Trading and risk

Orders

MOVE contracts trade on a central limit order book with price-time priority. A fill executes at the price of the resting order.

• Limit orders, with time in force GTC, IOC or FOK.
• Market orders, sent as an IOC limit priced through the book.
• Post-only orders, which never take liquidity, and reduce-only orders, which can only shrink a position.

Margin

Margin is isolated: each position has its own collateral, and a trader holds one position per market. Leverage goes from 1x to 3x and is fixed for the life of the position.

initial margin = contracts × price / leverage

Liquidation

A position is liquidated when its losses reach 90% of its margin. For an entry price E and leverage L:

long  liquidates at  E × (L − 0.9) / L
short liquidates at  E × (L + 0.9) / L

The trigger is the order-book mid price, excluding the trader's own orders, with the oracle-based mark as a fallback when the book is empty. The position is closed against resting orders, or taken over by the insurance fund at the trigger price. Any margin left is returned to the trader.

Maximum loss

• Long: the contract price cannot go below zero, so the loss is bounded by the entry price. With leverage, liquidation closes the position first.
• Short: the move has no upper limit. Liquidation closes the position before its margin is exhausted; losses beyond the margin, for example from a price gap, are absorbed by the insurance fund.

The insurance fund is funded from trading fees and direct deposits.

Settlement

When an epoch ends, resting orders are cancelled and the epoch is settled with the oracle price. Open positions settle at |close − open| and their balance is claimed into the trader's account. The next epoch opens with a new reference price.

Parameters

Leverage

1x to 3x, isolated

Liquidation

At 90% of margin lost

Taker fee

0.30% of notional

Maker rebate

0.10% of notional

Fee split

Net fees: 90% treasury, 10% insurance fund

Order size

$10 minimum, $100,000 maximum notional

Position size

$50,000 maximum notional per market

Maximum profit

8x the position collateral

Tick size

$1 for BTC

Funding

None