A square foot, made tradable

Statistics agencies and land registries already measure residential prices. HM Land Registry does it for London off completed deeds. The Dubai Land Department publishes every registered transaction. MLIT covers Tokyo, URA covers Singapore, INE covers Madrid and Lisbon. SQFT takes that figure, converts it to USD per square foot for a stated scope, and makes it the settlement price of a perpetual.

The scope matters and the market page states it. New York means Manhattan resale condos and co-ops, not the five boroughs. Berlin means owner-occupied flats, not the rental stock. Reading the scope line is the difference between a view and a guess.

Between releases the mark is a nowcast. It moves with registry filings, asking prices, mortgage approvals and the revision history of the agency itself, because some agencies revise a published quarter more often than others. The estimate carries an est. tag everywhere it appears, and the chart draws it dashed against the solid line of what was actually published.

You can trade that gap. If the estimate sits above the last print and you think the release will come in soft, short it. That is the whole structural edge in this product, and it disappears the moment the release lands.

The estimate is a forecast. It is not a valuation, it is not an appraisal, and no lender should treat it as either.

When you open an index position the ticket names the release it settles against, for example q2 2026, and the date that release is due. On that date the published value replaces the estimate and the position closes at it. Margin plus result returns to your idle balance.

Payout on an index ticket is capped at 5x the margin posted, and the order ticket prints that ceiling before you sign. The cap exists because a single release can move a thin index several percent in one step, and an uncapped book would not survive it.

Equity perps work the other way. They have no settlement date, no payout cap, and they stay open until you close them or the price reaches your liquidation level.

Each ticket carries its own margin. Size is margin multiplied by leverage, and the entry price converts that into contract units. Maximum leverage runs from 3x on the thinnest markets to 5x on the deepest, and the cap is printed on every row of the board. Minimum margin is 10 USDG.

Liquidation happens when the loss reaches the posted margin less a maintenance buffer of 0.5% of size. At that point the ticket closes and the margin is gone. Nothing else in the account is touched, and the balance never goes below zero.

There is no maker fee because there is no order book to make in yet. Resting limit orders fill against the mark and pay the same taker rate.

One balance funds every market. A long in Dubai and a short in Hong Kong draw on the same collateral, so nothing needs moving between subaccounts. Blocks land every 0.1s, which is why a fill confirms about as fast as the button animation.

Sign-in is a wallet signature. There is no email field in the product, no password, and no document upload. If you disconnect, the only thing that persists is a ledger keyed to your address.

• Leverage can take the whole margin on a ticket, and on a thin index a single release can do it in one step.
• The estimated mark can be wrong. A release can print well away from where the mark sat, and your position settles at the release.
• Agencies revise. A revised figure does not reopen a settled ticket.
• Balances today are paper USDG held server side while the settlement contracts finish audit. $SQFT is not launched and no contract address exists.