Contract definitions for the EMX XTZ (Tezos) Perpetual Swap contract.
A Perpetual Swap is similar to a future, however, it does not have an expiration date. EMX employs funding payments every 8 hrs between buyers and sellers of the contract to align EMX traded XTZUSD Perpetual Swap prices with underlying spot prices.
|Underlying Index||EMX XTZUSD Index (Using prices from Kraken and gate.io)|
|Contract Size||1 XTZ (Every point move of the contract is equal to $1)|
|Minimum tick size||0.0005|
|Initial Margin||1% + 0.10% per 10,000 XTZ increase in position size (100x max leverage)|
|Liquidation Level||75% of Initial Margin|
|Funding||Funding is paid every 8 hours to only those holding positions at 04:00, 12:00, 20:00 UTC time. If positive, longs pay the shorts; If negative, shorts pay the longs.|
|Mark Price Band||0.5%|
|Fees||Taker fee of 0.075%. Maker rebate of 0.03%. Liquidation fee of 0.25%, which is added to the insurance fund|
|Position Limit||100,000,000 Contracts|
|Price protection||+- 5% for Market Orders; +6% for Buy Limit Orders; -6% for Sell Limit Orders|
|Trading Hours||24 hrs/day, 7 days/week, 365 days/year (excluding maintenance)|