Perpetuals
Underlying | Bitcoin | Ethereum |
---|---|---|
Ticker | BTC-PERPETUAL | ETH-PERPETUAL |
Index | Thalex BTCUSD | Thalex ETHUSD |
Contract Size | 1 BTC valued at 1 USD per Index Point | 1 ETH valued at 1 USD per Index Point |
Quotation | USD | USD |
Minimum Order Size | 0.001 BTC | 0.01 ETH |
Tick Size | 1 USD | 0.1 USD |
Collateral | BTC, ETH, USDt, USDC | BTC, ETH, USDt, USDC |
Settlement Coin | USDt | USDt |
Daily Settlement | At 08:00 UTC | At 08:00 UTC |
Daily Settlement Procedure | Futures-style settlement at the Mark Price | Futures-style settlement at the Mark Price |
Mark Price
The Mark Price consists of the Index and a 30 seconds exponential moving average of the Premium, which is updated approximately every second. The Premium is the difference between the Index and the constrained Mark Price.
The EMA30 is a smooth exponential time-based decay, where each additional second contributes 2/31, so that the center of mass is equal to that of a standard moving average over 30 seconds.
Funding Payments
For any interval of T hours, a position of one contract long will pay:
During the same interval, a position of one contract short will receive this amount of funding. For example, assume a constant BTC-Perpetual Mark Price of $50,100 and BTC Index of $50,000. A participant who is long four perpetual contracts for a period of three hours would pay $50:
Note that the spread between Index and Mark Price will change continuously. Hence, funding is implemented as an integral over time:
Funding is accumulated approximately every second into Unsettled P&L (See Portfolio Margin).