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Perpetuals

The order book is a Move contract.

Perpetual futures on crypto, commodities, and equities, traded on a central limit order book written in Move. Matching, funding, and liquidation all execute in contracts on Sui — there is no off-chain sequencer to trust.

Venue
Onchain CLOB in Move
Matching
Price-time priority
Sequencer
None
Margin
Isolated, per market
Collateral
User-owned Account object
Liquidations
Partial, permissionless

Architecture

Matching runs onchain, in Move

Most onchain perpetuals venues keep the order book off-chain and post results back to the chain. Aftermath does not. The book is a Move contract, matching is price-time priority, and the docs are explicit about the difference: unlike hybrid architectures that rely on off-chain sequencers, Aftermath executes all matching logic directly in Move.

The practical consequence is auditability. A fill is a transaction. A liquidation is a transaction anyone could have sent. Margin parameters are objects you can read, and changes to them are stored onchain before they take effect.

Collateral is held in an Account object that belongs to you and can be transferred like any other Sui object. Margin is isolated per market, so risk in one market stays in that market.

Read the docsPerpetuals contracts
Where matching runs
Onchain

Order matching executes directly in Move

Mark price
Median of 3

Median of book price, funding price, and TWAP

Oracle sources
4 aggregated

Pyth, Stork, Switchboard, and SEDA

Funding cadence
Hourly

Paid hourly, quoted as an 8-hour rate

Lifecycle

What happens to an order

From deposit to close, every step is a transaction on Sui.

  1. Fund an Account object

    Collateral sits in an Account object that you own — a transferable Sui object, not a balance in an exchange ledger. Margin is isolated per market, so a loss in one market cannot pull collateral out of another.

  2. Submit an order

    Market, limit, stop market, stop limit, and scale orders. A limit order carries a Standard, FOK, Post-Only, or IOC instruction, and any order can be marked reduce-only or given an expiry.

  3. Match onchain

    The book is a Move contract and matching is price-time priority. Unlike hybrid architectures that rely on off-chain sequencers, Aftermath executes all matching logic directly in Move, so a fill is a transaction anyone can read.

  4. Mark the position

    Mark price is the median of the book price, the funding price, and the TWAP. The oracle price behind it is aggregated across Pyth, Stork, Switchboard, and SEDA rather than taken from one feed.

  5. Accrue funding

    Funding is peer-to-peer between longs and shorts, paid hourly and quoted as an 8-hour rate. Aftermath collects no fees on these payments. The model is cumulative rather than the CEX-style 8-hour reset, and the book-index difference is clipped to at most 5% of the index.

  6. Close, or be liquidated

    If maintenance margin is breached, anyone can liquidate. Liquidations are partial: the position is reduced only until it is back within the market's maximum initial leverage.

Fees

Fee tiers and maker rebates

Tiers are assessed daily at the UTC close on rolling 14-day volume. Makers can earn a rebate on top, based on 14-day weighted market share.

Taker and maker fees by 14-day volume
Tier14-day volumeMakerTaker
0$00.015%0.045%
1$5,000,0000.012%0.040%
2$10,000,0000.010%0.038%
3$25,000,0000.008%0.035%
4$50,000,0000.006%0.033%
5$100,000,0000.004%0.030%
6$250,000,0000.002%0.029%
7$500,000,0000%0.028%
8$1,000,000,0000%0.027%
10$2,000,000,0000%0.026%
Maker rebates, paid every 2 weeks
14-day market shareRebate
At least 0.5%0.1 bps
At least 1.5%0.2 bps
At least 3%0.4 bps
At least 5%0.8 bps
The published tier table skips tier 9; it is reproduced here as written. The docs also note that fees are currently discounted through incentives, so the rate you pay may be lower than the table.

Margin

Ratios set leverage, not a global cap

IMR 0.1
Max 10x leverage
MMR 0.05
Liquidation at 20x effective
Margin mode
Isolated, per market
Liquidation type
Partial only
Who can liquidate
Anyone
IMR / MMR changes
Onchain, delayed by days

Each market carries its own initial margin ratio and maintenance margin ratio. An IMR of 0.1 caps that market at 10x leverage; an MMR of 0.05 puts the liquidation threshold at 20x effective leverage. There is no protocol-wide maximum — the number that matters is the one attached to the market you are trading.

Liquidations are partial. A liquidator reduces the position only until it is back within the market's maximum initial leverage, and anyone can send that transaction. Three fees are charged: a liquidation fee and a force cancel fee to the liquidator, and an insurance fund fee to that market's isolated insurance fund.

Changes to IMR and MMR are stored onchain first and are time-delayed by a few days, so a parameter change is visible before it binds.

If bad debt remains

  1. Insurance fund
  2. Socialized losses
  3. Auto-deleveraging
Margin docsLiquidation docs

Order types

Five families, two modifiers

  • Market

    Takes the resting book at the best available price.

  • Limit

    Standard · FOK · Post-Only · IOC

    Rests on the book at your price, with a time-in-force instruction.

  • Stop market

    Triggers a market order once the trigger price is reached.

  • Stop limit

    Triggers a limit order once the trigger price is reached.

  • Scale order

    Places evenly-spaced limit orders between a start and an end price, with an optional size skew across the ladder.

Modifiers

Reduce-only
The order can only shrink an existing position.
Expiry
The order stops resting after a time you choose.
Order type docs

Markets and prices

New markets need no protocol upgrade

Markets come in two shapes. Linear markets take an asset such as USDC as collateral. Inverse markets take the base asset, or another asset, as collateral. Any asset with a reliable oracle can be used, which is why a new market can ship without changing the protocol.

Listed categories include crypto, commodities, and equities, and the docs also list forex and GameFi assets. The live market set is served by the API rather than baked into a contract, so the terminal is the place to see what is trading right now.

Prices are aggregated across Pyth, Stork, Switchboard, and SEDA. No single feed sets the mark.

Market typesOracle pricesMarket data API

Mark price

median(BookPrice, FundingPrice, TwapPrice)

Funding is peer-to-peer and paid hourly, quoted as an 8-hour rate. Aftermath collects no fees on these payments, and the book-index difference is clipped to at most 5% of the index.

Funding docs

Around the book

Fee sharing, delegation, and incentives

The venue is more than a book. These are the parts integrators and market makers ask about first.

Builder codes

Permissionless third-party fee sharing. A user approves an integrator with a maximum fee cap and can revoke it at any time; the split is applied in real time inside the onchain fee logic.

Docs

Agent wallets

Delegate trading permission to a second wallet. The agent is able to perform all actions except for withdrawing collateral and granting or revoking other agent wallets.

Docs

Reference Gas Price filter

A fee-aware toxicity filter adopted from DeepBook. It flags takers paying gas above a rolling baseline, penalizes them, and redistributes the proceeds as maker rebates.

Docs

Market makers

There is no designated market maker program, special rebates, or latency advantages. Quotes are updated with atomic cancel-and-place in a single Programmable Transaction Block.

Docs

Referrals

A referrer earns 10% of their referee's fees for the referee's first $100M of volume and 5% after that. The referee gets a 5% fee discount to $100M, then 2% for life. Rewards are paid weekly.

Docs

Points

The points program began on December 8, 2025 and runs in bi-weekly epochs, with transitions every second Monday starting March 2, 2026. Distributions include liquid SUI.

Docs

FAQ

Frequently asked questions

Trade the onchain book.

Open a market, fund an Account object, and place an order. Matching, funding, and liquidation all run in Move.

Trade perpetualsVaults