Wind-down announced (August 2026)
On 19 August 2026 CaviarNine, Surge's lead builder, announced that it is winding down its products and leaving Radix, and named Surge specifically. Surge is to unwind in stages: a date will be announced for the orderly closing of all open positions, and collateral left unclaimed after that date is to be bridged to Ethereum and held there for later claiming, so that no position is stranded. No date had been given when this page was updated, and the exchange was still trading — surge.trade served its full interface on 19 August 2026 and the pool component below was still committing keeper transactions.
Two things follow for anyone reading the sections underneath. The protocol facts recorded there — pool balance, SRG supply, the burn mechanism — describe a live exchange that has now been given an end date in principle; and the collateral set includes LSULP, the CaviarNine LSU Pool unit, whose issuer is the same company that is leaving. The pool unit itself is unaffected by that: read live at epoch 336,318 on 19 August 2026 its freezer and recaller rules are deny_all and immutable, so no operator can freeze or claw back margin denominated in it.
Surge is a decentralized perpetuals exchange launched on the Radix network as a collaborative effort between companies CaviarNine, KeyRock, and Supra. It is the first perpetual DEX built on the Radix blockchain, designed to facilitate off-ledger trading in the decentralized finance (DeFi) ecosystem.
As of 2026, Surge is live and trading on Radix mainnet, offering leveraged long and short positions across major crypto markets with on-ledger settlement and price feeds from Supra oracles. The protocol is powered by its native SRG token (@surge_trade).
Protocol status
Surge is still operating on mainnet, and the claim is checkable on-ledger rather than from the front end. Read at epoch 333919 on 11 August 2026, the liquidity-pool component held 33,245.53 sUSD — Surge's own wrapped dollar — in a single vault, against a virtual balance of −8,892.11, unrealised pool funding of −53.95 and a profit-and-loss snapshot of −43.72, for a net pool value of roughly $24.3K. The same component had committed a transaction at 03:06 UTC that morning, minutes before the read; its steady traffic is keeper transactions paying out SKR (Surge Keeper Reward) to the accounts that push oracle prices into the exchange.
The SRG token has a total supply of 98,894,000 with its minter rule set to deny_all, so no more can currently be issued — though unlike some Radix tokens that rule is still mutable and the resource's rules are not locked.
A note on third-party data. DeFiLlama has reported zero TVL for Surge every day since 25 March 2026, its last non-zero reading being $27,844 on 24 March. The pool balance measured above is of the same order as that final figure, so the zero is best read as a broken tracking adapter rather than as a wind-down of the protocol.
Overview
Perpetual exchanges like Surge enable traders to take leveraged positions without being constrained by traditional expiry dates. This allows traders to hold positions indefinitely without the need to roll over contracts periodically. Additionally, perpetual contracts provide the ability to trade with leverage, enabling traders to potentially amplify their profits or losses. Surge aims to provide a comprehensive and secure trading platform tailored for these types of perpetual markets. It incorporates features from established protocols while introducing its own innovative elements.
Surge was developed by leveraging the expertise of its founding companies in areas such as oracle technology and financial services. CaviarNine, KeyRock, and Supra contributed their respective specialties to create the perpetual DEX. As the first such platform on Radix, Surge represents a significant addition to the network's growing DeFi ecosystem.
Key Features
Surge's own documentation describes a cross-margin venue denominated entirely in USD terms: every pair, account and settlement is measured in dollars, positions share a unified collateral pool, and a single central USD pool takes the other side of every trade and carries the resulting risk.
- Markets. Eight pairs are listed against the dollar — BTC, ETH, SOL, XRD, SUI, DOGE, ADA and BNB. (The "over 100 trading instruments" figure that circulated before launch came from the 2024 announcement and does not describe the deployed exchange.) Leverage starts at up to 20x.
- Collateral. sUSDC — Surge's wrapped xUSDC — plus xWBTC, xETH, XRD and LSULP, the CaviarNine LSU pool unit, are accepted as margin.
- Order types. Market, limit and stop-limit, with take-profit and stop-loss attached to a position.
- Oracle and keepers. Prices come from Supra and are pushed on-ledger by keepers — permissionless accounts that hold no protocol authority but are paid in SKR (Surge Keeper Reward) for the transactions that keep prices, liquidations and order execution current. Keeper traffic is what the component's steady on-ledger activity consists of.
- Liquidity providers stake xUSDC into the single pool, earn a share of trading fees, and in exchange stand as counterparty to traders' aggregate position.
- Scrypto. The exchange is written in Scrypto and settles on-ledger; the docs publish the transaction manifests a client builds to trade against it.
The documentation still carries a prominent risk notice describing Surge as "an experimental perpetual DEX in its early stages of development" whose risk-management, liquidation and oracle systems "are being tested in live market conditions".
$SRG Token
SRG had its token generation event on 13 November 2024 with an initial supply of 100,000,000. Read live at epoch 334255 on 12 August 2026, the resource reports a total supply of 98,894,000. The difference — 1,106,000 SRG, or about 1.1% of the original supply — has been burned, which makes the token's one live mechanism measurable rather than promised.
Buy-back and burn. Per Surge's documentation, 20% of all opening and closing trade fees are routed to an SRG treasury component, and those fees are periodically used to buy SRG from the market and burn it. That component (component_rdx1czwd96pvxsuy2ydd25fulz242x36h257thn45tscp4rkxkrfy99958) is a FeeDistributor instance and held a treasury balance of 353.97 at the same read. The burn is community-triggerable: the site shows the treasury balance in real time and anyone may initiate the buy-back from the interface, which the ledger corroborates — the resource's burner rule is allow_all and, unusually, immutable, so the right to burn SRG cannot be withdrawn. The minter rule is deny_all, fixing supply, though that rule remains mutable and the resource's rules as a whole are not locked.
Governance is still forward-looking, by Surge's own account. The token is named a governance token, but the documentation says only that "as the platform matures, the token will convey voting rights to holders to make governance decisions on a variety of issues, such as fee structures and burn rates". No voting mechanism has been announced as live. A staking model that would pay SRG holders a yield from collected fees is described as a possibility "in future, dependent on the preference as decided by a governance vote" — that is, contingent on the governance that does not yet exist.
Community and status
Surge is live and permissionless: there is no sign-up, no early-access list and no testnet phase — a trader connects a Radix Wallet and opens a trading account directly. The project publishes updates through @surge_trade.
Its documented roadmap is short and unchanged from the launch-era list: additional trading pairs, higher leverage limits, interface work, a referral system, and bridge integrations. The referral programme in particular is still listed as planned rather than shipped, and no timeline is attached to any of it. Surge does not publish a public governance forum or a treasury report; the on-ledger components above are the only continuously verifiable record of the protocol's activity.