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

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EPIC

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Harbor · cash-settled perpetual derivative

SMH · VanEck Semiconductor ETF

HSMHPERP on Harbor, a fictional centralised crypto-native venue. Harbor is not a real venue.

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Updated 25 Sep 2026 20:00 UTC62Limited reference qualityTradingUnverified

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

Sample documentation

Last traded

US$250.19

Mark price

US$250.08

Raw label: markPx

Reference anchor

US$248.70

Basis

US$1.38 · 0.55%

Snapshot cash state

After-hours transition

24h high / low

US$254.63 / US$247.86

24h change

2.05%

Realised vol, illustrative

32.3%

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
462.45kUS$249.65US$250.51626.26k
230.57kUS$249.47US$250.68313.95k
153.27kUS$249.29US$250.86209.85k
114.62kUS$249.12US$251.04157.8k
93.54kUS$248.94US$251.21123.94k
77.73kUS$248.76US$251.39103.55k
66.44kUS$248.59US$251.5789k
57.97kUS$248.41US$251.7478.08k

Private note

Funding

Current rate
0.0204%
Predicted, if the file has one
0.0225%
Direction
Longs pay shorts
Next funding
25 Sep 2026 21:00 UTC
Interval
1 hours · raw “1H”
Cap / floor
0.50% / -0.50%
Simple annualised
178.53%

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
20.38

You pay at this rate

Daily, if the rate is unchanged
489.12
Over the holding period
489.12
Simple annualised rate
178.53%

Not a yield

Intervals in the holding period
24.00
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$249.82
Best ask
US$250.33
Spread
US$0.51 · 20.2 bps
Depth at 10 / 25 bps
1.68m / 4.65m USD
24h notional
269.67m USD
Open interest
102.1m USD

Sketch: about 11.1 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
0.01
Lot
1
Minimum notional
10 USD
Maximum leverage
50×
Initial margin
2.00%
Maintenance margin
1.00%
Margin mode
Isolated or cross
Collateral
USDT
Settlement asset
USDT
Settlement type
Cash-settled perpetual. No delivery of the underlying.
Maker / taker
2 / 5.5 bps
Trading hours
24/7 in the demonstration specification, including when the cash market is shut.
Position limit
Not disclosed
Price band
Not disclosed
Effective from
2026-01-15
Last verified
Not verified — demonstration file

Reference and mark

Sample out-of-hours mark leans on the venue's own book. The external cash reference is described as delayed when the listing market is shut. The raw venue label in this sample is markPx.

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%72
  • Independent source count10%71
  • Order-book depth10%67
  • Spread quality10%58
  • Mark versus last trade10%74
  • Related-instrument agreement10%85
  • Volatility regime5%48
  • Event-risk flag5%86
  • Price-band or stale-index condition5%90

Corporate actions

Cash dividend
Treatment not publicly disclosed by the venue at last verification.
Split / reverse split
Partially disclosed sample: the venue may adjust the contract. Method not stated.
Merger
Treatment not publicly disclosed by the venue at last verification.
Halt
Not disclosed.
Delisting
Not disclosed.
Spin-off
Treatment not publicly disclosed by the venue at last verification.

Eligibility

Entity in the sample: Harbor Perpetual Ltd (fictional). Cayman Islands (demonstration).

  • United Kingdom: No confirmed public statement found
  • United States: Official venue terms indicate restricted
  • Germany: No confirmed public statement found
  • Retail: No confirmed public statement found
  • Professional: No confirmed public statement found
  • Corporate: No confirmed public statement found
  • KYC note: Not disclosed beyond a sample line that identity checks may be required.

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

    Fictional entity name and Cayman jurisdiction are stated.

  • Governing law and dispute forumPartially disclosed

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

  • Collateral custodyPartially disclosed

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

  • Segregation / rehypothecationPartially disclosed

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

  • Stablecoin and collateral concentrationPartially disclosed

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

  • Margin frameworkPartially disclosed

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

  • Liquidation methodologyPartially disclosed

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

  • Bankruptcy pricePartially disclosed

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

  • Insurance fundNot disclosed

    No balance, no formula.

  • Auto-deleveragingPartially disclosed

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

  • Socialised lossPartially disclosed

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

  • Price-band controlsPartially disclosed

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

  • Market surveillanceNot disclosed

    No surveillance statement.

  • Reference index robustnessPartially disclosed

    Names a venue index. Constituent venues are not listed.

  • Out-of-hours pricing methodPartially disclosed

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

  • Liquidity dependencePartially disclosed

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

  • Market-maker concentrationPartially disclosed

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

  • Technical outage handlingPartially disclosed

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

  • Smart-contract riskNot applicable

    Sample is a centralised venue.

  • Governance and emergency powersPartially disclosed

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

  • Documentation completenessPartially disclosed

    Short product page only.

  • Contract change processPartially disclosed

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

  • Corporate-action policyNot disclosed

    No dividend clause in the sample file.

  • Geographic restrictionsPartially disclosed

    US restriction is stated. Other countries are absent.

Sources and change log

  • Harbor sample contract specification

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

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

  • Harbor sample mark and funding note

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

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

  • Harbor sample access statement

    EPIC demonstration dataset · effective 2026-06-01 · captured 25 Sep 2026, 20:00 UTC · demo-harbor-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.