> ## Documentation Index
> Fetch the complete documentation index at: https://docs.speculate.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# Who is Speculate for?

> Beginners, competitors, and degens

Speculate isn't one product wearing three costumes — it's three ways to get in the arena, depending on what you're here for.

<Note>
  The trading is simulated — everyone competes on the same **\$10,000 practice balance**, priced off real Kraken market data. The stakes are not: entry fees, prize pools, and duels move real USDC. HyperStake is the exception — it's real Hyperliquid perps, no simulation.
</Note>

## For newcomers

New to trading and not ready to learn the hard way? Start where the only thing on the line is your rank. Free competitions run on the same \$10,000 simulated balance as everything else, with **zero entry fee** — so you learn the mechanics by actually competing, not by reading a manual.

* [**Free competitions**](/competitions/overview) — $0 entry fee, $10,000 demo capital, same live markets as everyone else
* **Real market prices** from Hyperliquid + Kraken feeds — no toy sandbox, no fake candles
* **Learn by competing** — climb a live leaderboard instead of grinding a tutorial
* **No pressure** — nothing to lose but your rank

## For competitive traders

Confident in your edge? Put it where it counts. Paid competitions and 1v1 duels turn your read on the market into real USDC — and leaderboards, seasons, and XP make sure everyone knows who's actually winning.

* [**Paid competitions**](/competitions/overview) — entry fees and prize pools paid in real USDC
* [**1v1 duels**](/duels/overview) — winner-take-all, no platform fee
* **Leaderboards & seasons** — a rank that means something beyond one match
* [**XP toward \$SPEC**](/rewards/xp) — every buy-in and placement grows your share of the token

## For degens

Want a real position, fast, with no setup? HyperStake skips the order form entirely — pick a direction, pick a payout multiple, pick your stake, and you're live on real Hyperliquid perps.

* [**HyperStake**](/hyperstake/overview) — one tap, no order form, no leverage math
* **Real Hyperliquid perps** — the one corner of Speculate that isn't simulated
* **Pick your payout multiple** — set the multiple you want, the platform sets the odds
* **Fixed stake** — your maximum loss is locked in before you confirm

Trade to learn, compete to win, or bet to feel it — however you show up, Speculate gives you a way to get better.