Markets and pricing

Listed markets, index and mark construction, funding, and order rules.

Listed markets

Perpetual futures on BTC, ETH, SOL, and SUB, plus the SUB / USDC spot market. New pairs list at the team’s discretion. The terminal names each perp by its pair, such as BTCUSDC; the API names it by its coin, such as BTC.

Market	Max leverage	Maintenance	Size step
BTC	40x	1.25%	0.00001
ETH	25x	2%	0.0001
SOL	20x	2.5%	0.01
SUB	3x	16.67%	1
SUB / USDC spot	None	None	1

Maintenance margin is half the initial margin at the maximum leverage, 1 / (2 × max leverage) of notional, shown here for the first margin tier. Leverage steps down and maintenance steps up with notional through margin tiers (Margin and liquidation).

Index price

A weighted median of spot prices on seven major venues, updated every second. USDT prices convert to USDC through each venue’s own USDC / USDT book. The index is the oracle price that funding uses. Binance carries a weight of 3, OKX and Bybit 2 each, and Kraken, KuCoin, Gate, and MEXC 1 each. A venue drops out after 3 s without a quote or 1% off the median. If fewer than two venues are live, the index holds its last value until they return.

Mark price

Margin, unrealized PnL, stop triggers, liquidation, and the 10% price band on perp orders reference the mark. The spot market has no mark and no price band.

P_{mark} = median {\begin{cases} I + {EMA}_{150 s} (M - I) \\ median (b, a, ℓ) \\ P_{perp} \end{cases}}

$I$: Index price
$M$: Book mid
$b, a, ℓ$: Best bid, best ask, last trade
$P_{perp}$: Weighted median of perp mids: Binance 3, OKX 2, Bybit 2, Gate 1, MEXC 1

Funding

Settled hourly between longs and shorts at the oracle price. A premium sample is taken every 5 s against an impact notional of 20,000 USDC on BTC and ETH and 6,000 USDC on SOL and SUB; a side too thin to fill it contributes zero.

p = \max (\frac{P_{bid}^{imp}}{O} - 1, 0) - \max (1 - \frac{P_{ask}^{imp}}{O}, 0)

$P_{bid}^{imp}$: Average fill price selling the impact notional into the bids (ask side likewise)
$O$: Oracle price

F_{8h} = \bar{p} + clamp (r - \bar{p}, −0.05%, 0.05%)

F_{1h} = clamp (\frac{F_{8h}}{8}, −4%, 4%)

$\bar{p}$: Mean premium since the last payment
$r$: Interest rate, 0.01% per 8 hours

SUB markets

SUB has no external spot listing, so the SUB perp indexes SUB’s own spot: the SUB / USDC book and the launch pool, time- and depth-weighted over a 5-minute window. As other venues list SUB, the index adds them on the same rules as every other market.

The oracle price is capped at 4x and the mark at 3x an 8-hour moving average of SUB’s index. Both caps limit upward moves only, so a spike in SUB’s own markets cannot lift either faster than the average allows. Open interest in the SUB perp is capped at 20,000,000 SUB.

Order rules

A perp tick is 10^{−(6 − size decimals)} USDC and a spot tick 10^{−(8 − size decimals)} USDC. A price carries at most 5 significant figures unless it is a whole dollar. A perp order must sit within 10% of the mark. Orders need a value of at least 10 USDC, except reduce-only orders.

On BTC the tick is 0.1 USDC, so at 84,750 the prices 84,750 and 84,751 are valid and 84,750.5 is refused. The smallest BTC order that meets the minimum is 0.00012 BTC.

Subliquid docs · Last changed October 28, 2026