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📈 Trade ​

Aspecta Pre-Market V3's trading mechanism builds on Pre-Market V2, with the following upgrades:

  • Trading continues after the settlement phase begins.
  • Supports both Market Orders and Limit Orders.
  • Adds Price Protection and ADL to reduce user trading risks.

Please note: The rules and settings may vary by project. Please read the detailed rules on each project page.

1. Trading Stages ​

Pre-Market V3 has 3 trading stages:

  1. Trade
  2. Trade + Settle
  3. Final Settlement (Close & Share)

1.1 Trade Stage (till TGE) ​

Users can trade Long keys or Short keys without limit. Please refer to Trade for details.

1.2 Trade + Settle Stage (post TGE) ​

After the settlement start date (usually the TGE date), besides trading long/short, users can also settle their positions for tokens at the same time. Specifically,

  • Long users can settle positions to receive tokens.
  • Short user can settle positions by delivering tokens.

Please refer to Asset Settlement for details.

1.3 Final Settlement Stage (Close & Share) ​

The "Final Settlement Stage" is the final deadline for short users to complete their settlement commitment.

  • Before the Final Settlement Stage, short users can close positions by trading or delivering tokens.

  • Within/After the Final Settlement Stage, unsettled short positions can no longer be closed. All long users will share the tokens from settled short users and USDT from unsettled short users.

Please refer to Asset Settlement for details.

2. Limit Order ​

Pre-Market V3 supports limit orders. Users can set their ideal price to open/close a position.

After your limit order is filled, you can automatically received the filled Keys or USDT in your next transaction. You can also manually claim the filled Keys or USDT in "Open Orders".

Please note: After the Final Settlement deadline, unclaimed limit orders will expire and you may not receive Keys or USDT from expired orders. Please make sure you claim or cancel your limit orders before the Final Settlement Stage.

3. Price Protection ​

To avoid unreasonable price volatility and potential price manipulation, Pre-Market V3 adds a Price Protection mechanism.

  1. For each blockchain block, the Pre-Market price cannot change over 25% (may vary by project). The exceeding orders will be dropped or converted to a limit order within the 25% change range.

  2. For every 5 min (may vary by project), the Pre-Market price cannot change over 50% (may vary by project). The exceeding orders will be dropped or converted to a limit order within the 50% change range.

4. Auto-Deleveraging (ADL) Mechanism ​

Pre-Market Auto-Deleveraging (ADL) System helps control the platform's overall risk during liquidation events in extreme market conditions. The ADL mechanism provides a stable trading foundation to maintain a healthy settlement status, and avoid extreme settlement rate changes and fee rates. ADL works by automatically deleveraging profitable positions on the opposite side of the "liquidated" positions, based on the ADL ranking.

ADL will be triggered when the price extremely volatile and causes high settlement risks for "liquidated" short positions. In such a case, the existing profitable long positions will be reduced by the system to rebalance the long/short ratio and reduce settlement risks.

You can reduce your exposure to ADL by partially/fully closing your positions in profit.