Definitions and Formulae

Common Terms Used in the Rulebook

Market Data Price

The price of the underlying asset, derived from the relevant external oracle source.
Denoted as $P_t^{\text{market}}$.

Index Price

$$P_t^{\text{index}} = \begin{cases} P_t^{\text{market}}, & \text{if } P_t^{\text{market}} \in [0.5 P_{t-1}^{\text{market}},\; 1.5 P_{t-1}^{\text{market}}] \\ P_{t-1}^{\text{market}}, & \text{otherwise.} \end{cases}$$

That is, the Index Price equals the current Market Data Price if it lies within ±50% of the previous value, otherwise the prior price is used.

Oracle Price

Defined in Contract Specifications:

Mark Price

The Mark Price $P_t^{\text{mark}}$ is computed as:

$$P_t^{\text{mark}} = \text{Median} \Big( P_t^{\text{oracle}},\; P_t^{\text{oracle}} + \text{EMA}_{150s}(M_t - P_t^{\text{oracle}}),\; \text{Median}(B_t,\; A_t,\; T_t) \Big)$$

where $M_t$ is the mid price, $B_t$ the best bid, $A_t$ the best ask, and $T_t$ the last traded price.

Unrealized PnL

$$PnL_{\text{unrealized}} = \sum_i q_i \cdot (P_t^{\text{mark}} - P_{i,\text{entry}})$$

for all open positions $i$ with quantity $q_i$.

Realized PnL

$$PnL_{\text{realized}}= \sum_j (P_{j,\text{exit}} - P_{j,\text{entry}}) \cdot q_j$$

for all closed positions $j$.

Cash

$$\text{Cash} = D - W + F_{\text{net}} + RR - \text{Fees}$$

where $D$ = deposits, $W$ = withdrawals, $F_{\text{net}}$ = net funding, $RR$ = referral rewards.

Margin

$$\text{Margin} = \text{Position Margin} + \text{Order Margin}$$

Account Equity

$$\text{Equity} = \text{Cash} + PnL_{\text{realized}} + PnL_{\text{unrealized}}$$

Available Balance

$$\text{Available Balance} = \text{Account Equity} - \text{Margin}$$

Withdrawable Balance

$$\text{Withdrawable Balance} = \text{Cash} + PnL_{\text{realized}} + \min(PnL_{\text{unrealized}}, 0) - 1.05 \times \text{Margin}$$

Position Value

$$V = P_t^{\text{mark}} \times Q$$

where $Q$ is the position quantity in the symbol.

Funding Rate

The rate $r_t^{\text{funding}}$ paid between long and short positions when the futures price deviates from the underlying index.

Funding Fee

$$\text{Funding Fee} = P_t^{\text{mark}} \times Q \times r_t^{\text{funding}}$$

Liquidation Spread

The maximum spread $\Delta_{\text{liq}}$ from $P_t^{\text{mark}}$ at which an orderly Immediate-or-Cancel (IOC) liquidation order is executed.

DLP Fee

A fee $f_{\text{DLP}}$ paid to Designated Liquidity Providers (DLPs) who absorb liquidated positions.

Mark-to-Market (MTM)

All portfolios are re-evaluated every 200 ms using the Mark Price $P_t^{\text{mark}}$ to:

• Recalculate Unrealized PnL,
• Detect margin requirement breaches,
• Trigger liquidation procedures.