BETAWEB3

Introduction to Perpetual Futures Contracts

Perpetual Futures Contracts (“Perps”) are leveraged derivative instruments that allow traders to speculate on the price movement of an underlying asset without owning the asset itself.

Unlike traditional futures contracts, perpetual contracts do not have an expiration or settlement date. Positions can remain open indefinitely as long as a sufficient margin is maintained.

TTT Web3 supports perpetual trading across multiple crypto markets through a margin-based trading system with real-time PnL settlement and dynamic risk management infrastructure.

Core Characteristics

No Expiration Date

Perpetual contracts do not expire or settle on a fixed date.

Positions remain active until:

  • The trader closes the position;
  • The position is liquidated;

Long & Short Exposure

Perpetual markets allow traders to:

  • Open Long positions to speculate on price increases;
  • Open Short positions to speculate on price declines.

This enables directional trading in both bullish and bearish market conditions.

Leverage

Perpetual contracts support leveraged exposure.

Leverage allows traders to control a larger position size using a smaller amount of collateral.

Example:

  • 100 USDC collateral with 10x leverage creates a 1,000 USDC position.

Leverage amplifies:

  • Potential profits;
  • Potential losses;
  • Liquidation risk.

Margin-Based Trading

TTT perpetual markets operate using a collateralized margin system.

Collateral deposited into the Futures Account is used to:

  • Open positions;
  • Maintain leverage exposure;
  • Absorb unrealized losses;
  • Support margin requirements.

Single-Asset Margin Model (USDC-M)

TTT perpetual markets operate under a Single-Asset Margin (USDC-M) model, where USDC is used as the primary collateral and settlement asset across all perpetual markets. Margin allocation, unrealized and realized PnL, funding payments, trading fees, and final settlement are all denominated and settled in USDC, while contracts themselves are quoted based on the underlying asset price, such as BTC in BTCUSDC. This allows traders to gain exposure to underlying market price movements while keeping collateral, settlement, and account balance management unified under a single stablecoin-based margin system.

Mark Price & Fair Pricing

TTT uses mark price infrastructure to reduce manipulation risk and improve liquidation fairness.

The mark price is used for:

  • Unrealized PnL calculation;
  • Liquidation checks;
  • TP/SL trigger evaluation.

By default, TP/SL orders use the Mark Price as the trigger condition, but users can optionally switch the trigger type to Last Price.

The mark price may differ from the last traded market price.

Funding Mechanism

Perpetual contracts use a funding rate mechanism to keep perpetual prices aligned with the underlying spot market.

Funding payments are periodically exchanged between:

  • Long traders;
  • Short traders.

Funding is not a protocol fee and is transferred peer-to-peer between market participants.

Risk Notice

Perpetual futures trading involves significant risk due to:

  • Leverage;
  • Market volatility;
  • Liquidation exposure;
  • Rapid price movement.

Traders may lose part or all of their collateral.

Users should fully understand:

  • Margin mechanics;
  • Liquidation rules;
  • Funding payments;
  • Risk management strategies;

before trading perpetual contracts.