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

Why this label
EPIC

Fictional regulated derivatives venue

Northline

Northline is a fictional venue. It exists so EPIC can show how a more fully documented, lower-leverage derivatives venue would appear beside thinner venues. It is not an exchange you can access.

Northline is fictional. It is not an operating exchange. Nothing here is a term you can rely on, and EPIC does not say the design is safe.

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

Sample entity
Northline Markets Ltd (fictional)
Governing law in the sample
Laws of England & Wales (sample clause)
Data completeness
Disclosed

Northline is a fictional venue. It exists so EPIC can show how a more fully documented, lower-leverage derivatives venue would appear beside thinner venues. It is not an exchange you can access.

In this sample, Northline publishes a legal entity, a funding interval, a mark method and a corporate-action policy. Those statements are written by EPIC for the demonstration. They are not extracted from a rulebook.

Use the page to see the information architecture: what is stated, what is only partial, and what stays not disclosed.

Equity-perp listings

Trading and contract model

  • Cash-settled perpetual. No share delivery, no voting rights, no shareholder dividends paid to the position.
  • Sample contract multiplier is 1 share-equivalent of notional, quoted in USD.
  • Isolated and cross margin are both named in the sample specification. Maintenance margin is half of initial margin.

Collateral and settlement

Collateral USD, USDC. Settlement USDC. Cash-settled. No share delivery.

Funding mechanics

  • Sample funding is exchanged every 8 hours between longs and shorts.
  • A positive rate means longs pay shorts. The simple annualised figure multiplies the interval rate by the number of intervals in a 365-day year. It is not a yield.
  • Cap and floor are illustrative bounds, not a promise that funding will stay inside them.

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'.

Liquidation, insurance fund, ADL

  • Sample liquidation uses a mark price, not the last trade.
  • An insurance fund is described at a high level. The deficit waterfall after the fund is only partially disclosed.
  • Auto-deleveraging is named but the queue is not published in this sample.

Corporate-action policy

  • Demonstration policy: cash dividends adjust the mark by the cash amount on the ex-date. The dividend is not paid to position holders.
  • Stock splits adjust the contract multiplier. Reverse splits use the same mechanism.
  • Spin-offs are not disclosed. Mergers are described only as 'the venue may suspend and settle at a mark it determines'.

Eligibility

  • Sample terms restrict US persons and say UK retail is not the target client.
  • A professional-client condition is written for EEA clients. That is not a determination that any person qualifies.
  • EPIC does not determine legal eligibility.

What EPIC knows, what the sample discloses, and what is unverified

Known: the fields in this file. Disclosed: only inside the sample. Unverified: all of it, against any real venue.

  • Northline sample contract specification · demo-northline-spec-001
  • Northline sample mark and funding note · demo-northline-mark-001
  • Northline sample access statement · demo-northline-elig-001

Rule-change history

  • 2026-04-12 · TSLA · Funding cap: 0.20% → 0.30%
  • 2026-03-18 · AAPL · Maker fee: 1.0 bp → 1.5 bp