Overview

Shortcap is the other side of every launch.

The problem

Hyperliquid lists perpetual markets through HIP-3. Deploying one takes a stake of 500,000 HYPE. Every asset beyond the first three on a DEX also goes through a Dutch auction.

Nobody will pay that to list a perp on a token that graduated from an Elysium launchpad an hour ago. So the long tail of Elysium has no perps. No hedge. No short. These are the tokens people actually trade on day one.

What Shortcap is

Shortcap runs perpetual markets on Elysium's graduated tokens.

• Long or short, up to 5x. Margin is HYPE. Nothing else.
• Permissionless. Anyone opens a market on any graduated token in one transaction, once its spot pool on Elysium holds 500 HYPE. One market per token.
• No external oracle. The index is a 5-minute TWAP read from the token's deepest spot pool on Elysium, clamped to ±15% of spot.
• Isolated markets. Each token gets its own vAMM, its own open-interest caps and its own insurance fund.
• The Pit. One HYPE vault takes the other side of every market. Depositors earn trading fees and net funding. They carry trader P&L.

These are the perps HIP-3 will never list.

Where things stand

Shortcap runs on the Elysium testnet (chain 99801). Elysium mainnet is announced for November 9, 2026. No mainnet contract exists. The contracts are unaudited.

The demo markets on the testnet use mock tokens and mock pools, because real graduated tokens do not exist on the testnet. The testnet guide shows how to use them.

$SCAP is not launched. No contract address exists. See $SCAP.