HYPE | Paradex | Documentation

Contract Specifications

Features	Value
Product Type	Perpetual Option
Symbol	HYPE-USD-{Strike}-{Type} (e.g. `HYPE-USD-23`-C)
Settlement Currency	USDC
Base Currency	HYPE
Quote Currency	USD
Funding Period	5 days
Price Tick Size	0.001 USD
Order Size Increment	1 HYPE
Minimum Order Value	100 USD
Maximum Order Size	100,000 HYPE
Maximum Number of Open Orders	150
Position Limit	50,000 HYPE
Spot Band Factor	5%
IV Band Factor	5%
Strike Listing Range	30%
Strike Delisting Range	40%

Mark Price Parameters

Parameter	Value
IV EWMA Factor	20%
Max IV	500%

Cross Margin Parameters

Parameter	Value
Premium Multiplier IMF	100%
Long ITM IMF	5%
Short ITM IMF	7.5%
Short OTM IMF	5%
Short Put Cap IMF	50%
Premium Multiplier MMF	50%
Long ITM MMF	2.5%
Short ITM MMF	3.75%
Short OTM MMF	2.5%
Short Put Cap MMF	50%

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)