Contract Specifications

Pacifica’s perpetual contracts let you seamlessly trade cryptocurrency assets with leverage, without the need for an expiration date. Understanding the specifications of these contracts is crucial for effective trading, risk management, and maximizing your trading potential.

Below is a summary of Pacifica’s key contract details. You can explore deeper into each specification through dedicated subpages linked below.

Pacifica Contract Specifications

Specification	Description	Details
Instrument Type	Type of perpetual contract	Linear perpetual
Contract Size	Size per contract	1 unit of underlying spot asset
Initial Margin	Initial collateral requirement	1 / (user-selected leverage), dynamically increased when Open Interest sharply rises relative to liquidity
Maintenance Margin	Margin level triggering liquidation	50% of initial margin fraction
Dynamic Margin Adjustment	Margin requirement adjustments	Yes (triggered by sharp increase in open interest vs. exchange liquidity, super-linear scaling of initial margin)
Oracle Price	Price used for liquidation & PnL	Oracle-based (see Oracle Price)
Delivery / Expiration	Contract expiry	None (continuous with hourly funding payments)
Position Limit	Maximum allowed position size	No explicit limit per user (position size managed by dynamic margining)
Account Type	Margin management style	Per-wallet cross or isolated margin
Funding Impact Notional	Notional size impacting funding rates	20,000 USDC (BTC, ETH) 6,000 USDC (other assets)
Maximum Market Order Value	Largest allowed market order	$4M (leverage >=50), $1M (leverage 20-50),$500k (leverage 10-20), otherwise $250k
Maximum Limit Order Value	Largest allowed limit order	10x— maximum market order value
Collateral Withdrawal Limits	Limitations on withdrawals while positions open	Yes (withdrawals limited if collateral below a minimum threshold, or during extreme underlying price volatility based on EWMA)
Backstop Liquidation	Method of liquidation if orderbook liquidity insufficient	Vault-based with dynamic collaboration with market makers to reduce slippage risk
Auto-Deleveraging (ADL)	Automatic reduction of opposing trader positions during extreme volatility	Implemented as final protection if backstop liquidity is insufficient

Detailed Contract Information

Explore further details for each area:

• Supported Trading Pairs: View all available perpetual markets.

• Oracle Price: Understand how Pacifica calculates the oracle-based Mark Price.
• Settlement Mechanism: How Pacifica manages position settlements, funding payments, and collateral adjustments.

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Use this overview as your quick-reference guide, and dive deeper into each subpage for full explanations.