How Ledge works.

A Ledge order is a one-sided Uniswap v3 position. A sell holds the stock in a range just above the pool price; a buy holds USDG in a range just below it. The book contract places the position and keeps it until the order is closed.

You choose the stock, the side, how far from the price and how wide the range is (0.3%, 1% or 3%). The range snaps to the pool's tick spacing. It must sit entirely past the current price, so nothing is swapped when you place it.

While the pool price is inside your range, every trade that moves through it pays your position the pool fee (0.05% or 0.3% of the trade, depending on the pool), in proportion to your share of the liquidity there. An order far from the price earns nothing until the price comes near.

The fee APR on the site is the pool's last 24 hours of fees over its liquidity. It is a guide to how busy the pool is, not a promise.

An order is filled once the pool price has passed its whole range: a sell is then all USDG, a buy all stock. Anyone can close a filled order; Ledge runs a keeper that does it every minute. Closing removes the position and sends you everything, principal and fees, less 10% of the fees and a 0.05 USDG keeper fee.

Until it is closed, a position is still in the pool. If the price comes back into the range first, part of the order converts back. You can cancel at any time and receive whatever the position holds at that moment, with its fees and no keeper fee.

Each order is its own position. The owner can list pools and change the fee share (at most 20% of earned fees) and the keeper fee (at most 1 USDG). It has no function that moves orders or their tokens.

The contracts are new and unaudited. Fork tests on Robinhood Chain mainnet place, fill, cancel and peek orders on the real NVDA/USDG pool with real swaps, and check every guard.