Perpetual Markets

Perpetual contracts provide directional exposure to an underlying index without an expiry date. Positions are margined and settled in the market's quote token.

A buy increases long exposure or reduces short exposure. A sell increases short exposure or reduces long exposure. If an order is larger than the existing opposite position, the remaining size opens a position in the new direction.

Market state

Each market defines:

• an underlying asset and quote asset;
• tick size and order-size increment;
• initial, cancellation, and maintenance margin ratios;
• an execution mode: CLOB or RFQ; and
• an operating state.

A frozen or not-ready market does not accept normal trading. These states are reserved for exceptional circumstances.