RWA Perpetual

1. Equity Perps are available for trading 24 hours a day, 7 days a week, even though the underlying equity markets typically operate only during weekday business hours.

2. During periods when the underlying equity market is closed (e.g., evenings, weekends, holidays), pricing methodology, liquidity, and risk characteristics differ materially from standard trading hours.

3. Deribit employs the following pricing mechanisms for Equity Perps:

a. Weekday Index Pricing: During regular equity market hours Monday through Friday, the reference index is calculated using Direct Price Index sources from multiple independent providers. An Index Band for single stock Equity Perps and for equity index Equity Perps is applied to the Mark Price relative to the Direct Price Index to preserve orderly trading and prevent extreme price fluctuations due to rapid market movements. The Index Band operates as the primary price control during this period, limiting the extent to which the Mark Price may deviate from the live reference price. Outside of regular equity market hours Monday through Friday, the reference index may incorporate Tokenized Price Feeds as fallback to the extent these are available.

b. Weekend, Holiday & Halt Pricing: When the underlying equity market is closed on weekends and/or holidays, Deribit switches to an Internal Index constructed using a one-hour exponential moving average (EMA) of the Mark Price combined with Tokenized Price Feeds or External Perpetual Futures Prices. An Index Band for single stock Equity Perps and for equity index Equity Perps is additionally applied to the Mark Price relative to the Internal Index. Notwithstanding this indicative range, Deribit reserves the right to update the Index Band thresholds in its reasonable discretion as a response to market conditions. For stocks that do not have a Tokenized Price Feed or External Perpetual Futures Prices, the Internal Index will be equal to the EMA of the Mark Price.

c. Sunday Bridge Index: A 10-minute linear Bridge Index transitions from the weekend Internal Index to the direct price index at the Sunday session open. For equities and equity ETFs that open is Monday 00:00 UTC while the United States is on daylight saving time, and Monday 01:00 UTC while the United States is on standard time. The blend starts 2 minutes before that open and ends 8 minutes after it. During the Bridge Index period, Index Bands for single stock Equity Perps and for equity index Equity Perps will apply to the Mark Price relative to the Bridge Index, similar to weekday pricing.

4. During periods of unreliable underlying price discovery, or when the Mark Price reaches the applicable Index Band, Deribit may impose reduce-only mode automatically, cancel open Orders without prior notice, or fully halt trading.

5. Deribit sources market data for Equity Perps from multiple independent providers, including Pyth and dxFeed, with Tokenized Price Feeds and index vendor data incorporated where available.

6. Mark Price is calculated in accordance with the Rulebook and bounded by the Index Band.

7. Multi-source validation and outlier checks are employed to ensure pricing integrity. In the event of data feed disruptions, Deribit may invoke Emergency Powers to adjust pricing methodology.

8. Equity Perps use Deribit's existing perpetual contract framework for margin, cross-margin, mark price, funding, and liquidation.

9. Maximum leverage limits are as follows, and may be updated by Deribit from time to time:

a. Institutional Investors and Qualified Investors may trade at up to 10x for single stock Equity Perps and up to 20x for equity ETFs/indexes; and

b. Members of the Exchange that do not qualify as Institutional Investors or Qualified Investors may trade at up to 5x.

10. Liquidation is triggered within the Index Band to limit spurious liquidations caused by transient price spikes or anomalies. Leveraged trading magnifies both gains and losses, and liquidation may occur rapidly during high volatility or low liquidity periods.

1. Commodity Perps are available for trading 24 hours a day, 7 days a week. When the underlying commodities markets are open, the contracts trade in accordance with those markets, specifically:

a. Metals (gold, silver): Sunday 22:00 UTC through Friday 21:00 UTC while the United States is on daylight saving time, and Sunday 23:00 UTC through Friday 22:00 UTC while the United States is on standard time, with a daily break Monday through Thursday from 21:00 to 22:00 UTC during daylight saving time and from 22:00 to 23:00 UTC during standard time;

b. Energy (WTI, Brent, Natural Gas): on CME and ICE schedules, typically aligning with active futures trading hours.

2. During periods when the underlying commodities markets are closed (e.g., weekends, holidays, evenings, or during daily maintenance), pricing methodology, liquidity, and risk characteristics differ materially from standard trading hours.

