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Our everlasting option uses the capital fee mechanism of perpeture futures to construct a product with asymmetric risk exposure similar to option risk model, which combines the capital fee mechanism and options-type risk exposure.
ACY tries to combine the structure of perpetuity futures products that has been successfully verified, and by adjusting its core function from linear function to convex function, tries to solve the problem that perpetuity options have never really solved.
The specific scheme of FlashArbitrage is shown in the following figure. Instead of the direct exchange for the target tokens by users, the ACY contract is automatically split into multiple paths to exchange the target token in different decentralized exchanges.
The best solution is to allow users to take advantage of the arbitrage opportunity each time after the swap transaction. However, this is difficult to achieve. On the one hand, not every user has enough time and ability to complete the arbitrage transaction by himself.
The core feature of all option-type derivatives can also be summarized as the asymmetry between risk and reward, which is often referred to as the convex (geometric description) or Gamma (algebraic description).
if the trader longs and puts a limit order at price $$P' > P$ then the vAMM will automatically fill the order at P (or maybe P'?). If the limit order cannot be filled instantly, it will be left on the orderbook unless the trader cancels it.
The limit order works in a way that traders want to post their own trade price on the order book. The price can be filled when the counterparty exists or if the price is worse than the market price given by the vAMM.
The swap in ACY Futureworks in a different way as the constant function AMM. All the swaps in the ACY FuturevAMM will be executed at the index price, and including fees varying among different assets. The swap fees are distributed among the LP and the platform.
In the dangerous cases where the asset value is dangerously close to the collateral, i.e., margin ratio is below the maintenance margin ratio, the vAMM will authorize the keepers to liquidate the position at risk partially.
Together with the initial margin, the borrowed money is taken into account to generate profits/losses in the trade. When the value of the asset falls, the losses may approach the initial margin, putting the trade at risk since a sudden price change.
Also, as a feature of leverage trading, they will have to pay a certain amount of borrowing fee to the counterparty of the trade every time period. In addition, traders will pay or receive funding fee.
Traders comprise the majority of the market participants. By trading against vAMM traders realize their PnL. In each trade, including opening/closing position and swap, they need to pay certain amount of transaction fee.
LP has risk when vAMM has non-zero net position. If the index price changes there may be a loss on vAMM. This loss will be shared by all LP.
The vAMM will try to reduce the risk through the following methods:
Receive funding fee from counterparty of vAMM periodically;
LPs deposits collateral to the vAMM pool by buying index products, and then gains certain benefits and assumes some risks as well.
The benefits are:
Get a fixed portion of leverage trading fee and swap fee (transaction fee);
Get a fixed portion of funding fee.
The asymmetric combination of risk and return brought by convex function provides investors with a very ideal portfolio risk management tool. Therefore, financial products with convexity (option products) have always occupied a large market.
The core feature of all option-type derivatives can also be summarized as the asymmetry between risk and reward, which is often referred to as the convex (geometric description) or Gamma (algebraic description).
A part of the position notion is used to reward the keeper if the order is successfully executed, which is a means to incentivize keepers to run these orders. However, the stop orders may not be necessarily executed.
After a position is opened, the trader can make stop orders to take profits/stop losses. This order is to be executed by keepers if the mark price of a position reaches the trader-specified threshold
The first is the same as the orderbook in centralized trading setting, and the second is that the vAMM is always to fill the orders that propose worse price than the market price.
The limit order works in a way that traders want to post their own trade price on the order book. The price can be filled when the counterparty exists or if the price is worse than the market price given by the vAMM.
The swap in ACY Futureworks in a different way as the constant function AMM. All the swaps in the ACY FuturevAMM will be executed at the index price, and including fees varying among different assets. The swap fees are distributed among the LP and the platform.
When the value of the asset falls, the losses may approach the initial margin, putting the trade at risk since a sudden price change may make the position worth less than the collateral (initial margin). Therefore, in the dangerous cases.
Liquidation is one key part of leverage trading. When a leveraged position is opened, in a sense collateral is used to borrow money from the exchange to purchase an asset. Together with the initial margin, the borrowed money is taken into account to generate profits.
Keepers play the role of triggering the liquidation accounts that has insufficient margin through partial liquidation or total liquidation. They can earn certain rewards from doing so. There is a whitelist of keepers that are delegated by the manager.
Traders comprise the majority of the market participants. By trading against vAMM traders realize their PnL. In each trade, including opening/closing position and swap, they need to pay certain amount of transaction fee. Also, as a feature of leverage trading.
LP has risk when vAMM has non-zero net position. If the index price changes there may be a loss on vAMM. This loss will be shared by all LP.
The vAMM will try to reduce the risk through the following methods:
Receive funding fee from counterparty of vAMM periodically