|Index||Thalex BTCUSD||Thalex ETHUSD|
|Contract Size||1 BTC valued at 1 USD per Index Point||1 ETH valued at 1 USD per Index Point|
|Minimum Order Size||0.001 BTC||0.01 ETH|
|Tick Size||1 USD||0.1 USD|
|Collateral||BTC, ETH, USDt, USDC||BTC, ETH, USDt, USDC|
|Daily Settlement||At 08:00 UTC||At 08:00 UTC|
|Daily Settlement Procedure||Futures-style settlement at the Mark Price||Futures-style settlement at the Mark Price|
The Mark Price consists of the Index and a 30 seconds exponential moving average of the Premium, which is updated approximately every second. The Premium is the difference between the Index and the constrained Mark Price.
The EMA30 is a smooth exponential time-based decay, where each additional second contributes 2/31, so that the center of mass is equal to that of a standard moving average over 30 seconds.
For any interval of T hours, a position of one contract long will pay:
During the same interval, a position of one contract short will receive this amount of funding. For example, assume a constant BTC-Perpetual Mark Price of $50,100 and BTC Index of $50,000. A participant who is long four perpetual contracts for a period of three hours would pay $50:
Note that the spread between Index and Mark Price will change continuously. Hence, funding is implemented as an integral over time:
Funding is accumulated approximately every second into Unsettled P&L (See Portfolio Margin).