Trade perps on Solana from a Cherry chat
The Trading Terminal mini app puts spot swaps, perpetual markets and tokenized stocks inside Cherry chats, with the wallet you already signed in with.
The Trading Terminal is a mini app that runs inside Cherry chats, and it is where you trade perps on Solana, buy and sell spot tokens, and pick up tokenized stocks without leaving the conversation. Cherry (cherry.fun) is a wallet-to-wallet messenger for crypto: you sign in with a wallet, DM any address, and join token-gated, NFT-gated and paid group chats. The Terminal is a mini app, not an exchange Cherry runs. It opens with the wallet session you already have, and every order is a transaction you sign yourself.
What the Trading Terminal mini app does
It puts three kinds of market in one screen, with a portfolio behind them. Spot tokens are grouped into boards labelled Trending, Top traded, Stocks & RWAs and Quality, with a Just launched list for tokens that launched recently and full-text search across every listed asset by symbol, name or mint address. Perpetual markets sit on their own Perpetuals screen. The Portfolio screen values what your wallet holds and keeps the running P&L.
| What you trade | Where it sits in the app | What you sign |
|---|---|---|
| Spot tokens | Trending, Top traded and Quality boards, Just launched, search | one swap transaction per buy or sell |
| Perpetual markets | the Perpetuals screen and its market list | a collateral deposit when the position needs one, then the order |
| Tokenized stocks (xStocks) | the Stocks & RWAs board | the same swap as any other token |
How it opens inside a chat
Mini apps are web apps that run inside Cherry chats with your wallet, the room you are in, and their navigation handed to them by Cherry. There is no second login: you signed in once with your wallet, and the app inherits that session. A crypto mini app carries no install step and no account of its own. The Terminal has its own public room at chat.cherry.fun/@trade, rated 5 stars from 3 reviews in September 2026.
Two paths open it on something specific. When somebody posts a ticker or a contract address in a chat, the token card that renders has a Buy button, and the sheet it opens carries a chip labelled Terminal that launches the app on that token. A wallet profile does the same from a holding through its Trade button. Other apps can hand the Terminal a token or a perp market when they launch it, so a link can land a reader on the exact market being discussed.
How to trade perps on Solana from the Terminal
The Perpetuals screen lists the markets it can reach, each with its name, its price and its hourly funding. Open one and the ticket has two sides, Long and Short. You type a USD amount, set the Leverage, and the ticket shows the position size it buys, plus what it costs you before you commit: Collateral required, Mark price, Estimated fee and Slippage, with optional Take profit and Stop loss fields showing the estimated P&L each one would produce.
Signing is two beats. The app builds the order, your wallet asks you to confirm it, and the signed transaction is submitted to Solana. A position that needs collateral asks you to confirm the deposit first, as its own signature. The position then appears under Positions in the portfolio with Entry, Mark, Liq and Size, and its P&L moves with the market.
Spot tokens and tokenized stocks in the same app
A spot ticket is Buy or Sell against USDC by default, and the quote slot can be switched to another token you already hold. The app quotes the trade, shows price impact and slippage, hands you an unsigned transaction to confirm, and records the fill so your cost basis stays intact.
Tokenized stocks trade the same way. They sit in the Stocks & RWAs board, which is filled with xStocks: the xStocks project describes them as tokenized representations of US equities and ETFs, each backed 1:1 by the underlying asset held in regulated custody, issued by Backed Assets (JE) Limited. In the Terminal they behave like any other token on Solana, which is the point of putting them on the same board as the rest.
The portfolio, holdings and P&L
The Portfolio screen opens on your total value, then three figures under it: all time, open and realized. Three tabs split what sits behind them. Holdings lists every token in the wallet with its share of the total, Positions lists open perp positions, and Activity lists your recent fills.
Realized and unrealized P&L are computed from a cost basis the app builds out of the trades you made in it. That is the honest boundary of the number: a bag you bought on another venue before you opened the Terminal shows up in Holdings with a current value, and its P&L only starts counting from the trades the app has seen.
What is different from a standalone trading app
The order types are ordinary. What changes is the session and the room. A standalone app asks you to install it, connect, and then paste the ticker somebody mentioned in a group. Here the group is the thing you were already in: trading in chat puts a price card on the message, and the Terminal chip in the sheet that card opens lands you on the market it names.
The return trip matters as much. A result from the Terminal can be shared back into the room as a live card that keeps quoting the market, and another member can buy that same token from the card without leaving the chat. That is copy trading on Cherry: one shared trade, taken in one tap by somebody who saw it.
Who uses it and for what
A trader sitting in a token-gated holders room sees a call, taps Buy on the card and then Terminal, and is on that token’s ticket with the wallet that is already signed in. The alternative is three apps and a copy-pasted mint address.
A group owner who runs an alpha room posts the thesis and the market in the same place. Members do not leave to act on it, and the room sees what came of it when a fill is shared back.
A holder who wants a running P&L without a spreadsheet opens the Portfolio screen. Holdings, open positions and realized P&L are one screen inside the messenger they already keep open, which is a different habit from checking an exchange app once a day.
Limits and honest caveats
The Terminal is a mini app on top of on-chain markets. Cherry never custodies funds, never holds your collateral, and is not your counterparty. You sign every transaction, which also means a failed signature leaves nothing behind.
Perpetual markets show the underlying token’s spot price as a reference rather than a live mark quote, and a market with no matching spot price shows a dash where the price would be, so check the market you are opening before you size a position. Perps are margin products and a position can be liquidated.
P&L is as complete as the trade history the app has for you, which is the trades you made in it. Group chats on Cherry are not end-to-end encrypted, so a card you share in a room is visible to that room. For a private deal at size, the escrow flow in OTC swaps in the Cherry mobile app is the better tool. Nothing here is financial advice. Tokens can lose value.
How to start
- Open chat.cherry.fun and sign in with your wallet. That signature is your account; see what Cherry is if this is your first room.
- Open chat.cherry.fun/@trade, or tap Buy on any token card in a chat and then Terminal, to land on that token.
- Pick a market: a board, the search field, or the Perpetuals screen.
- Fill the ticket. Buy or Sell for spot, Long or Short with a size for a perp, then confirm in your wallet.
- Open Portfolio to watch Holdings, Positions and Activity, and share a result back into the room when it is worth showing.
Open the Trading Terminal at chat.cherry.fun/@trade and trade from the room you are already in.
FAQ
Can I trade perps on Solana from a chat app?
Yes. The Trading Terminal mini app runs inside Cherry chats and carries perpetual markets next to spot tokens, so you pick a market, set a side and a size, confirm in your wallet, and the signed order goes to Solana.
Do I need a separate account for the Trading Terminal?
No. The mini app opens with the wallet session you already have on Cherry, so there is no second login and no exchange account to fund.
What are tokenized stocks on Solana?
They are tokens that track a listed equity or fund. The Terminal lists xStocks, which the xStocks project describes as tokenized representations of US equities and ETFs, each backed 1:1 by the underlying asset held in regulated custody.
Does Cherry hold my funds while I trade?
No. Cherry never custodies funds. Every buy, sell and perp order is a transaction you sign in your own wallet, and what you hold stays in that wallet.
Where do I see my Solana portfolio and P&L?
The Portfolio screen lists your wallet holdings with their value, then three figures: all time, open and realized. The cost basis comes from trades you made in the app, so a bag bought somewhere else shows a value without one.
Can I open the Terminal straight on one token?
Yes. Tapping Buy on a token card in a chat opens a sheet with a Terminal chip that launches the mini app on that token, and the Trade button on a wallet profile opens it on a holding.
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