Sixteen-year-old Taira Mikado is a ping-pong prodigy who once dominated national middle school tournaments, but his promising future is shattered when his mother dies of an illness and his father abandons the family, leaving behind a crippling debt of one billion yen. Now living in a desperate situation with his twin sister, Momo, Taira finds himself hounded by violent debt collectors who threaten to sell Momo to overseas buyers as collateral.

Just as a collector attempts to seize his sister, a mysterious woman named Mutsuki Kaname intervenes and offers Taira an extraordinary solution to his financial ruin: participation in an underground, high-stakes ping-pong tournament where anything goes. Mutsuki brings Taira to the Imperial Glitz Hotel, where he discovers the true nature of this dangerous competition. The tournament, known as Ping-Pong Peril, features matches played on a solid gold table with a ball made of magnesium, which creates sparks and fire upon contact with the surface. Each match requires a wager of one million yen, with the winner taking all. There are no standard rules beyond a few cryptic decrees: the winner is justice, and as long as a flat table, ball, and racket are present, it qualifies as ping-pong. Direct violence during matches is prohibited, but virtually everything else is permitted, including using the sparks to set the playing area ablaze.

Taira enters his first match against the very debt collector who threatened his sister, demonstrating his extraordinary reflexes and instincts by closing his eyes to avoid the glare of the gold table and tracking the ball by sound alone as the room catches fire around him. His victory proves his potential in this perilous version of the sport, and he continues competing in the underground circuit, with his prize per match eventually rising to five million yen.

As Taira progresses through the tournament, the stakes escalate dramatically. What begins as a desperate attempt to save his family becomes a grueling series of matches held in increasingly absurd locations, including a bathhouse washing area transformed into a makeshift court. By the thirteenth chapter, Taira faces an opponent who wagers 986 million yen, bringing him tantalizingly close to clearing his debt entirely. The match stretches across extraordinary terrain, including a Shibuya Crossing where the opponent serves the ball into oncoming traffic. As Taira closes in on victory, the administrators of the Ping-Pong Peril tournament begin to emerge from the shadows, suggesting his final battle may be against the very forces that control this underground world.

The series concludes with Taira's ultimate confrontation, resolving his quest to earn enough money to free himself and Momo from their financial chains across a total of seventeen chapters collected in two volumes.