Markets & Collateral

Market Selection

  • Available Markets: Select from supported perpetual markets (e.g., BTC/USD, ETH/USD, SOL/USD)

  • Index Price Feed: Each market uses aggregated price feeds from multiple exchanges to reduce manipulation risk

  • Market Types:

    • Fully Backed Markets: Open interest limited by pool reserves, all profits fully backed

    • Synthetic Markets: Cross-collateral positions with ADL protection when needed

Pool Selection

  • Multiple Pools Per Market: Choose between different collateral pairs (e.g., ETH-USDC, ETH-USDT)

  • Pool Composition: Each pool consists of:

    • Long Token: Backs long positions

    • Short Token: Backs short positions

  • Pool Shifting: Move liquidity between pools with same backing tokens without sell fees

Collateral Options

  • Long Positions:

    • Index token collateral: Amplified exposure (e.g., 1 ETH position + 1 ETH collateral = 2 ETH exposure)

    • Stablecoin collateral: Isolated long exposure, easier to switch between long/short

  • Short Positions:

    • Index token collateral: Useful for delta-neutral strategies to earn funding fees

    • Stablecoin collateral: Pure short exposure, easier to switch directions

  • Collateral Management: Deposit or withdraw collateral anytime via "Edit" button to adjust leverage and liquidation price

Leverage System

  • Max Leverage: Dynamically adjusts based on pool utilization

    • Decreases as open interest increases to protect pool

    • Only affects opening/increasing positions, not existing positions

    • Interface shows warnings when max leverage would be exceeded

  • Leverage Display: Configurable as (position size) / (collateral) or (position size + PnL) / (collateral)

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