Glossary

Every term used on SwapRoyale, defined

If you're new to fantasy trading contests or to the specific mechanics SwapRoyale uses, this page explains every term you'll see in the app and across our site. Each definition is self-contained: read any one without needing the others.

Fantasy trading

A contest format where players manage a virtual portfolio that tracks real market prices. Players compete for a share of a real-money prize pool based on portfolio performance, but no real money is invested in the trades themselves. Fantasy trading sits between paper-trading practice (no prizes, no opponents) and real-money brokerage trading (unlimited upside and downside).

Virtual portfolio

The simulated trading account each SwapRoyale contest entrant receives. Every player starts with the same $100,000 virtual balance and trades it against live market prices for real-world assets. The portfolio is virtual (no real positions are taken) but its value tracks the real market exactly.

Contest

A time-limited fantasy trading competition with a fixed entry fee, a defined prize pool, a maximum number of trades (trade limit), and a start and end time. Players compete head-to-head for prize-pool payouts. See our how-it-works guide for a full walkthrough.

Entry fee

The amount each player pays to enter a contest. All entry fees combined fund the contest's prize pool. SwapRoyale displays the entry fee, prize pool, and exact payout structure before you join any contest; there are no hidden costs.

Prize pool

The total real-money payout distributed to winning players when a contest ends. The prize pool's payout structure (how many places get paid and how much each place receives) is shown before you enter. SwapRoyale pays prize pools in USDC.

Leaderboard

A live ranking of all players in a contest, ordered by current virtual-portfolio value. The leaderboard updates in real time during trading windows. Your rank during the contest is provisional; only the rank at the contest's end time determines payout.

In The Money (ITM)

Leaderboard positions that will receive a prize-pool payout when the contest ends. SwapRoyale shows a visible "In The Money" line on each contest's leaderboard marking the cutoff between paid and unpaid finishers. Watching where you sit relative to the ITM line is a key strategic input.

USDC

USDC is a US-dollar stablecoin issued by Circle, fully backed by reserves and redeemable one-for-one for US dollars. SwapRoyale pays contest winnings in USDC on the Base blockchain because it enables instant, transparent payouts 24/7, without waiting on banking rails, ACH delays, or business hours, and because every USDC transfer is publicly verifiable on-chain. When a contest finalizes, winning players receive USDC directly to their non-custodial SwapRoyale wallet within minutes. From there they can hold the balance, withdraw to a bank account through the in-app cash-out flow (standard payment processing fees may apply), or transfer to any external crypto wallet they control. USDC on Base settles in seconds with on-chain fees measured in cents, compared with the multi-day clearing windows typical of ACH bank transfers and the per-payment processor charges traditional fantasy operators incur when paying via debit card or paper check.

Stablecoin

A cryptocurrency designed to maintain a stable value, usually pegged to a fiat currency like the US dollar. Stablecoins are commonly used for payments where instant settlement matters but cryptocurrency volatility does not. USDC, USDT, and DAI are the most widely-used dollar-pegged stablecoins.

Non-custodial wallet

A digital wallet where only the user holds the private keys. SwapRoyale uses non-custodial wallet technology so that only you can move your prize winnings; the platform cannot transfer them on your behalf. This is different from custodial exchanges where the platform holds your funds.

Daily contest

A SwapRoyale contest that opens and closes within a single trading day. Best for players who want quick action, short feedback loops, and a low-commitment way to test strategies.

Weekly contest

A SwapRoyale contest that spans multiple trading days. Best for players who want time to develop positions across market events and play a more positional rather than reactive game.

Trading window

The hours during a contest when an asset can be traded. Crypto and stocks (via tokenized 24/7 price feeds) are available continuously; metals, energy, and forex pause on weekends. Each contest's detail screen shows the trading window for every asset it includes.

Trade limit

The maximum number of trades a player is allowed to execute during a single contest. The trade limit is shown in each contest's rules and varies by format. Trade limits force economic decision-making; every trade has to count.

Position

A holding of a specific asset inside your virtual portfolio. Opening a position means buying the asset; closing a position means selling it. The size of your position is the dollar value allocated within your virtual portfolio.

Long position

A bet that an asset's price will rise. Buying the asset opens a long position; selling it later at a higher price realizes the gain. SwapRoyale contests are long-only; there is no shorting.

Portfolio value

The total current worth of your virtual cash plus the live market value of every position you hold. Your portfolio value determines your leaderboard rank during and at the end of a contest.

Drawdown

The decline in portfolio value from a recent peak. Tracking drawdown helps players understand how much of a setback their strategy has experienced inside a contest and whether to adjust.

Volatility

How much an asset's price moves over a given period. High-volatility assets create more contest variance: both more upside and more downside. Picking the right volatility for your contest strategy is a key skill.

Liquidity

How easily an asset can be bought or sold without affecting its price. High-liquidity assets like large-cap stocks fill at quoted prices; low-liquidity assets can move significantly on a single trade.

Bid / Ask spread

The difference between the highest price a buyer will pay (bid) and the lowest price a seller will accept (ask). Spreads are tighter for liquid assets and wider for thinly-traded ones. A wider spread is a real cost on every trade.

Refund

If a contest does not reach its minimum number of entrants before the start time, SwapRoyale cancels the contest and returns every player's entry fee automatically. You don't need to request a refund; it happens by default.