Max Price Slippage

Linear

Trading Hours

24/7/365

Spot Price Index

Expected Bitcoin mining reward for one difficulty resetting period (roughly 14 days) per PH/s hash rate, or
6.25 * 14 * 86400 / Spot Difficulty * 10^15 / 2^32

Spot Difficulty

Block weighted difficulty of past 2016 Bitcoin blocks

Quote/Margin Assets

BTC stablecoins: WBTC for Ethereum

Maximum Leverage

20x for V1

Initial Margin

5%

Maintenance Margin

2.5%

Expiration

Every difficulty resetting block height, i.e. 2016x block heights

Trading Fees

0.30%

Maxium Price Slippage

5%

Settling Period*

36 blocks before expiry block height

Settle Difficulty

Actual Bitcoin difficulty at expiry block

Settle Price

6.25 * 14 * 86400 / Settle Difficulty * 10^15 / 2^32

Mark Basis

Exponential Moving Average (EMA) of past basis

Mark Price for Liquidations

TRADING state: Spot Price Index + MarkBasis
SETTLING state: Spot Price Index

Contract Type

Linear

*Settling state is to prepare for the smooth settlement of contracts, where users are only allowed to reduce but not open or increase positions.

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