base vault: 7Q5UKukN1yhBFkvqQQwhSnguPXCE1Rc5yTTfSGjUqr4d - quote vault: AK7G5t1JEi3ExyNC35yR8sqzFATLRAcWGQquWWujGDun - authority: LRrTQLqFzAPxjschuAKQAqH1XHBuBgHqwhybENStARt ## Founder's pitch (verbatim, frozen at publish, unreviewed) > Under "Who it's for", Segment, Role and Trigger answer the builder's questions > "Who are your customers?", "Why will they buy it?" and "How do you know it > solves a real problem?" — see Founder claims above. ## The problem Degen perp traders want extreme leverage, and the market has no good place for it. Hyperliquid stops at 40x, and Solana perps stop well below 1000x. On order-book venues, fees are charged on position size: at 1000x, a 0.045% taker fee costs about 45% of the margin just to open, plus funding and slippage. When the trade loses, which most do, the trader gets nothing back. The one venue that offered 1000x, Papertrade on HyperEVM, proved the demand with $62.1M in fees in its first 13 days. It also showed what breaks. Small trades waited in a relayer queue behind large ones, so fills were slow and prices uncertain. Prices came from a single venue's best bid and offer, a manipulation vector. There were no limit orders, no take profit and no stop loss, so every position had to be watched by hand. The token minted from losses was not liquid, and the dev share of fees went to the team rather than to first believer and team. ## The edge in one line Lose a trade, own a piece of the vault: cashback comes as $COPIUM, shares of the pool you traded against, while $COPE holders own and run the protocol. ## Who it's for Segment: Degen perp traders on Solana, and the platforms that build on Cope through builder codes. Role: 1000x with no funding or slippage, and up to 20% of every loss comes back as pool shares. Trigger: Papertrade, the same model on HyperEVM, made $62.1M in fees in 13 days (DefiLlama, 2026-10-22). $5M went to its team; on Cope that share goes to the DAO. ## Market size Founder-stated TAM: $1000M ([source](https://defillama.com/perps)) ## Why this, why now In October 2026 Papertrade proved the demand. It also exposed two flaws. The chain: small trades queued behind large ones, with no limit orders or stops. The tokenomics weren't sustainable: the token wasn't liquid. Cope rebuilds it on Solana with sub-second fills and a more sustainable approach to tokenomics. ## What we're building ### Cope protocol (building) Perps engine up to 1000x with limit, TP and SL, Pyth oracle, usdV vault with liquid $COPIUM cashback, session keys and gasless relayer. Devnet end of October. ### Builder codes and referrals (building) Builder codes let platforms list Cope markets and share the fees; referral codes pay 10% of treasury fees. Both on chain from launch. ### $COPE staking (planned) Staking tiers for up to 1.2x cashback and a win fee as low as 2.0%. ## Traction Not live yet. The Solana program goes to devnet at the begining of november 2026. Mainnet is planned before the end of November 2026. The landing page and full docs are public. ## Key metrics - Papertrade fees, first 13 days (comparable): $62,100,000 (as of 2026-10-22) ## Use of funds Of the $50,000 goal, 20% ($10,000) seeds the token's liquidity and 80% ($40,000) goes to the company treasury, spent under a public cap of $5,000 per month. Each month: about $3,000 for infrastructure, of which $2,500 is the Pyth price feed and the rest Solana RPC, the relayer that pays traders' gas, and hosting; $1,000 to Spark for advisory and launch ops (Raise support, branding, comm, go to market and partnerships support); and $1,000 kept as a buffer for unexpected costs. The founders take no salary at the beginning (Once the protocol live - first revenue generated they will ask by a proposal). They are paid only through the performance package, which unlocks if the token price multiplies for backers (depending how it goes a proposal to remove the 18months unlock may happen). The first 3 months, $15,000 or 30% of the raise, fund devnet, mainnet and the first months of trading. After that, revenue and token price are reviewed. If Cope protocol is not working, a liquidation proposal returns the remaining treasury, about $35,000, to backers. ## Roadmap ### 2026-11-01 — Devnet The full protocol on Solana devnet, open to backers and testers with test funds. ### 2026-11-30 — Mainnet launch Trading opens at up to 1000x, $COPIUM cashback, builder codes and referrals live on chain. ### 2026-12-12 — First partners First platforms and front-ends route their traders to Cope markets through builder codes. ### 2027-01-30 — 3-month review Revenue and token price reviewed against the plan; continue or return the treasury to backers. ## Team ### 0xDub — Founder/CEO Ex-HFT, 2x Exits. Software Engineer and AWS Solutions Architect with more than a decade of experience. ### 0xSango — Co-founder/CTO AWS Solutions Architect and DevOps at a large transnational company providing cloud infrastructure for major media companies. 7+ years of experience. ### Spark — Advisor Spark backs builders with bold ideas through their launch, and stays with them after it to run go to market. Supports Cope on raise, branding, comm and partnerships. Holds 10% of the team package (1.29M $COPE). ### — Founder/CEO ## Risks ### Papertrade's launch won't repeat Papertrade's $62.1M in fees came from a launch frenzy and its tokenomics proved unsustainable. Cope's are built to last, so less speculative: expect less hype than Papertrade got. ### No external audit before mainnet The program will not be audited by a third party at launch; no audit is budgeted. A bug in the vault, oracle checks or payout queue could cost traders and vault depositors their funds. ### The vault can run short If traders win more than the vault holds, profits wait in a first-in, first-out queue, fees pause and withdrawals stop until it clears. A long streak of winners could