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ORBITRAONE™

Markets · Perpetuals

Perpetuals engineered for control.

Leveraged exposure without an expiry date, with the risk mechanics in plain view. Funding, margin, liquidation and insurance behavior are visible before the trade — not discovered after stress begins.

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Illustration: A mark-price line moves around the index price while funding flows alternate between longs and shorts; a shaded band shows the distance to liquidation before a position is opened.

Overview

Continuous exposure, anchored to an index

A perpetual contract never expires. What keeps its price close to the underlying market is funding: periodic payments between long and short holders, sized by the basis between the contract and its index. When the contract trades above the index, longs pay shorts; when it trades below, shorts pay longs.

On ORBITRA ONE™ the index comes from Prism as signed, confidence-scored market state. Funding payments and margin changes are computed by the same clearing engine that records every fill, and Aegis simulates every position before it opens — so the mechanics that usually surface only in a fast market appear on the order ticket.

Capabilities

Built into every perpetual contract

  1. 01

    Index-anchored mark

    Margin and unrealized P&L reference a mark price derived from the Prism index rather than the last trade, so an isolated print in a thin book does not move margin on its own.

  2. 02

    Index-basis funding

    Funding follows a published formula based on the contract’s premium or discount to its index. The projected rate and your estimated payment appear before you confirm.

  3. 03

    Margin simulation

    Initial margin, maintenance margin and liquidation price are calculated for the post-trade portfolio and recalculated with every change in size or leverage.

  4. 04

    Eligible collateral

    Cross and portfolio margin accept eligible assets at published haircuts, so capital is not stranded in a single asset.

  5. 05

    Position view

    Entry and mark price, realized and unrealized P&L, accrued funding and liquidation distance update with every state transition.

  6. 06

    Atomic clearing

    Every fill, funding payment and margin change is written as an atomic state transition and finalized under QSE.

Lifecycle

The perpetual trade lifecycle

  1. 01

    Order

    Intent and limits are signed together: side, size, leverage, margin mode and price boundaries.

  2. 02

    Pre-risk

    Aegis simulates margin, liquidation distance and projected funding, and declines any order that would exceed a margin or policy limit.

  3. 03

    Match

    ApexMatch fills at price-time priority, with post-only and reduce-only enforced by the kernel.

  4. 04

    Position

    Live P&L follows the mark price, and liquidation distance is recalculated as it moves.

  5. 05

    Funding

    At each funding interval, payments pass between longs and shorts on the index basis.

  6. 06

    Close

    The closing fill, realized P&L and released margin settle with a signed proof.

Protection

Margin and liquidation, defined in advance

Leverage can magnify losses as well as gains. These rules define what happens as margin tightens, and each one is visible before you trade.

  • 01

    Isolated margin

    Contain risk by position. A losing isolated position can draw only on the margin assigned to it.

  • 02

    Cross margin

    Share eligible collateral across positions, so unrealized gains on one can support margin on another.

  • 03

    Portfolio margin

    Recognize offsetting risk between perpetuals, futures, options and spot holdings, within published parameters.

  • 04

    Partial liquidation

    Reduce exposure before closure. Positions are cut in steps to restore maintenance margin, not closed in a single print.

  • 05

    Insurance waterfall

    Rule-based loss absorption. The insurance fund meets losses beyond a position’s own collateral, under published rules.

  • 06

    ADL transparency

    Visible priority and conditions. If auto-deleveraging is ever required, each position’s place in the queue is shown beforehand.

Order types

Order types for perpetuals

Reduce-only keeps an exit from reversing a position. Every type is defined on the execution page.

Core

  • Market
  • Limit
  • Stop
  • Stop-limit
  • Post-only
  • Reduce-only

Advanced

  • OCO
  • Bracket
  • Trailing
  • Iceberg
  • Hidden
  • Pegged

Algorithmic

  • TWAP
  • VWAP
  • POV
  • Arrival price
  • Liquidity seeker

Institutional

  • RFQ
  • Block
  • Cross-account
  • Conditional spread

Specifications

Specifications

Contract
Perpetual contract without expiry, marked to a Prism index
Margin modes
Isolated, cross and portfolio margin
Funding
Periodic payments between longs and shorts, sized by the contract’s basis to its index
Liquidation
Partial liquidation first, then the insurance waterfall; ADL only under published conditions
Settlement
Fills, funding and margin deltas written atomically and finalized by QSE
Evidence
Signed record for every fill, funding payment and liquidation step

Perpetuals are leveraged products and are not available in every jurisdiction or to every account. The trading and leverage risk disclosure and jurisdictions pages explain the details.

Other markets

Markets overview

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