3. Deribit employs the following pricing mechanisms for Commodity Perps:

a. Weekday pricing during regular trading hours: During regular trading hours Monday through Friday, the reference index is calculated using a relevant Direct Price Index from the primary markets for each commodity. For metal commodities such as gold and silver, prices are sourced from live Pyth spot metal feeds that reflect the latest trading activity. For energy commodities (WTI, Brent, natural gas), prices are derived from CME/ICE front month futures contracts provided by Pyth, ensuring real-time market reflection. The pricing may also incorporate adjustments based on order book depth and volume to ensure accurate representation. An Index Band is applied, depending on volatility, to prevent extreme price fluctuations due to rapid market movements. Index Band thresholds may be dynamically adjusted by Deribit based on volatility levels and market activity, to ensure that Mark Prices do not deviate significantly from market norms.

b. Weekday pricing outside of regular trading hours or during daily maintenance; Weekend and holiday pricing: When the underlying commodities markets are closed on weekdays, weekends and/or holidays, Deribit switches to an Internal Index constructed using a one-hour exponential moving average (EMA) of the Mark Price combined with Tokenized Price Feeds or External Perpetual Futures Price Feeds if available. The Index Band is applied to the Mark Price relative to the Internal Index. Deribit reserves the right to update the Index Band in its reasonable discretion as a response to market conditions. For commodities that do not have a Tokenized Price Feed or External Perpetual Futures Price Feeds, the Internal Index will be equal to the EMA of the Mark Price.

c. Sunday Bridge Index: A 10-minute linear Bridge Index transitions from the weekend Internal Index to the direct price index at the Sunday session open. For metals that open is Sunday 22:00 UTC while the United States is on daylight saving time, and Sunday 23:00 UTC while the United States is on standard time. The blend starts 2 minutes before that open and ends 8 minutes after it. During the Bridge Index period, Index Bands for Commodity Perps will apply to the Mark Price relative to the Bridge Index, similar to weekday pricing.

4. During periods of unreliable underlying price discovery, or when the Mark Price moves beyond the applicable Index Band, Deribit may impose reduce-only mode automatically, cancel open Orders without prior notice, or fully halt trading.

5. Deribit sources market data for Commodity Perps from multiple independent providers, with Tokenized Price Feeds and index vendor data incorporated where available. Pricing is based on this combination of direct market feeds and internal indexing strategies to ensure resilience during off-hours and under varying market conditions, as well as to account for commodity-specific dynamics.

6. Mark Price is calculated in accordance with the Rulebook and bounded by the Index Band.

7. Commodity Perps use Deribit's existing perpetual contract framework for margin, cross-margin, mark price, funding, and liquidation.

8. Maximum leverage limits for Institutional Investors and Qualified Investors are currently as follows, though may be updated by Deribit from time to time:

a. for Metals: Silver up to 20x; Gold up to 25x;

b. for Energy commodities (WTI, Brent Crude, Natural Gas): up to 50x.

9. Maximum leverage limits for Members that do not qualify as Institutional Investors or Qualified Investors are currently 5x for Metals and Energy commodities, though may be updated by Deribit from time to time.

10. Liquidation is triggered within Index Bands to limit spurious liquidations caused by transient price spikes or anomalies. Leveraged trading magnifies both gains and losses, and liquidation may occur rapidly during high volatility or low liquidity periods.

1. Pre-IPO Perps do not reference a continuously traded public market. The underlying company has no listed equity and no observable continuous spot price. Accordingly, pricing methodology, liquidity, and risk characteristics may vary significantly at any time.

