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Perpetual Contracts Guide
OverviewMechanics of Perpetual MarketsFunding Rate CalculationsFinal Funding Rate Calculation
A Perpetual Swap is an innovative sầu hàng hóa invented by gocnhintangphat.com. The Perpetual Contract is similar lớn a traditional Futures Contract, but has a few differences:Perpetual Contracts mimic a margin-based spot market và hence trade cthua trận to lớn the underlying reference Index Price.Each perpetual contract has its own details which can be found in its Contract Specifications. These details include:Reference IndexFunding RateMaximum LeverageLeverage
Perpetual contracts vị not require traders to post 100% of collateral as margin, because of this you can trade with leverage of up to lớn 100x on some of gocnhintangphat.com’s contracts. All margin on gocnhintangphat.com is denominated in Bitcoin, allowing traders to lớn speculate on the future value of its products only using Bitcoin.Payout
gocnhintangphat.com offers perpetual contracts that have inverse & quanlớn payouts. This document explains the key differences between these payouts, và some implications for traders.
The product suits traders who prefer to hold positions for a long time & vì chưng not want their positions to fluctuate in value due lớn large swings in basis.
Live Perpetual Contracts
The table below shows the perpetual contracts that are currently available for trading on gocnhintangphat.com.
A quanto lớn is a type of derivative sầu in which the underlying is denominated in one currency, but the instrument itself is settled in another currency at some fixed rate. Our Quanto lớn Perpetuals operate this way.
These contracts are designed khổng lồ be easy lớn trade & understand, but keep in mind as you trade them that your underlying margin và PNL are in Bitcoin. You are still exposed to lớn Bitcoin/USD price risk when trading Quanto Perpetuals, even though the underlying and quote currencies are not Bitcoin.
What is an Inverse Contract?
An inverse contract is worth a fixed amount of the quote currency. In the case of the XBTUSD perpetual, each contract is worth $1 of Bitcoin at any price. XBTUSD is an inverse contract because it is quoted as XBT/USD but the underlying is USD/XBT or 1 / (XBT/USD). It is quoted as an inverse lớn facilitate hedging US Dollar amounts while the spot market convention is lớn quote the number of US Dollars per Bitcoin.
This sản phẩm is suitable for traders who want to lớn go long or short US Dollars against Bitcoin.
Mechanics of Perpetual Markets
When trading perpetual contracts, a trader needs lớn be aware of several mechanics of the futures market. The key components a trader needs lớn be aware of are:Multiplier: How much is one contract worth? You can see this information under the Contract Specifications for each instrument.
Traders can observe the current funding rate for a contract on the bottom left hand side of the Trade tab under “Contract Details”. Similarly one can view this rate in the individual “Contract Specifications”. Historical rates are in the Funding History.Funding
Funding occurs every 8 hours at 04:00 UTC, 12:00 UTC & 20:00 UTC. You will only pay or receive sầu funding if you hold a position at one of these times. Xem thêm: Sweden Là Nước Gì - Sweden Là Nước Nào
Xem thêm: Sweden Là Nước Gì - Sweden Là Nước NàoIf you cthua trận your position prior khổng lồ the funding exchange then you will not pay or receive funding.
The funding you pay or receive sầu is calculated as:
Funding = Position Value * Funding RateYour position value is irrespective sầu of leverage. For example, if you hold 100 XBTUSD contracts, funding is charged/received on the notional value of those contracts, and is not based on how much margin you have assigned to the position.
When the Funding Rate is positive sầu, longs pay shorts. When it is negative, shorts pay longs. See examples.Funding Rate Calculations
The Funding Rate is comprised of two main parts: the Interest Rate and the Premium / Discount. This rate aims lớn keep the traded price of the perpetual contract in line with the underlying reference price. In this way, the contract mimics how margin-trading markets work as buyers and sellers of the contract exchange interest payments periodically.Interest Rate Component
Every contract traded on gocnhintangphat.com consists of two instruments: a Base currency và a Quote currency. For example, on XBTUSD, the Base currency is XBT while the quote currency is USD. The Interest Rate is a function of interest rates between these two currencies:
Interest Rate (I) = (Interest Quote Index - Interest Base Index) / Funding Intervalwhere Interest Base Index = The Interest Rate for borrowing the Base currency Interest Quote Index = The Interest Rate for borrowing the Quote currency Funding Interval = 3 (Since funding occurs every 8 hours)Note: Under each Contract Specification page, the source borrow market is stated for each Interest Index.Premium / Discount Component
The perpetual contract may trade at a significant premium or discount to the Mark Price. In those situations, a Premium Index will be used to lớn raise or lower the next Funding Rate to lớn levels consistent with where the contract is trading. Each contract’s Premium Index is available on the specific instrument’s Contract Specifications page & is calculated as follows:
Premium Index (P) = (Max(0, Impact Bid Price - Mark Price) - Max(0, Mark Price - Impact Ask Price)) / Spot Price + Fair Basis used in Mark Price
To learn more about the Impact Bid Price và Impact Ask Price, please read Fair Price Marking.Final Funding Rate Calculation
gocnhintangphat.com calculates the Premium Index (P) and Interest Rate (I) every minute và then performs a 8-Hour Time-Weighted-Average-Price (TWAP) over the series of minute rates.
The Funding Rate is next calculated with the 8-Hour Interest Rate Component và the 8-Hour Premium / Discount Component. A +/-0.05% dampener is added.
Funding Rate (F) = Premium Index (P) + clamp(Interest Rate (I) - Premium Index (P), 0.05%, -0.05%)
Hence, if (I - P) is within +/-0.05% then F = Phường + (I - P) = I. In other words, the Funding Rate will equal the Interest Rate.
This calculated Funding Rate is then applied lớn a trader’s XBT Position Value to lớn determine the Funding Amount lớn be paid or received at the Funding Timestamp.Funding Rate Caps
gocnhintangphat.com imposes caps on the Funding Rate to ensure the maximum leverage can still be utilized. To vì this, two caps are imposed:The absolute Funding Rate is capped at 75% of the Initial Margin - Maintenance Margin. If the Initial Margin is 1% và the Maintenance Margin is 0.5%, the maximum Funding Rate will be 75% * (1% - 0.5%)= 0.375%.The Funding Rate may not change by more than 75% of the Maintenance Margin between Funding Intervals.Funding Fees
gocnhintangphat.com does not charge any fees on funding; it is exchanged directly peer-to-peer.More Information
Further information and examples of trading the Perpetual Swap is available.