Perpetual Contract Spec
Symbol | BTC/USDT |
Expiry Date | Perpetual |
Quote Asset | USDT |
Initial Margin | 10% |
Maintenance Margin | 5% |
Funding Interval | 1 hour |
Contract Size | 1 USDT |
Minimum Lot Size | 10 |
Order Limit | TBD |
Transaction Fees | 0.1% on the notional value |
Underlying Index | |
Margin | Isolated |
Symbol | ETH/USDT |
Expiry Date | Perpetual |
Quote Asset | USDT |
Initial Margin | 10% |
Maintenance Margin | 5% |
Funding Interval | 1 hour |
Contract Size | 1 USDT |
Minimum Lot Size | 10 |
Order Limit | TBD |
Transaction Fees | 0.1% on the notional value |
Underlying Index | |
Margin | Isolated |
Perpetual Protocol follows FTX's method to calculate the funding payments. It's calculated as shown below:
TWAP_perpetual
The 1 hour TWAP of Mark Price.
TWAP_index
The 1 hour TWAP of Index Price. (from oracle)
The funding payment is calculated every hour for all long and short positions. If the fundingPayment is positive, every long position has to pay short position the funding payment, and vice versa if the fundingPayment is negative.
Once traders' marginRatio falls below the marginRequirementRatio threshold (5% - this could be updated by governance), Keepers can liquidate the collateral and earn fees. The marginRatio is calculated as:
The unrealizedPnL is calculated twice using both Mark Price and 15 minutes TWAP of Mark Price, whichever is higher.
Once the positions get liquidated, keepers get 2.5% (could be updated by governance) of the openPositionNotionalSize as the liquidation fees. The remaining collateral are then deposited into the Insurance Fund.
If the collateral is not enough to pay for the liquidation fees, the funds are withdrawn from the Insurance Fund to make up the difference.
