Every stock, one order

One asset, many pools

A share of Nvidia on Robinhood Chain is a single token, but the market for it is not in one place. It trades in Uniswap v3 pools against dollars and against ETH, in Uniswap v4 pools with different fee tiers, on other exchanges that aggregators can reach, and through bridges that bring buyers in from other chains. Each venue has its own depth, its own fee and its own price at any given second.

For someone who simply wants to own a few shares, that fragmentation is a cost. They have to know which pool is deep today, approve each router, place one order per stock, and hope the price does not move between them. The tokens exist; the market around them is hard to use. Kabudex exists to make that market feel like one place.

What Kabudex is

Kabudex is an interface. It reads the chain and a handful of public sources, computes the best way to fill an order, and builds the transaction in your browser. Your wallet signs it, the chain settles it, and Kabudex shows you the result. The name comes from kabu (株), the Japanese word for a share of stock; the mark is a kabudex, the helmet that gave Tokyo's exchange district, Kabuto-chō, its name.

It covers five operations: swapping a stock token, bridging funds in from other chains, buying a basket of stocks in one transaction, earning interest on idle dollars or lending to markets backed by stocks, and launching a token paired with a stock. Each is described below with what it costs and what can fail.

Across the product, one rule of colour carries meaning. White is what you sign. Gold is what Kabudex chooses for you: the pool, the path, the minimum. If you can read those two colours, you can read every screen.

What it never holds

Kabudex has no contract of its own between your wallet and the venues it uses. Every order is a call to a contract that was already on the chain: Uniswap's Universal Router, LI.FI's contracts, a Morpho vault or market, or Doppler's launch contracts. Your dollars and shares move from your address to the venue and back to your address inside one transaction.

• No deposits: there is no Kabudex balance to fund and nothing to withdraw from us.
• No keys: Kabudex never sees a private key and never asks you to sign a message to log in.
• No reversal: once your wallet signs and the chain includes the transaction, it is final. Kabudex cannot cancel or refund it, and neither can anyone else acting for us.

This is a constraint we chose. It means there is nothing for Kabudex to freeze, lend out or lose, and nothing to trust beyond the contracts named in the documentation.

Swap and bridge

Single swaps and bridges are quoted through LI.FI, which compares the exchanges and aggregators active on Robinhood Chain and the bridges that reach it from Ethereum, Base, Arbitrum and BNB Chain. A quote arrives as a ready transaction with an amount out, a minimum, a gas estimate and every fee listed in dollars. Kabudex shows it unchanged and hands it to your wallet.

The minimum is the heart of it. It is worked out from the quoted amount and your slippage setting, and the contract checks it on execution. If the market moved and you would receive less, the transaction reverts and only gas is spent. Kabudex charges nothing on swaps or bridges today; LI.FI takes a fixed 0.25% shown in the quote, and each pool's fee is already inside the amount.

Pools trade every hour of every day. The shares behind them trade during US market sessions. The app shows which session is running, because outside it a pool's price follows the last quotes and spreads can widen.

Baskets

A basket is a list of stocks and the share of your money each gets. It is not a fund and there is no basket token: each stock arrives at your address on its own. What makes it useful is that the whole list settles in one transaction.

weights      NVDA 0.50   AAPL 0.30   META 0.20
amount       132.000000 USDG

leg_i        = amount x w_i
minOut_i     = quote_i x (1 - slippage)

For each leg, Kabudex quotes every Uniswap v3 and v4 pool that holds the stock against USDG or ETH, keeps the best, and sets that leg's minimum. The legs become commands of a single Universal Router call. If any leg would miss its minimum, the router reverts all of them, so an order never leaves you with two stocks out of three. A three-stock basket measured about 427,000 gas paid in USDG and 539,000 paid in ETH. Of the 95 stock tokens listed today, 72 have a pool of some depth, and 48 have a USDG pool deep enough to fill a $250 buy within 3% of the mid price; those 48 are the ones a basket can hold. The order screen shows what each leg really costs against that mid price, warns above 3% and refuses above 10%.

