Expiry & Trading Window:
- Trades can be accepted up to 12 hours before expiry.
Example: If a contract expires on a Friday at 08:00 UTC, you can enter trades for that contract until 20:00 UTC on Thurday.
- Trading for a new set of contracts opens 36 hours before the expiry of the most recent expiry.
Example: If a contract is set to expire at 08:00 UTC on December 26th, the trading for this contract would start at 20:00 UTC on December 24th.
Each market has an individual max exposure.
- A is total Above trades
- B is total Below trades
- u is the premium on Above trades
- b is the premium on Below trades
The skew mechanims keeps the Buffer Liquidity pool balanced between Above & Below sides of the market, by applying a premium to the overbought side.
- S is the max skew
- s is the current skew
- B is the base settlement fee (at 0 skew)
- M is the max settlement fee