2. Deribit employs the following pricing mechanisms for Pre-IPO Perps:

a. Primary Pricing: The Index Price is determined on a per-contract basis and may comprise one or more of the following, calculated as the median of: (i) an internal reference price derived from trading activity on Deribit, being a one-hour exponential moving average (EMA) of the contract's Mark Price; and (ii) one or more third-party, publicly observable market prices referencing the issuer or instruments linked to the issuer (for example, other pre-IPO perpetual futures markets), in such combination and weighting as Deribit considers appropriate from time to time. The internal reference price updates continuously based on exchange trading activity. Third-party inputs update at the cadence of the relevant source (typically once per second).

b. Fallback Pricing: For certain contracts, the Index Price may be based solely on the internal reference price without reference to any third-party source. Where third-party inputs are used, Deribit may at any time change the inputs, their combination or weighting, or switch to an internal reference price methodology (EMA only). If an external input diverges from the Index Price by more than 5%, the index falls back to internal-only pricing (EMA). If available inputs become insufficient or unreliable, Deribit may publish a static anchor Index Price until inputs become reliable again, take any action as per its Emergency Powers, or exercise its rights pursuant to a Market Disruption. to other lifecycle events, or as described further in Rulebook. Deribit reserves the right to update the applicable methodology in its reasonable discretion in response to market conditions.

3. During periods with no third-party valuation input, the Index Price continues to be determined under the applicable methodology described in the Instrument Specifications and does not interpolate toward a target price.

4. During periods of unreliable underlying price discovery, Deribit may impose reduce-only mode automatically, cancel open Orders without prior notice, or fully halt trading in respect of any Pre-IPO Perp.

5. Deribit sources market data for Pre-IPO Perps from a combination of internal trading-derived references and, where available, third-party publicly observable market prices referencing the issuer or instruments linked to the issuer. Pricing is based on this combination of internal and external inputs to ensure resilience under varying market conditions and to account for the specific characteristics of pre-IPO underlyings, including the absence of a continuously observable spot price.

6. The Index Price does not track the latest preferred-round price, an audited common-stock fair value, or other independent fair market value appraisal. Prior to any per-share rebase, the Index Price instead tracks a constructed estimate of the issuer's aggregate implied equity valuation (i.e., the headline total equity value of the company, typically expressed as valuation / 1,000,000,000). The methodology does not separately model or allocate liquidation preferences, anti-dilution protection, participation rights, or other share class-specific terms. Those economics are only reflected to the extent they are embedded in the observed or constructed whole-company valuation used for the index.

7. No single external data vendor is required for any Pre-IPO Perp. Where a single third-party source is used, it may represent a significant input given the limited number of observable market references available for privately held issuers. Such concentration is mitigated by Deribit's ability to reweight or remove the source, switch to an internal-only fallback, change methodology, or take lifecycle or Market Disruption actions if it considers the available inputs to be insufficient or unreliable.

8. Pre-IPO Perps use Deribit's existing perpetual contract framework for margin, cross-margin, Mark Price, funding, and liquidation, subject to any additional parameters set out on our Website.

9. Maximum leverage and margin parameters are as follows, and may be updated by Deribit from time to time:

a. the base Initial Margin is 20%;

b. Maintenance Margin tiers are set at ⅔ of the applicable Initial Margin, consistent with Deribit's standard margin framework; and

c. maximum leverage is 5x for all eligible Member categories, which is intentionally more conservative than the limits applicable to typical Equity Perps, reflecting the thinner liquidity and binary event risk of pre-IPO markets.

10. An aggregate ecosystem open interest cap applies to all Pre-IPO Perps. Per-account notional limits are calibrated by leverage tier, with lower notional ceilings at higher leverage.

11. Subject to the availability of Liquidity Support Providers, some Pre-IPO Perps may not be part of the Liquidity Support Program (nor follow this stage of the liquidation waterfall). Further information regarding the Liquidity Support Program, as well as Deribit's liquidation waterfall, is set out in the Exchange Membership Terms at Clause 12 (Liquidating Positions, Insurance Fund, and Socialised Losses).

12. Deribit has allocated a fixed amount to the Insurance Fund for each Pre-IPO Perp instrument. The Insurance Fund allocation has been calibrated using maximum drawdown analyses based on extreme underlying IPO move scenarios, including gap scenarios of 25% or more, and explicitly incorporates the expected interaction between liquidations and Auto-Deleveraging in stressed conditions.

13. The margin and liquidation engine has been stress-tested against overnight step-change scenarios of 25% or more with no intervening liquidity. Stress testing demonstrates that at 3x–5x leverage, the exchange may need to rely meaningfully on Auto-Deleveraging and Insurance Fund resources in stressed conditions. Before any future increase in leverage or open interest limits, Deribit will continue to apply severe no-liquidity and overnight gap calibration.