# Trading Parameters

## 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.

## Pricing Parameters:

### Skew:

Each market has an individual max exposure.

Calculation:

$\text{SKEW}(s) = \max(A \cdot B) - \left( \sum a + \sum b \right)$Where,

*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.

### Dynamic Pricing:

*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