Product Documentation

mperps Documentation

A multi-asset perpetual-futures exchange settled on the Canton Network. Every position is mirrored 1:1 on AsterDex, collateralized in USDCx, and margined in isolation.

01Introduction

mperps lets you take leveraged long or short positions across crypto, commodities, US equities, pre-IPO names, ETFs, and forex — all margined in a single stablecoin, USDCx.

Two design choices define how it works and why it can be trusted with size:

Every position is mirrored 1:1 on AsterDex. When you open a position, mperps opens the matching position on Aster first — and your position only exists if that external fill is confirmed. mperps therefore runs no directional book against you (see Counterparty & Hedging).
Collateral and settlement live on the Canton Network, a permissioned blockchain built for regulated finance. Your USDCx balance is an on-ledger record, not just a database entry.

The result is on-chain settlement with the depth and pricing of an established venue, and a counterparty model where the exchange has no incentive for you to lose.

02Technical Architecture

Trading interface — responsive web app for markets, positions, and account management.
Risk engine — validates every order against your isolated margin and market rules before anything is routed.
Mirroring / execution — opens, adjusts, and closes the matching position on AsterDex and reflects each confirmed fill back to your mperps position.
Identity & compliance — KYC/AML verification gating funded activity.
Settlement & custody — USDCx collateral and the authoritative deposit / balance / withdrawal records live on Canton.
Bridge — USDC on Ethereum ↔ USDCx on Canton, operated by the USDCx issuer (see Deposits & Bridge).

System of recordCanton is authoritative for balances; AsterDex is authoritative for fills and price. Application services coordinate the two — they never invent a position that isn't backed by a real Aster fill.

03Counterparty & Hedging

The most important question a trader can ask: who is on the other side of my trade? On mperps the answer is explicit.

You face AsterDex liquidity — not the house, not other users

Every position you open is mirrored 1:1 onto AsterDex at the moment you trade. Your economic exposure is offset by a real, equal-and-opposite position on Aster's order book. Because mperps holds the mirror, it carries no net directional position against you: it does not profit when you lose, and your losses are never socialized against other mperps users.

No fill, no position

A position is created on mperps only after the corresponding fill is confirmed on Aster. If the mirror can't be filled — venue rejection, a market halt, connectivity, or a risk limit — your order simply does not open, and any margin reserved for it is released. This is why "every position is backed by a real external fill" is not a marketing claim but a structural invariant: on mperps, a position exists if and only if an Aster fill exists.

What this rules outNo unhedged house book. No last-look price improvement against you. No "the exchange is your counterparty" conflict. What it does introduce is dependence on Aster's availability and pricing — covered in Risk Disclosures.

Losses that exceed a position's margin (a gap through the liquidation price) are absorbed by the treasury backstop, with auto-deleveraging only as a last resort — see Loss Handling & ADL.

04Transient Liquidity

Rather than bootstrapping a resident order book or an LP pool, mperps sources liquidity on demand from AsterDex at execution time. Each trade draws on Aster's live depth, then settles back to your USDCx-margined position on Canton.

Real depth and pricing — you trade at an established venue's book, not a thin on-platform pool.
No liquidity mining — depth doesn't depend on incentivizing LPs to stay.
Multiple venues — orders are placed on external execution venues such as AsterDex and Hyperliquid, with routing to best execution.

Trade-offBecause liquidity is sourced at execution, fills are subject to a short mirroring latency and to venue/market availability (e.g. equity and forex market hours). Use limit orders and slippage controls when precision matters.

05Fees

Fee	Rate	Notes
Taker	0.02	Charged when your order executes immediately.
Maker	0.00	Resting orders that add liquidity, where supported.
Funding	Variable	Exchanged between longs & shorts — see Funding.
Deposit	None	Bridging in may incur external network gas.
Withdrawal	0	A minimum withdrawal amount may apply.

NoteVolume tiers, discounts, and referral rebates are communicated as per trading campaigns announcement.

06Order Types & Matching

Order types

Market — executes immediately at the best available price, within your slippage tolerance.
Limit — executes only at your price or better.
Stop / Take-Profit & Stop-Loss — conditional triggers to protect or realize a position.

Matching & partial fills

Orders are matched by executing the mirror on AsterDex; your fill price and size are whatever Aster fills. A market order can therefore partially fill if Aster's available depth is smaller than your size — the filled portion opens as your position and the remainder is rests as limit. Market orders respect your slippage tolerance: if the executable price moves beyond your limit before the fill returns, the order is rejected rather than filled worse.

07Order Lifecycle

Every order follows the same path. The key property: your on-chain position is created after, and only if, the external fill is confirmed.