freeze payouts for a while. ### An experimental model Cope learns from Papertrade, but the model is new and parameters, tokenomics and features may change before and after mainnet. If it does not work within 3 months, the treasury left is returned to backers. ### 1000x will attract attackers 1000x leverage on chain has never been done, and it will draw people trying to break it: oracle manipulation, latency games, edge cases in liquidations. Expect the protocol to be stress-tested hard at launch; a successful attack could drain the vault. ## Go to market Start where the demand already is: Papertrade traders who want 1000x without the queue, and Solana degens who already trade high leverage. Growth then comes from strategic partners in the Solana ecosystem, and from a product traders actually enjoy: one-click 1000x, and a loss that pays something back. Three loops do the distribution. Referrals pay 10% of the treasury's fees on every trade a friend makes. Builder codes let bots, Telegram front-ends and other platforms list Cope markets and share the fees. Cashback in $COPIUM turns every losing trader into a vault holder. None of this works without a model that holds up, so the pool keeps a positive edge at every leverage and fees go to the DAO. ## Differentiation How Cope fixes what broke on Papertrade: 1 - Solana: no relayer queue, sub-second fills, limit, TP and SL. 2 - Pyth oracle, aggregated from many sources, so there is no single-venue BBO to manipulate. 3 - $COPIUM cashback is liquid from minute one: hold it, or burn it for $USD. Anyone can deposit and join the house. 4 - Builder codes and referrals on chain 5 - Protocol fees go to the $COPE DAO, not a dev team. ### Team (founder-provided) - 0xDub (Founder/CEO, part-time, then full-time): https://x.com/0xDub_ - 0xSango (Co-founder/CTO, part-time, then full-time): https://x.com/Sango0x - Spark (Advisor, part-time): https://x.com/JustSparkIdeas ## Raise terms (verbatim, as printed on the raise page) By contributing to the fundraise for tokens ("Tokens"), you acknowledge and agree to the [Backable Terms of Service](https://www.backable.biz/terms). Without limiting the foregoing, you also acknowledge and agree to all of the following information, terms and conditions: The above descriptions, terms, and other content were created, determined, and supplied exclusively by prospective project contributors related to the ICO and are being republished on Backable for convenience of reference only, as third-party content. Backable is a technology platform being used by the prospective project contributors, and the owners and operators of Backable and their respective affiliates are not the persons creating, endorsing, sponsoring, or discretionarily operating the ICO. Backable and its owners and operators and their respective affiliates assume no (and by participating in the ICO or otherwise using Backable, you agree that they shall not have any) responsibility or liability for the accuracy or completeness of the above descriptions, terms and other content, or any other representations, statements, opinions, projections, terms, or information made by or on behalf of the prospective project contributors in connection with the ICO. The following terms and conditions apply between you, on the one hand, and, on the other hand, both the owners and operators (and their affiliates) of Backable or MetaDAO and the prospective ICO project contributors and related legal entity(ies) and their respective affiliates: 1. **No Guarantees.** The Tokens are provided on an "as-is" and "as-available" basis. Participation in the fundraise does not come with any guarantees, promises, or assurances of any kind, including, but not limited to, financial return, performance, future utility, or access to any platform, product, or service. 2. **Not an Offer of Securities.** The Tokens do not represent a security, equity, loan, or ownership interest in any entity or project. Participation in this fundraise is not intended to be, and shall not be construed as, an offering of securities, nor does it constitute an offer or solicitation in any jurisdiction where such activity is unlawful. You are responsible to refrain from participation in the ICO if your jurisdiction does not permit such participation. 3. **Final Sale, Except As The Program Provides.** Except for the amounts the escrow program itself makes claimable as described in paragraph 7, contributions made as part of the fundraise are final. No party has the discretion to refund you, and you will not be entitled to a refund or compensation on any other basis, including loss of value or inability to use the Tokens. Where the program does make an amount claimable, no party has the discretion to withhold it either. 4. **No Liability for Losses.** To the fullest extent permitted by applicable laws, neither the organizers of this fundraise nor any of their affiliates, agents, advisors, officers, or representatives shall be liable for any direct or indirect loss or damage you may suffer, including without limitation: trading losses, loss of data, revenue, profit, or opportunity; or any errors, delays, or technical failures related to the fundraise or the Tokens. 5. **Nature of Token MetaDAO Platform ICOs.