Open Expiry Future

Expiry Future Pricing

Futures with an expiry date are priced using this model:

$$F(S,r,T)= \begin{cases} S\,\exp(r_\text{TOKEN-fixed}T), & \text{Expiry Long}, \\ S\,\exp(-r_\text{USDC-fixed}T), & \text{Expiry Short}. \end{cases}$$

Where:

• S is the oracle price
• r is the interest rate
• T is the time to expiry

The formula above gives you the price of a single futures contract. You can open any number of expiry futures in a single order as long as the minimum order size is above $10 and the leverage is within restrictions.

For opening an expiry future position you can submit your order via either a limit or market order. You can choose to pay in either currency of the pool.

Expiry Future Restrictions

• The maximum leverage allowed to open a position is between 250x and 1.1x.
• The maximum allowed leverage is 500x.
• Expiry time cannot exceed one year and must exceed one day, so T must stay within 1 day and 365 days.

Expiry Future Collateral

For each long or short contract, the pool locks:

$$\mathrm{Lock}(S,r,T)= \begin{cases} \exp{(r_\text{TOKEN-fixed}T)} \, \mathrm{Tokens}, & \text{Expiry Long}, \\ S\ \mathrm{USDC}, & \text{Expiry Short}. \end{cases}$$

This makes expiry futures 100% collateralized.