Trading
Cypher enables margin on Openbook's spot markets. This means that the existing liquidity on the Openbook markets will be shared between both Openbook and Cypher.
Even though Cypher has the ability to offer margin on Openbook's spot market, pairs denominated in USDC, BTC, ETH, and SOL with relatively deep liquidity and a Pyth price will initially be listed.
Perpetual token futures will be denominated in USDC. The funding rate will be calculated continuously and will be paid every hour.
Dated token futures will be denominated in USDC. The futures contracts will expire to the price of the token provided by our oracle system at expiration.
Initially, one-month dated contracts will list on Cypher.
Select dated futures markets will be enabled for physical delivery. On these markets, settlement at the market's expiry will occur by shorts delivering the asset to longs.
For example, a trader long 1,000 SOL on the SOL/USDC market expiring on December 31st, 2022, would receive 1,000 SOL, credited to the sub account from which the position was opened.
For pre-IDO token futures, settlement will also be physical, where long positions will receive their respective amount of the tokens at expiry.
The minimum sizes a contract can be broken up into are defined below:
Asset | Minimum tick size |
|---|---|
SOL | 0.001 |
ETH | 0.0001 |
BTC | 0.0001 |
BTC/ETH | 0.001 |
SOL/ETH | 1 |
SOL&P | 0.1 |
Last modified 8mo ago