▶ Prelaunch perpetual trading

What is prelaunch perpetual?

A prelaunch perpetual contract allows traders to speculate on the prices of tokens that have not yet been launched. These instruments provide an opportunity to trade on the potential value of these tokens prior to their official release.

How do prelaunch perpetual work?

Index price and funding

Unlike regular perp contracts, prelaunch perps do not have an index price and do not involve funding payments.

Mark price

The mark price for prelaunch perps is calculated based on a 5-min moving average of the impact bid and impact ask prices, where impact notional for prelaunch perps is set to be 200 USDT.

where:

• impact bid and impact ask are sampled every 1s
• N is the number of valid samples in the 5-minute period

See here for the calculation of impact bid/ask.

Max leverage

Prelaunch perps could trade with high volatility. To ensure responsive trading, prelaunch perps will have from 1x - 3x max leverage. Please trade with caution.

Price limits

• Max price of a buy order = 110% * ask1 price
• Min price of a buy order = 40% * mark price
• Max price of a sell order = 160% * mark price
• Min price of a sell order = 90% * bid1 price

Position limits

A maximum position notional of 100,000 USDT will be applied for prelaunch perps.

What happens after token launches?

When the token is launched and its spot market is listed on major exchanges, the prelaunch perp contract will be converted to a regular perp contract shortly after.

What if the token never launches?

In the event that the token never launches, or if WOO X decides to terminate the prelaunch perp contract before the token launch, the contract will be settled based on the time-weighted average price (TWAP) of the mark price over the last 1 hour prior to the announcement of the decision to settle.

How are trading fees determined?

Trading fees are collected based on the traded notional similar to regular perps. The fee rates for prelaunch perps are as follows: