Contract Specifications

Hotstuff perpetual contracts allow users to gain leveraged exposure to crypto assets and tokenized real-world assets (RWAs) without an expiration date. All perpetual markets are settled in USDC and share the same unified margin infrastructure used across the platform.

Contract specifications define how positions are margined, settled, funded, and risk-managed. Understanding these parameters is important for evaluating leverage, liquidation risk, and capital efficiency.

The table below summarizes the core specifications that apply to Hotstuff perpetual markets.

Hotstuff Contract Specifications

Specification	Description	Details
Contract Type	Type of perpetual contract	Linear perpetual
Settlement Asset	Asset used for PnL settlement	USDC
Contract Size	Size per contract	1 unit of the underlying asset
Initial Margin (IM)	Margin required to open a position	Determined by selected leverage and market risk parameters
Maintenance Margin (MM)	Minimum margin required to keep a position open	Defined per market and used for liquidation calculations
Margin Mode	Position margining model	Cross margin or isolated margin
Maximum Leverage	Maximum allowable leverage	Up to 50×, depending on market
Mark Price	Price used for unrealized PnL and liquidation checks	Oracle-informed fair price
Oracle Price	External reference price	Aggregated from supported price feeds
Funding	Mechanism used to anchor perpetual prices to spot markets	Periodic funding payments between longs and shorts
Delivery / Expiration	Contract expiry	None
Liquidation Engine	Risk management system	Automatic position reduction and liquidation when margin requirements are breached
Position Settlement	Realization of profits and losses	Continuous USDC settlement through the unified account
Account Type	Account structure	Unified margin account
Tradable Assets	Supported markets	Crypto assets and tokenized RWAs, including stocks and commodities
Trading Hours	Market availability	24/7, subject to market-specific restrictions
Order Types	Supported execution methods	Market, limit, stop-loss, take-profit, and conditional orders

Individual markets may have additional parameters such as leverage caps, maintenance margin schedules, funding limits, and liquidity protections. These values are available on each market’s specification page.

For details on margin calculations, liquidations, funding, mark prices, and risk parameters, refer to the corresponding sections of the documentation.