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. The pricing mechanisms, Index Band and reference price design and validation for Equity Perps are set out in Coinbase RWA Index Price Methodology.

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

5. 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.

6. 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. The pricing mechanisms, Index Band, reference price design and validation, and the WTI and Brent oil index roll for Commodity Perps are set out in Coinbase RWA Index Price Methodology.

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

5. 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.

6. 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.

7. 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. The index pricing mechanisms, fallback pricing and reference price design and validation for Pre-IPO Perps are set out in Coinbase RWA Index Price Methodology.

3. 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.

4. 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.

5. 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.

6. 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).

7. 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.

8. 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.