Dictionary
Account Balance: cumulative deposit - cumulative withdrawal + cumulative realized PnL from total trading pairs - cumulative PCF from total trading pairs - total trading pairs trading fee - cumulative paid gas fee - liquidation penalty/compensation
[in the event of liquidation/negative margin balance, the account balance will reset to 0, and margin balance will be calculated from 0 after re-deposit]
Margin Balance: account balance + cumulative unrealized PnL from all trading pairs
Margin For All Positions: the sum of margins for positions of all trading pair
Gas Fee: paid gas fee that triggered by the liquidator (deducted from the margin account), such as limit order, take profit and stop loss, auto deleverage, liquidation, etc. The rules of gas fee: liquidators calculate the gas fee at 1.5 times of the ProposeGasPrice on the chain, and it is evenly shared by the liquidated users (may execute multiple clearing transactions at the same time). The clearing transaction will be designed by the DAO whitelist to ensure a fair gas fee price when each liquidator executes. In short, the more clearing transactions, the lower the gas fee for each user.
Liquidation Fee: the remaining margin in the account will be injected into the insurance pool when the position is liquidated
System Compensation: the system will compensate when the margin balance is negative after position closed or been liquidated
Bond Compensation: the system has a net loss and the insurance pool is insufficient, so users cannot withdraw 100% of their cash. At this time, the system will compensate users by issuing redeemable bonds bToken
Current Price: take the median from multiple external Orcale
Price Fluctuation: the percentage change of the current price relative to 24 hours ago
PCF (Position Change Fee) rate: (total long position of the trading pair - total short of the trading pair) / MIN ( κ * liquidity pool balance, ψ) * 100%
[κ and ψ are adjustable parameters, and their values of different trading pairs are different]
Position Mining Yield: position mining yield (BUSD) + position mining yield (DRF)
Position Mining Yield (BUSD): (1 - net position direction * position direction * μ) * maximum leverage of the trading pair * yesterday's trading fee of the trading pair * 15% / MAX(1, total positions of the trading pair in the position direction) * 365 * 100%
[μ is an adjustable parameter]
Position Mining Yield (DRF): (1 - net position direction * position direction * μ) * maximum leverage of the trading pair * today's DRF rewards of the trading pair * 15% / MAX(1, total positions of the trading pair in the position direction) * 365 * 100%
Max Open: margin available * leverage / position open price
Notional Value: position size * position open price
Margin Available: MAX(0, margin balance - margin for all trading pairs - margin occupied by limit order for all trading pairs)
Margin Occupied By Limit Order: limit price * position size / leverage
Position Open Fee: open position size * open price * trading fee
[trading fee is an adjustable parameter]
Position Change Fee (Open): (|naked position of the trading pair after position open| - |naked position of the trading pair before position open|) * [(|PCF rate before position open| + |PCF rate after position open|)/2+ρ]
[ρ is an adjustable parameter]
Naked Position: total long position of the trading pair - total short position of the trading pair
Position Limit (One-Way): [liquidity pool balance * θ - direction of position open * (total long position of the trading pair - total short position of the trading pair)]/trading pair market price
[θ is an adjustable parameter]
Unrealized PnL: futures direction * (current futures price - average position open price) * position size
PnL%: unrealized PnL / margin * 100%
Position Holding: cumulative position open - cumulative position close
Average Open Price: total notional value / total position size
Margin For Position Holding: position holding * current price of the trading pair / leverage
Margin Rate: margin balance / total positions of all trading pairs
Liquidation Price: current price - direction of position holding * (margin balance - total positions of all trading pairs * maintenance margin rate) / position holding
[maintenance margin is an adjustable parameter]
Estimated PnL for TP/SL (Take Profit/Stop Loss): direction of position holding * (TP/SL price - open price) * position size
Maximum Position Closing: MIN(total position holding, closing limit/current price)
Closing Limit: (liquidity pool balance * θ + direction of position close * (total long position for the trading pair - total short position for the trading pair)) / trading pair market price
Closing Fee: position close * close price * trading fee rate
[trading fee rate is an adjustable parameter]
Position Change Fee (Closing Position): (|naked position of the trading pair after position close| - |naked position of the trading pair before position close|) * [(|PCF rate before position close| + |PCF rate after position close|)/2 + ρ]
[ρ is an adjustable parameter]
Total PnL: margin balance of all users - liquidity pool balance
Liquidity Pool Balance: total deposit - total withdrawal (U) - liquidation gas - trading fee - remaining margin after liquidation [inject into insurance pool] - shared user net loss [inject into insurance pool] - user net profit shared by insurance pool redemption [inject into insurance pool]
Realized PnL: direction of position close * (close price - open price) * close position size
ADL (Auto Deleveraging): when margin rate < maintenance margin rate (3%), it will trigger auto liquidation partially.
