Perpetual Contract Specs

This section describes the key parameters of a perpetual contract.

Parameter	Description
Market Name	The full name of a perpetual contract market.
Short Name	The short name of a perpetual contract market, which also serves as the symbol of the market for API trading.
Fee Class	There are three fee classes: High, Median, and Low. In general, the more volatile a market is, the higher fee will be charged for taker orders, so as the fee rebate for market markers.
Underlying Market	The underlying market a perpetual contract refers to. Index Price will be provided by oracle that get the latest price data from the underlying market. Through the funding mechanism, it’s expected that a perpetual contract would be traded close to its underlying market price.
Settlement Asset	Settlement asset is Dai by default
Tick Size ($)	The minimum price movement on this market.
Order Size Unit	The smallest factor allowed for order amounts on this market.
Max Market Order Size	The maximum order size could be placed for each market order.
Max Limit Order Size	The maximum order size could be placed for each limit order.
Initial Margin Ratio	The initial margin requirement on each position’s absolute notional value. It's used for calculating the initial margin requirement of user's account, which limits the risk when users open new orders. The largest leverage ratio a user can get for a position will be no more than 1/initial margin ratio.
Maintenance Margin Ratio	The maintenance margin requirement on each position’s absolute notional value. It's used for calculating the maintenance margin requirement of user's account. When user's account maintenance margin requirement exceeds net account value, the account is deemed underfunded, and to reduce risk, user's positions will be automatically closed (liquidated) and a liquidation fee will be transferred to the insurance fund.
Initial Margin per Size($)	The initial margin requirement on each position’s absolute size. It's used for calculating the initial margin requirement of user's account, which limits the risk when users open new orders. This parameter is mainly used for controlling risk of a market which price could collapse to near 0 or turn to negative.
Maintenance Margin per Size($)	The maintenance margin requirement on each position’s absolute size. It's used for calculating the maintenance margin requirement of user's account. When user's account maintenance margin requirement exceeds net account value, the account is deemed underfunded, and to reduce risk, user's position will be automatically closed (liquidated) and a liquidation fee will be transferred to insurance fund. This parameter is mainly used for controlling risk of a market which price could collapse to near 0 or turn to negative.
Funding Level Update Interval	Funding level update interval is every 60s by default. It determines how often the funding level of a perpetual contract market would be updated. Accrued Funding in an account would change when funding level is updated.
Funding Gravity	The scaling factor controls how much funding level should change based on the average trading premium between a perpetual contract and its underlying market in each minute.
Trading Hours	Trading hours is 24/7 by default, meaning all perpetual contracts could be traded round the clock.