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Demonstration data — not live and not venue-verified. Equity perpetuals are derivatives, not shares.

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EPIC

This page provides independent market information. It is not a recommendation, offer, solicitation, or confirmation of product availability.

Aperture · cash-settled perpetual derivative

QQQ · Invesco QQQ Trust

A.QQQ on Aperture, a fictional broker-integrated venue. Aperture is not a real venue.

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Updated 25 Sep 2026 20:00 UTC72Tradable reference, moderate cautionTradingUnverified

Demonstration · Snapshot 25 Sep 2026, 20:00 UTC · Not a live feed, venue quotation, or verified term.

Sample documentation

Last traded

US$498.79

Mark price

US$498.70

Raw label: reference mark

Reference anchor

US$498.35

Basis

US$0.35 · 0.07%

Snapshot cash state

After-hours transition

24h high / low

US$506.35 / US$491.50

24h change

1.43%

Realised vol, illustrative

51.7%

Constructed path

Deterministic walk ending on this snapshot. The anchor is flat because the file has one reference. Not a historical tape. Open the lab for shocks and a maintenance sketch.

Open in the lab

Constructed ladder

Eight levels from the snapshot spread and depth. Not a live book.

Bid sizeBidAskAsk size
290.99kUS$498.44US$498.96434.77k
145.94kUS$498.33US$499.07216.83k
97.59kUS$498.22US$499.17144.18k
73.41kUS$498.12US$499.28107.86k
57.49kUS$498.01US$499.3987.84k
48.05kUS$497.90US$499.5073.02k
41.32kUS$497.79US$499.6062.43k
36.26kUS$497.69US$499.7154.48k

Private note

Funding

Current rate
0.0022%
Predicted, if the file has one
Not in the file
Direction
Longs pay shorts
Next funding
26 Sep 2026 00:00 UTC
Interval
4 hours · raw “4-hour cycle”
Cap / floor
0.15% / -0.15%
Simple annualised
4.80%

Simple annualisation is illustrative and not a forecast. Source: EPIC demonstration dataset. Method: interval rate × intervals in a 365-day year.

Funding payment calculator

Per interval
2.19

You pay at this rate

Daily, if the rate is unchanged
13.15
Over the holding period
13.15
Simple annualised rate
4.80%

Not a yield

Intervals in the holding period
6.00
Fee estimate on notional
40.00
Funding rates vary continuously. This is an illustration, not a forecast of cost, return, or profitability. Assumptions: constant rate, constant notional, no price change, no liquidation, and the sign convention that a positive rate means longs pay shorts.

Liquidity

Best bid
US$498.55
Best ask
US$498.85
Spread
US$0.31 · 6.1 bps
Depth at 10 / 25 bps
1.13m / 3.3m USD
24h notional
307.86m USD
Open interest
148.91m USD

Sketch: about 4.1 bps, before fees and funding. A toy model, not a microstructure forecast.

Market-maker identity: not disclosed. Freshness: snapshot only.

Contract specification

Product
Cash-settled perpetual derivative
Multiplier
1
Tick
0.05
Lot
1
Minimum notional
250 USD
Maximum leverage
5×
Initial margin
20.00%
Maintenance margin
10.00%
Margin mode
Cross
Collateral
USD
Settlement asset
USD
Settlement type
Cash-settled perpetual. No delivery of the underlying.
Maker / taker
0.8 / 2.5 bps
Trading hours
24/7 in the demonstration specification, including when the cash market is shut.
Position limit
Illustration: 25,000,000 USD notional
Price band
Sample: orders beyond 5% from mark are rejected. Not a live control.
Effective from
2026-01-15
Last verified
Not verified — demonstration file

Reference and mark

Raw label: reference mark. Regular session uses the listing exchange print with a stated 15-minute fallback. Weekend method is only partial.

Plain English: the mark is the venue’s risk price. The reference anchor on this page is a fixed demonstration number, so basis is a layout of the formula, not a live premium to the listing exchange.

Basis methodology

Reference confidence

Component contributions use the weights shown. This is anchor quality, not a valuation.

  • Primary cash-market status20%22
  • Reference-source freshness15%91
  • Independent source count10%72
  • Order-book depth10%85
  • Spread quality10%87
  • Mark versus last trade10%87
  • Related-instrument agreement10%89
  • Volatility regime5%58
  • Event-risk flag5%86
  • Price-band or stale-index condition5%93

Corporate actions

Cash dividend
Demonstration policy: ETF and cash distributions adjust the mark. No cash credit.
Split / reverse split
Demonstration policy: multiplier adjusted.
Merger
Partially disclosed sample: broker may close the contract at the last accepted mark.
Halt
Demonstration policy: new orders rejected while the listing market is halted.
Delisting
Demonstration policy: forced close. Notice period not stated.
Spin-off
Not separately specified in the sample.

Eligibility

Entity in the sample: Aperture Broker Markets LLC (fictional). Delaware, United States (demonstration entity — US clients still restricted in the sample terms).

  • United Kingdom: Official venue terms indicate supported
  • United States: Official venue terms indicate restricted
  • Germany: Professional-client condition may apply
  • Retail: Official venue terms indicate restricted
  • Professional: Official venue terms indicate supported
  • Corporate: Corporate onboarding may be available
  • KYC note: Sample: KYB for entities, enhanced identity for individuals. Not a real checklist.

Venue policies can change. Eligibility is personal and jurisdiction-specific. EPIC does not determine legal eligibility. Confidence in these phrases: demonstration only.

Risk disclosures

Statuses describe the sample file. They are not a judgement that a design is safe.

  • Legal entity and jurisdictionDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Governing law and dispute forumDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Collateral custodyDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Segregation / rehypothecationDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Stablecoin and collateral concentrationNot applicable

    Sample collateral is USD.

  • Margin frameworkDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Liquidation methodologyDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Bankruptcy priceDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Insurance fundNot applicable

    Broker capital is mentioned without a mutualised fund.

  • Auto-deleveragingNot applicable

    Not part of the sample broker model.

  • Socialised lossNot disclosed

    No deficit language.

  • Price-band controlsDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Market surveillanceDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Reference index robustnessDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Out-of-hours pricing methodPartially disclosed

    Weekend fallback is named but not formula-complete.

  • Liquidity dependenceDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Market-maker concentrationDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Technical outage handlingDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Smart-contract riskNot applicable

    No on-chain matching in the sample.

  • Governance and emergency powersDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Documentation completenessDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Contract change processDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Corporate-action policyDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

  • Geographic restrictionsDisclosed

    Sample statement for this fictional venue. Not a document from an operating market.

Sources and change log

  • Aperture sample contract specification

    EPIC demonstration dataset · effective 2026-01-15 · captured 25 Sep 2026, 20:00 UTC · demo-aperture-spec-001

    Multiplier, margin, funding interval, fees. Written for this demonstration. Not captured from a venue.

  • Aperture sample mark and funding note

    EPIC demonstration dataset · effective 2026-03-02 · captured 25 Sep 2026, 20:00 UTC · demo-aperture-mark-001

    Mark price, out-of-hours method, funding cap. Illustrative methodology note.

  • Aperture sample access statement

    EPIC demonstration dataset · effective 2026-06-01 · captured 25 Sep 2026, 20:00 UTC · demo-aperture-elig-001

    Country statements, client classification. Not legal advice and not a real terms of service.

Specification versions

No sample revision for this exact contract. The global log still keeps prior values when a field changes.