Skip to main content Market Data Price The price of the underlying asset, derived from the relevant external oracle source.P t market P_t^{\text{market}} P t market
Index Price P t index = { P t market , if P t market ∈ [ 0.5 P t − 1 market , 1.5 P t − 1 market ] P t − 1 market , otherwise. P_t^{\text{index}} =
\begin{cases}
P_t^{\text{market}}, & \text{if } P_t^{\text{market}} \in [0.5 P_{t-1}^{\text{market}},\; 1.5 P_{t-1}^{\text{market}}] \\
P_{t-1}^{\text{market}}, & \text{otherwise.}
\end{cases} P t index = { P t market , P t − 1 market , if P t market ∈ [ 0.5 P t − 1 market , 1.5 P t − 1 market ] otherwise. That is, the Index Price equals the current Market Data Price if it lies within ±50% of the previous value, otherwise the prior price is used.
Oracle Price Defined in Contract Specifications :
Mark Price The Mark Price P t mark P_t^{\text{mark}} P t mark
P t mark = Median ( P t oracle , P t oracle + EMA 150 s ( M t − P t oracle ) , Median ( B t , A t , T t ) ) P_t^{\text{mark}} = \text{Median} \Big(
P_t^{\text{oracle}},\;
P_t^{\text{oracle}} + \text{EMA}_{150s}(M_t - P_t^{\text{oracle}}),\;
\text{Median}(B_t,\; A_t,\; T_t)
\Big) P t mark = Median ( P t oracle , P t oracle + EMA 150 s ( M t − P t oracle ) , Median ( B t , A t , T t ) ) where M t M_t M t B t B_t B t A t A_t A t T t T_t T t
Unrealized PnL P n L unrealized = ∑ i q i ⋅ ( P t mark − P i , entry ) PnL_{\text{unrealized}} = \sum_i q_i \cdot (P_t^{\text{mark}} - P_{i,\text{entry}}) P n L unrealized = i ∑ q i ⋅ ( P t mark − P i , entry ) for all open positions i i i q i q_i q i
Realized PnL P n L realized = ∑ j ( P j , exit − P j , entry ) ⋅ q j PnL_{\text{realized}}= \sum_j (P_{j,\text{exit}} - P_{j,\text{entry}}) \cdot q_j P n L realized = j ∑ ( P j , exit − P j , entry ) ⋅ q j for all closed positions j j j
Cash Cash = D − W + F net + R R − Fees \text{Cash} = D - W + F_{\text{net}} + RR - \text{Fees} Cash = D − W + F net + RR − Fees where D D D W W W F net F_{\text{net}} F net R R RR RR
Margin Margin = Position Margin + Order Margin \text{Margin} = \text{Position Margin} + \text{Order Margin} Margin = Position Margin + Order Margin Account Equity Equity = Cash + P n L realized + P n L unrealized \text{Equity} = \text{Cash} + PnL_{\text{realized}} + PnL_{\text{unrealized}} Equity = Cash + P n L realized + P n L unrealized Available Balance Available Balance = Account Equity − Margin \text{Available Balance} = \text{Account Equity} - \text{Margin} Available Balance = Account Equity − Margin Withdrawable Balance Withdrawable Balance = Cash + P n L realized + min ( P n L unrealized , 0 ) − 1.05 × Margin \text{Withdrawable Balance} = \text{Cash} + PnL_{\text{realized}} + \min(PnL_{\text{unrealized}}, 0) - 1.05 \times \text{Margin} Withdrawable Balance = Cash + P n L realized + min ( P n L unrealized , 0 ) − 1.05 × Margin Position Value V = P t mark × Q V = P_t^{\text{mark}} \times Q V = P t mark × Q where Q Q Q
Funding Rate The rate r t funding r_t^{\text{funding}} r t funding
Funding Fee Funding Fee = P t mark × Q × r t funding \text{Funding Fee} = P_t^{\text{mark}} \times Q \times r_t^{\text{funding}} Funding Fee = P t mark × Q × r t funding Liquidation Spread The maximum spread Δ liq \Delta_{\text{liq}} Δ liq P t mark P_t^{\text{mark}} P t mark Immediate-or-Cancel (IOC) liquidation order is executed.
DLP Fee A fee f DLP f_{\text{DLP}} f DLP Designated Liquidity Providers (DLPs) who absorb liquidated positions.
Mark-to-Market (MTM) All portfolios are re-evaluated every 200 ms using the Mark Price P t mark P_t^{\text{mark}} P t mark
Recalculate Unrealized PnL,
Detect margin requirement breaches,
Trigger liquidation procedures.
