Session Settlement

The settlement will occur every 8 hours (3 sessions in a day), generally at the same time as the Funding Payment. This is known as the Session End Time. Realized and unrealized session profits gained at any point during the 8 hours prior to the Session End Time can only be withdrawn at or after settlement. At the end of each session, all positions’ Average Price will be reset to the Mark Price.

The socialized Loss Mechanism may be applied if the Insurance Fund is depleted.

Mark Price

Mark Price is used for calculating the margin requirement, and therefore also used to determine when margin-related notices are triggered and whether Forced Liquidation occurs. It is a means used to help prevent market manipulation and unnecessary liquidation.

  • Fair Price = (Fair Impact Bid + Fair Impact Ask) / 2

    • Fair Impact Bid is the average price of the fair impact size* market sales order or the best bid price - 0.1% whichever has a greater value.

    • Fair Impact Ask is the average price of the fair impact size* market purchase order or the best offer price + 0.1% whichever has a lower value.

  • Mark Price = Index Price + 30 seconds an exponential moving average of (Fair Price - Index Price)

    • Mark Price Bandwidth: Index +/- 0.5%, so under no circumstances, the Mark Price can divert for more than 0.5% from the Index Price.

Session End Time

Every 8 hours at 00:00 UTC, 08:00 UTC, and at 16:00 UTC daily.

Funding Payments

Funding Payments are calculated at the Session End Time to encourage the alignment of prices traded on the Exchange to the underlying index price.

See the Funding and session settlement article for further details.

The notice period for to terminate open positions

In certain circumstances, may close out any and all positions if it considers such measures are required. The applicable notice period is at least 48 hours.

* For reference asset fair impact size, please refer to the specific perpetual contract specifications

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