Submit.You place a market or limit order with a slippage tolerance.
Validate.The risk engine checks the order against your isolated margin, leverage cap, and market rules. If it fails, it's rejected immediately — nothing is routed.
Mirror.The matching 1:1 position is sent to AsterDex.
Fill or reject.Aster returns a confirmed fill (price + size) or a rejection.
Settle.On a confirmed fill, your position is created and collateral reserved on Canton. Closing and liquidation follow the same path in reverse — the hedge is closed on Aster, then your position and PnL settle in USDCx.

If any step fails — validation rejects, Aster rejects, or the venue/market is unavailable — the position does not open and reserved margin is released. You are never left with an unhedged or unconfirmed position. Partial fills open only for the filled quantity.

08Commodities

Perpetuals on major commodities (e.g. gold, silver, oil), long or short, margined in USDCx. Prices and hours follow the underlying market; positions stay open across session gaps and continue to accrue funding.

Markets: XAU, XCL, XAG, XCU, NATGAS
Max leverage: 50x
Hours: see Contract Specifications.

09US Stocks

Leveraged long/short exposure to major US-listed equities as perpetual contracts, without holding the underlying share. Prices track the reference equity; markets observe US session hours.

Names: META, MSFT, GOOGL, APPL, NVDA, SPCX

ImportantUS-stock perpetuals are derivative contracts referencing an equity's price. They are not shares, confer no ownership or voting rights, and availability may be restricted by jurisdiction.

10Pre-IPO

Express a view on companies before they go public. These contracts reference an indicative private-company valuation.

Price reference: Referenced to price on AsterDex
Settlement on listing: Refer to AsterDex

Higher riskPre-IPO references are less liquid and more volatile than public markets. Lower leverage caps, position limits, and wider margin may apply.

11ETF

Perpetuals referencing major exchange-traded funds — leveraged exposure to baskets and indices through one contract. Tracks the reference fund and its market hours.

ETFs: Coming soon

12Forex

Major and minor currency pairs as perpetual contracts. Highly liquid; follows the standard FX week.

Pairs: Coming soon

13Mirroring Latency

Because each order is mirrored to AsterDex, there is a brief interval between accepting your order and receiving its confirmed fill.

Price discovery, mark prices, funding rates, and liquidation decisions are determined entirely by the underlying execution venue. mperps does not maintain an independent pricing oracle or liquidation engine.

The design point that protects you:

You get the real fill, not a stale quoteYour fill price is the actual price Aster fills the mirror at, not the price shown when you clicked. So mirroring latency can't be used to pick off a stale quote — there is no free arbitrage in the gap, for you or against you. What latency can do is cause a market order to fill slightly better or worse than the last shown price, which your slippage tolerance bounds.

Limit orders give price certainty — they fill only at your price or better.
Volatile or closed markets — execution may pause or reject rather than fill at an unrepresentative price.

14Contract Specifications

Each market publishes its own parameters. Fields below are defined per listing; the values are filled from the live spec.

Parameter	Description
Contract type	Perpetual (no expiry), USDCx-margined, isolated.
Min order size	Smallest tradeable quantity.
Tick size	Minimum price increment.
Max leverage	Upper bound on leverage.
Maintenance margin	Margin ratio floor before liquidation
Funding interval	How often funding is exchanged.
Trading hours	24/7 for crypto; underlying-market hours for equities, ETFs, commodities, forex.

15Pre-Launch Markets

Trade an asset before its official spot listing — useful for price discovery around an anticipated launch.

How they trade: USDCx-margined perpetuals, priced to the pre-launch market of respective exchange i.e. AsterDex
Transition at launch: Reference AsterDex
Risk controls: lower leverage caps, position limits, wider margin.

NotePre-launch (assets nearing a spot listing) is distinct from Pre-IPO (private companies before a public offering).

16Liquidation

Each position must keep a minimum maintenance margin. Because margin is isolated, liquidation affects only the position that breached — never your other positions or free balance.

Liquidation is determined and executed on the execution venue where your position is mirrored, using that venue's mark price — mperps does not run its own liquidation engine. mperps mirrors the resulting close and settles the outcome in USDCx.

Prices that matter

Liquidation price — the mark price at which the position's margin ratio hits the maintenance requirement.
Bankruptcy price — the mark price at which the position's equity reaches zero. Between liquidation and bankruptcy price sits the buffer that funds the liquidation.
Liquidation triggers on the venue's mark price, not the last trade — so a single wick can't liquidate you.

How it settles

The venue closes the position (partially where possible to restore maintenance margin, otherwise fully); mperps reflects the close on your account.
A liquidation fee applies; any margin left after closing is returned to your USDCx balance.

