What is TopFlight
TopFlight is the decentralised football stock market where you can buy and sell football club tokens.
A club token pays you two ways at once. Its price moves as people trade it and holding it pays you every day, with the club's place in the table setting the size of the daily payout. This page explains both and how the twenty prices fit together.
Tokens and prices
Each of the twenty clubs has a token of its own. Every token has a price, shown in cents.
A token is yours to keep. You hold it for as long as you like, through matchdays, promotions and relegations and you sell it on the day you choose at that day's price.
The price moves when people trade. Buying a club raises its price. Selling lowers it. Buy Newcastle at 4 cents and sell at 7 cents and the 3 cents a token is yours. That is the first of the two ways a token pays.
The prices add up to $1
Add up the price of every token on TopFlight and the total is always exactly $1.
The clubs therefore compete for one total. When money goes into Arsenal, Arsenal's price rises and the other prices give way to make room for it. When people sell Everton, Everton's price falls and the others rise.
A price is also a percentage. A club at 8 cents holds 8 percent of the total.
The twenty prices are the clubs that the market maker quotes. What they leave of the $1 is shown as The Rest, one token for every club in English football with no token of its own; because the market maker quotes no club outside the twenty, that figure also carries the unquoted clubs, which have a token of their own and no quote yet. See Promotion, relegation and The Rest for more detail.
Holding a token pays you every day
Every day, the money held inside TopFlight earns a return and all of it is paid out. Money not yet put into a club's token is paid directly; money in a club's token is paid through the table.
How much a club earns is set by one thing: its place in the Premier League table.
- First place earns the largest daily share.
- Twentieth earns the smallest, about 1,650 times less than first.
- Every place between them earns a share, in order.
Every club has the same total number of tokens. A club's daily pay is shared across every one of them, so hold a tenth of Liverpool's tokens and a tenth of Liverpool's daily pay is yours.
It builds up second by second while the token is held. For more detail, see Getting paid.
Updating the table
TopFlight reads the published Premier League table once a day. Each reading sets every club's payout until the next update.
A club that wins on Saturday and moves from ninth to seventh earns seventh place's rate from the next update. A club that loses and drops to eleventh earns eleventh place's rate. See Where the table comes from for more detail.
It runs continuously
A token is yours until you sell it, through every matchday and every summer, with daily payouts occurring the whole time.
Next: Prices and trading.