Trading

Spot Products

Available Leverage: TBD

Cypher enables margin on Openbook V2 and Phoenix spot markets. This means that the existing liquidity on the these spot markets will be shared between Cypher and the entire Solana ecosystem as the spot markets are used heavily with Jupiter and other platforms.

Perpetual Futures

Available Leverage: TBD

Single-token Futures

Perpetual token futures will be denominated in USDC. The funding rate will be calculated continuously and will be paid every hour.

Dated Futures

Available Leverage: TBD

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.

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 margin 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.