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There are three type of accounts available in the system: trading, custody and lending.

Trading accounts are accounts (under the same user account) that allows a user to split their crypto wallet balance for the purpose of margin isolation.



Each distinct crypto asset will also need to be separated out into sub accounts. That means there are no sub accounts that a mixed asset (ie, if you plan to trade both ETH and BTC-settled derivatives, you will need to have both a BTC account and an ETH account).



In order to create a sub account, visit the sub account page. You can transfer currency between accounts on the transfers page.

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Custody accounts allows you to withdraw and deposit funds and to transfer it further inside of the trading platform.

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Lending accounts is there to lend money to liquidity pools and earn interest.

Trading accounts & account types

We protect your client data with the highest security standards and dramatically reduce the risk of it being compromised. We protect your client data with the highest security standards and dramatically reduce the risk of it being compromised.

What is Fiat Currency?

By Sara H. | December 30, 2020

We protect your client data with the highest security standards and dramatically reduce the risk of it being compromised. We protect your client data with the highest security standards and dramatically reduce the risk of it being compromised.Fiat

We protect your client data with the highest security standards and dramatically reduce the risk of it being compromised. We protect your client data with the highest security standards and dramatically reduce the risk of it being compromised.Fiat We protect your client data with the highest security standards and dramatically reduce the risk of it being compromised. We protect your client data with the highest security standards and dramatically reduce the risk of it being compromised.Fiat

We protect your client data with the highest security standards and dramatically reduce the risk of it being compromised. We protect your client data with the highest security standards and dramatically reduce the risk of it being compromised.Fiat

Account Management

When you log onto Drixx, you will be prompted to set up 2FA (using an authenticator).


In addition to your password, Drixx offers 2-factor authentication. When you log onto Drixx, you will be prompted to set up 2FA (using an authenticator).

Additionally, you can check access history visiting the Access Logs page.



Security & Verification

## TL;DR

*Are you an influencer with a relevant audience?*

*Do you have a blog with crypto related content?*

*Are you a leader of an engaged crypto / finance community?*

**Then we have a very interesting passive income opportunity for you!**
‍
## What is the Drixx Affiliate Program?

We are looking for crypto community leaders, YouTubers, Facebookers, writers and other content creators that are interested in partnering with Drixx and sharing the opportunity to generate up to 18% APY with daily yield payouts, with their audiences.

The Drixx Affiliate Program generates a unique referral link for you to invite your followers so that they can register and grow their stablecoins with Drixx, up to 18% anually.

Those that actually sign up through it will be automatically attributed to your account as your referral.

The moment your referrals deposit funds into Drixx and start generating daily yield, you’ll receive a daily commission based on that (percentages explained down below).

Note: later on, as we go live with our derivatives exchange and additional products as outlined in Drixx Roadmap, you will be receiving additional commissions and fee rebates depending on the type of product, all through one integrated affiliate program.

## How do I become Drixx affiliate?

Currently a unique affiliate link is automatically generated for all active users on Drixx.

So if you have an account with us, you automatically get the opportunity to use your personal link and invite your audience.

You can also request a personal one on one call with a dedicated affiliate manager who will provide you with the content and support required to get started, as well as answer all your questions.

## What are the commission rates?

Although every Drixx customer with an active account has a unique link that can be used to invite their audience and earn 10% as commission from the daily yield generated for them, we do offer special commission rates for approved affiliate partners with active and growing communities.

In order to be eligible for becoming an approved affiliate partner and receive up to 30% commission for life, you need to meet at least one of the following criteria:

- You have social media accounts with 2000+ followers
- You lead engaged communities with 200+ members
- You run a related business / organization with 2000+ user base
- You own / manage a media publishing site that has a provable user base of 2000+ active readers / followers
OR
- refer at least 10 depositing customers.

All of our approved affiliate partners receive a 20% commission rate.

