Cleopetra

Cleopetra (spelled with an "e", at cleopetra.fun) is a Solana team building what it calls "The Thesis Exchange". Its product is the Thesis Index. Each index is a basket of prediction market bets picked by a publisher to back one view, such as a US factory revival. Traders buy one index share and skip managing each bet themselves. Cleopetra launched Thesis Index in July 2026. Before that it ran a tool for providing liquidity on Solana DEXs, which has since shut down, and a yield product for prediction market tokens. Founder Umang Verma talked about the model on the Solana Is Global podcast in October 2026.

What is a Cleopetra Thesis Index?

The Thesis Index introduction describes it as "a basket of prediction market positions, curated by a publisher to express one specific thesis." The publisher picks the markets, the side (YES or NO) and the weights. Cleopetra places those bets on venues it names as "Kalshi, Polymarket, and others". Its welcome page also lists Hyperliquid as a market source.

Cleopetra compares the index with the usual ways to trade a big-picture view. It calls stocks "noisy", since a share price moves for many reasons. It calls options "imperfect". It says holding a dozen separate bets is the "wrong UX". Example themes in the docs include longevity, AI, geopolitics and crypto network growth.

How Thesis Index pricing and NAV work

According to the How it works page, each Thesis Index is an on-chain vault. It holds prediction market positions and issues shares to people who deposit stablecoins.

• The index price is net asset value (NAV) divided by the number of shares. The first depositor's shares start at $1.00.
• NAV is the market value of every position at current prices, plus any idle stablecoins in the vault.
• A new depositor gets shares equal to the USDC deposited divided by the current index price, so existing holders are not diluted.
• At settlement, a position that resolves the right way pays $1.00 per contract into the vault's USDC reserve, and a losing position pays $0. Rebalancing changes what the vault holds without changing the index price.

The docs give a worked example. One market in a three-position index rises from $0.70 to $0.85, and NAV goes from $100 to $108.57.

Thesis Index fees and publishers

Each publisher sets its own fees. The docs say fees "can include a performance fee on gains, a withdrawal fee on exits, or both." Cleopetra says anyone with expert knowledge can publish an index, with AI agents to help. In a September 2026 post on X, the founder compared it to Autopilot, a US app where publishers pick stock portfolios. He called Thesis Index a successor to creator coins. Fans back what a creator believes, not a token whose price has no link to it.

Cleopetra Earn and the earlier LP terminal

Cleopetra's first product was a liquidity tool. Its listing in Phantom's app directory still reads "1-click LP and earn fees on any token". The tool opened and rebalanced liquidity positions on DEXs such as Meteora MET$0.371+3.8%. At Superteam Demo Day during Breakpoint 2025, the founder said the terminal had taken $30 million in deposits over five months of private beta, earned $2 million in fees and handled over $100 million in volume (our talk summary). These are the team's own figures and we have not verified them independently.

At the same talk, Cleopetra showed Earn, a yield product for prediction market tokens. Users deposit YES and NO tokens. Cleopetra pairs up opposite sides of the same market and cashes each pair in for stablecoins. It lends those out on Jupiter JUP$0.311+3.9% Lend and Kamino Finance KMNO$0.040+17.8%. The user keeps their bet and earns interest on top.

The LP tool has since closed. A notice on lp.cleopetra.fun told users to withdraw by exporting their wallet's private key into a wallet such as Phantom. By October 2026 that address no longer loaded. The current docs cover only Thesis Index, so it is unclear whether Earn is still open.

Who Cleopetra is for

Thesis Index suits prediction market traders with a broad view on a theme. They can back it in one trade and skip tracking a basket of bets. It also suits experts with an audience who want to publish a view and charge fees on it. The main limit is time. Prediction market bets end on set dates, so an index has an end date too. It is a poor fit for anyone who wants a long-term holding. Readers new to the underlying markets can start with our guide to trading Polymarket and Kalshi prediction markets on Solana.

Is Cleopetra safe? Risks to weigh

• The docs list no security audit and no on-chain program IDs, and our project listing has none on file. We therefore could not check who can upgrade the vault programs: a multisig, a DAO or a single key.
• Each index holds whatever its publisher chooses. A thesis can be right while the chosen contracts resolve the wrong way. Losing contracts settle at zero, and any performance or withdrawal fee comes out of returns.
• Index value depends on outside venues, their resolution rules and how easily positions can be entered and exited. Thin markets can make NAV marks unreliable before settlement.
• The team has already wound down one product, the LP terminal, by telling users to export their keys. Anyone who used the older tools should check where their funds sit.
• Cleopetra's docs mention no token. Tokens trading under names like "CLEO" or "Cleopetra AI" on pump.fun-style launchpads do not appear in its docs, and airdrop tracker pages about Cleopetra are speculative.

Cleopetra alternatives

Traders who want the same exposure without a publisher's basket or fees can trade single markets directly on Kalshi or Polymarket. That gives full control over which bets to hold and when. The catch is that you build and rebalance the basket yourself. Cleopetra offers convenience and a publisher's picks. The cost is publisher fees and trust in a product with no published audit.

Cleopetra team and history

Cleopetra lists December 2024 as its founding date. Founder Umang Verma (@umang_veerma) presented at Superteam Demo Day at Breakpoint 2025 and appeared on the Solana Is Global podcast on 6 October 2026. The team moved from LP tools to Earn, then to Thesis Index. SolanaFloor reported the Thesis Index launch in its 24 July 2026 newsletter. The official @cleopetrafun X account showed no recent posts when we checked in October 2026. The founder's own account and the docs are the more current sources.