## Max Price Slippage | Linear |

| 24/7/365 |

| Expected Bitcoin mining reward for one difficulty resetting period (roughly 14 days) per PH/s hash rate, or |

| Block weighted difficulty of past 2016 Bitcoin blocks |

| BTC stablecoins: WBTC for Ethereum |

| 20x for V1 |

| 5% |

| 2.5% |

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

| 0.30% |

| 5% |

| 36 blocks before expiry block height |

| Actual Bitcoin difficulty at expiry block |

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

| Exponential Moving Average (EMA) of past basis |

| TRADING state: Spot Price Index + MarkBasis |

| 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.*