Plether opens a security competition before launching its perpetual market

Code review before real-world deployment

The security competition for Plether is shown as live on Immunefi on November 2, 2026. Reading the page directly gives a start time of 14:00 UTC, unlike older times still visible in some search results. The purpose is to examine the future Plether Perps market’s code, rather than announce its opening to investors on mainnet. The document states that the system is not yet deployed on mainnet and that earlier versions operate on Arbitrum Sepolia.

According to the program description, Plether Perps is intended to enable positions on the dollar’s strength against a basket of six currencies: the euro, yen, British pound, Canadian dollar, Swedish krona and Swiss franc. Margin and settlement use USDG, with Pyth prices delivered through a delayed-order mechanism. This describes the intended design; it is neither an independent performance measurement nor a guarantee of future execution quality.

Conditional rewards and a frozen scope

The announced pool totals $80,000, split into a $56,000 Primary Pool, a $16,000 All Stars Pool and an $8,000 Podium Pool. The rules provide for the full amount to be unlocked if at least one eligible vulnerability is found, even a low-severity one. If no vulnerability is found, with insights not counting as bugs, the pool falls to 15% of the announced amount. Rewards are denominated in dollars and paid in USDC on Ethereum.

The reviewed code is frozen at an explicitly identified revision. Reports must comply with the competition’s scope and conditions; executable proofs of concept are required for vulnerabilities. Publicly known issues are excluded from rewards. The document also distinguishes useful insights from security flaws, with different rules for duplicates and disputes. A funded reward pool therefore does not mean every participant receives a payment or that an audit has already been completed.

A timetable to confirm and risks that remain

The page consulted contains a discrepancy worth retaining: its date block gives November 16 at 10:00 UTC as the end, while the milestone table still says November 15. The timetable then provides for evaluation and dispute stages followed by publication of results in December; it states that dates may be adjusted. This inconsistency prevents treating a single deadline as definitively confirmed for researchers.

The program also describes earlier tests using mock collateral and an older protocol version. Those test transactions do not establish real commercial activity. Planned liquidity providers would bear the results of traders’ positions through two different risk tranches. A competition can uncover defects before launch, but it removes neither technical risk nor market risk. The evidence to follow remains fixes, published results and any effectively documented deployment.