Markets and Market Details

Katana Perps offers perpetual futures markets across a range of cryptocurrency assets. Each market has specific parameters that define its trading characteristics, margin requirements, and position limits.

Available Markets

Cross-Margin

Katana Perps exclusively uses cross-margin for all positions. Under cross-margin, all of a trader's open positions share a single collateral pool.

• Unrealized gains on one position can offset margin requirements on another, improving overall capital efficiency.

• The liquidation engine evaluates the entire account's margin ratio rather than individual positions, reducing the frequency of unnecessary liquidations.

Funding Rate

Perpetual futures markets use a funding rate mechanism to keep the contract price aligned with the spot index price of the underlying asset. Funding payments are exchanged between long and short position holders at regular intervals.

• When the perpetual contract price is above the index price, long positions pay short positions.

• When the perpetual contract price is below the index price, short positions pay long positions.

This mechanism incentivizes traders to take the less popular side of the market, naturally drawing the contract price back toward the index. Detailed information on the funding rate formula and payment schedule is available in the Index Price Oracle and Weights section.

Minimum Position Size

Each market defines a minimum position size in base asset terms (see the Get Markets endpoint for current values). Positions that fall below the minimum are subject to automatic closure at the index price seven days after dropping below the threshold. Traders can also close sub-minimum positions manually at any time using a reduce-only order.