Rendered copy for browsers and agents. Machine-readable source: /verify.md · authoritative figures: /kpis.json

On-chain transparency

Figures as of 30 September 2026. September 2026 is a closed month. Unaudited.

TRUE's revenue is not a number in a private ledger. Trading fees are transfers into public Solana wallets, so the money can be confirmed arriving without taking our word for any of it. Very few companies at this stage can offer that.

The public wallets

Figures to check against

September covers 1-30 September, all 30 days. August covers 1-31 August, all 31 days. Unaudited.

• Lifetime fee revenue: $1,581,641 to 2026-09-30 ($961,641 to 2026-08-31, $620,000 for September), all earned since 2026-05-10
• Lifetime traded volume: $1,300,065,418 to 2026-09-30, from the production milestone counter, crossed on 28 September
• August fee revenue: $688,001 — spot $327,795, perpetuals $359,572, prediction markets $634
• August spot volume: $44,120,633 across 50,790 swaps
• August perpetual notional: $415,359,641 across 248 client accounts
• September fee revenue: $620,000, of which perpetuals are 98.3% and spot and prediction markets the remainder
• September perpetual notional: $619,221,713 across 462 client accounts and 60,941 closed positions, market maker excluded
• September growth spend: $375,000 on an earned-period basis, 60.5% of fees, of which $87,470 is period-end trader rebates earned inside the month. The trail: $408,748 of itemised cash left the payout wallet in September, $45,619 of it earned in August, and $11,871 of September-earned rebates was unsettled at month end. $408,748 less $45,619 plus $11,871 is $375,000
• September operating result: +$160,000 — $620,000 less $375,000 of growth spend less the $85,000 fixed cost base
• August growth spend: $396,367 on an earned basis, 57.6% of fees, carried as a cost inside the +$105,828 operating result: $688,001 less $396,367 of growth spend less the $185,806 August cost base

How to check it

1. Take any ten swaps from the September window and trace trade → fee → collector wallet.
2. Fees are collected in kind, so price each fee token at the time of receipt rather than today.
3. For perpetuals, exclude the venue's own 43 house and market-maker accounts — we do not count their self-fees as revenue, and a reconstruction that includes them will overstate us. Ask and we will send the list.
4. Compare outflow from the payout wallet against the reported growth spend, using the trace in the growth-spend line above rather than the raw September outflow.

Two notes so a reconstruction lands on our numbers rather than beside them. Value swept out of the fee wallets is not revenue — payout runs are funded from treasury and fee inventory is periodically converted to USDC, so wallet balance is a remainder, not an earnings figure. And the on-chain reconstruction of individual swaps covers 1 January to 15 July 2026; from 16 July the production fee ledger is the system of record, reconcilable against the same public wallets.

A full transaction-level reconciliation, the house wallet list and wallet-level concentration data are provided under NDA.