Each caper's profile page has a buy/sell panel against the curve. Slippage is implicit in the curve shape: every trade nudges circulation along the price curve, so large trades pay (or receive) progressively worse marginal prices the further they push toward fully sold. The Max button computes the exact gateway-decimal string for your full balance, so rounding matches what the ledger accepts.

The curve vault is permanent — tokens you sell return to the inventory vault and become available to the next buyer. There is no external liquidity provider and no separate AMM pool.

How a trade moves the vaults

Every caper holds two vaults behind its curve. A buy moves your XRD into the curve vault (the reserve that backs the token) and hands you tokens out of the inventory vault. A sell reverses both: your tokens go back into the inventory vault, and the curve vault pays you the XRD the curve's closed-form integral says you're owed at the current circulation. Because there is a single curve in both directions — no separate buy and sell curve, no bid–ask spread — the price you sell at is exactly the price the next buyer would have paid to reach that point. Selling pays a flat 0.5% trade fee to the base $XRD caper's treasury (shared pro-rata with $XRD holders on exit); buying pays its own 0.5% into the caper you buy (see Raising funds).

Swapping and exiting

Two variants build on the same primitive. A swap sells one caper's token and buys another in a single transaction — you never touch XRD in between — letting you rotate a position from one caper to another directly. And beyond selling on the curve, holders have a second way out: the exit right lets you burn your tokens to redeem a pro-rata share of the caper's treasury — a claim on the accumulated fees and investments, separate from the curve reserve. Between the curve and the exit, a caper holder is never locked in: there is always a price to sell at and always a floor to redeem against.

Price impact, and how it compares to an AMM

Because a caper's price is a deterministic, closed-form function of how many tokens are in circulation, the exact cost of any trade is knowable before you sign it: the interface integrates the curve between your start and end points and shows the marginal and average price you will get. That is a different liquidity model from a constant-product AMM such as Uniswap, where price emerges from a reserve ratio (x·y=k) maintained by external liquidity providers. Three practical consequences follow:

• No liquidity to pull. The curve reserve is a permanent inventory vault owned by the caper, not third-party LP deposits that can be withdrawn — so depth never vanishes and there is no impermanent-loss risk borne by outside providers.
• No bid–ask spread. A single curve serves both directions, so the price you sell at is exactly the price the next buyer pays to reach that point — the only wedge is the flat 0.5% trade fee, not a market-maker's spread.
• Predictable slippage. Large orders still walk the curve and pay progressively worse marginal prices, but that impact is a fixed property of the curve shape rather than a function of who happens to be providing liquidity that block.

Trading & exit

There are four ways value moves through a caper, backed by two distinct pools: the bonding-curve reserve that buys and sells tokens, and the treasury you redeem when you exit.