Documentation

CSL is a perpetual exchange for CS:GO skins, built on Solana. It enables traders to long or short digital collectibles with leverage, using $USDC as collateral.

Unlike traditional skin marketplaces, CSL does not require users to own or move skins. Instead, it offers synthetic exposure to their prices via oracles and on-chain perp contracts.

Please feel free to navigate through our documentation which includes how-tos for traders as well as technical details for developers.

For Traders

Thorough how-to for traders

📖 How to Trade on CSL

Welcome to CSL Perpetuals — where you can long or short CS:GO skins with leverage. Follow this guide to get started in just a few minutes.

1. Create a Wallet

  • Download a Solana wallet (we recommend Phantom or Backpack).

  • Set it up and save your recovery phrase securely.

2. Fund Your Wallet

  • Get USDC on Solana (can be bought on most exchanges and sent directly).

  • Deposit it into your wallet.

  • This will be your trading balance on CSL.

3. Connect to CSL

  • Go to the CSL trading app.

  • Click Connect Wallet and select your wallet.

  • Once connected, you’ll see your balance in the dashboard.

4. Choose a Market

  • Browse the list of skins (e.g. Dragon Lore, Karambit Fade, M4A4 Howl).

  • Click on a skin to open its trading page.

  • Review the current price and chart.

5. Open a Position

  • Decide if you want to Long (price goes up) or Short (price goes down).

  • Enter the amount of USDC you want to trade.

  • Choose your leverage (e.g. 2x, 5x, 10x).

  • Confirm your trade — your position is now live!

6. Manage Your Trade

  • Track your open position in the dashboard.

  • You’ll see your PnL (profit and loss) update in real time.

  • You can add margin, reduce leverage, or close your position anytime.

7. Close & Withdraw

  • When you’re ready, hit Close Position.

  • Your profit (or loss) will be settled instantly in USDC.

  • Withdraw USDC back to your wallet whenever you like.

✅ Tips for Traders

  • Start with small positions until you’re comfortable.

  • Remember: higher leverage = higher risk.

  • Use shorts to hedge your CS:GO inventory if you own real skins.

  • Keep an eye on the market — skin prices can move quickly.

For Developers

The nitty gritty for developers interested in CSL, or CSL API

🔑 Core Architecture

CSL Perpetuals is built on Solana using the Anchor framework. The system is composed of:

  • Smart Contracts – Handle perpetual markets, margin accounts, funding, and liquidations.

  • Price Oracles – Custom Switchboard feeds for CS:GO skins.

  • Collateral Vaults – USDC SPL token accounts securing all open positions.

  • Frontend Client – React/Next.js app communicating with Solana via Anchor client + Wallet Adapter.

📂 Program Structure

1. Market Program

  • Initializes new skin perp markets.

  • Stores market config (oracle feed, base/quote size, funding rate params).

  • Manages open interest tracking.

2. Margin Account Program

  • Creates user margin accounts tied to wallets.

  • Tracks deposits, withdrawals, open positions, and unrealized PnL.

  • Enforces initial & maintenance margin requirements.

3. Perp Engine (vAMM)

  • Virtual AMM design inspired by Drift & Mango.

  • Defines how long/short exposure interacts with market liquidity.

  • Applies funding rates each funding interval.

4. Liquidation Program

  • Monitors accounts for margin violations.

  • Allows liquidators to close unhealthy positions.

  • Applies liquidation penalty → sent to Insurance Fund.

📊 Oracles

  • Provider: Switchboard custom feeds.

  • Data Sources: Buff163, Skinport, DMarket APIs.

  • Aggregation: Weighted index + outlier filtering.

  • Update Interval: ~30 seconds.

  • Fallback: Circuit breakers pause markets if oracle feed is delayed or manipulated.

💵 Collateral & Settlement

  • Collateral Asset: USDC (SPL).

  • PnL Settlement: All profits and losses settled in USDC.

  • Insurance Fund: Accumulates liquidation penalties; backstops protocol in extreme events.

⚙️ Key Parameters

  • Max Leverage: 10x

  • Initial Margin Ratio: 10%

  • Maintenance Margin Ratio: 6.25%

  • Funding Interval: Every 1 hour (adjustable per market)

  • Liquidation Penalty: 2% of position value

🖥 Developer Tools

Anchor Client

Developers can interact with CSL programs using the Anchor framework.

Copy

// Example: Fetching a market
let market = program.account::<Market>(market_pubkey)?;
println!("Current oracle price: {:?}", market.oracle_price);

APIs (Planned)

REST & GraphQL APIs will expose:

  • Market prices & funding rates

  • Open interest per skin

  • User position data (public)

  • Historical PnL

🔒 Security

  • Audits: Scheduled with external firms.

  • Circuit Breakers: Pause trading if oracle anomaly detected.

  • Rate Limits: Per-user and per-market limits to mitigate abuse.

  • Liquidation Incentives: Ensure system solvency during volatility.

🌐 Integration Opportunities

  • Market Makers: Provide liquidity by running liquidation & funding bots.

  • Analytics Platforms: Pull data from on-chain accounts + APIs for dashboards.

  • Custody Partners (Future): Wrap real skins into SPL tokens for collateral.

  • Bot Traders: Programmatically trade perp markets using Anchor client or API.

Integrations

📊 Oracles

  • Switchboard – custom oracle feeds delivering real-time CS:GO skin pricing data.

  • Marketplace Data Sources:

    • Buff163

    • Skinport

    • DMarket

    • Other third-party APIs as backup feeds

  • Aggregation: Prices are weighted and published to Solana in near real-time to ensure fair market execution.

💵 Collateral & Settlement

  • USDC (Solana SPL) – primary collateral and settlement asset.

  • Phantom Wallet – native wallet support for deposits/withdrawals.

  • Solflare / Backpack / Ledger – additional wallet integrations.

⚙️ Perpetual Engine

  • Anchor Framework – Rust-based smart contract development framework.

  • Virtual AMM (vAMM) – underlying liquidity model for perpetual trading.

  • Liquidation Bots – incentivized off-chain actors for liquidation execution.

🛡 Risk & Safety

  • Insurance Fund – protocol-owned reserve to cover bad debt during extreme volatility.

  • Circuit Breakers – trading halts triggered by oracle anomalies or manipulation.

  • Audits: [Planned] external code audits for protocol security.

🌐 Frontend & UX

  • React / Next.js – frontend framework powering CSL dashboard.

  • Solana Wallet Adapter – seamless multi-wallet connection.

  • TradingView Charts – interactive charting integration for skin price markets.

📈 Analytics & Monitoring

  • Helius – Solana RPC & indexing for real-time on-chain data.

  • Dune Analytics (planned) – public dashboard for volumes, OI, and funding rates.

  • Datadog (internal) – performance and infrastructure monitoring.

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