Perpetual Contract Introduction
HyperionX offers perpetual contracts denominated in U, a digital currency contract product settled in the platform's stablecoin, USDX. Each contract represents a certain amount of digital currency, allowing investors to profit from the price fluctuations of the currency by buying long or short contracts. The leverage of these contracts ranges from 1 to 100 times, with different contracts having different maximum leverage limits.Taking the BTCUSD contract as an example:
Key Features | Specifications |
Underlying Asset | BTC/USDX Index |
Settlement Currency | USDX |
Contract Size | 0.0001 BTC |
Index Price | USDX equivalent for 1 BTC |
Tick Size | 0.01 |
Leverage | 1-100x |
Trading Hours | 24/7 |
Funding Time | Funding fees are collected on 4 hourly basis |
Trading Fee |
Product Features
Isolated Margin Currently, the platform only supports isolated margin trading. Isolated margin means the margin for a single currency position is independent of the user's trading wallet balance and other currency positions. This allows users to precisely control their position leverage and avoid the risk of liquidation due to excessive leverage. For example, if you trade perpetual contracts in both BTCUSD and ETHUSD at the same time, the margins for these two positions are independent, and profits and losses are borne separately. If one position is liquidated, it will not affect other positions in the user's account.
Expiration Date Perpetual contracts do not have an expiry or settlement date; they are non-expiring.
Pricing System HyperionX uses an oracle-based pricing mechanism. Depending on the liquidity of the currency, there are two types of pricing mechanisms: DEX and CEX. An exceptional handling logic is also set up to ensure that when there is a significant deviation in the prices of the exchanges, the platform's price fluctuations remain within a normal range. For more details, see the pricing mechanism section.
Maintenance Margin Rate System The maintenance margin rate is the minimum margin rate required for a user to maintain their current position. Liquidation (forced closure) is triggered when the margin rate falls below the maintenance margin rate plus the liquidation fee rate. For more details, see the liquidation mechanism section.
Maximum Profit The maximum profit mechanism is used to protect LPs and ensure liquidity provision. When a user's position reaches maximum profit, a maximum profit liquidation will be triggered, and the platform will close the position at the marked price for contracts that have reached maximum profit. Maximum profit is typically 10 times the margin. For more details, see the maximum profit section.
Funding Fee Mechanism Since perpetual contracts do not have an expiry date, a funding fee mechanism is needed to anchor the contract price to the spot price. Funding fees are collected every 4 hours. Users only need to pay or receive funding fees if they hold a position at the time of collection. If the position is closed before the fee collection, no funding fee is payable. For more details, see the funding fee section.
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