On top of that, those who invite more than 100 users, obtain the status of a super affiliate and automatically receive an increased 30%. Once you earn the increased commission rate, it’s locked in for you for life, even if the terms for new approved affiliates are changed down the road.

You heard right - ongoing, daily, lifetime commissions - no earning caps, no time limits, no hidden fees;

Just a flow of daily payouts which can be further grown and compounded by inviting more engaged users that grow their own interest accounts, trade and use other products and services Drixx offers.

**NOTE:**

Currently, for a limited time, there is an additional tier of a founding affiliate, that grants unlimited 50% profit sharing for life.

A founding affiliate is required to go through a [one on one meeting with Drixx CMO](https://calendly.com/joseph-drixx/30min), in order to make sure we share values and the desire for long-term partnership.

The ability to bring in at least 1000 depositing customers within 12 months is a mandatory requirement.

Affiliate Program

Accounts

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There are two types of P&L:

Unrealized P&L (profit & loss)
Unrealized P&L is your profit or loss (based on the current market price) an open position. You will not be able to withdraw this P&L until you have realized your profits. However, unrealized P&L will still impact your initial and maintenance margins.



Example:

You are long 10,000 perpetuals contracts at an average price of $8,000. The current mark price is $9,000. Then you unrealized P&L is:



Unrealized P&L = (1/8000 – 1/9000) * 10000 = 0.13889 BTC.

Realized and unrealized P&L calculations will differ based on the derivative contract. Refer to the contract specifications for more details on mark price and P&L calculations.



Realized P&L (profit & loss)


Realized P&L is your overall profit or loss (based on the actual trading price) on a position over all time. Whenever you “close” a position, you turn your unrealized profit and loss into realized profit and loss. You realize your profits at the price of your closing trade (instead of the mark price). Drixx does not reset your realized P&L on the position (even if you do a complete close of the position, ie: 0 size).



Example:

You have a long 10,000 position with an average price of $8,000. You close 5,000 contracts at $9,500.

Realized P&L = (1/8000 – 1/9500) * 5000 = 0.09868 BTC.

Realised \ Unrealized P&L

A position is the quantity of derivative contracts (perpetuals, futures, or options) that you have entered. Whenever one of your orders is filled, your position in the respective instrument changes.

A position is the quantity of derivative contracts (perpetuals, futures, or options) that you have entered. Whenever one of your orders is filled, your position in the respective instrument changes.

When you first open an account, your position in any instrument is 0.



Position Metrics and Terms:



Position Side
Whether you are “long” or “short” (bought or sold) a position. This is basically the “sign” of your position.

Position Size
The quantity of derivative contract that you have entered. For example, if you bought 10,000 contracts, your position size would be 10,000. If you have shorted 10,000 contracts, your position would be -10,000 (or 10,000 with a “short” side as described above).

Positions – Open
Whenever you increase a position’s size (either as a long or a short), that is considered an “opening” of a position. Opening a position does not realize P&L but changes your average price.

Example:

You currently have a long position of 10,000 perpetual contracts. If you buy an additional 10,000 contracts, then you have “opened” 10,000 new contracts (taking your position to 20,000 contracts).

Conversely, if you sell 20,000 contracts, it will be considered a “close” of your 10,000 contracts, and a new open of 10,000 short contracts.



Positions – Close
Whenever you increase a position’s size (either as a long or a short), that is considered an “closing” of a position. Closing a position realizes P&L but does not change your average price.



Example:

You currently have a long position of 10,000 perpetual contracts. If you sell 10,000 contracts, that is considered a “close” of 10,000 contracts, taking your position to 0. If you instead sell 20,000 contracts, that would be considered a “close” of 10,000 contracts (taking your position to 0). The remaining 10,000 contracts would be an “open” of a 10,000 contract short position.



Position Initial Margin
The amount of initial margin that the position currently takes up (see Margins)

Position Maintenance Margin
The amount of maintenance margin that the position takes up (see Margins).



