Getting started
Additional tutorials Uniswap Foundation Futarchy Tutorial by @opmichael
You're finally ready to use Butter. Let's get you onboarded.
Get funds on Unichain To use Butter, you'll need ETH on Unichain. The Uniswap app makes it easy to bridge ETH from the mainnet to Unichain.
Log in Choose the wallet in which you hold some collateral tokens and use it to log in to your Butter account.
Deposit collateral Deposit some collateral tokens into your Butter account, and get ready to trade. Deposit collateral →
Choose where to trade Butter currently offers two product tracks:
KPI markets: monthly TVL (EOM) markets for Base, Arbitrum, and Unichain. Go to the DeFi TVL page and click Trade TVL Markets, then select a chain/month. Learn more →
CFMs (Conditional Funding Markets): proposal-driven markets that estimate impact under Funded and Not Funded scenarios.
For CFMs: select a proposal Once your wallet is ready, pick a proposal to explore. Each proposal has two distinct markets for precise impact estimation: Funded and Not Funded. How to trade CFMs →
For KPI markets: select a TVL market From the markets list, choose the chain/month you want to trade (e.g., Unichain TVL — August 2025 (EOM)). How to trade KPI markets →
Evaluate the forecast Your goal is to find markets you think are mispriced.
CFMs: Compare the Funded and Not Funded market forecasts to your own analysis of proposal impact. How to forecast (CFMs) →
KPI markets: Decide whether the chain's end-of-month TVL will finish above or below the current implied estimate.
Buy UP or DOWN Express your view by buying UP (bullish) or DOWN (bearish).
CFMs: Buy Funded-UP/DOWN or Not-Funded-UP/DOWN based on which scenario you think is mispriced. How to trade CFMs →
KPI markets: Buy UP/DOWN to reflect your view on the EOM TVL for the selected chain/month. How to trade KPI markets →
Example (CFMs): In Proposal X's Funded market, if the UP token trades at $0.20 on a $0–$100M range, the market implies $20M with funding. If you believe $35M, buy Funded-UP; if $20M is too optimistic, buy Funded-DOWN.
Example (KPI markets): For Unichain TVL August 2025 (EOM): if the implied estimate is $1.1B and you expect the month to finish higher, buy UP; if lower, buy DOWN.
Swap UP or DOWN in a market If you already hold tokens for one scenario (say, Funded-UP token) but decide that forecast is now overvalued, you can swap them for Funded-DOWN tokens (or vice versa). Just click Swap and input the amount.
Exit or redeem You can exit before settlement by selling your position; after settlement you can redeem.
CFMs: After the funding decision, one market becomes active and the other voids, then resolves after the evaluation period. How to exit (CFMs) →
KPI markets: Markets resolve on an end-of-month close for the metric; you can sell before resolution or redeem after. How to trade KPI markets →
CFMs example: If Proposal X is funded, its Funded market resolves and the Not Funded market voids (tokens worthless). If not funded, the opposite.
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