Pre-Launch Markets
Last updated
Last updated
Pre-Launch Market USDT-M Futures contracts are created on APX V1 for traders who are interested in tokens that have not yet launched on external cryptocurrency exchanges like Binance, OKX etc. They are based on an expiry futures contract, but can also take the form of a perpetual futures contract. Once the token is launched and starts trading on cryptocurrency exchanges, the Pre-Market Symbol on APX will convert into regular perpetual futures contracts.
APX has the right to proceed with the delivery process of the token automatically when the token is launched on an external exchange, or when tokenomics about the token is released. All positions for the token will be closed based on the average price over the last one hour. APX has the final right to interpret the delivery price.
Max Leverage: 2x
Notional Cap: 5000 USDT
Maintenance Margin Rate: 48%
Initial Margin Rate: 50%
Settlement Asset: USDT
Taker Fee: 0.25%
Maker Fee: 0.02%
Liquidation Fee: 1.5 %
Funding Fee: It carries a funding fee. Funding payments are transferred between traders and are charged every eight hours. Please note that this time period may vary depending on market conditions. More details:
We use Mark Price to avoid unnecessary liquidations for traders and to prevent market manipulation. The βPrice Index,β which is the primary component of the Mark Price, is an average of the prices on major mainstream markets. The calculation of Pre-Launch Market Index price is different from regular perpetual futures contracts.
The Mark Price formula for Pre-Launch Market USDT-M Futures Contracts is as follows:
(1) Mark Price = Median Γ (Price 1 , Price 2 , Contract Price)
(2) Price 1 = ( Bid 1 + Ask 1) / 2 Γ (1 + Funding Rate Γ (Time to Next Funding Rate (h)/8 ))
(3) Price 2 = ( Bid 1 + Ask 1) / 2
*Bid 1 & Ask 1 price are from the Pre-Market order book. *Price 2: We will update the logic of Price 2 according to the market situation.
*Median: The middle price out of Price 1, Price 2, and the Contract Price is taken as the median. For example, if Price 1 < Price 2 < Contract Price, then Price 2 is taken as the Mark Price.
*Bid 1 & Ask 1 price are from the Pre-Market order book.
*Price 2: We will update the logic of Price 2 according to the market situation.
After the Pre-Market Symbol changes to a regular perpetual futures contract, the index price will be switched to the perpetual futureβs index calculation as well.
APX Futures Liquidation Protocol:
Mark Price in USD-M Perpetual Futures Contracts:
Auto-Deleveraging (ADL):