Positions

Drixx supports all standard order types (detailed below)


Type	Definition	Example
Limit Order	
A limit order is an order to buy or sell at a specified price and amount. It will execute only at a price that is equal to or better than that specified price.



The limit order does not guarantee full fills and execution.

The current market price is $9,000. You place a limit order to buy 10,000 USD of BTC Perpetual for $8,000. If the market trades down to $8,000, your order will execute.



If instead, you had placed that limit order to buy at $9,500, the order will match “sell” orders in the order book until either the full 10,000 is filled, or the next order in the book is > $9,500.


Market Order




A market order is an order to buy at an unspecified price but a specified amount. It will execute and match orders in the order book until the specified amount is filled.




The order book has sell prices / sell sizes of ($9,100 / 1,000, $9,200 / 5,000, $9,300 / 10,000). 

Placing a market buy order would fill you at 1,000 at $9,100, 5,000 at $9,200, and the remaining 4,000 at $9,300.


Post Only
Post-only orders are limit orders that will only match as liquidity making orders. That means upon placement, this order will not match any other orders in the order book. If it will match, the order is rejected.
The order book has best ask (or sell price) at $9,100. 

A “buy” post-only limit order will only be accepted if it is below the $9,100 price. Otherwise, the order would fill (thereby violating the post-only restriction).
Reduce Only	Reduce Only orders are orders that strictly reduce (or keep your initial margins) the same. That means that any order which would increase your overall risk are rejected.
You are long 10,000 USD of BTC perpetual. 

An order to “sell” 10,000 perpetuals would be accepted. However, an order to “buy” 10,000 perpetuals (reduce-only) would be rejected.

Order Types

Trading

Initial and maintenance margins, insurance fund, liquidations and socialized losses

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The insurance fund is used to pay out contract holders in profit even if a contract holder in loss has negative equity.

The insurance fund is used to pay out contract holders in profit even if a contract holder in loss has negative equity (such as when the markets move too much for the liquidation fee to cover). When an account’s equity becomes negative, the losses are assumed by the insurance fund for that account’s crypto type. For example, the BTC insurance fund will fund losses for BTC settled contracts, and the ETH insurance fund will fund losses for the ETH settled contracts.

If the insurance fund ever has negative equity, losses are socialized across all positions in profit.

Insurance fund

Our automated liquidation triggers as soon as your maintenance margin is above your margin balance (as described above).

Note, that Drixx uses partial liquidations (ie, we will not liquidate your entire account immediately). We will only liquidate positions until your maintenance margin is brought in line with your margin balance (ie, less than your margin balance).

The automated liquidation process is as follows:

- When the liquidation process starts, you will not be able to interact with your account until the liquidation process is completed. This includes withdrawals, placing orders, or closing positions.
- Any open orders (reduce-only or not) are immediately cancelled.
- If you are not using portfolio margin, every open position will have a positive (or 0) margin impact. We will liquidate your positions in the following order:
- Perpetuals are liquidated.
- Futures are liquidated.
- Drixx will try to liquidate your positions in 10% size increments.
- If your account equity is negative after the initial liquidation, then all positions (even long options) in the account will be liquidated (and you will have a balance of 0).
- Any negative equity is assumed by the insurance fund.


Auto liquidation

In the rare case that the insurance fund’s equity becomes negative, losses are socialized across all accounts with positive total unrealized P&L. 

In the rare case that the insurance fund’s equity becomes negative, losses are socialized across all accounts with positive total unrealized P&L. The amount of loss assigned an account is weighted by the amount of the unrealized P&L.

Example:



The insurance fund (post liquidation) ends up with a negative balance of -1.0 BTC.



Account 1 has 0.5 BTC in unrealized P&L

Account 2 is 0.1 BTC in unrealized P&L

Account 3 is -0.5 BTC in unrealized P&L

The losses are then divided between accounts 1 and 2 in the following percentages.

Account 1 – 0.5 / 0.6 = 83.33%

Account 2 – 0.1 / 0.6 = 16.66%.



