Perpetuals

Funding, marking and sizing configuration for the perpetual markets. Margin requirements for a perpetual position come from the manager the subaccount uses: PERP_REQ_IM / PERP_REQ_MM, or the scenario grid plus INITIAL_PERP_FACTOR / MAINTENANCE_PERP_FACTOR depending on the manager. Perpetual markets are keyed by (asset, risk universe); a perpetual is only tradable by subaccounts in the universe that lists it.

Funding

Parameter	Contract Variable	BTC / ETH / SOL	HYPE	LIT / PUMP / VVV	All other markets	Description
perpConvergence	`perp_assets.config.convergence_period_sec`	16 hours (57,600 s)	24 hours (86,400 s)	8 hours (28,800 s)	8 hours (28,800 s)	The period over which the premium is amortised into the funding rate.
PERP_MAX_FUNDING	`perp_assets.config.max_rate_per_hour`	0.017123% / hour	0.017123% / hour	0.4% / hour	0.068493% / hour	Cap on the rate longs pay shorts.
PERP_MIN_FUNDING	`perp_assets.config.min_rate_per_hour`	-0.017123% / hour	-0.017123% / hour	-0.4% / hour	-0.068493% / hour	Cap on the rate shorts pay longs.
UnderlyingRate	`perp_assets.config.static_interest_rate`	0.00125% / hour	0.00125% / hour	0.00125% / hour	0.00125% / hour	The static interest component of the funding rate. Equivalently 0.01% per 8 hours.

The instantaneous funding rate is

Formula

Premium = (max(0, IBP - Spot) - max(0, Spot - IAP)) / Spot

Funding Rate = Premium / perpConvergence
             + clamp(UnderlyingRate - Premium / perpConvergence, -0.00625%, 0.00625%)

where IBP and IAP are the impact bid and ask prices — the average execution price for a market sell or buy of the impact notional amount.

📘 The funding rate quoted here and returned by the API is a per-hour rate, not a per-8-hour rate.

Marking and Sizing

Parameter	Value	Description
INA (impact notional amount)	4,000	Notional used to compute the impact bid and ask prices. Configured off chain, in the funding keeper, not in the manager config.
PERP_TWAP_LENGTH	30 minutes	TWAP of (perp price - spot price) added to spot to form the perpetual mark price.
PERP_MAX_PERCENT_DIFF	0.06	The perpetual mark price is clamped to [0.94, 1.06] x spot.

Product Details

Managers

Oracles and Liquidations

Parameters

Funding

Marking and Sizing

​Funding

​Marking and Sizing

Funding

Marking and Sizing