Documentation
How Riflex prices tokenized stocks, what the app shows you, and what to know before you trade.
What Riflex is
Riflex is a trading app for tokenized stocks (xStocks) on Solana with two routes. The Jupiter route sends your order through the best route across existing pools. The Riflex pool holds its own inventory of stock tokens and USDC, publishes a quote on-chain, and fills orders from that inventory; because the quote lives in an on-chain account, any router or app can read it and route to it. The Riflex pool launches market by market, starting with METAx; the app shows where it is live, and everywhere else orders go through Jupiter.
Riflex does not hold your funds. Every trade is a single transaction you sign in your own wallet.
How the price is made
The Riflex pool price starts from a fair price: the live mark of the matching perpetual on Phoenix, read on-chain and converted per token using the token's share multiplier. On top of that the pool adds a spread made of four parts:
| Part | What it pays for | Launch value |
|---|---|---|
| Base | Hedging cost and uncertainty | 5 bps half-spread |
| Size | Larger orders move the hedge more | 0.4 bps per $1,000 |
| Session | Thinner reference outside US hours | 0 bps; the pool does not quote while its reference is in after-hours mode |
| Skew | Nudges flow back toward the target inventory | up to ±5 bps |
The same integer formula runs in the on-chain program and in the app, so the app's quote matches what the program computes from the same state. If the state changes before your transaction lands, the minimum received protects you. The app's "Price breakdown" line shows each part for your order.
Routes
- Jupiter: the best route across existing pools. Available now for all 41 markets.
- Riflex pool: our own quote, hedged on Phoenix. Live once a market is deployed on mainnet; until then its prices are shown as a preview.
"Best price" compares both against the fair price in dollars for $100, $1k, $5k and $25k orders. "More venues" shows single-pool quotes on Raydium, Meteora and Orca.
Safety checks
Before each trade the app reads the chain and shows a verdict. The checks are: the token is not paused by the issuer, no transfer hook is active, no share-multiplier change is scheduled, and the fair price is fresh. Every swap is simulated first; if the simulation fails, your wallet is never asked to sign.
Markets
Jupiter routing covers all 41 xStocks listed in the app. The Riflex pool launches with METAx, hedged with the META perp on Phoenix.
Fees and limits
- Riflex pool fee: 5 bps, shown separately in the ticket.
- Largest single order on the Riflex pool: $250. For larger orders use the Jupiter route.
- Network fees are paid in SOL. About 0.003 SOL covers a swap with a high priority fee.
- Slippage protection: 0.3 %, 0.5 % or 1 %. If the price moves past it, the transaction reverts and only the network fee is spent.
Risks
- Tokenized stocks are not direct ownership of shares. Issuer terms and transfer restrictions apply.
- Prices and liquidity change; you can lose money. Outside US hours the reference is thinner and spreads are wider; the Riflex pool stops quoting when its reference is in after-hours mode.
- Reference prices treat 1 USDC as $1.
- xStocks are not available in the United States, to US persons, or in other restricted or sanctioned jurisdictions under the issuer's terms. Do not use Riflex if any of these applies to you; eligibility is your responsibility.
Wallets
Riflex works with any Solana wallet that supports the Wallet Standard: Phantom, MetaMask, Solflare, Backpack, Jupiter and others. Connecting only reads your address and balances. A signature is requested only when you send a swap.