auto liquidation amount = (total position holdings of all trading pairs * maintenance margin rate * n - margin balance + close position gas fee) / (maintenance margin rate * n - trading fee rate)
[n and trading fee rate are adjustable parameters]
Open Position Balance: the sum (long positions + short positions) of all open positions (position holding * contract price) of all trading pairs
Position Mining Reward: calculate and publish the reward every 8-hour based on the data at the time (Time T).
Earnings at Time T in BUSD = (1 - net position direction at Time T * position direction *μ) * 5% of yesterday's trading fee of the trading pair / MAX(1, open position of the position direction of the trading pair at Time T) * open position of the position direction at Time T - Gas fee for distributing rewards/ number of people getting rewards
[μ is an adjustable parameter]
Earnings at Time T in DRF = (1 - net position direction at Time T * position direction * μ) * number of DRF for the trading pair on the day / 6 / MAX(1, open position of the position direction of the trading pair at Time T) * open position of the position direction at Time T
[μ is an adjustable parameter]
DRF Staking Reward: For each staked DRF, 1 eDRF is produced on a daily basis
bToken Staking Reward: The interest obtained for 1 bToken/day is
/365 bToken
[
an adjustable parameter]
Exchangeable Balance: MIN(account balance, buyback fund balance)
Buyback Fund: x * MAX(0，insurance pool balance - MAX(Total PnL, 0))
[x ∈ [0,100%]，is an adjustable parameter]
Insurance Pool Balance: 40% trading fee + invalid broker rebate 30% trading fee + shared user net loss + remaining margin after liquidation - user net profit shared by insurance pool redemption - spending on bond redemption - spending on DRF buyback
Parameter | Parameter Value |
|---|---|
Parameter θ - Open/Close Position Limit | 2 |
Parameter x - Buyback Fund Ratio | 20% |
Position Minimum | 500 BUSD |
Maintenance Margin Ratio | 1% |
Auto-Liquidation Margin Ratio | 0.5% |
Parameter n - Multiplier of Maintenance Margin After ADL | 2 |
bToken Staking Yield Rate | 10% |
eDRF Unit Production (per block) | 0.00003472 |
Broker Privilege Burning Fee (eDRF) | 60,000 |
number of eDRF for broker privilege extension in a single block | 0.02083333 |
Liquidation Reward Gas Fee Multiplier | 1.5 |
Parameter | BTC Parameter Value | ETH Parameter Value |
|---|---|---|
Parameter κ - PCF Rate | 1000 | 800 |
Parameter ψ - PCF Rate | 300,000,000 | 200,000,000 |
Parameter ρ - PCF | 0.12% | 0.12% |
Trading fee distribution ratio for Brokers | 30% | 30% |
Trading fee distribution ratio for holding position | 30% | 30% |
Trading fee distribution ratio for insurance pool | 40% | 40% |
Trading Fee % | 0.1% | 0.1% |
Maximum number of limit orders | 10 | 10 |
Maximum leverage | 75 | 75 |
Last modified 2mo ago