> ## Documentation Index
> Fetch the complete documentation index at: https://docs.pacifica.fi/llms.txt
> Use this file to discover all available pages before exploring further.

# 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                                                                                                           |
| ------------------------------------- | ------------------------------------- | ----------------------------------------------------------------------------------------------------------------- |
| Contract                              | Type of perpetual contract            | Linear perpetual                                                                                                  |
| Contract Size                         | Size per contract                     | 1 unit of underlying spot asset                                                                                   |
| IMM<br />(Initial Maintenance Margin) | Margin required to open a position    | 1 / (user-selected leverage), dynamically increased when Open Interest sharply rises relative to liquidity        |
| MM                                    | Maintenance Margin                    | 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                                                                                   |

### Detailed Contract Information

Explore further details for each area:

* [Market Specifications](/trading-on-pacifica/contract-specifications/market-specifications): View per-market parameters for all available markets.
* [Oracle Price](/trading-on-pacifica/contract-specifications/oracle-price-and-mark-price): Understand how Pacifica calculates the oracle-based Mark Price.

***

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