Revised November 4, 2019
Perpetual Contract Overview
Manticor’s Perpetual Contracts are instruments that track crypto-currency price indexes and settle the PnL on an hourly basis. The contract is similar to an hourly-settled futures contract with no expiry. It provides traders an easy way to gain exposure to a price index. The periodic funding cost and the hourly PnL settlement cause the contract price to closely track the underlying index value.
Manticor settles the funding costs at the end of every hour. Position holders pay or receive the funding cost proportional to the holding time of their position. Specifically, an account will pay:
Where: i = 1,2, ... N represents trades that occurred at price Pi when the underlying index price is Ii with size ni at time ti; ri is the exchange determined annual market fair funding rate, at time ti; and Ti is the time when the position is closed, and equals T if the position is still open (Ti - ti is in units of hours). T is the current funding settlement time and T0 and is the previous funding settlement time.
Underlying Index List:
Trading Hours: 24x7
Current Fee*: Maker/Taker Fee is 0%
PnL Calculation: USDC
Settlement Currency: USDC
USD to USDC conversion: A 1:1 exchange rate for USD to USDC is used for PnL Settlement
*Fee structure are subject to periodic review and change
Margin requirement per contract:
Liquidation and Auto-deleveraging
Our liquidation process is designed to ensure successful settlement of trades in the event that any account’s maintenance margin is more than the account's total balance.
Margin Usage Ratio (MUR) is defined as Account Balance / Maintenance Margin.
If MUR<0.9, the="" user="" will="" receive="" a="" margin="" call="" notification="" and="" should="" add="" funds="" to="" account="" or="" make="" margin-reducing="" trades="" in="" order="" satisfy="" requirement.="" if="" mur="" <0.5,="" liquidation="" process="" starts.="" all="" positions="" are="" subject="" bring="" down="" maintenance="" until="">=0.9. For any liquidated position, there is a 0.5% trade price penalty. The penalty will go into the insurance fund. If the maintenance margin is still insufficient at the settlement, the insurance fund will be used. </0.9,>
In cases of extreme market stress, if the insurance fund is insufficient to cover the loss, the exchange will perform auto-deleveraging: the positions owned by opposing accounts according to leverage priority will be closed. This is expected to happen very rarely and only in an extremely stressful market situations.