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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.

Meridian · cash-settled perpetual derivative

QQQ · Invesco QQQ Trust

mQQQ-PERP on Meridian, a fictional decentralised protocol. Meridian is not a real venue.

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Updated 25 Sep 2026 20:00 UTC65Limited reference qualityTradingUnverified

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

Sample documentation

Last traded

US$496.27

Mark price

US$495.91

Raw label: oracleMark

Reference anchor

US$498.35

Basis

-US$2.44 · -0.49%

Snapshot cash state

After-hours transition

24h high / low

US$506.57 / US$488.26

24h change

-3.24%

Realised vol, illustrative

49.0%

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
117.29kUS$495.38US$496.4368.85k
58.52kUS$495.17US$496.6434.58k
38.93kUS$494.95US$496.8623.15k
29.14kUS$494.74US$497.0717.44k
23.65kUS$494.52US$497.2913.53k
19.67kUS$494.31US$497.5011.33k
16.82kUS$494.09US$497.729.75k
14.69kUS$493.88US$497.938.57k

Private note

Funding

Current rate
0.0135%
Predicted, if the file has one
Not in the file
Direction
Longs pay shorts
Next funding
26 Sep 2026 00:00 UTC
Interval
8 hours · raw “fundingPeriod=8”
Cap / floor
0.25% / -0.25%
Simple annualised
14.83%

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
13.54

You pay at this rate

Daily, if the rate is unchanged
40.63
Over the holding period
40.63
Simple annualised rate
14.83%

Not a yield

Intervals in the holding period
3.00
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$495.60
Best ask
US$496.21
Spread
US$0.61 · 12.4 bps
Depth at 10 / 25 bps
307.78k / 845.39k USD
24h notional
98.61m USD
Open interest
42.81m USD

Sketch: about 7.2 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
1
Tick
0.05
Lot
1
Minimum notional
10 USD
Maximum leverage
10×
Initial margin
10.00%
Maintenance margin
5.00%
Margin mode
Isolated
Collateral
USDC
Settlement asset
USDC
Settlement type
Cash-settled perpetual. No delivery of the underlying.
Maker / taker
1 / 6 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: oracleMark. Out-of-hours method says the oracle keeps printing from venue books. Stale-input behaviour is not fully specified.

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%75
  • Independent source count10%91
  • Order-book depth10%74
  • Spread quality10%74
  • Mark versus last trade10%80
  • Related-instrument agreement10%64
  • Volatility regime5%64
  • Event-risk flag5%86
  • Price-band or stale-index condition5%74

Corporate actions

Cash dividend
Partially disclosed sample: governance may propose an adjustment. No standing rule.
Split / reverse split
Partially disclosed sample: governance may propose an adjustment.
Merger
Not disclosed.
Halt
Sample: keepers can pause a market. Conditions are not listed.
Delisting
Not disclosed.
Spin-off
Not separately specified in the sample.

Eligibility

Entity in the sample: No single operating company identified in the sample. Not disclosed.

  • 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: No confirmed public statement found.

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 jurisdictionNot disclosed

    No operating company in the sample.

  • Governing law and dispute forumNot disclosed

    No forum clause.

  • 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 fundHistorical data pending

    A pool is named. No balance series.

  • 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 surveillancePartially disclosed

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

  • Reference index robustnessPartially disclosed

    Three sources named. Weights absent. SPY score is withheld for missing source count.

  • 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 riskPartially disclosed

    Contract addresses would be listed in a real file. Here only the risk category is acknowledged.

  • Governance and emergency powersDisclosed

    Sample: token vote plus a 24-hour emergency key held by unnamed signers.

  • Documentation completenessPartially disclosed

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

  • Contract change processPartially disclosed

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

  • Corporate-action policyPartially disclosed

    Deferred to governance without a procedure.

  • Geographic restrictionsPartially disclosed

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

Sources and change log

  • Meridian sample contract specification

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

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

  • Meridian sample mark and funding note

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

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

  • Meridian sample access statement

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