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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.

Northline · cash-settled perpetual derivative

SPX · S&P 500 Index

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

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Updated 25 Sep 2026 20:00 UTC70Tradable reference, moderate cautionTradingUnverified

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

Sample documentation

Last traded

5,730.75 pts

Mark price

5,730.76 pts

Raw label: fair price

Reference anchor

5,728.00 pts

Basis

2.76 pts · 0.05%

Snapshot cash state

After-hours transition

24h high / low

5,806.79 pts / 5,625.41 pts

24h change

0.56%

Realised vol, illustrative

57.9%

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
350.49k5,728.55 pts5,732.97 pts435.38k
174.84k5,727.64 pts5,733.88 pts218.2k
116.29k5,726.72 pts5,734.80 pts145.8k
87.01k5,725.81 pts5,735.71 pts109.61k
70.75k5,724.90 pts5,736.62 pts86.26k
58.82k5,723.99 pts5,737.53 pts72.06k
50.3k5,723.08 pts5,738.44 pts61.91k
43.91k5,722.17 pts5,739.35 pts54.3k

Private note

Funding

Current rate
0.0028%
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 “eight-hour funding window”
Cap / floor
0.30% / -0.30%
Simple annualised
3.12%

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
2.85

You pay at this rate

Daily, if the rate is unchanged
8.54
Over the holding period
8.54
Simple annualised rate
3.12%

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
5,729.46 pts
Best ask
5,732.06 pts
Spread
2.60 pts · 4.5 bps
Depth at 10 / 25 bps
1.04m / 3.33m USD
24h notional
320.19m USD
Open interest
159.81m USD

Sketch: about 3.3 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
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: 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

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%85
  • Independent source count10%64
  • Order-book depth10%92
  • Spread quality10%90
  • Mark versus last trade10%86
  • Related-instrument agreement10%75
  • Volatility regime5%75
  • Event-risk flag5%86
  • Price-band or stale-index condition5%85

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.