Overview
Each market has different risk and leverage parameters. Parameters are subject to change as Phoenix is still in private beta; all changes will be communicated in Discord and reflected below.Summary
| Market | Asset ID | Base Lot Size | Price per Tick | OI Cap (Base) | OI Cap (USD) |
|---|---|---|---|---|---|
| SOL | 0 | 0.01 | $0.010000 | 770,000 SOL | ~$98.54M |
| BTC | 1 | 0.0001 | $1.000000 | 100,000 BTC | ~$9002.40M |
| ETH | 2 | 0.001 | $0.100000 | 312,000 ETH | ~$924.89M |
SOL
Market Parameters
Leverage tiers scale required collateral as position size grows.| Field | Value |
|---|---|
| Market | SOL |
| Asset ID | 0 |
| Base Lot Decimals | 2 |
| Minimum Trade Size (1 base lot) | 0.0100 base units |
| Tick Size | 100 ticks |
| Price per Tick | $0.010000 per base unit |
| Isolated Only | No |
| Open Interest Cap | 770,000 SOL (~$98.54M) |
| Max Liquidation Size | 500 SOL (~$63.98K) |
| Funding Period | 86400 seconds |
| Funding Interval | 3600 seconds |
| Max Funding Rate | 0.039072% |
| Maintenance Risk Factor | 50.00% |
| Backstop Risk Factor | 20.00% |
| High Risk Factor | 10.00% |
| Cancel Order Risk Factor | 75.00% |
| UPnL Risk (Trading) | 100.00% |
| UPnL Risk (Withdrawals) | 1.00% |
Leverage Tiers
Leverage tiers scale required collateral as position size grows. Notional caps use the current mark price when available.| Tier | Max Leverage | Max Size (Base Units) | Max Notional (USD) | Limit Order Risk |
|---|---|---|---|---|
| 1 | 15x | 200 SOL | $25.59K | 60.00% |
| 2 | 10x | 600 SOL | $76.78K | 80.00% |
| 3 | 5x | 1,000 SOL | $127.97K | 80.00% |
| 4 | 2x | 2,000 SOL | $255.94K | 100.00% |
BTC
Market Parameters
Leverage tiers scale required collateral as position size grows.| Field | Value |
|---|---|
| Market | BTC |
| Asset ID | 1 |
| Base Lot Decimals | 4 |
| Minimum Trade Size (1 base lot) | 0.0001 base units |
| Tick Size | 100 ticks |
| Price per Tick | $1.000000 per base unit |
| Isolated Only | No |
| Open Interest Cap | 100,000 BTC (~$9002.40M) |
| Max Liquidation Size | 0.5 BTC (~$45.01K) |
| Funding Period | 86400 seconds |
| Funding Interval | 3600 seconds |
| Max Funding Rate | 0.005554% |
| Maintenance Risk Factor | 50.00% |
| Backstop Risk Factor | 20.00% |
| High Risk Factor | 10.00% |
| Cancel Order Risk Factor | 70.00% |
| UPnL Risk (Trading) | 100.00% |
| UPnL Risk (Withdrawals) | 1.00% |
Leverage Tiers
Leverage tiers scale required collateral as position size grows. Notional caps use the current mark price when available.| Tier | Max Leverage | Max Size (Base Units) | Max Notional (USD) | Limit Order Risk |
|---|---|---|---|---|
| 1 | 20x | 0.3 BTC | $27.01K | 60.00% |
| 2 | 10x | 0.7 BTC | $63.02K | 80.00% |
| 3 | 5x | 1.5 BTC | $135.04K | 80.00% |
| 4 | 2x | 2.5 BTC | $225.06K | 100.00% |
ETH
Market Parameters
Leverage tiers scale required collateral as position size grows.| Field | Value |
|---|---|
| Market | ETH |
| Asset ID | 2 |
| Base Lot Decimals | 3 |
| Minimum Trade Size (1 base lot) | 0.0010 base units |
| Tick Size | 100 ticks |
| Price per Tick | $0.100000 per base unit |
| Isolated Only | No |
| Open Interest Cap | 312,000 ETH (~$924.89M) |
| Max Liquidation Size | 20 ETH (~$59.29K) |
| Funding Period | 86400 seconds |
| Funding Interval | 3600 seconds |
| Max Funding Rate | 0.016867% |
| Maintenance Risk Factor | 50.00% |
| Backstop Risk Factor | 20.00% |
| High Risk Factor | 10.00% |
| Cancel Order Risk Factor | 70.00% |
| UPnL Risk (Trading) | 100.00% |
| UPnL Risk (Withdrawals) | 1.00% |
Leverage Tiers
Leverage tiers scale required collateral as position size grows. Notional caps use the current mark price when available.| Tier | Max Leverage | Max Size (Base Units) | Max Notional (USD) | Limit Order Risk |
|---|---|---|---|---|
| 1 | 20x | 8 ETH | $23.72K | 60.00% |
| 2 | 10x | 25 ETH | $74.11K | 80.00% |
| 3 | 5x | 50 ETH | $148.22K | 80.00% |
| 4 | 2x | 75 ETH | $222.33K | 100.00% |