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

Why this label
EPIC

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

Aperture · cash-settled perpetual derivative

SPX · S&P 500 Index

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

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Updated 25 Sep 2026 20:00 UTC—Insufficient dataTradingUnverified

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

Sample documentation

Last traded

5,738.55 pts

Mark price

5,735.13 pts

Raw label: reference mark

Reference anchor

5,728.00 pts

Basis

7.13 pts · 0.12%

Snapshot cash state

After-hours transition

24h high / low

5,849.77 pts / 5,650.20 pts

24h change

2.79%

Realised vol, illustrative

49.7%

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
113.3k5,732.00 pts5,738.27 pts153.12k
56.79k5,730.71 pts5,739.55 pts76.38k
37.96k5,729.42 pts5,740.84 pts50.8k
28.54k5,728.13 pts5,742.13 pts38.01k
22.43k5,726.84 pts5,743.42 pts30.91k
18.74k5,725.55 pts5,744.71 pts25.7k
16.1k5,724.26 pts5,746.00 pts21.98k
14.13k5,722.97 pts5,747.29 pts19.18k

Private note

Funding

Current rate
0.0038%
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
8.22%

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
3.75

You pay at this rate

Daily, if the rate is unchanged
22.52
Over the holding period
22.52
Simple annualised rate
8.22%

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
5,733.29 pts
Best ask
5,736.98 pts
Spread
3.68 pts · 6.4 bps
Depth at 10 / 25 bps
366.42k / 2.33m USD
24h notional
202.28m USD
Open interest
90.68m USD

Sketch: about 4.2 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
10
Tick
0.25
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: 2,000 contracts
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

Insufficient data. At least one required input is missing, so EPIC does not print a score.

  • Primary cash-market status20%22
  • Reference-source freshness15%n/a
  • Independent source count10%n/a
  • Order-book depth10%85
  • Spread quality10%87
  • Mark versus last trade10%88
  • Related-instrument agreement10%53
  • Volatility regime5%53
  • Event-risk flag5%86
  • Price-band or stale-index condition5%83

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

  • 2026-05-20: Out-of-hours method from Not disclosed to Partial weekend fallback. Shows a field moving from not disclosed to partially disclosed.