Avoiding itAdd margin, reduce size, or set a stop-loss above the liquidation price. Each open position shows its live liquidation price — it moves as funding accrues and as you adjust margin.

17Funding

Perpetuals have no expiry, so funding keeps the contract tethered to its reference. Funding is exchanged directly between longs and shorts — mperps is not a counterparty to it.

Contract trading above the index → funding positive → longs pay shorts.
Contract trading below → funding negative → shorts pay longs.
Funding reflects the mirrored market's funding on AsterDex.

The rate is derived from a premium index over the interest component, with a cap on the per-interval rate. Each market shows its current rate and next funding time.

18PnL

Unrealized PnL — live gain/loss on an open position, marked against the Aster mark price. It moves your effective margin and liquidation price but isn't yet settled.
Realized PnL — locked in when you close or reduce (or on liquidation), and settled to your USDCx balance.
Funding is applied separately from price PnL.

SettlementAll PnL is denominated and settled in USDCx. Realized gains are available to trade or withdraw once settled — profit payouts are backed by the treasury (see Loss Handling).

19Isolated Margin

mperps uses isolated margin: the collateral behind each position is ring-fenced to that position.

Contained risk. A losing position can only lose the margin assigned to it — it can't draw down your other positions or free balance.
Per-position leverage. Set leverage independently on each market.
Adjustable margin. Add margin to push the liquidation price away, or reduce it to free collateral.

20Deposits & Bridge

You fund your account in USDCx, a USD stablecoin on Canton backed by USDC. Bridging in converts USDC on Ethereum to USDCx on Canton; mperps then custodies your USDCx on-ledger.

Bridge operator: the USDC↔USDCx bridge is operated by the USDCx issuer, Circle USDC xReserve — not by mperps. mperps integrates USDCx but does not hold bridge mint/redeem authority, which keeps the bridge off mperps's own attack surface.
Deposit confirmations: a deposit is credited after the on-chain transfer is confirmed and your account is KYC-approved.
Failed / stuck deposits: a transfer that can't be auto-credited (e.g. KYC pending, unrecognized sender) is held for reconciliation and resolved via support — funds are not lost.

21Withdrawals & Limits

Withdraw by redeeming USDCx back out through the bridge to USDC. Withdrawals settle on-ledger and are verified before value is released.

Minimum / limits: 10 USDCX
Processing time: As per canton network.
Manual review: Large withdrawals may be reviewed before release.

22Settlement Verifiability

Your USDCx balance is a record on the Canton Network, held under your party. Because Canton is a privacy-enabled permissioned ledger, verification differs from a public chain like Ethereum — records are provable to entitled parties rather than globally public.

How to verify your balance: wallet in mperps app / ccview.io

23Risk Disclosures

Trading leveraged perpetuals carries significant risk, including total loss of the margin on a position. Beyond standard market risk, note the following mperps-specific and asset-specific risks.

Venue dependency

Execution and pricing depend on AsterDex. If Aster is unavailable or halts a market, new orders in that market may be rejected until it resumes; existing positions remain marked to the last available price.

Market hours & gap risk

Equities, ETFs, commodities, and forex markets close. While a market is closed your position stays open and continues to accrue funding, but you cannot adjust or close it. On reopen, the price can gap — e.g. a stock opening well below the prior close, or forex gapping after the weekend — and you can be liquidated at the reopening mark, potentially past your expected liquidation price. Pre-IPO and pre-launch markets are especially volatile and may impose tighter limits.

Bridge & stablecoin risk

USDCx depends on its issuer and the USDC↔USDCx bridge. Bridge pauses, issuer actions, or a de-peg of the underlying stablecoin can affect deposits, withdrawals, and collateral value.

AvailabilityProducts and markets may be unavailable or restricted in certain jurisdictions. Nothing here is investment advice.

24Rewards & Points

Rewards & Points

25Security

No house book. Positions are hedged 1:1 on AsterDex, so the platform holds no directional bet against users (see Counterparty & Hedging).
On-ledger custody. Collateral is USDCx on Canton — balances are grounded in verifiable on-ledger records.
Bridge isolation. mperps doesn't operate the USDC↔USDCx bridge, keeping the largest historical crypto attack surface outside its control.
Verified access. KYC/AML and sanctions screening before funds move.
Controlled operations & monitoring. Fund movements follow authorized, auditable processes; deposit / withdrawal / settlement paths are monitored around the clock with alerting.

SupportIf a deposit, withdrawal, or account looks wrong, use in-app Report an issue or community support — settlement-related cases are escalated and tracked to resolution.