# Contract Specifications This document describes the technical specifications and parameters of HPDX Hashprice Futures contracts. Current values can be found in the Contract Specs section of the [HPDX Futures application](https://hashpower.exchange/futures). --- ## Understanding Contract Specifications These are the key values that define how each futures contract works. You'll see these values displayed in the trading interface. ### Contract Specifications | Parameter | What It Means | | ---------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | **Contract Unit** | The amount of hashrate each contract represents (measured in hashes per second). | | **Margin Requirement** | The percentage of contract value you must deposit as collateral. This protects both parties if prices move against you. Higher requirements mean more capital locked up. | | **Maturity Time** | The time at which the contract matures and becomes settleable. Stored on-chain as `expirationAt`. | ### Contract frequency | Parameter | What It Means | | ------------------------- | ------------------------------------------------------------------------------------------------------------- | | **Available Expirations** | How far into the future you can trade. For example, if set to 4 contracts, you can trade up to 4 weeks ahead. | | **Expiration Interval** | Interval between two closest expiration dates in days. | ### Pricing & Settlement | Parameter | What It Means | | ----------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Settlement Currency** | The currency used for all payments (e.g., USDC). This is what you deposit as margin and receive during settlement. | | **Tick Size** | The smallest price movement allowed. Orders must be placed at prices that are multiples of this step (e.g., if the step is \$0.01, you cant bid at \$0.015) | | **Tick Value** | The value of a one-tick move for a single contract. | | **Contract Size** | One contract settles one unit of mark price (no duration multiplier). PnL = `mark × netQuantity − netEntryValue`. | ### Fees & Limits | Parameter | What It Means | | ------------------- | ------------------------------------------------------------------------------------------------------- | | **Maker / Taker Fee** | Charged on fills. Maker fee may be zero by default. | | **Max Open Orders** | Maximum resting orders per address and delivery date (`MAX_ORDERS_PER_PARTICIPANT_PER_EXPIRATION` = 100). Quantity is signed `int256` (no 127 cap). | --- ## Settlement Functions, Events & Errors As of contract version `3.0.0`, futures are **cash-settled** unilateral aggregates. The table below summarizes the settlement-related surface. See [Settlement](./05.Delivery-Settlement.md) for the full lifecycle. ### Functions | Function | Status | What It Does | | ------------------------------------------------ | ------ | ------------ | | `settlePosition(address user, uint256 expirationAt)` | Active | Permissionless. Pins the expiry settlement price on first use, marks that user's aggregate to the pin, routes PnL via the insurance fund, clears the aggregate, emits `PositionSettled`. | | `settlePositions(address[], uint256[])` | Active | Batch of `(user, expirationAt)` pairs; lengths must match. | | `recordSettlementPrice(uint256)` | Active | Permissionless pin of `getMarketPrice()` at/after maturity; idempotent; emits `SettlementPriceRecorded`. | | `settlementPrice(uint256)` | Active | Pinned settlement price (`0` until recorded). | | `getUserPosition(address, uint256)` | Active | `{ netQuantity, netEntryValue }` for that user+expiry. | | `getActiveExpirationDates(address)` | Active | Expiries where the user still has a non-zero aggregate. | | `getMarketPrice()` | Active | Live oracle mark used for pinning and margin. | ### Events | Event | Status | Meaning | | ----- | ------ | ------- | | `PositionSettled(user, expirationAt, closedQuantity, pnl, settlementPrice, settledBy)` | Active | User's aggregate cash-settled at the pinned price. | | `SettlementPriceRecorded(expirationAt, price, recordedBy)` | Active | Expiry settlement price pinned (once). | ### Errors `settlePosition` reverts with `PositionNotExists()` (flat at that expiry) or `PositionExpirationNotStartedYet()` (before `expirationAt`). `recordSettlementPrice` reverts with `SettlementDateNotReached()` before `expirationAt`. --- ## Read next - [Margin System](./03.Margin-System.md) - How collateral and liquidation work - [Trading Guide](./04.Trading-Guide.md) - Creating and managing orders - [Settlement](./05.Delivery-Settlement.md) - Cash settlement of positions at maturity