Earn and lend

Dollars waiting for an order can earn interest. Kabudex lists the Morpho vaults on Robinhood Chain that hold real deposits, shows each one's APY after its own fee and the liquidity available to withdraw, and lets you deposit and withdraw directly. Vaults follow the ERC-4626 standard; Kabudex takes no fee.

Morpho Blue markets go one step further: they accept stock tokens as collateral. You can supply USDG to a market and earn what its borrowers pay, or post a stock and borrow USDG against it, below a liquidation threshold of 62.5% in today's stock markets. The markets are small and highly used, which explains both their high rates and their thin liquidity. The app shows all three before you act.

The launchpad

The launchpad lets anyone create a token, its bonding curve and its Uniswap v4 pool in one transaction, through Doppler's contracts on Robinhood Chain. The supply is fixed at one billion, all of it on the curve; nothing is minted to the creator. The token opens at a fully diluted value of about $5,000, and its liquidity is locked in the pool from the first trade.

What is particular to Kabudex is the pair. A token can trade against ETH or USDG, as on most launchpads, or against a tokenized stock. A token paired with Nvidia is bought with Nvidia, and its fees are paid in Nvidia. Before signing, a dry run asks the chain to simulate the exact launch transaction, so a launch that would fail never reaches the wallet.

The fee split

A launched token's creator sets a fee between 1% and 5%. The pool charges it on every buy and sell, through any router, never on transfers, and always in the pair asset. Doppler's hook keeps 5% of each fee. The remainder is split 70% to the creator and 30% to Kabudex. On a $1,000 trade at 2.5%, the fee is $25.00: Doppler receives $1.25, the creator $16.63 and Kabudex $7.13.

The creator chooses once, at launch, what their share does. It can be paid to them, to collect at any time from the token's page. Or it can buy the token back in its own pool and send it to the dead address, so that supply only shrinks. The fee, the pair and this choice are written into the pool and cannot change.

$KABUDEX and the burn

$KABUDEX is the marketplace's token, launched by the team on Pons, a launchpad on Robinhood Chain. Its mechanism is one sentence long: Kabudex's 30% share of launchpad fees goes to its treasury and is used to buy $KABUDEX in its pool and send it to the dead address. Every buyback and burn is a public transaction on the chain.

It is worth saying what the token is not. It is not a share in Kabudex and gives no claim on its treasury or income. It pays no dividend and gives no vote. It is not needed to use any part of the product. Its only link to Kabudex is the burn, and the burn depends on how much the launchpad is used, which can be a lot, a little or nothing.

Risks

• Contracts: every venue Kabudex calls can contain a bug or be exploited. Kabudex wrote none of them.
• The issuer: Robinhood can pause a stock token, block an address and apply corporate actions through a display multiplier. Orders that touch a paused token revert.
• Markets: thin pools move more for the same order; outside US hours, prices drift and spreads widen.
• Lending: a loan against a stock can be liquidated at a penalty if the stock falls; vault withdrawals depend on unlent liquidity.
• Bridges: a bridge can be delayed or refund, and a failed destination swap delivers the bridged token instead.
• Launched tokens: anyone can launch one, and its price can go to zero.
• Eligibility: tokenized stocks are not offered to US persons, and each issuer sets its own rules.

Nothing in this document or on the site is investment, legal or tax advice.

What is next

Kabudex will grow by adding venues as they prove themselves on the chain, not by adding layers of its own. The directions we are working on follow from what users ask for:

• Reading coming corporate actions (newUIMultiplier, effectiveAt) and showing them on each stock before they take effect.
• Tracking how a basket has moved since you bought it.
• A mode in which a launched token's fees are paid out to its holders on a schedule.
• New stock tokens and new pools as they appear, checked against the issuer's contract before they are listed.

Each of these will be described in the documentation before it ships, with its costs and its risks, in the same plain terms as everything above.