Veranta exchange profile

Veranta provides perpetual exposure to crypto and global markets on Base. USDC supports positions referencing assets such as equities, FX, metals and commodities; these are synthetic trading contracts, not delivery of shares, foreign currency or physical commodities. A pooled liquidity vault stands behind execution, with oracle prices and externally referenced RWA quoting.[2]

DefiLlama reported approximately US$14.238 billion of perpetual notional over 30 days and US$74.55 million open interest on 20 October 2026. Its methodology includes leverage. Such volume can reflect rapid turnover and incentives; it cannot establish how many people traded, whether every trade was organic, or how safely customer collateral is held.[3]

The website claims more than 81,878 users, without defining a current active-trader period. Its separate five-week US$100,000 USDC competition illustrates why promotional activity and registered-user claims need different treatment from independently measured activity. Neither figure establishes an audited customer count.[1]

Those ceilings can tighten around economic releases, weekends and thin markets. The catalog exposes market-specific limits, minimum position size, side capacity and close-only state; an example API response containing placeholder values is not the live schedule. The available market is the one the current deployment accepts.[30]

Each position has isolated margin: its assigned USDC collateral backs that position alone. Size can be entered as collateral times leverage or as an underlying-asset quantity with acceptable leverage bounds. Adding collateral reduces effective leverage; adding size changes the average entry. The notional, rather than the cash initially committed, determines most trading and holding charges.[4][8]

When a market is closed, the position remains and net holding charges can accrue. Orders, stops and liquidation can activate at reopening after a gap. The quoted session should therefore be read with the live market status, maintenance windows and the position’s carrying costs, rather than as assurance of continuous exit access.[7]

Maker and taker have a protocol-specific meaning: activity that improves the long/short open-interest balance receives the maker classification; activity that worsens it receives taker treatment. They do not simply mean passive limit and immediate market orders. A trade crossing the balance point can receive blended treatment across its portions.[11]

For illustration, 500 USDC collateral generating 500 USDC gross profit is a 100% ROI outcome. At the published 75% retention tier, the trader keeps 375 USDC of that profit and the protocol share is 125 USDC. This calculation excludes funding, spread and any staking discount; the original collateral is separate from the profit retained.[15]

Funding and borrowing accumulate during the holding period and settle when the position is touched, including a partial close, size increase or margin change. Accrued costs also affect collateral health. A flat market price therefore does not imply an unchanged liquidation distance, and annualized holding-rate comparisons require the actual market’s rate and accrual basis.[13]

Execution adds a size-dependent spread to the oracle reference. Thin periods can widen that spread; the interface publishes a per-market cap. RWA quoting is described as an RFQ mechanism using external-market pricing. Marketing examples for particular large fills are not firm executable quotes for a later trade.[17]

The funding guide mentions bank transfers but does not give a universal bank account, fee or settlement time. It also does not establish a matching bank cash-out route. A payment provider’s eligibility and conversion quote are separate from permission to trade the derivatives.[19]

Trade closure settles the remaining collateral and PnL in USDC, with profitable settlements drawing on the counterparty vault. A return to the wallet is distinct from selling USDC for bank money. The actual external transfer or conversion depends on that wallet, network and receiving service.[7]

Gasless execution means a signed intent is relayed on-chain with sponsored transaction gas. It does not pay the trader’s collateral or execution costs. USDC leaves the wallet when a position opens; the documented sponsorship also covers closes, margin changes, TP/SL updates, TWAP and vault deposits. Ordinary external-wallet transfers should not be assumed to share every trading subsidy.[20]

Korean equities use KRW price displays while USDC remains collateral and settlement currency. The USD/KRW rate at entry is locked until exit. For hypothetical collateral of 750 USDC at 8x leverage and 1,450 KRW per US dollar, notional is 8,700,000 KRW. A 3% rise produces 261,000 KRW gross PnL, or 180 USDC at that locked rate, before spread and holding costs. Later FX movement does not enter this example.[16]

The avUSDC vault is a Base ERC-4626 USDC pool. Traders’ losses enter a protocol buffer; profitable closes use that buffer before drawing on vault principal. LP participation therefore carries trader-PnL and contract exposure even when fee income is positive. Shares represent a variable claim, and yield appears in the share exchange rate rather than a separate harvestable reward.[22]

The ratio incorporates vault TVL, its buffer and traders’ open PnL. At 1.00 the simplified measure leaves no excess buffer against that PnL; it is not an insured principal ratio. A hypothetical 1,000 USDC redemption at a ratio of 0.975 incurs 5 USDC under the 0.50% tier, leaving 995 USDC before other costs or valuation changes. The applicable ratio is a daily snapshot.[23]

Adding collateral can move a position away from liquidation, while removing it increases effective leverage. The published isolated-margin design limits the stated position loss to posted collateral. This is a position-level liquidation design, rather than an individually insured account balance.[4]

Veranta does not run its own order book for price discovery. Its oracle guide describes Pyth Pro and Chainlink inputs. The broader execution page still contains unresolved editorial placeholders about Korean-equity spreads, RFQ routing and cross-check feeds. Those unconfirmed implementation details are excluded from the Korean-market description here.[18][16]

