Perpetual Markets

Perpetual futures contracts on Foundation are advanced financial derivatives, allowing traders to speculate on the future price movements of cryptocurrency assets without necessitating the physical delivery of the underlying asset. Unlike traditional futures contracts that are bound by specific expiration dates, perpetual futures are designed to be maintained indefinitely, providing traders with enhanced flexibility and continuous exposure to market dynamics.

Initially, Foundation will launch two Perpetual Markets for primary cryptocurrency assets: Bitcoin (BTC) and Ethereum (ETH). Future market expansions will be guided by ongoing developments, with announcements made directly to the community to ensure transparency and engagement.

Trading Rules

Market	BTC-Perp	ETH-Perp
Tick Size	0.1	0.01
Step Size	0.001	0.001
Max Leverage	50x	50x
Initial Margin Fraction	2%	2%
Maintenance Margin Fraction	1%	1%
Max. Number of Open Orders	500	500
Min. Order Value	$500	$500
Limit Buy Order Price Cap Ratio	10%	10%
Limit Sell Order Price Floor Ratio	10%	10%

Tick Size: The minimum change in the unit price of the contract.

Step Size: The minimum change in the unit size of the contract.

Initial Margin Fraction: The initial margin fraction is the margin fraction needed to open a position. Margin Fraction is calculated as your position notional amount divided by your equity. If your margin fraction exceeds the initial margin fraction, you will no longer be allowed to increase your position.

Maintenance Margin Fraction: The maintenance margin fraction is the margin fraction needed to prevent liquidation. If your Margin Fraction exceeds the Maintenance Margin Fraction, your position will be automatically closed (liquidated) and a liquidation fee will be assessed.

Max. Number of Open Orders: The Maximum open orders per perpetual account for each market.

Min. Order Value: The Minimum value of Limit Order for the contract

Limit Buy Order Price Cap Ratio: The buy price of limit orders should be less or equal to (1 + cap ratio ) * Index Price

Limit Sell Order Price Floor Ratio: The sell price of limit orders should be higher or equal to (1 - floor ratio) * Index Pric