Kadex
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On-chain index

Trading cards. Traded.

Go long or short on one index of 10 graded cards. No card required: margin in kdUSD on Solana.

See how it works

Kadex Index

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Open interest
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Utilisation
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Your account

Portfolio
Connect a wallet to see what you hold

Open positions, vaulted cards and pool shares are read against your address.

Vaultable cards

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How it works

Four steps. The first two are all you need to trade.

  1. 1

    Connect a wallet

    Connect a supported Solana wallet. You need kdUSD for margin and a little SOL for fees.

  2. 2

    Pick a side on the index

    Long if you think graded cards go up, short if you think they fall. Use kdUSD as margin.

  3. 3

    Or earn as the house

    Deposit into the pool and collect the fees traders pay. You take the other side of their trades.

    Go to Earn
  4. 4

    Own a slab? Put it to work

    Vault a graded card for fractions worth its appraisal. Redeem the card when you hold them all.

    Go to Vault

From the blog

Market news and plain guides to how Kadex works.

All posts ›
Logan Paul at WrestleMania XL next to the PSA 10 Pikachu Illustrator slabMarketOct 12, 2026 · 4 min readA $16.5M Pokémon card, and the market behind itLogan Paul's Pikachu Illustrator became the most expensive trading card ever sold at auction. The market around it moved on-chain, and it still has no way to go short.Read the post ›Kevin O'Leary at PaleyFest 2023MarketOct 12, 2026 · 4 min readKevin O'Leary helped pay $12.9M for one basketball cardThe Jordan and Kobe Logoman is the most expensive sports card ever sold. Nobody else can own a one-of-one, which is the case for an index.Read the post ›The window of a trading card shop in Hsinchu, TaiwanMarketOct 12, 2026 · 5 min readPokémon cards beat the S&P 500. One then lost 40% in six weeks.A Pokémon card index is up 3,821% since 2004, and in 2026 single chase cards fell by a third or more. Prices that move both ways are what a short is for.Read the post ›A trading card vending machine at Montreal Central StationNewsOct 12, 2026 · 4 min readCollector Crypt passed $1 billion. The cards are already on-chain.Graded cards trade as tokens on Solana around the clock. Kadex reads that market, and a vaulted card turns into fractions.Read the post ›Anatoly Yakovenko, co-founder of Solana, on stage at TechCrunch Disrupt in 2025NewsOct 12, 2026 · 5 min readSolana perps had a record $147B quarter. Cards are the missing market.Perpetual futures on Solana set a record in Q2 2026. Kadex brings the same instrument to graded cards, and it is live on devnet.Read the post ›
Quick answers

How can we help?

The essentials about Trade, Earn and Vault.

What am I trading?

One index tracking a fixed basket of graded cards. A long or short position follows the index price; it does not give you ownership of an individual card.

How is the index priced?

Card fractions trade in an on-chain pool. Their price is smoothed over a 30-minute window, then limited by a time-scaled clamp. External card sales are a safety check, not the price source.

What is the risk of a trade?

Perpetual positions use margin. A move against your position can liquidate it and you can lose all of that margin. Check the liquidation price in the ticket before opening.

How does Earn work?

You can deposit kdUSD or eligible card fractions for CLP pool shares. The pool collects fees, takes the other side of trades, and its value can rise or fall with trader results.

What happens when I vault a card?

An eligible graded card is held in the vault and you receive fractions. To redeem the card, you must hold and return the full fraction supply.

Is this using real money?

This screen reads the configured Solana cluster. Check the network and token shown in your wallet before signing a transaction.

How the index worksExplore EarnExplore Vault