** You acknowledge and agree that the ICO is a transaction entirely by and among ICO participants, in which such participants contribute certain blockchain tokens into the sole control or custody of Solana-based "smart contracts" or "programs" as a method of establishing a decentralized autonomous decision market oriented toward the research, development, promotion and/or utilization of the above-described project. The ensuing market oracle–sometimes also referred to as a type of "DAO"-- is intended to govern both the deposited tokens and aspects of the related project, using "[Futarchy](https://docs.metadao.fi/governance/overview)". These smart contracts or programs exist independently of Backable or MetaDAO, on the Solana blockchain, and do not have a legal "owner" or "custodian", but instead will be controlled by the market-based governance process embedded in the decision market protocol, as expressed in the code of the smart contracts/programs. The deposited tokens do not represent a capital investment in any legal entity (including the legal entity referred to in the following paragraph) or group of managers or entrepreneurs, and the decision market may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project or using them to pay the currently contemplated prospective project contributors, and may instead use them for other purposes, as determined by the decision market oracle aka "DAO." The current prospective project contributors will not immediately own or have any discretionary or managerial control of the deposit pool, and any related services such prospective project contributors provide will be on an independent contractor basis to the community, as determined on an ongoing basis by the decision market oracle aka "DAO." The tokens issued by the program/smart contract in exchange for deposited funds are not initially owned by, and are not being sold or offered by, Backable or MetaDAO or the prospective project contributors or any related entity(ies), but rather are issued by the smart-contract/system itself to enable ongoing functionality of the related decision market oracle aka "DAO". Any funds received from the deposit pool by the current prospective project contributors or future project contributors represent retroactive or prospective compensation for work done or to be done by such project contributors that is approved by the related decision market oracle aka "DAO", on the initiative of, and based on the managerial or entrepreneurial efforts of, participants in that market aka "DAO participants". 6. **DAO-Adjacent Entity aka BORG.** One or more members of the prospective project contributors may have established a particular type of legal entity related to the project. These entities, known as cybernetic organizations, aka 'BORGs", hold intellectual property related to the project and may receive the funds, if any, determined by the decision market oracle to be paid to the prospective project contributors as compensation for work done or to be done related to the project. BORGs contain special rules designed to provide accountability of project contributors to the community, including prohibiting the issuance of equity securities and requirements to consult the decision market oracle (sometimes on a signaling basis, sometimes on a binding basis) for decisions related to their work on the project and the related intellectual property and assets. Many of these entities are "segregated portfolios" of a Cayman Islands entity called Futarchy Governance SPC. Segregated portfolios provide separate layers of assets and liabilities within this entity, and each particular segregated portfolio is managed in the sole discretion of its "Manager(s)", subject to the terms and conditions of Futarchy Governance SPC and the Operating Agreement of that specific segregated portfolio. The ICO does not represent an investment in the SPC or segregated portfolio, and participants in the ICO and holders of the tokens being issued in the ICO do not have any legal rights in or ownership of the SPC or segregated portfolio, and are not owed any fiduciary or other duties by the participants in the SPC or segregated portfolio, but the SPC, in respect of the segregated portfolio, is legally required to abide by certain determinations of the decision market created by the ICO. Please review the project description above to determine the specific legal entity(ies) or other arrangements identified by the prospective project contributors. You hereby acknowledge and agree that you have reviewed, or had the opportunity to review, the information and documents presented or linked to from that description and acknowledge, consent to and accept the risks of all related legal entities and arrangements. 7. **Understanding the Mechanism.** This is an onchain fundraising mechanism with a fixed token supply and a stated funding goal. Commitments are not capped, but the amount the project receives is: everything committed above the goal remains the property of the participant who committed it. If the funding goal is not reached by close, every participant may reclaim the whole of their contribution. If the goal is exceeded, each participant may reclaim whatever part of their contribution did not convert into Tokens. **These amounts are claimed, not sent.** They are released by the program when you submit a claim transaction from the wallet that made the contribution. Nobody can approve, condition, delay or refuse that claim, there is no deadline for making it, and equally nobody can make it on your behalf. The same is true of the Tokens themselves in a funded raise. By participating, you confirm that you understand the [program](https://github.com/metaDAOproject/programs) and have reviewed the relevant documentation available at [https://docs.metadao.fi](https://docs.metadao.fi). By contributing or attempting to contribute to the fundraise for Tokens, you confirm that you have read, understood, and accepted the terms above. ## How the mechanism works - https://www.backable.biz/docs/how-backable-protects-you — escrow, claims, budgets in one page - https://www.backable.biz/docs/doing-your-own-research — the diligence checklist this file feeds - https://www.backable.biz/docs/reading-tokenomics — FDV, supply, unlock ladders, TWAPs - https://www.backable.biz/docs/committed-vs-raised — why committed and raised differ - https://www.backable.biz/docs/metadao-2 — MetaDAO 2.0: typed proposals and the adaptable performance package