PSA Capital Markets is a trading desk for graded cards. A bot watches the Collector Crypt marketplace around the clock, buys every slab listed well under what the same card in the same grade is worth, and puts it straight back up for sale.
The desk's capital comes from the creator fees of $PSACM. Seventy percent of what is forwarded becomes trading capital, twenty percent buys and burns $PSACM, ten percent pays for the servers, the node and the price data.
Nothing here is a promise about a price. The desk can be wrong about a card, and a card it is right about can still sit unsold for two months. Both of those end up on the tape.
The four steps below are the whole machine. There is nothing else: no discretion, no private orders, no second book.
For one card in one grade from one grading company the desk collects up to three numbers: the marketplace's own insurance appraisal, the median of the sales it has recorded itself, and an outside price guide for the same grade. Fair value is the median of them. It needs at least two numbers, and the highest may not be more than 35% above the lowest. If the numbers disagree, the card is not traded.
Every new listing is read within a minute. The desk buys when the ask is at or below 80% of fair value, the pair has at least three recorded sales in the last 30 days, the trade is no more than 15% of capital, and the desk is not already holding that pair. The purchase is one ordinary marketplace transaction signed by the desk wallet, with the reason written into the memo.
The slab goes straight back up at 97% of fair value. If it has not sold in 14 days the price comes down 5% a week, but never below what the desk paid plus the 2% marketplace fee. If it is still there after 60 days the desk takes the best standing offer and closes the position. The desk also keeps offers at 75% of fair value on the twenty most liquid pairs, worth no more than 30% of capital in total.
When a position closes above what it cost, half of the profit is swapped into $PSACM and burned, and half stays as trading capital. A loss simply stays in the capital. Every buy, sell, offer and burn is a signature on Solana, printed on the tape with the fair value the desk used at that moment.
Three numbers, two of them required, a 35% agreement band and a minimum of three recorded sales are what stand between the desk and a bad price. They are not a guarantee. A card with a thin market can be mispriced by all three sources at once, which is why one trade is capped at 15% of capital and one pair is never held twice.
The desk can buy well and still be stuck. That is what the price ladder and the 60 day close are for, and the unsold days are printed next to every open position. A position that reaches sixty days is closed at the best standing offer, whatever that offer is.
If the marketplace or the price source stops answering, the desk stops buying. Open positions stay listed, the tape keeps its history and the scanner says plainly that it could not read the board. Nothing is estimated to fill a gap.
PSA is the trademark of a grading company and Pokemon belongs to Nintendo. Neither is affiliated with this desk, and neither mark appears anywhere on it. The grades are read from the marketplace's own labels, because that is what the cards in the vault are.
