SOL

Contract Specifications

FeaturesValue
Product TypePerpetual Option
SymbolSOL-USD-{Strike}-{Type} (e.g. SOL-USD-130-C)
Settlement CurrencyUSDC
Base CurrencySOL
Quote CurrencyUSD
Funding Period24 hours
Price Tick Size0.001 USD
Order Size Increment1 SOL
Minimum Order Value50 USD
Maximum Order Size10,000 SOL
Maximum Number of Open Orders100
Position Limit5,000 SOL
Spot Band Factor5%
IV Band Factor5%
Strike Listing Range20%
Strike Delisting Range25%

Mark Price Parameters

ParameterValue
IV EWMA Factor20%
Max IV500%

Cross Margin Parameters

ParameterValue
Premium Multiplier IMF100%
Long ITM IMF20%
Short ITM IMF15%
Short OTM IMF10%
Short Put Cap IMF50%
Premium Multiplier MMF50%
Long ITM IMF10%
Short ITM IMF7.5%
Short OTM MMF5%
Short Put Cap MMF50%

IMF = Initial Margin Fraction

MMF = Maintenance Margin Fraction

Order Value → Order Size x Spot Oracle Price (i.e. underlying spot notional)

Spot/IV Band Factors → As opposed to perpetual futures where we have 1 single price band factor, 2 factors are needed (both spot and IV are shocked to get the price band)