Trading

Trading Modles

Traders can select between two fee models:

1. Fixed Fee Model:

   • Suited for traders who prefer predictable costs.

   • Settlement prices are sourced from oracles.

   • A fee is charged upon opening and closing a trade:

$$Trading\ Fee= Base\ Fee+\frac{The\ Size}{Max\ Trading\ Size}\times Price\ Impact$$

1. Profit-Sharing Model:

   • No fees when opening or closing trades.

   • Instead, a share of the trader's profit is paid to the platform, calculated using the Profit-Sharing Closed Price (P_close) formula:

$$P\ Close(T)=P(t)+\frac{1-Base\ Rate}{1+\frac{1}{abs(\frac{P(T)}{P(t)}-1)\times Rate\ Multiplier}+\frac{Bet\ Amount\times Position\ Leverage}{10^{6}\times abs(\frac{P(T)}{P(t)}-1)\times Position\ Multiplier}}\times(P(T)-P(t))$$

• Where:

  • P(T): Close price

  • P(t): Open price

  • Additional parameters and details are available here.

Profit Sharing Transparency

All profit-sharing percentages are fully transparent and can be viewed directly on the Calculator Page.

Funding Fees

Funding fees are charged every 1–8 hours, depending on the specific token. The rates are derived from market-implied funding rates on major exchanges.

• Positive funding: Long positions pay the fee to the vault.

• Negative funding: Short positions pay the fee to the vault.

If a trade is closed before the next funding window, no funding fee applies.

During the profit-share model, traders will receive 70% of the displayed funding amount. Under the flat-fee model, traders receive the full amount of the funding.

Oracles

Prices are sourced from a weighted average of leading exchanges (Binance, OKX, Bybit, and others) to ensure accuracy and reliability.

Liquidation

Positions are liquidated when collateral falls below the maintenance margin of all opened positions:

$$Collateral\ Value<Position\ Size\times Liquidation\ Buffer$$

Dynamic Liquidation Buffer

The liquidation buffer adjusts dynamically during periods of high volatility to protect both traders and the Vault.

Its maximum value is capped at:

$$Max\ Buffer = Min(Max\ Buffer\ Rate\ By\ Tier, \frac{7}{Leverage})$$

The maximum buffer rate is determined by the maximum position size of each tier and can be viewed directly on the Buffer Rate Page.

Auto Deleveraging

When a trader’s unrealized PnL exceeds the maximum winning cap set for a given token, the position is automatically deleveraged at the level where the trader retains profits equal to that cap.

You can view the maximum winning cap for each trading pair and trade directly on the Cap Reference Page for full transparency.