> ## Documentation Index > Fetch the complete documentation index at: https://docs.derivadex.com/llms.txt > Use this file to discover all available pages before exploring further. # Product and Trading Specifications > Market-by-market reference for DerivaDEX perpetual specifications, order constraints, and the trading parameters that determine whether an order is valid. 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](/reference-public/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](/reference-public/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](/reference-public/funding-rate-logic) | | Periodic PnL settlement | Unrealized PnL on open positions realized into USDC collateral, every `24` hours | [PnL Realization and Settlement](/reference-public/pnl-realization-and-settlement) | | Trade mining | `3196.347031` DDX epoch budget, `20%` maker share, `80%` taker share, every `8` hours | [Trade Mining Parameters](/reference-public/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](/explanations/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](/explanations/token-economy-and-incentive-design). ## Related references * [Margin Requirements](/reference-public/margin-requirements) * [Funding Rate Logic](/reference-public/funding-rate-logic) * [PnL Realization and Settlement](/reference-public/pnl-realization-and-settlement) * [Price Feeds and Mark Price Inputs](/reference-public/price-feeds-and-mark-price-inputs) * [Trade Mining Parameters](/reference-public/trade-mining-parameters) * [Trading Safeties and Guards](/reference-public/trading-safeties-and-guards) * [Order and Account Event Reference](/reference-public/order-and-account-event-reference)