Pre-Market Perpetuals
শেষ আপডেট: ২২/০৯/২০২৫
What is Pre-Market Perpetual Contracts?
Pre-Market Perpetual Contracts is an innovative derivative product that allows users to participate in price discovery of a token before it is officially listed on spot markets or exchanges. Similar to traditional perpetual contracts, Pre-Market Perpetual Contracts are USDT-margined, have no expiration or settlement date, and allow users to open and close positions at any time.
Advantages and Risks of Pre-Market Perpetual Contracts
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Early Market Access: Traders can gain exposure to new tokens before their official listing, capturing potential opportunities arising from the volatility of the pre-market stage.
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Seamless Transition: Once the token is listed on spot markets, the Pre-Market Perpetual Contract will gradually transition into a standard perpetual contract, ensuring continuity in user positions and trading experience.
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Lower Liquidity: Compared to the regular perpetual stage, pre-market trading typically has fewer participants. This results in a thinner order book and limited matching orders, which may cause wider bid-ask spreads.
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Higher Price Volatility: Due to fewer participants and limited order book depth, buy and sell orders can easily become imbalanced, leading to significant short-term price swings. Traders should exercise caution and be aware of the associated risks.
Transition from Pre-Market to Standard Perpetual Contracts
Once the spot index price becomes both accessible and stable, the Pre-Market Perpetual Contract will smoothly transition to a standard perpetual contract. To avoid sharp fluctuations in the mark price during this process, KuCoin Futures has introduced a smoothing mechanism: after obtaining stable spot prices from multiple exchanges to construct the index, the system will gradually adjust the mark price over a 2-hour period, ensuring stability and consistency in the user experience.
Mark Price
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During the Pre-Market Perpetual Phase
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Mark Price = Moving Average of the Latest Transaction Price
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During the Transition to Standard Perpetual Contracts (when index price becomes available)
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Mark Price = β * (Index Price + Basis Moving Average) + (1 – β) * (Moving Average of the Latest Transaction Price)
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β represents the smoothing factor over the transition period, measured in seconds, where β ∈ (0, 1]
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After Transition to Standard Perpetual Contracts
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The standard perpetual contract mark price calculation method will be applied.
Funding Rate
The funding rate calculation method is consistent with standard perpetual contracts. However, to ensure stability during the pre-market phase, the premium index will be set to 0, resulting in a fixed funding rate. Funding fees will be calculated and settled every 4 hours.
Isolated Margin Leverage and Risk Limits
| Lever | Isolated Margin Limit | Maximum Leverage | Initial Margin Rate | Maintenance Margin Rate |
| 1 | 5000 | 5 | 0.2 | 0.12 |
| 2 | 10000 | 4 | 0.25 | 0.125 |
| 3 | 30000 | 3 | 0.3334 | 0.1667 |
| 4 | 80000 | 2 | 0.5 | 0.25 |
| 5 | 200000 | 1 | 1 | 0.5 |