Perp Market Design

Perp City markets are designed to operate across the full spectrum of microstructures: from thin, early-stage liquidity to deep, high-turnover trading with minimal slippage, and from highly volatile regimes to smoother, more balanced order flow. Each market consists of a Core foundation and configurable Modules.

Core

These components define the fundamental mechanics of how a market operates: how margin is calculated, how prices are determined, and how the system protects against insolvency.

Modules

Modules are configurable components that extend market functionality. They can be configured to fit the needs of each market.