The audit directory distinguishes V2, deployed in August 2026, from V1.5 and original-protocol reviews. V2 names Guardian, Sherlock and Zellic but retains a statement that reports will be added shortly alongside attachment markers. The extracted text did not establish the attached files’ precise audited commits. Older audit names should not be treated as proof that every current contract, relayer and wallet integration has been reviewed.[26]

Trading access excludes US persons and sanctioned persons or entities and requires compliance with applicable law. These conditions also cover ownership or control and acting for another person; a technically connectable wallet is not an eligibility approval.[27]

Onboarding supports email, SMS, Google, X and external EVM wallets including MetaMask and Rabby. An older onboarding paragraph calls the social-login wallet custodial and requires ETH for gas. The newer funding and gasless descriptions call the wallet user-owned and sponsor trading gas. This documentation mismatch makes the selected wallet provider, key controls and current signing screen material.[21]

The privacy policy covers Veranta Labs, Inc and Veranta Protocol Foundation, while identifying Veranta Foundation as controller. It can collect wallet addresses, email, device/IP and usage information and share data for service delivery or legal obligations. Requests for access, correction or deletion can require identity verification; lawful retention can continue. A trading interface without routine document upload is not a promise of anonymous payment processing.[28]

Oracle validation and relayer processing can reject a trade before it fills. An expired market request differs from an open position; inspect its order status before resubmitting.[10]

Close-only permits reducing exposure; a shut market waits for its next executable session. TWAP uses 30-second slices and is unavailable on Upside.[7]

An arbitration-intent notice must specify a proposed filing date at least 30 days after the notice date; the parties meet during that period to seek resolution. Notices are effective on dispatch. ICDR administers individual arbitration in the Cayman Islands under Cayman substantive law. The terms state a US$100 aggregate liability cap, subject to applicable-law limitations.[27]

These records support reconciliation, but a current tax-ready statement or complete CSV workflow was not established in the reviewed sources. Keep wallet funding and withdrawal transactions with trade history, because an aggregate PnL number does not reconcile asset transfers. API and application status are also available through the documented analytics surface.[29]

The September 2026 terms identify a technical interface service and expressly disclaim acting as broker, dealer, exchange, adviser, custodian or financial-service provider. That is the provider’s contractual characterization; it is not an official regulatory determination. No positive financial licence is recorded here.[27]

Veranta is the current brand for Avantis. They are treated as one exchange identity in this profile. The token retains the AVNT ticker and the vault retains avUSDC; those identifiers do not represent two additional exchanges.[1]

The current service counterparty is Veranta Foundation. Its privacy policy gives a registered office through Leeward Management at Suite 3119, 9 Forum Lane, Camana Bay, George Town, Cayman Islands. The other names in the policy describe its privacy coverage, not separately verified exchange licences.[28]

The audit directory dates V2 deployment to August 2026 and V1.5 to the first quarter of 2025. Those version labels identify different implementations; an older review should not silently supply assurance for a later deployment.[26]

Operator

Veranta Foundation

Exchange model

Decentralised

Service scope

USDC-margined crypto and global-market perpetuals on Base.

Client types

Retail clients

Pricing publication

Public pricing

Other names

Avantis

Pricing scope

Public schedules contain a maker/taker label conflict; quote-level confirmation matters.

Funding scope

USDC on Base; provider-routed card, exchange and crypto funding.

Custody and asset handling

Wallet-authenticated positions and USDC vault collateral with protocol controls.

Client eligibility

Person, sanctions and local-law restrictions; on-ramp checks differ.

Support

Documentation-linked community and email formal notices.

Authorisation and registration scope

Technical-service disclaimer; no positive licence finding.

Exchange metadata checked 20 Oct 2026Source 33Source 12Source 1Source 19Source 2Source 28Source 4Source 27

Veranta publishes a hosted AI trading connector and a read-only endpoint. The trading connection creates a 30-day delegated key: it can manage positions and margin, but cannot withdraw the account’s USDC, grant allowances or add delegates. Margin removals pay the owner wallet. Quotes require confirmation and are executable once within 30 seconds. This is real order authority, distinct from merely displaying market commentary.[32]

Hosted AI policy currently caps leverage at 3x, collateral per trade at US$250 and daily loss at US$100. The AI cannot edit the policy. Pausing blocks new positions while retaining closes; the daily-loss pause lasts until the next UTC day. The documented log records actions, and alerts or trailing stops can persist through the hosted service.[32]

AVNT staking advertises token rewards and trading-fee discounts while disclosing slashing risk. It is separate from the liquidity-vault claim and from a USDC cash balance. Token rewards can change in market value; neither staking nor the security-module label establishes an individually insured deposit.[35]

Season 3 XP pages are explicitly retained under ended-programme paths. Their score formula and reset-on-unstaking rule belong to that historic programme, not a currently promised reward allocation. A points total, fee discount and withdrawable settlement asset should remain separate in account records.[34]

The reviewed tariff does not publish an inactivity charge. An interface access restriction or expired delegate is a separate condition: expiration ends signing authority, while existing positions require their own management or exit.[12][31]