Product and Trading Specifications

DerivaDEX lists USDC-settled perpetual swaps. These contracts have no expiry and stay anchored to index price through funding.

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	`5` bps (`0.05%`); `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

One basis point (bp) is 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.

Rejections appear as 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)

See Price Feeds and Mark Price Inputs.

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	`5` bps (`0.05%`)	Charged in the settlement currency by default
Taker paid in DDX	`2.5` bps effective (`50%` discount)	Deducted in DDX when the trader opts in

USDC fees flow to the DerivaDEX insurance fund. DDX fees are distributed among the operators running the exchange. See Token Economy and Incentive Design.

Non-tradable symbols

Symbol	Role
`DDXP`	Internal symbol used for DDX fee-discount accounting. Not tradable.

Who can change these values

Every value on this page is set by the DerivaDEX DAO (the governance body of DDX holders who vote on-chain on platform parameters) and can be changed by proposal. See Token Economy and Incentive Design.

​Markets

​Common trading rules

​Valid and invalid orders

​Pricing inputs

​Funding, PnL settlement, and trade mining

​Fees

​Non-tradable symbols

​Who can change these values

​Related references