Thalex Logo

Trading Information

Contract Specifications: Perpetuals

Perpetuals

UnderlyingBitcoinEthereum
TickerBTC-PERPETUALETH-PERPETUAL
IndexThalex BTCUSDThalex ETHUSD
Contract Size1 BTC valued at 1 USD per Index Point1 ETH valued at 1 USD per Index Point
QuotationUSDUSD
Minimum Order Size0.001 BTC0.01 ETH
Tick Size1 USD0.1 USD
CollateralBTC, ETH, USDt, USDCBTC, ETH, USDt, USDC
Settlement CoinUSDtUSDt
Daily SettlementAt 08:00 UTCAt 08:00 UTC
Daily Settlement ProcedureFutures-style settlement at the Mark PriceFutures-style settlement at the Mark Price

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.

Funding Payments

For any interval of T hours, a position of one contract long will receive:

During the same interval, a position of one contract short will pay 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).