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Perpetual Futures Specifications

The specifications containing the details for each perpetual future will be published both on the Trade page’s Product Specs tab as well on the published Product Specifications List.

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Specification Fields

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Symbol

The perpetual future’s trading symbol.

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Description

A description of the perpetual future’s asset.

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State

The current exchange status of the trading symbol. These include:

• SUSPENDED: No new orders, no trades can occur
• PRE-OPEN: New orders accepted, no trades can occur
• OPEN: New orders accepted, trades can occur

When the exchange transitions from PRE-OPEN to OPEN, a Dutch Auction will determine a single opening price.

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Multiplier & Contract Size

A common feature of futures is a multiplier to determine the notional value of the futures contract. As of right now, all multipliers on AX are 1.

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Price Scale & Tick Size

Tick Size is the minimum price increment that each symbol can fluctuate. All orders and trades must happen at the precision of the tick size. The Price Scale is 1 / Tick Size.

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Quote Currency

All AX perpetual futures are quoted in USD.

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Funding Settlement Currency

All AX funding payments will be credited/debited in USD.

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Funding Rate Cap

The largest amount the funding payment can be for a single funding rate cycle. This is implemented as a safety measure, and applies a cap to both positive and negative funding rates.

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Contract Expiry

All AX perpetual futures have no expiration date.

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Trading Hours

The trading schedule for each product is published at the bottom of the Product Specs tab on each product’s trade page. This is available in both UTC and Local time.

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Maintenance Margin Percent

The percentage of the perpetual future’s value that is required in equity to keep a futures position open. This is charged on all open positions. The maximum leverage on open positions is 1 / Maintenance Margin Percent.

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Initial Margin Percent

The percentage of the perpetual future’s value that is required in equity to open a new futures position. This is charged on current positions as well as open orders, based on an assessment by AX’s risk engine. The maximum leverage on open orders is 1 / Initial Margin Percent.

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Price Bands

For user safety, orders are only accepted at prices within the published Price Bands. Price Bands are set at a specified percentage above and below the previous settlement price, and apply to both buy and sell orders alike. The Price Bands in effect are published on each product’s trade page, and reset at each settlement time (typically daily).

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Underlying Benchmark Price

The external price source used to compute funding payments.

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Funding Frequency

The time & schedule at which the funding payments will occur.

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Funding Calendar Schedule

The holiday schedule for this product’s funding payments.