Every mechanic, in one index.
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103 resources
What are perpetual futures?
Learn how perpetual futures work, why they have no expiry date, and how funding, leverage, margin, and liquidation affect a position.
Perpetual futures vs spot trading
Compare perpetual futures and spot markets across ownership, leverage, short selling, funding, liquidation, and holding costs.
How funding rates work
Understand positive and negative perpetual funding, who pays whom, and how to estimate the funding cost of a position.
Leverage and margin explained
Learn how collateral, leverage, initial margin, maintenance margin, and position size interact in perpetual futures.
Liquidation price explained
Understand why leveraged perpetual positions are liquidated, what mark price does, and why estimates differ from venue calculations.
How gold perpetuals work
Learn how gold perpetual contracts provide price exposure, what drives the market, and which funding, hours, and oracle risks to check.
Stock and index perpetuals
Understand equity and index perpetuals, including market hours, dividends, corporate actions, oracle pricing, and gap risk.
Oracle-priced vs order-book markets
Compare oracle-based perpetual execution with central limit order books, including pricing, slippage, liquidity, and collateral models.
How Novrinex works
Understand the Novrinex exchange experience, from one account and execution gateway to the infrastructure being built for the future.
What non-custodial trading means
Learn what non-custodial trading does and does not protect against, including wallet signing, delegated keys, smart contracts, and venue risk.
Build trading systems with Novrinex
Learn how to design, test, and operate bots, agents, and trading systems through the stable Novrinex API without depending on underlying execution infrastructure.
Long vs short positions
Learn how long and short perpetual positions respond to price changes, funding, and liquidation risk.
Market orders vs limit orders
Compare immediate market execution with price-controlled limit orders, including slippage, queueing, and fill risk.
Stop-loss and take-profit orders
Understand trigger orders, planned exits, execution gaps, and why a stop price is not a guaranteed fill price.
Reduce-only and post-only orders
Learn how reduce-only protects position direction and how post-only prevents an order from taking liquidity.
Maker vs taker fees
Understand when an order adds or removes liquidity and how maker and taker fees affect break-even price.
How to read an order book
Learn bids, asks, spread, cumulative depth, and how a market order moves through price levels.
Spread, depth, and slippage
Understand three measures of execution quality and why a large order can receive a worse average price.
Mark price vs index price
Learn the difference between reference indexes, venue mark prices, and the last traded price.
Realized vs unrealized P&L
Understand open-position estimates, closed-position results, average entry price, fees, and funding.
Open interest and trading volume
Learn what volume and open interest measure, how they differ, and what they cannot tell you alone.
Isolated vs cross margin
Compare position-specific collateral with account-wide shared margin and understand how risk can spread.
How to close a perpetual position
Learn full and partial closes, opposite-side orders, reduce-only protection, and the difference between closing and liquidation.
Bankruptcy price vs liquidation price
Understand why liquidation normally begins before account equity reaches zero and how bankruptcy price differs.
Insurance funds and auto-deleveraging
Learn what can happen when a liquidation closes worse than its bankruptcy boundary and venue loss resources are strained.
Oracle failure and stale prices
Understand stale updates, source divergence, confidence limits, and why an oracle price is not the same as executable liquidity.
Stablecoin and collateral depegs
See how collateral value can fall at the same time as a leveraged position and accelerate account stress.
Smart-contract, bridge, and sequencer risk
Map the technical systems between a wallet and a trade, including contracts, bridges, networks, and sequencers.
Wallet signatures, approvals, and phishing
Recognize what a wallet prompt can authorize and reduce the risk of signing an unintended message or transaction.
Execution infrastructure and counterparty risk
Map the execution, custody, settlement, and infrastructure risks around a leveraged trade.
Perpetual position simulator
Model hypothetical P&L, funding, return on collateral, and approximate liquidation distance before trading.
Leverage visualizer
Compare how one market move affects the same collateral at different leverage levels.
Funding calculator
Estimate a funding payment for a long or short position across multiple settlement intervals.
Liquidation distance meter
Explore how leverage and maintenance margin affect a rough liquidation-price estimate.
Position size calculator
Translate a maximum account risk and stop distance into position size.
Stop-loss calculator
Estimate a stop price from quantity and a maximum loss budget.
Fee and break-even calculator
Combine entry, exit, and funding costs into the move required to break even.
Risk and reward planner
Compare a trade thesis target with its invalidation point before entry.
Order book slippage sandbox
Walk an illustrative order through multiple price levels and see its average fill.
Spot hedge calculator
Estimate the short perpetual position needed to offset part of a spot holding.
Funding annualization lab
Convert a periodic funding rate into daily, monthly, and simple annualized scenarios.
Bitcoin perpetual futures
How bitcoin moves, how BTC perpetuals follow the spot market, and how funding, leverage, liquidity, and liquidation alter the trade.
Ethereum perpetual futures
How ETH moves, how network activity and staking affect the market, and how an ETH perpetual differs from owning or staking ether.
Gold perpetual futures
How gold moves through real yields, the dollar, risk, and physical demand, with worked examples for trading a synthetic gold perpetual.
