Introduction

1. Overview

Dcoin Perpetual Swap is a virtual derivative product that is settled in digital tokens USDT. Each contract has a face value of fixed amount of digital token(e.g BTCUSDT contract has a face value of 0.0001 BTC). Traders can long a position to profit from the increase of a digital asset's price, or short a position to profit from the decline of a digital asset's price. 

• Perpetual Swap has no delivery date and never expires;

• Funding : as there is no delivery date, a funding mechanism is used to ensure that the Perpetual Swap price is anchored to the spot market; The calculation time of funding is 8:00, 16:00 and 24:00 (HKT) every day, and the funding is recorded in the realized profits and losses;

• Mark Price : a mark price is used to calculate users' Unrealized Profits and Losses (UPL) in order to reduce unnecessary liquidation in volatile market conditions;
• Daily Settlement : a daily settlement process (at HKT 16:00) moves Unrealized PnL into Realized PnL, increasing flexibility of capital utilization;
• Forced Liquidation : when the margin ratio+ Forced-Liquidation Fee Rate is lower than the maintenance margin ratio,  our system will liquidate the user's positions.

2. Specifications

Trading hours for all USDT-margined perpetual swaps are 7*24h, and they are all settled at 8:00 (UTC) and the settlement currency is USDT. Price quotation is 1 unit of corresponding underlying. Dcoin Perpetual Swap adopts one-way charge, and the trading fee is charged at the time of opening, including 1.5 ‰ of taker and 1.0 ‰ of maker.(During the test, the fee was adjusted to be 0.10% of taker and 0.08% of maker)

Contract	Underlying	Face Value	Tick Size	Leverage
BTCUSDT Perpetual	BTC／USDT	0.0001BTC	0.1	1-100X