Socialized losses

All Drixx accounts are cross-margin. That means that the full balance of your account is used for your positions.

All Drixx accounts are cross-margin. That means that the full balance of your account is used for your positions. However, unlike other exchanges, we will not completely liquidate your portfolio. Drixx will incrementally liquidate your position until your maintenance and margin balance are brought in line (margin balance >= maintenance margin).



If you would like to have isolated margin, you can always create a subaccount on Drixx. Sub accounts are completely isolated (and you can not lose more than the balance you deposit into the subaccount).



Cross margin

We calculate the following risk / balance metrics for your account.


We calculate the following risk / balance metrics for your account.



Equity

Your equity is the total net worth of the account (inclusive of your balance and any unrealized P&L and positions).

Equity = Balance + value of all positions.



Balance

The raw amount of crypto in your account. For futures / perpetuals, there is no cashflow balance exchanged on open.



Position Values

The value of each position is product dependent. The value of a future or perpetual contract is simply the unrealized P&L on that position.



Available Balance

Your available balance is the amount of balance that is available for trading. It is calculated as the max (margin balance – initial margin, 0).



Available Withdraw Balance

Your available balance that is available for withdrawal. Note, that you cannot withdraw unrealized P&L. The available withdraw balance = available balance - max(futures unrealized P&L, 0).



Futures Unrealized P&L

The unrealized P&L of all your futures and perpetual positions.



Realized P&L

The realized P&L is the sum of all realized P&L of all your positions since account opening.



Unrealized P&L

The unrealized P&L is the sum of all unrealized P&L on all your positions.



Margin Balance

The balance in your account that you can currently apply to margin (to put on new trades and to maintain positions).

Margin Balance = Balance + Futures Unrealized P&L



Any unrealized positive P&L on your futures will contribute to your margin balance (and vice versa).



Order Initial Margin

Each order that you place will incur initial margin. When you cancel the order (or the order fills), that margin either goes away (if you cancelled) or it moves to the position that you have opened.

Note, that initial margins for orders can net out. Ex: If you have both a long and short order for the same size, the initial margin will only be charged once for the higher of the two orders. Any orders beyond the netting would be charged the full initial margin.

This effect applies to positions as well. If you have an option long position. A “sell” order of the exact same size would not incur an initial margin.

Position initial Margin

Each instrument has a specific initial margin schedule. In addition, margin can depend on the size and side of the position. See contract specifications for more detailed margin information.

Initial Margin

The initial margin is the margin used to determine if you can open new position. The initial margin includes any outstanding orders that you may have placed.

Initial margin = initial margin of all your positions + order initial margin.

Initial margin is strictly higher than maintenance margin. If your margin balance is lower than your initial balance, you will not be able to place non-reduce orders.



Position Maintenance Margin

Each instrument has a specific maintenance margin schedule. In addition, margin can depend on the size and side of the position. See contract specifications for more detailed margin information.



Maintenance Margin

The maintenance margin is used to determine if your account needs to be partially liquidated. If your margin balance is below your maintenance margin, your account will incrementally liquidate until your margin balance is above maintenance margin.



Maintenance margin is NOT impacted by orders that you have placed.

Maintenance Margin = Sum of all position maintenance margins.



Account metrics and margins

Margin & Risk

 Financial instruments & perpetual contracts

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Underlying Index
Drixx BTC Index
Symbol
BTC-PERPETUAL
Contract
1 USD per Index Point
Minimum Size
1 USD
Tick Size
0.5
Expiration Date
No Expiration
Mark Price
Mark Price = Fair Price + 30 second EWA (Fair Price - Mark Price)



Fair Price = (clamped impact bid + clamped impact ask)/2



We use an impact size of 0.5 BTC and a clamp of 0.1%



See Market Design for pricing calculation examples


Funding
Funding occurs every 8 hours at 04:00 UTC, 12:00 UTC, and 20:00 UTC.