Nasdaq-100 perpetual futures
How the Nasdaq-100 moves through rates, earnings, index concentration, and risk appetite, with worked perpetual-trading examples.
Oil perpetual futures
How WTI moves through supply, demand, inventories, geopolitics, and the futures curve, with worked examples for a synthetic oil perpetual.
The 2010 Flash Crash
How a large automated futures sale met thinning liquidity and transmitted stress across linked equity markets.
March 2020: the dash for cash
Why even deep markets became strained when investors raised cash and leveraged positions faced margin pressure.
The May 2021 crypto liquidation wave
How falling collateral values, leverage, and automated closures reinforced a rapid crypto market selloff.
When WTI crude oil traded below zero
How collapsing demand, scarce storage, contract expiry, and thinning liquidity pushed a major oil futures contract below zero.
The Archegos forced unwind
How concentrated synthetic exposure, leverage, and fragmented counterparty visibility produced a disorderly liquidation.
The Terra and UST collapse
How a confidence-dependent conversion mechanism turned a stablecoin depeg into a reflexive collapse.
The March 2023 USDC depeg
How uncertainty around bank-held reserves moved a fiat-backed stablecoin and transmitted stress through onchain collateral.
The 2015 Swiss franc shock
How the removal of a central-bank exchange-rate floor produced a discontinuous repricing and losses beyond ordinary stop assumptions.
The 2022 LME nickel disruption
How concentrated short exposure, geopolitical stress, margin pressure, and fragmented visibility contributed to a disorderly nickel market.
The collapse of FTX
How commingled customer assets, affiliated-party exposure, illiquid collateral, and a withdrawal run became an exchange failure.
Ask
The lowest displayed price at which a seller is willing to sell.
Auto-deleveraging
A venue process that reduces selected opposing positions when liquidation and insurance resources cannot absorb a shortfall.
Average entry price
The quantity-weighted reference price assigned to the open portion of a position after one or more fills.
Bankruptcy price
A simplified venue-specific price where the collateral allocated to a position would be exhausted.
Basis
The difference between a derivative price and its underlying spot or index reference.
Bid
The highest displayed price at which a buyer is willing to buy.
Bridge
Infrastructure that transfers or represents assets and messages between blockchain networks.
Collateral
Assets assigned to support a margined position or trading account.
Cross margin
A margin mode where eligible account collateral is shared across positions.
Depeg
A sustained or temporary deviation from the reference value an asset is intended to track.
Funding rate
A periodic rate used to calculate payments between long and short perpetual traders.
Funding interval
The venue-defined period associated with one funding calculation or assessment.
Index price
A reference price derived from one or more external markets or data sources.
Initial margin
The minimum margin required to open a leveraged position.
Insurance fund
A venue-controlled pool intended to absorb certain liquidation shortfalls under published rules.
Isolated margin
A margin mode that assigns a defined amount of collateral to one position.
Leverage
The ratio between position exposure and the collateral supporting it.
Limit order
An instruction to trade at a specified price or better.
Liquidation
A venue-controlled position closure after equity falls below its margin requirement.
Liquidation price
A dynamic venue estimate of the price at which current account conditions would trigger liquidation.
Long
A position that generally gains when the contract price rises.
Maker
A trader whose resting order adds liquidity before it is matched.
Maintenance margin
The minimum venue-defined margin resource required to keep eligible exposure open.
Mark price
A fair-price estimate commonly used for P&L and liquidation calculations.
Market order
An instruction to trade immediately against available liquidity.
Notional
The total market value represented by a position.
Open interest
The total outstanding contract exposure that has not been closed.
Oracle
A system that delivers external data, such as asset prices, to a protocol.
Partial fill
Execution of only part of an order’s requested quantity.
Perpetual future
A margined derivative contract that tracks an underlying market without a fixed expiry.
Post-only
An order instruction that prevents immediate execution so the order only adds liquidity.
Price impact
The change in available execution prices caused by consuming liquidity with an order.
Realized P&L
Profit or loss recorded after some or all of a position is closed.
Reduce-only
An order instruction that can reduce an existing position but cannot increase or reverse it.
Return on margin
Unrealized P&L divided by the initial margin basis at entry. It is not the percentage move in the underlying market.
Short
A position that generally gains when the contract price falls.
Sequencer
Infrastructure that orders and submits transactions for some blockchain scaling networks.
Slippage
The difference between the expected execution price and the average price actually received.
Spread
The difference between the best displayed bid and ask.
Stop-loss
An order intended to reduce or close a position after a trigger condition is reached.
Stop-limit order
An instruction that becomes a limit order after its stop condition is reached and therefore may not fill.
Stop-market order
An instruction that seeks immediate execution after its stop condition is reached and therefore may fill beyond the trigger price.
Taker
A trader whose order immediately removes available liquidity.
Take-profit
An instruction intended to reduce or close exposure after a favorable trigger or target is reached.
Token approval
An onchain authorization allowing a specified contract to transfer tokens up to an allowance.
Unrealized P&L
The current estimated profit or loss on an open position.
Unsettled P&L
Profit or loss recorded in account equity but not yet converted into withdrawable USDC.