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Perpetual Swap is a derivative product just like futures. The only difference is that futures contracts have expiry date but perpetual swap has no expiry date
Each swap contract has a Face Value of 100 USD. Traders can long a position to profit from the increase of a digital asset's price, or short a position to profit from the decline of a digital asset's price. The available range of the Leverage is 1-100x.
Just like futures contracts swap contracts also settled daily through a daily settlement process (at HKT 16:00) moves Unrealized PnL into Realized PnL, increasing flexibility of capital utilization.
Just like futures contracts There are 2 margin modes available in OKEx: Cross Margin Mode and Fixed Margin Mode. For Cross Margin Mode, the Position Margin required varies with the price movements. For Fixed Margin mode, the Position Margin remains the same even the price fluctuates.
You can also add margin to the open position or increase/decrease the leverage of the open position
There are two types of liquidation : Forced partial Liquidation Forced Full liquidation
For Fixed Margin Mode, liquidation orders will be sent in a price slightly better than market price, force-closing the required Number of Swaps. During the time, the position will be frozen and not be controlled by the user
About a minute later, if the orders are filled and the Margin Ratio of the remaining position reach the Maintenance Margin Ratio+ Forced-Liquidation Fee Rate required by the relevant tier, then the remaining liquidation orders will be canceled, and the user’s control over the position is restored.
If the liquidation orders are unfilled or the Margin Ratio of the remaining position does not reach the required Maintenance Margin Ratio+ Forced-Liquidation Fee Rate, then the unfilled liquidation orders will be canceled. The liquidation procedure will start over again. This process will be repeated until the latest Margin Ratio meets MMR requirement.
In Cross Margin Mode, if there is only long position or short position, the Forced Partial Liquidation process will be the same as above.
In Cross Margin Mode, if there are both long and short positions, the pairs of long/short positions will be closed immediately. If Margin Ratio reaches the required Maintenance Margin Ratio, liquidation will stop; if it is not reached, the liquidation will continue.
InForced liquidation :Fixed Margin Mode:When a user's maintenance margin ratio tier is 2 or below and his maintenance margin ratio falls below the tier's required level, or when a user's maintenance margin ratio tier is 3 or above and his maintenance margin ratio is less than the requirement of tier 1, the position will be closed at its bankruptcy price (at which all margins are lost) and taken over by the forced liquidation engine.
Cross Margin Mode: When a user's maintenance margin ratio tier is 2 or below and his maintenance margin ratio falls below the tier's required level, or when a user's maintenance margin ratio tier is 3 or above and his maintenance margin ratio is less than the requirement of tier 1, the position will be closed at its bankruptcy price (at which all margins are lost) and taken over by the forced liquidation engine.
To know the glossary & formula read thishttps://www.okex.com/support/hc/en-us/articles/360020411871-IX-Glossary-and-Formulae
a.Transfer of UPL to RPL UPL of the day will be transferred to RPL and settled profit, then UPL will reset. After settlement, all the positions’ UPL will be settled based on the new standard settlement price. The UPL formula of the settlement day: UPL = (swap face value * no. of swaps / standard settlement price of this Friday) – (swap face value * no. of swaps / standard settlement price of last Friday)
Standard settlement price: Before the settlement at 16:00(HKT), standard settlement price = avg. position price. After the settlement at 16:00(HKT)., standard settlement price = the last traded price before swap settlement.
Clawbacks will only occur if the insurance fund does not have enough funds to cover the system's total margin call losses. Only users that have a net profit for the day will be subject to clawback.
Transfer of RPL to Balance: The realized profits and losses of the day will be credited to your balance. Under Fixed margin mode, the RPL will be credited to the positions’ fixed margin; under Cross margin mode, the RPL will be credited to the balance of the perpetual swap account.
If we get you two alone again this week for the draw and rhytmm wins again she will not be allowed to participate in the next round
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