cypher is a decentralized dated futures infrastructure standard built on top of the Solana blockchain. The protocol will allow for the creation of and make possible the trading of derivatives via Serum’s DEX. cypher supports native trading accounts that enable cross-margining for assets traded via the protocol. Trading accounts support USDC as collateral currently, but will move to support more forms of collateral in order to help facilitate basis trading. cypher protocol will initially support single-token futures, FX-style crypto pair futures and crypto index futures. These derivatives will be tradable via the cypher smart contract, which facilitates interoperability with a decentralized central limit order book allowing participants to bring true price discovery forward. The protocol will mimic certain mechanisms from traditional finance enabling traders to have long, short, and levered positions. Short and levered positions will be enabled by the protocols native peer-to-peer margining system, where traders can come to lend and borrow stablecoins and other forms of collateral that will be supported in the future. Traders will have to maintain proper collateralization requirements in the trading account, ensuring protocol safety.