Lab
Illustrations, not scenarios the venue will print
The mark stays at the snapshot unless you are looking at the constructed path. A reference shock only moves the anchor in this page. Nothing here is a forecast, a hedge, or a recommendation.
Demonstration · Snapshot 25 Sep 2026, 20:00 UTC · Not a live feed, venue quotation, or verified term.
Open the contract page. Status: Trading. Confidence is on that page, not repeated here as a signal.
Constructed path
The reference is flat because this book has one anchor. The mark walk ends on the snapshot. It is not a historical tape.
Last eight constructed funding prints
Clamped to the sample cap and floor. The last row is the snapshot rate. Positive means longs pay shorts.
| When | Funding | Basis |
|---|---|---|
| 23 Sep 12:00 | 0.0474% | 5.47% |
| 23 Sep 20:00 | 0.0523% | 3.87% |
| 24 Sep 04:00 | 0.0471% | 2.18% |
| 24 Sep 12:00 | 0.0471% | 1.87% |
| 24 Sep 20:00 | 0.0356% | 1.00% |
| 25 Sep 04:00 | 0.0332% | 1.49% |
| 25 Sep 12:00 | 0.0154% | 0.18% |
| Snapshot | 0.0097% | 0.18% |
Constructed depth ladder
Eight levels built from the snapshot spread and depth. Not a live book and not executable size.
| Level | Bid notional | Bid | Ask | Ask notional |
|---|---|---|---|---|
| 1 | 4.51m USD | US$178.64 | US$178.82 | 3.87m USD |
| 2 | 2.25m USD | US$178.60 | US$178.86 | 1.94m USD |
| 3 | 1.51m USD | US$178.57 | US$178.89 | 1.28m USD |
| 4 | 1.13m USD | US$178.53 | US$178.93 | 964.92k USD |
| 5 | 909.1k USD | US$178.49 | US$178.97 | 765.24k USD |
| 6 | 756.09k USD | US$178.46 | US$179.00 | 639.56k USD |
| 7 | 651.91k USD | US$178.42 | US$179.04 | 543.41k USD |
| 8 | 569.3k USD | US$178.38 | US$179.08 | 476.88k USD |
Reference shock
The snapshot mark stays put. Only the anchor moves, so basis changes. This is not how a venue marks a contract through an event.
- Shocked anchor
- US$176.62
- Basis if mark unchanged
- 1.20%
- Snapshot basis
- 0.18%
Maintenance-distance sketch
Textbook isolated sketch: distance is initial margin minus the sample maintenance fraction. It is not the venue bankruptcy price, and it ignores fees, funding and gaps.
Initial margin 50.00%. Maintenance 2.50%. Buffer 47.50% of the entry.
Illustrative level US$93.83. Not a liquidation prediction.
Carry sketch at the snapshot rate
Holds the current funding print constant. That is the assumption, and it is the part that fails first.
- Per interval
- 2.42 USD
- Over the holding period
- 7.26 USD
- One taker fee, sample
- 11.25 USD
- Simple annualised rate
- 10.60%
A positive payment means this side pays. Not a yield.