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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.

Northline · cash-settled perpetual derivative

MSTR · Strategy Inc.

NL-MSTR-PERP on Northline, a fictional regulated derivatives venue. Northline is not a real venue.

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Updated 25 Sep 2026 20:00 UTC67Limited reference qualityTradingUnverified

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

Sample documentation

Last traded

US$336.03

Mark price

US$336.21

Raw label: fair price

Reference anchor

US$336.50

Basis

-US$0.29 · -0.08%

Snapshot cash state

After-hours transition

24h high / low

US$338.44 / US$330.68

24h change

-1.97%

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
562.35kUS$336.13US$336.30597.26k
281.84kUS$336.10US$336.33297.8k
188.34kUS$336.07US$336.36197.98k
141.58kUS$336.03US$336.40148.07k
113.53kUS$336.00US$336.43118.12k
94.83kUS$335.97US$336.4698.16k
81.47kUS$335.93US$336.5083.9k
71.46kUS$335.90US$336.5373.21k

Private note

Funding

Current rate
-0.0032%
Predicted, if the file has one
Not in the file
Direction
Shorts pay longs
Next funding
26 Sep 2026 00:00 UTC
Interval
8 hours · raw “eight-hour funding window”
Cap / floor
0.30% / -0.30%
Simple annualised
-3.55%

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
−3.24

You receive at this rate

Daily, if the rate is unchanged
−9.72
Over the holding period
−9.72
Simple annualised rate
-3.55%

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$336.17
Best ask
US$336.26
Spread
US$0.10 · 2.8 bps
Depth at 10 / 25 bps
1.7m / 4.44m USD
24h notional
221.74m USD
Open interest
109.85m USD

Sketch: about 2.4 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
20×
Initial margin
5.00%
Maintenance margin
2.50%
Margin mode
Isolated or cross
Collateral
USDC
Settlement asset
USDC
Settlement type
Cash-settled perpetual. No delivery of the underlying.
Maker / taker
1.5 / 4.5 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

During the regular cash session the sample mark is the median of the venue book and a cash reference. Outside that session the sample switches to a damped venue index. The damping method is only partly described, so reference confidence falls. EPIC stores the venue's raw label next to the normalised field 'Mark price'.

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%59
  • Order-book depth10%94
  • Spread quality10%94
  • Mark versus last trade10%83
  • Related-instrument agreement10%71
  • Volatility regime5%57
  • Event-risk flag5%86
  • Price-band or stale-index condition5%90

Corporate actions

Cash dividend
Demonstration policy: mark adjusted by the cash amount on the ex-date. Not paid to holders.
Split / reverse split
Demonstration policy: multiplier adjusted. Position notional intended to be unchanged.
Merger
Partially disclosed sample: venue may suspend and cash-settle at its mark.
Halt
Demonstration policy: trading pause while the cash market is halted. Funding clock not fully specified.
Delisting
Demonstration policy: contract called for settlement. Price source not fully specified.
Spin-off
Not separately specified in the sample.

Eligibility

Entity in the sample: Northline Markets Ltd (fictional). England & Wales (demonstration).

  • United Kingdom: Official venue terms indicate supported
  • United States: Official venue terms indicate restricted
  • Germany: Professional-client condition may apply
  • Retail: Professional-client condition may apply
  • Professional: Official venue terms indicate supported
  • Corporate: Corporate onboarding may be available
  • KYC note: Sample terms name government identity and proof of address. Not a real onboarding flow.

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 / rehypothecationPartially disclosed

    Sample says client collateral may be rehypothecated. Detail is thin.

  • Stablecoin and collateral concentrationDisclosed

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

  • 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 fundDisclosed

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

  • Auto-deleveragingPartially disclosed

    Named. Queue and ranking are not published.

  • Socialised lossPartially disclosed

    Named as a residual step. Formula not published.

  • 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 methodDisclosed

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

  • Liquidity dependenceDisclosed

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

  • Market-maker concentrationNot disclosed

    No market-maker list in the sample.

  • Technical outage handlingDisclosed

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

  • Smart-contract riskNot applicable

    Sample describes a centralised venue, not an on-chain protocol.

  • 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

  • Northline sample contract specification

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

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

  • Northline sample mark and funding note

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

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

  • Northline sample access statement

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