Funding is calculated during one 8 hour period, and paid 8 hours later. For example, funding can be calculated between 04:00 and 12:00, and paid to open positions at 20:00 UTC.


Delivery Method
No Delivery
Delivery Price
No Delivery
Delivery Procedure
No Delivery
Fees
Maker: -0.0250%

Taker: 0.0750%



Delivery: 0.025%

Liquidation Fee: 0.5% (0.45% Insurance Fund, 0.05% Exchange)


Position Limit
NA
Initial Margin
1% + 0.5% / 100 BTC incremental on positoin
Maintenance Margin
0.575% + 0.5% / 100 BTC incremental on position
Price Protection
NA
Trading Hours
24/7, except maintenance
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BTC perpetual

Underlying Index
Drixx BTC Index
Symbol
BTC-<Expiration>-FUT. Ex. BTC-25SEP20-FUT
Contract
1 USD per Index Point
Minimum Size
1 USD
Tick Size
0.5
Expiration Date
Futures contracts expire at 08:00 UTC on the last Friday of every quarter (March, June, September, and December). 


These expirations match our the quarterly option expiries

Mark Price
Mark Price = Fair Price.



Fair Price = (clamped impact bid + clamped impact ask)/2



We use an impact size of 0.5 BTC and a clamp of 0.1%



See Market Design for pricing calculations examples

Funding
NA
Delivery Method
Cash Settled
Delivery Price
Rolling 30 minute TWAP (time-weighted average) of the Underlying Index (for BTC, the Drixx BTC Index) before expiration
Delivery Procedure
On  expiration, the all existing orders for the instrument are cancelled, and no  new orders are accepted. No matches will happen. Final settlement will then process.
Delivery Cashflow = (1/Avg Price - 1/Delivery Price) * Size * Side



Delivery will be charged the delivery fee (see below):



Size / Delivery Price * Delivery Fee

Fees
Maker: -0.0250%

Taker: 0.0750%



Delivery: 0.025%

Liquidation Fee: 0.5% (0.45% Insurance Fund, 0.05% Exchange)

Position Limit
NA
Initial Margin
1% + 0.5% per 100 BTC in position size


Initial margin starts at 1% * BTC size, but increase by 0.5% per 100 BTC in size

Maintenance Margin
0.525% + 0.5% per 100 BTC in position size
Price Protection
NA
Trading Hours
24/7, except maintenance
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BTC future

Contracts

Internal mechanics of the trading platform

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The Drixx matching engine will match orders based on price, then time priority

The Drixx matching engine will match orders based on price, then time priority. This means that whenever there is a new liquidity-taking order, it will attempt to match liquidity making orders based on the best (most beneficial to the taker) price, followed by the first order (oldest). The matching engine DOES allow for self-trading.



The Drixx matching engine is capable of handling thousands of orders per second (and hundreds of burst orders on an individual account). However, these orders are processed via a long single-process queue which may reject orders during highly volatile periods. To maintain fairness in the queue during these times, individual rates may be throttled (to prevent spamming of the exchange).



Matching engine

There are 3 main types of fees on the exchange. These fees are charged (or paid) based on the event that triggers the fee. Exact fees are detailed in the contract specifications.


There are 3 main types of fees on the exchange. These fees are charged (or paid) based on the event that triggers the fee. Exact fees are detailed in the contract specifications.



Trading Fee



The trading fee differs whether you are a liquidity taker or a liquidity maker.

Maker – If you place a limit order that is NOT immediately filled against other orders in the book (ie, you place a buy limit order <= the="" best="" bid="" or="" a="" sell="" limit="" order="">= best ask), then you have placed a liquidity-making order. If you end up being filled or partially filled on your order, the filled portion will be charged the maker fee (which can be negative – a rebate).</=>
Taker – If you place an order that is immediately filled against other orders in the book, the filled portion of your order is charged the taker fee.

Liquidation Fee

If your account enters liquidation (your maintenance margin > margin balance [see margins for more details), the liquidation system will automatically close positions contributing to your maintenance margin. Any positions closed in this manner will be charged a liquidation fee (a portion of which will be used to fund the insurance fund).


