📅Perpetual & Spot Market Specifications
Asset specifications for spot + perpetual markets on Vertex.
Last updated
Asset specifications for spot + perpetual markets on Vertex.
Last updated
Below you can find a table of the different perpetual market specifications and their risk parameters on Vertex, including their definitions.
10/15/2024: Election markets for the 2024 U.S. Presidential Election are now available as the TRUMPWIN and HARRISWIN spot markets on Vertex. Check out the details below:
04/12/2024: Minimum order sizes (e.g., MinSize) for all markets on Vertex were significantly reduced during the latest maintenance window. The MinSize update decreased the minimum order sizes across all Vertex markets by roughly 50 - 75%.
As a result, the recent update will help to lower the barrier to entry for traders on Vertex by allowing them to trade across various markets in smaller sizes.
Please note that the MinSize reductions across Vertex markets are not uniform, and vary per market. Updated market specifications, including MinSizes per market are displayed in the table above.
Minimum Taker Fee: Upon matching, every taker order is subject to an immediate fee. This fee is calculated based on the formula:
minSize × maker.price × feeRate.
No Fees Interval: For the initial part of the order, specifically [0, minSize], there are no fees charged.
Standard Fee: For any portion of the order amount that exceeds minSize, a standard fee is charged based on the formula:
quoteAmount × feeRate.
PriceIncrement = The minimum tick size associated with a given market.
MinSize = The minimum trading notional for a given market -- meaning the total value of a position required for a trade in a given market. Minimum trade sizes are typically set slightly above the cost necessary to cover the network's transaction fees.
Additional factors that influence these thresholds include the liquidity of the market, which affects how easily trades can be executed without impacting the price, and the value of the token, which can determine the smallest practical unit for trading.
SizeIncrement = The minimum incremental trading notional for a given market.
lpSpread = The bid/offer associated with the LP – typically characterized as the trading fee for an LP on other non-orderbook exchanges.
Initial & Maintenance Health (Margin) = Health is the amount of capital (quoted in $USD) your account has to trade with before it can be liquidated. You can think of Health as your Margin, and you have 2 different kinds:
Initial
Maintenance
Your Health is determined by giving each balance and position a Weighted Value. There are two types of weights:
Initial
Maintenance
The weights are set so that initial health is always less than maintenance health.
For more details on weighting, please refer to the section on health calculations. Once all of your Initial Health is depleted, your account goes into Maintenance Mode, which means no more risk can be taken.
The remaining Maintenance Health acts as a buffer for the user to de-risk before risking liquidation. Once all of the Maintenance Health is used, your account can be liquidated.
Maker Fee = Fee paid on being a maker where a trade adds liquidity to the orderbook.
Taker Fee = Fee paid on being a taker where a trade takes liquidity from the orderbook.
Rewards = The percentage of Initial Token Phase $VRTX rewards per epoch allocated to a specific market.
Min Depth = The minimum level of liquidity per market required to qualify for $VRTX maker incentives for a given market pair. More specifically, the min depth specifies the minimum number of buy and sell orders a market maker must have at different price levels, helping to incentivize deeper liquidity and more efficient trading.
Max Spread = The limit on the difference between the highest buy price and the lowest sell price in the orderbook. The Max Spread sets a cap on the price difference between the best bid (buy order) and the best ask (sell order) available in the market. Smaller maximum spreads encourage tighter bid-ask spreads, reducing pricing disparities and improving liquidity. Max Spread is a qualifying parameter for $VRTX market maker incentives.
For more details, please refer to the Glossary section.
