> For the complete documentation index, see [llms.txt](https://docs.vibe.trading/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.vibe.trading/pools/overview.md).

# Overview

Liquidity pools back every VibeCaps perpetuals market. Deposit a token to earn a share of trading fees, or list a new token and launch its market.

<figure><img src="https://1059243772-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FCr6LuvhRparZQQ69OnVT%2Fuploads%2FvBAvqza4wdfKdFd5L4DV%2Fpools-walkthrough-trimmed.gif?alt=media&amp;token=1194db85-319d-4dd8-a368-74e551616d02" alt=""><figcaption><p>Overview</p></figcaption></figure>

A Vibe pool is the liquidity behind a VibeCaps perpetuals market.

When someone deposits a token into a pool, that deposit becomes the backing that lets traders open leveraged Up and Down positions on the token. In return, depositors — liquidity providers, or LPs — earn a share of the fees those trades generate.

Two things happen in one place:

* **Anyone can list a supported token.** Deposit a token, and a perpetuals market for it can go live in minutes. No application, no listing committee — but the token has to be one the platform supports, and every listing passes an automated validation check before it goes live.
* **Anyone can provide liquidity.** Deposit into a pool that already exists and earn a share of its trading fees.

"Permissionless" means no gatekeeper decides whether your market deserves to exist. It does not mean every token can be listed. Tokens on unsupported chains are rejected at the first step, and tokens that fail validation — a token that takes a fee on transfer, for example — never reach the market. See [Listing your token](https://docs.vibe.trading/pools/listing-your-token) for what validation checks and what happens when it fails.

### How LPs earn

Traders pay fees on every position they open and close. A pool distributes a share of those fees to its LPs, in proportion to how much of the pool each one holds.

Rewards accrue continuously and are recorded as daily snapshots. They are paid in **USDC**, and they are separate from your deposit — claiming rewards does not touch your position in the pool.

Two settings shape how a pool behaves, and both are chosen by its LPs:

| Setting          | What it does                                                                                                             |
| ---------------- | ------------------------------------------------------------------------------------------------------------------------ |
| **Buyback %**    | The share of pool profit used to buy the pool's token back and add it to liquidity. Presets are 10, 25, 33, 50 and 100%. |
| **Max Leverage** | The highest leverage the pool offers to traders, from 1x up to 20x.                                                      |

Neither is set by one person. Every LP submits their preferred values, and the pool applies a **deposit-weighted average** — your influence scales with the size of your deposit. You can change your values at any time from **Edit Config**.

### Reading a pool

<figure><img src="https://1059243772-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FCr6LuvhRparZQQ69OnVT%2Fuploads%2FFLMPVuAIIYz4tk9hsaSQ%2Fimage.png?alt=media&#x26;token=15efdb86-6905-46ed-b153-939c6f1b9caa" alt=""><figcaption><p>Pool's Detail Page</p></figcaption></figure>

The **Discover tab** and each **pool's detail page** share the same vocabulary:

| Metric             | Meaning                                                                                                                            |
| ------------------ | ---------------------------------------------------------------------------------------------------------------------------------- |
| **TVL**            | Total value locked — how much liquidity sits in the pool. Larger pools mean steadier fees for LPs and less slippage for traders.   |
| **Market Cap**     | The total value of the token in circulation. Useful for judging a project's relative size.                                         |
| **APR**            | An estimate of yearly yield from the pool's trading fees. Shown over 24H, 30D and Total, so you can see how steady it actually is. |
| **OI (Ups/Downs)** | Open interest — the value of all live positions, split by direction. High OI means traders are actively using the pool.            |
| **Available Liq**  | How much room is left for new positions in each direction.                                                                         |
| **24H Vol**        | Trading volume over the last day. More volume means more fees shared among LPs.                                                    |
| **Depositors**     | How many LPs currently hold a position in the pool.                                                                                |

### Supported chains

Pools can be created on **Solana, Base, BNB Smart Chain, Arbitrum and Sonic**. The token stays on its own chain; trading happens on Vibe.

A pool's chain matters in two places: you deposit the token on that chain, and you withdraw back to an address on that same chain family.

### What it costs to get in

Two amounts are worth knowing before you deposit:

* **$5 minimum deposit.** Every deposit must be worth at least **$5** of the pool's token — whether you are creating a new pool or adding to one that already exists. A listing deposit below the minimum leaves the pool pending until you top it up.
* **$1 initialisation swap when you list.** Creating a pool swaps **$1 of your deposit** instantly to cover pool initialisation fees. The listing flow asks you to acknowledge this before you confirm.

Both figures are in the token you are depositing, valued at its current price. The identity signature itself executes no transaction and costs no gas.

### Where to find them

<div><figure><img src="https://1059243772-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FCr6LuvhRparZQQ69OnVT%2Fuploads%2FkH92rUYKSAstw0VO0rpy%2Fimage.png?alt=media&#x26;token=b9e70211-50a7-437e-bd42-e68f7c773db4" alt=""><figcaption><p>Discover tab</p></figcaption></figure> <figure><img src="https://1059243772-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FCr6LuvhRparZQQ69OnVT%2Fuploads%2FSjF1M0OO0sFqbnT6g2Lt%2Fimage.png?alt=media&#x26;token=cb399e49-78e0-4176-a2a3-2c78547d2db5" alt=""><figcaption><p>Your Pools Tab</p></figcaption></figure></div>

Open **Pools** in the Vibe app. There are two tabs:

* **Discover** — every live pool, with an overview of the whole VibeCaps market, a sortable and filterable pool list, and recent activity.
* **Your Pools** — the pools you have deposited into or listed, your combined performance, and your transaction history.

Your Pools needs a one-time wallet signature to load your positions. The signature verifies who you are; it executes no transaction and costs no gas.

{% hint style="info" %}
**Your Pools currently needs a desktop signature.** A phone linked by QR cannot produce that signature, so Your Pools stays empty there. Sign in on Vibe desktop first, then re-scan the link QR to bring your pools across to the phone. Discover, and browsing any pool's detail page, work on mobile either way.
{% endhint %}

### What to be aware of

* **Pools are permissionless.** Anyone can list any supported token, and neither a listing nor a passed validation check is an endorsement — validation is technical, not a judgement of the project. Judge each pool on its own metrics.
* **Low liquidity relative to market cap is a risk signal.** The app warns you when a token's market-cap-to-liquidity ratio is high — those tokens are easier to manipulate.
* **Withdrawals are not instant.** Leaving a pool takes roughly 14 days to settle. See [Withdrawing from a pool](https://docs.vibe.trading/pools/withdrawing-from-a-pool).
* **Your returns depend on trading activity.** APR is an estimate from past fees, not a promise. A pool with no traders earns nothing.

### Next steps

* [Depositing into a pool](https://docs.vibe.trading/pools/depositing-into-a-pool)
* [Rewards and claiming](https://docs.vibe.trading/pools/rewards-and-claiming)
* [Withdrawing from a pool](https://docs.vibe.trading/pools/withdrawing-from-a-pool)
* [Listing your token](https://docs.vibe.trading/pools/listing-your-token)
* [Pool statuses and troubleshooting](https://docs.vibe.trading/pools/pool-statuses-and-troubleshooting)