Delivery Fee

If you hold a position into delivery / expiration, you will be charged the delivery fee on your entire position to close it. The delivery fee depends on the instrument type.



Fees

Delivery means the final “settlement” of a derivative contract with a final expiration / delivery datetime

Delivery means the final “settlement” of a derivative contract with a final expiration / delivery datetime. At the final delivery time, the contract stops trading (no new orders accepted) and any existing unfilled orders are cancelled.

At final delivery, the contract is essentially “closed” (see position closing) to 0 using the final delivery price. Any relevant cashflow and P&L are then transferred. The exact delivery procedure is outlined in the contract details.



The process for calculating the delivery price is detailed below:



Delivery Price

- The delivery index is the index that is used to close a position on the expiration / delivery datetime.
- The delivery price is the price of the delivery index at exactly expiry. The delivery price (and the final P&L / cashflow calculations) will differ by instrument.
- The calculation of the delivery index is outlined below.
- Perpetual - Does not deliver / expire, so delivery price does not apply
- Futures - Uses the rolling 30 min TWAP (average over the 30 minutes) of the 5-second Drixx Bitcoin (or other corresponding crypto) index.


Delivery

The matrix below shows the different instruments and associated price calculations


Clamped Impact Price
Fair Price	Mark Price	Delivery Price
Futures	Impact quantity and clamping based on instrument specs.
Average of the clamped impact price
Fair Price	30-minute TWAP of the corresponding reference index
Perpetuals	Impact quantity and clamping based on instrument specs.
Average of the clamped impact price
Fair price + 30 second EWA (Fair price - Mark Price)
No Delivery



Instruments and Prices

Funding is the rate paid or received by positions based on the difference between the mark price and the index price. Funding applies to perpetual contracts and is the primary link that ties the perpetual price to the mark price.

Funding is the rate paid (or received) by positions based on the difference between the mark price and the index price. Funding applies to perpetual contracts and is the primary link that ties the perpetual price to the mark price.



Funding is calculated over an 8-hour period and paid 8 hours after that period has ended. It is paid to any open position at the time of payment. Funding is paid every 8 hours (at 04:00, 12:00, 20:00 UTC.



A positive funding rate means that long positions pay short positions (and vice versa).



Example:



Funding of 0.1% is calculated in the 04:00 to 12:00 period. Then, it is finally paid to open positions at 20:00 UTC.

At 20:00, long positions pay 0.1% to short positions.



Funding Calculations:



Funding Premium
The funding premium is calculated every minute as the (Mark Price – Index Price)/Index Price.
Therefore, if the price on the perpetual stays elevated over the index price, we should expect that longs pay shorts.
Funding Rate
Over an 8-hour period, we take these minute funding premiums (480 1-minute periods) and take an average. This is the funding rate for the 8-hour period.
Funding Payment
The funding payment is paid on the perpetual quoted size (in most cases, this is USD) and paid out in the corresponding crypto (BTC, ETH, etc.) based on the mark price of the perpetual.

Example:

You are long a 5200 BTCUSD Perpetual. The funding rate is 0.1% at time of payment. The mark price at the time of funding transfer is 9000.

You would then need to pay 0.001 * 5200 / 9000 = 0.0005777777778



Funding

The index prices track spot prices across multiple exchanges

Drixx relies on mark prices to determine margining and risk. These mark prices depend on index prices and fair prices. We have provided example calculations for the Drixx Bitcoin Index below (though similar calculations can be made for other indicies with different parameters).

Index Price



The index prices track spot prices across multiple exchanges. For the Drixx Bitcoin Index:

The Drixx Bitcoin index tracks the price of bitcoin across multiple exchanges. It is calculated and updated every 5 seconds. The following steps are taking to obtain the index price:

We define the “mid-price” as the average of the bid and ask prices.
Every 5 seconds, we use the last mid-price that is received from an exchange.
High latency exchanges (response rate too slow or offline) are excluded from the calculation
We calculate the median mid-price among all the represented exchanges
Any outliers (defined as greater than a 0.5% deviation from the median price) is capped the 0.5% deviation max.
       

