> ## 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.

# Duels

> 1v1 winner-take-all trading battles

A Duel is Speculate stripped down to its purest form: **you versus one other trader, same clock, same market, winner takes it all.**

Structurally, a Duel is just a two-person competition. It runs on the exact same trade screen, the exact same live Kraken market data, and the exact same **\$10,000 simulated practice balance** every player starts with. Nothing about the trading experience changes — what changes is the stakes, and how they get settled.

<Note>
  The trading in a Duel is simulated. The stakes are real. Your PnL is measured on a practice balance, but the entry fee both of you post is real USDC — and it moves.
</Note>

## Winner takes all

Both players post the **same entry fee** to lock in. Whoever ends the Duel with the better result wins the full pot:

$$
\text{Payout} = 2 \times \text{Entry Fee}
$$

There is **no platform fee** on Duels. Every dollar in the pot came from a player, and every dollar out goes to a player — Speculate doesn't take a cut. Compare that to competitions, where a platform fee is deducted before the prize pool is set; see [Fees](/about/fees) for the full breakdown.

<Tip>
  Because there's no rake, a Duel's economics are simple: risk your entry fee, win double it, or lose it. Your maximum real loss is always capped at what you posted to enter.
</Tip>

## Settlement is on-chain and gasless

Real-money Duels aren't tracked in a database and paid out on trust — the entry fees sit in an **on-chain escrow contract on HyperEVM** until the Duel resolves, and the payout is a contract call, not a promise.

You never need gas in your wallet to make any of this happen. Speculate relays every transaction on your behalf — creating a Duel, accepting one, and settling the payout are all **gasless**. You sign, Speculate submits.

## Two ways to start a fight

* **Open challenge** — post a Duel for anyone to accept. First trader who takes it locks the second slot.
* **Directed challenge** — call out a specific friend by sending them a direct invite. Only they can accept it.

Both paths use the same entry fee, asset, and duration parameters — see [Creating a duel](/duels/creating) for the full setup flow.

<Info>
  Free, bragging-rights-only Duels exist in the product, but they're not yet surfaced in the app for players.
</Info>

<CardGroup cols={2}>
  <Card title="Creating a duel" icon="plus" href="/duels/creating">
    Set your asset, entry fee, duration, and leverage — then open the challenge or send it directly to a friend.
  </Card>

  <Card title="Duel rules" icon="scale" href="/duels/rules">
    How winners are decided, what happens on a tie, and the cancellation and refund rules.
  </Card>
</CardGroup>