> For the complete documentation index, see [llms.txt](https://docs.kryptox.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kryptox.finance/trading/contract-specifications.md).

# Contract Specifications

Perpetuals are derivatives products without expiration date. Instead, they rely on funding payments to ensure convergence to the underlying spot price over time. 

The perpetuals contract specifications are simpler than most platforms. There are few contract-specific details.

<table><thead><tr><th width="256.96875">Content</th><th>Description</th></tr></thead><tbody><tr><td>Instrument type</td><td>Linear perpetual</td></tr><tr><td>Contract</td><td>1 unit of underlying asset</td></tr><tr><td>Underlying asset / ticker</td><td> The index price of underlying asset</td></tr><tr><td>Initial margin fraction</td><td>1 / Max leverage</td></tr><tr><td>Maintenance margin fraction</td><td>Half of maximum initial margin fraction</td></tr><tr><td>Mark price</td><td>See <a href="https://docs.kryptox.finance/risk-and-liquidations/pricing-and-funding">here</a></td></tr><tr><td>Delivery / expiration</td><td>N/A (funding payments)</td></tr><tr><td>Position limit</td><td>See <a href="https://docs.kryptox.finance/risk-and-liquidations/continuous-risk-limit">here</a></td></tr><tr><td>Account type</td><td>Per-NFT account cross margin</td></tr><tr><td>Maximum market order value</td><td>$500,000</td></tr><tr><td>Maximum limit order value</td><td>5 * maximum market order value</td></tr></tbody></table>


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