Trading

Margin

For each specific trading pair, traders can use the Quoting Currency as their margin. Each trading pair operates under an Isolated Margin Mode. Traders can modify their positions by opening more trades in the same direction, reducing their position by closing trades, or opening trades in opposite directions.

Trading Fees

Traders transact against Liquidity Providers at the oracle price for any specific assets, plus fees. Each asset typically has a fixed fee of 0.1%. A trading slippage will be applied in the upcoming upgrade.

Borrow Fees

"Borrow Fee" is deducted at the start of every hour. This is the fee paid to the counter-party of your trade. The hourly rate is a fixed value.

$$Borrow\ Fee\ APR=20\%$$

• Where "K" is a constant established by Surf.

Maximum Leverage

For all trading pairs the Maximum leverage allowed is 50x.

Liquidations

As all trading on Surf operates under isolated margin, every position is evaluated separately for liquidations.

• The trigger condition is defined as:

$$Initial\ Margin + Unrealized\ PnL - Fees ≤ Total\ Initial\ Margins \times20\%$$

• Where:

$$Fees = Incurred\ Fees + Estimated\ Fees$$

Gas Claim

Starting from April 11, 2024 until further notice, all Merlin Chain Surf transaction Gas Fees will be fully rebated without cap. Users could claim a full rebate of the Gas Fees spend on placing orders.

• The rebate only covers the Gas Fees incurred for placing the transaction orders, and does not include Gas Fees related to LP Token purchases or redemption transfers.

• The claimable Gas Fee rebate amount will continuously accumulate, and users can claim it at any time.

• The minimum claim amount is 0.0003 BTC per transaction.

Parameter Summaries

Term	Parameter
Maximum Number of Limit Orders	5
Maximum Number of Market Orders When Pending	5
Minimum Single-Order Openable	10 USD
Minimum Single-Order Closable	10 USD
Maximum Single-Order Openable	100,000 USD
Maximum Single-Order Closable	100,000 USD
$BTC Maximum Openable (Long)	2,000,000 USD
$BTC Maximum Openable (Short)	1,000,000 USD
$ETH Maximum Openable (Long)	2,000,000 USD
$ETH Maximum Openable (Short)	1,000,000 USD
$ORDI Maximum Openable (Long)	500,000 USD
$ORDI Maximum Openable (Short)	250,000 USD
$SATS Maximum Openable (Long)	500,000 USD
$SATS Maximum Openable (Short)	250,000 USD
$MERL Maximum Openable (Long)	250,000 USD
$MERL Maximum Openable (Short)	250,000 USD
$BNB Maximum Openable (Long)	500,000 USD
$BNB Maximum Openable (Short)	250,000 USD
$SOL Maximum Openable (Long)	500,000 USD
$SOL Maximum Openable (Short)	250,000 USD
$DOG Maximum Openable (Long)	250,000 USD
$DOG Maximum Openable (Short)	250,000 USD
$WIF Maximum Openable (Long)	250,000 USD
$WIF Maximum Openable (Short)	250,000 USD
$PEPE Maximum Openable (Long)	250,000 USD
$PEPE Maximum Openable (Short)	250,000 USD
$NOT Maximum Openable (Long)	250,000 USD
$NOT Maximum Openable (Short)	250,000 USD
$RUNECOIN Maximum Openable (Long)	250,000 USD
$RUNECOIN Maximum Openable (Short)	250,000 USD
$ULTI Maximum Openable (Long)	250,000 USD
$ULTI Maximum Openable (Short)	250,000 USD