Markets
| Field | Definition | ETHP | BTCP |
|---|---|---|---|
| Underlying | Underlying asset | ETH | BTC |
| Settlement currency | Currency in which PnL and fees settle | USDC | USDC |
| Tick size | Smallest price increment; a limit price must be an exact multiple | 0.1 | 1 |
| Minimum order size | Smallest order amount in the underlying; every order amount must be an exact multiple | 0.0001 ETH | 0.00001 BTC |
| Maximum order notional | Largest price × size a single order can carry, in USDC | 1,000,000 | 1,000,000 |
| Maximum taker price deviation | Farthest an aggressive order may reach from mark price before the matcher refuses to cross (e.g., at a mark of 2,000, an ETHP buy cannot match above 2,040) | 2% | 2% |
| Index price sources | External spot feeds used in the index calculation | Coinbase ETH-USD, Binance ETHUSDC, Gemini ETHUSD | Coinbase BTC-USD, Binance BTCUSDC, Gemini BTCUSD |
| Realtime symbol | Symbol used in REST endpoints, realtime channels, and the UI | ETHP | BTCP |
Common trading rules
| Rule | Value |
|---|---|
| Product type | Perpetual swap |
| Collateral currency | USDC |
| Matching model | Central limit order book with price-time priority (earliest order at the best price fills first) |
| Margin model | Cross-margin within a strategy; a strategy is a margin bucket inside a trader’s account, collateral is pooled across positions inside the strategy, and one trader can hold several strategies |
| Default strategy leverage | 3× |
| Maintenance margin ratio | 5% of position notional (MMR_FRACTION / max_leverage, with MMR_FRACTION = 0.15) |
| Initial margin ratio | 1 / max_leverage of notional, with a size-scaling term on very large positions |
| Maximum open orders per market, per strategy | 20 |
| Maker fee | 0 bps |
| Taker fee | 20 bps (0.20%); 50% discount when paid in DDX |
| Funding cadence | Every 8 hours |
| PnL realization cadence | Every 24 hours |
| Trade mining distribution cadence | Every 8 hours |
| Checkpoint cadence | Approximately every 10 minutes; withdrawals unlock on Ethereum once included in a checkpoint |
0.01%. Notional is price × amount expressed in the settlement currency. Makers post resting orders to the book; takers match against them.
Valid and invalid orders
| Order | Outcome |
|---|---|
ETHP limit, 0.5 ETH at 2,045.1, mark 2,050 | Accepted. Price is a multiple of 0.1, size is a multiple of 0.0001, notional 1,022.55 USDC is under the cap, price is within 2% of mark. |
BTCP market, 0.003 BTC | Accepted. Size is a multiple of 0.00001; market orders take the mark-relative 2% band as their price guard. |
ETHP limit, 0.00015 ETH at 2,000 | Rejected. 0.00015 is not a multiple of the minimum order size 0.0001. |
BTCP limit, 0.01 BTC at 70,000.50 | Rejected. 70,000.50 is not a multiple of the tick size 1. |
ETHP limit, 600 ETH at 2,000 | Rejected. Notional 1,200,000 USDC exceeds the 1,000,000 USDC cap. |
ETHP buy market, mark 2,000, best ask 2,050 | Price-banded. The fill stops at the 2% band (2,040); any unmatched residual is canceled. |
ORDER_UPDATE codes on the realtime feed. See Order and Account Event Reference.
Pricing inputs
| Price | Definition | Role |
|---|---|---|
| Index price | Composite spot price from the listed external feeds, refreshed continuously | External reference feed; base of the mark-price calculation |
| Mark price | Index price plus an EMA of the spread between the DerivaDEX book and the index, clamped to ±50 bps (±0.5%) of index | Drives margin, liquidation, and funding; fills always print at book price, not mark |
| Bankruptcy price | The price at which a strategy’s collateral is fully consumed by position losses | Liquidation spread reference; execution price during auto-deleveraging (ADL) |
Funding, PnL settlement, and trade mining
These are the platform-wide economics that apply across the current public perpetual markets.| Mechanism | Key facts | Details |
|---|---|---|
| Funding | Average premium-rate input, ±5 bps dead zone, ±50 bps clamp, every 8 hours | Funding Rate Logic |
| Periodic PnL settlement | Unrealized PnL on open positions realized into USDC collateral, every 24 hours | PnL Realization and Settlement |
| Trade mining | 3196.347031 DDX epoch budget, 20% maker share, 80% taker share, every 8 hours | Trade Mining Parameters |
Fees
| Role | Fee | Notes |
|---|---|---|
| Maker | 0 bps | Posting liquidity to the book is free |
| Taker | 20 bps (0.20%) | Charged in the settlement currency by default |
| Taker paid in DDX | 10 bps effective (50% discount) | Deducted in DDX when the trader opts in |
Non-tradable symbols
| Symbol | Role |
|---|---|
DDXP | Internal symbol used for DDX fee-discount accounting. Not tradable. |