Contract CodeOIL-PERP
Underlying Indices• Equity leg: Composite price for the United States Oil Fund (USO) from primary-listing venues
• BTC Price: 3-venue 4-hour V-WAP spot composite of Binance (BTC/USDT); Bybit (BTC/USDT); Coinbase (BTC/USD).
Contract Size1,000 USO share quoted & settled in BTC
Quote / P&L CurrencyBTC
Tick Size0.001
Trading Hours24 / 7 continuous order book.
Underlying Cash‑Market HoursMonday – Friday
• Pre‑Market: 04:00 – 09:30 ET
• Regular Session: 09:30 – 16:00 ET
• After‑Hours: 16:00 – 20:00 ET (NYSE Arca consolidated tape; closed on U.S. market holidays).
Mark-Price ConstructionMark Price = median(P¹, P², 5-min_Last), Where:
• Price 1 = Index Price × [1 + Last Funding Rate × (Time Until Funding /8)]
• Price 2 = Index Price + Moving Average (5-minute Basis)
• 5-min_last = Moving Average [(Bid1 + Ask1)/2 − Index Price], which measures every second in a 5-minute interval
• Price-protection for Index Price: omit prints > 5 % from median; readmit after ≤ 3 % for 5 min.
Price Formation when the underlying equity market is closed• Equity leg (USO): When NYSE Arca (and all extended‑hours sessions) are closed, the equity reference is frozen at the final official USO print (closing auction/primary tape).
• BTC leg: The BTC component continues to stream in real time via the 3‑venue, 4‑hour VWAP composite (Binance BTC/USDT, Bybit BTC/USDT, Coinbase BTC/USD).
• Mark Price: mark price is calculated in the same way a the normal trading hours, where each P is computed with the static USO close for the equity leg and the live BTC composite for the crypto leg.
Funding Snapshots00:00 UTC • 08:00 UTC • 16:00 UTC (every 8 h)
Funding-Rate FormulaPremium Index + Interest Rate; Interest Rate = 0.10 % / day (0.033 % / 8 h). Caps ± 3 % per 8 h.
Leverage & MarginMax Leverage 10x; Maintenance margin 50% of Initial Margin.
Liquidation Logic• Trigger when Equity < MM.
• For long positions = Entry Price × (1−Initial Margin Rate + Maintenance Margin Rate)
• For short positions = Entry Price × (1 + Initial Margin Rate - Maintenance Margin Rate)
Order Types / TIFLimit, Market, GTC, GTD, IOC
Min / Max Order SizesMarket Max: 0.5 BTC
Limit Max: 2.5 BTC