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Most perp exchanges are not bilateral. You trade against a shared order book or liquidity pool, backed by insurance funds, auto-deleveraging, or socialized losses. openPunt has none of this. Every position is a contract between two parties, the trader and the matcher who took the other side.
  • Your counterparty’s margin is your max profit. The matcher locks margin for the life of the position, and that is all you can win. See Max profit.
  • Your margin is the most you can lose to price moves. The same goes for the matcher. Fees and gas are separate costs, covered in Fees.
  • Risk is isolated. One position’s losses never touch another’s. There is no insurance fund to drain and no auto-deleveraging.
  • Terms are fixed per position. Funding, maturity, max profit, and the oracle settings are agreed when the position is matched and do not change while it is open.
  • Matching is a choice. A matcher takes a position only if they find its terms worth it. Nobody is obliged to fill your request, and an unmatched request expires and can be cancelled.