Synthetic index perps

The perp engine offers perpetual exposure to 34 global equity indices. Every position is isolated, margined and settled in USDG, and the Omni-Vault is the counterparty.

Positions#

A position has a signed size $s$ in index units (positive for longs) and an entry level $E$ in index points. Opening a notional $N$ at execution price $P_x$ adds $N / P_x$ units; adding to a position averages the entry. PnL is paid in USD on the index's move:

$$\text{PnL} = s \, (P_x - E)$$

so a position in the Nikkei 225 gains or loses the same share of its notional as the Nikkei moves, whatever the yen does.

Execution price. Trades fill at the oracle mid $P$ plus a spread in the vault's favour: longs open (and shorts close) at $P(1 + \text{spread})$, the reverse at $P(1 - \text{spread})$.

Fees and limits#

Leverage is measured on the margin left after the open fee. The minimum margin is 10 USDG. A single close can realise at most 9× its margin in profit. The owner can change these values within the contract's bounds.

Market hours#

Each market trades only while its home exchange is open: the oracle price's source time — the venue's last trade — must be at most 20 minutes old. Some exchanges' public quotes run about 15 minutes late, which is why the window isn't shorter. When an exchange is closed, positions stay open at the last price. You can add margin at any time, but opening, closing, removing margin and liquidations wait for the next session.

Funding#

Funding moves the heavier side's cost to the vault:

$$r_{\text{day}} = r_{\max} \cdot \operatorname{clamp}\!\left(\frac{\text{skew}}{\text{skew scale}}, -1, 1\right), \qquad \text{skew} = (\text{longs} - \text{shorts}) \cdot P$$

with $r_{\max} = 0.1\%$ per day and a skew scale of $20M (majors) or$5M. A positive rate means longs pay and shorts receive. Funding accrues continuously into a per-market index and settles into margin whenever a position changes.

Liquidation#

A position is liquidatable when its equity falls below maintenance:

$$M + s(P - E) - F \;<\; m \, |s| \, P$$

where $M$ is margin, $F$ is funding owed and $m$ the maintenance ratio. For a long this happens at

$$P_{\text{liq}} = \frac{sE - M + F}{s(1 - m)}$$

Anyone may liquidate. The liquidator receives the liquidation fee (capped at the margin) and the rest of the margin goes to the vault.

Orders#

• Market — fills immediately at the signed price, within your slippage bound.
• Limit — a long fills when the mid is at or below the trigger, a short when it is at or above.
• Stop-market — a long fills once the mid crosses above the trigger, a short once it crosses below.

Limit and stop orders escrow their margin plus a 0.5 USDG execution fee. The keeper (or anyone else) executes them once the trigger is reached, and earns the fee. You can cancel them at any time for a full refund.

The 34 markets#

The closes above are from 2026-09-24 for reference; live marks come from the oracle.