       Price Cap = Median Price * 1.005

       Price Floor = Median Price * 0.995

       Capped Exchange Mid-Price = max(Price Floor, min(Exchange Mid-Price, Price Cap))

The Bitcoin Index price is the average of the capped exchange mid-prices.
For a full list of exchanges, see the Indices.


Impact Price

The impact price is that average price attainable when you buy or sell a pre-determined quantity of the derivative contract. This quantity is specified in the instrument contract.

In general options will have an impact quantity of 0 (ie, the impact bid and ask are just the best bid and ask). This is because different options strikes will have varying levels of liquidity.
The impact bid is the average price achievable when you sell a pre-determined quantity of derivative contract. The impact ask is the average price achievable when you buy a pre-determined quantity of derivative contract.
The impact price is based on the settlement currency of the contract (not the quoted currency). For example, a BTC option settles in BTC. A BTC perpetual (even though quoted in USD) is settled in BTC.
Example – calculating the impact ask price:

Let us assume that the BTC perpetual contract has an impact quantity of 1.0 BTC and the order book has the following sell orders – we run the following calculation:
‍

Price	Size	BTC Size (Size / Price)	Impact Size (sums up to 1 BTC)	USD Size (Impact Size * Price)
9100	1000	0.10989011	0.10989011
1000
9200
5000
0.543478261
0.543478261
5000
9300
10000
1.075268817
0.346631629
3223.6742






Impact Ask = sum (USD Size) / sum (Impact Size)
9223.6742
‍


To make sure moments of illiquidity do not unnecessarily affect the impact prices, we clamp the difference between the best bid and ask and the impact bid and ask prices in the fair price calculation. This cap is specific on contract.
Clamped impact bid = max (impact bid price, best bid * (1 – clamp percentage)).
For example, assume a clamp percentage of 1%. If the impact bid price is $9,000 and the best bid is $10,000:
Capped impact bid = max (9000, 10000 * 0.99) = 9900.
Clamped impact ask = min (impact ask price, best ask * (1 + clamp percentage))
For example, assume a clamp percentage of 1%. If the impact ask price is $9,000 and the best bid is $8,000:
Capped impact ask = min (9000, 8000 * 1.01) = 8080.


Fair Price



The fair price is the average of the clamped impact bid and ask prices. This price is a key component of the mark price [see mark price].


Mark Price

The mark price is the price that is used to determine unrealized P&L, margins, and potential liquidations. Due to the volatility of the assets, we often use a fair pricing calculation (not simply the last traded price or mid-price) to avoid unnecessary liquidations. We calculate the mark price differently for each instrument type.
Perpetual
Mark price = Fair price + 30 second EWA of (fair price – index price). See contract details for impact depth and clamp.
Futures
Mark price = Fair price. See contract details for impact depth and clamp.
We are constantly evaluating the mark prices of each derivative to update your margins and P&L. This mark data is available in 5 second intervals for users.


Index & mark price calculations

Market Design

How to deposit, withdraw or move funds within the platform

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You can withdraw your crypto assets (up to the available balance) by pressing the Withdraw button on the trading application. Quick deposits are done via QR code in deposit modal inside of the terminal app.

You can withdraw your crypto assets (up to the available balance)  by pressing the Withdraw button on the trading application. You can change the status of your withdrawals from the Withdrawal page. Withdrawals are subject to a 24 hour wait period (where individual withdrawals are manually confirmed). Pending withdrawals are removed immediately from your trading balance. You can cancel your withdrawal at any time before it is completely processed.



You can quickly deposit to Drixx by pressing the Deposit button (which opens up the QR code for deposits). You can check the status of deposits by going to the Deposits page.

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