Trading

Spot Products

Available Leverage: 5x

Cypher enables margin on Serum's spot markets. This means that the existing liquidity on the Serum markets will be shared between both Serum and Cypher.
Even though Cypher has the ability to offer margin on every Serum spot market, pairs denominated in USDC, BTC, ETH, and SOL with relatively deep liquidity and a Pyth price will initially be listed.

Futures Products

Available Leverage: 5x

Single-token Futures

Single-token futures will be denominated in USDC. The futures contracts will expire to the price of the token provided by our oracle system.

Pair Futures

Instead of quoting assets in USD, pair futures quote an asset relative to another asset. An example of this is the BTC/ETH pair. When a trader goes long BTC/ETH, they are betting that relative change in price of the underlying assets will make the fraction increase.
Example calculation: BTC trades at $30k (denominated in USD) and ETH trades at $1k (denominated in USD). The current pair ratio would be equal to 30. Assuming a trader was long 1 contract of BTC/ETH, there are three scenarios that would cause this fraction to increase.
  1. 1.
    The BTC/USD price stays constant while the ETH/USD price decreases
  2. 2.
    The BTC/USD price increases while the ETH/USD price stays constant (or increases less on a percentage basis)
  3. 3.
    The BTC/USD price decreases while the ETH/USD price decreases more
For a short position, the inverse of these scenarios benefit the trader; they believe that the USD denominated price ratio between the two assets will decrease.

Index Futures

An index is a basket of assets that track the performance of a sector in a market. The assets in an index are generally weighted by a metric (circulating market cap, volume, volatility, etc), which affects how much a price change in a single asset affects the overall price change of the index.

Physical Delivery

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.

Minimum Contract Size for Futures Products

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

SOL&P

Composition of the SOL&P index:
Asset
Ticker
Percent Composition
Serum
SRM
52.92%
HXRO
HXRO
14.94%
Raydium
RAY
12.18%
Mango
MNGO
7.35%
Jet
JET
3.67%
Bonfida
FIDA
3.08%
Solend
SLND
2.51%
Orca
ORCA
1.88%
Saber
SBR
0.61%
Port
PORT
0.45%
Synthetify
SYN
0.41%