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Perpetual & Spot Market Specifications
Asset specifications for spot + perpetual markets on Vertex.
Below you can find a table of the different perpetual market specifications and their risk parameters on Vertex, including their definitions.
Vertex Market Specifications for Spot & Perpetuals
11/08/2023: The following changes will go into effect at 9 AM EST for Epoch #8, officially beginning the Ongoing Incentives Phase of the Vertex Trade & Earn program.
- Spot markets of ARB, ETH, and BTC will have their own allocation for token rewards (i.e., no longer commingled with corresponding perp markets).
- Minimum trade sizes will be increased across products.
- USDT taker rewards will be capped at a maximum of 5%. In other words, a minimum of 95% of an epoch's taker rewards will be calculated across all markets excluding stablepairs.
PriceIncrement = The minimum tick size associated with a given market.
MinSize = The minimum trading notional for a given market.
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.
Last modified 1mo ago