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

# Perpetuals Specifications

> Markets, collateral, fees, margin, liquidation, and order types at a glance.

This section is the **spec sheet** for Kimia's perpetual futures. If you're
looking for conceptual context, start at [perpetuals concept](/concepts/perpetuals).
Here we codify the exact parameters a trader or integrator should know.

## At a glance

| Item                       | V1 value                                           |
| -------------------------- | -------------------------------------------------- |
| Markets                    | `SOL-PERP` (market\_index = 0)                     |
| Collateral                 | USDC (6-decimal SPL)                               |
| Max leverage               | 10× (initial margin ratio 10%)                     |
| Maintenance margin         | 5%                                                 |
| Funding period             | 1 hour                                             |
| Funding clamp              | ±3.03% per period                                  |
| Taker fee                  | 10 bps                                             |
| Maker fee                  | 5 bps (reserved, pending rebate design)            |
| Liquidation fee            | 5% of closed notional                              |
| Oracle                     | Pyth Hermes Pull (SOL/USD)                         |
| Oracle staleness threshold | 60 s                                               |
| Oracle confidence cap      | 2.5%                                               |
| Tick size                  | set per market (see the on-chain `Market` account) |
| Order book depth           | 32 bids × 32 asks per market                       |
| Matches per tx             | Up to 4 fills per `place_order`                    |

## Section map

<CardGroup cols={2}>
  <Card title="Markets" icon="list" href="/perpetuals/markets">
    Supported markets and their parameters.
  </Card>

  <Card title="Collateral" icon="coins" href="/perpetuals/collateral">
    What you can post as margin, and how the vault uses it.
  </Card>

  <Card title="Fees" icon="receipt" href="/perpetuals/fees">
    Taker, maker, liquidation, and funding "fees".
  </Card>

  <Card title="Margin framework" icon="scale-balanced" href="/perpetuals/margin">
    Initial vs maintenance, reserved margin, health.
  </Card>

  <Card title="Liquidation" icon="siren" href="/perpetuals/liquidation">
    Trigger condition, fee split, bad-debt handling.
  </Card>

  <Card title="Mark price" icon="chart-line" href="/perpetuals/mark-price">
    How mark price is derived and clamped.
  </Card>

  <Card title="Order types" icon="sliders" href="/perpetuals/order-types">
    Market, limit, post-only.
  </Card>
</CardGroup>