What can I trade?
What can I trade?
cNGN-USDC spot, and a cash-settled cNGN future for each listed expiry, currently
USDC-cNGN-30NOV26. See Market specs.What is cNGN?
What is cNGN?
A naira stablecoin on Base. 1 cNGN redeems for 1 Nigerian naira.
Which way is each market quoted?
Which way is each market quoted?
Spot is quoted in USDC per cNGN, about
0.00073, and sized in cNGN. The future is quoted in cNGN
per USDC, about 1380, and sized in USDC of notional. A long future is long USDC and gains when
the naira weakens.How do I open an account?
How do I open an account?
Make a deposit with
subaccount_id 0. The venue opens a
subaccount, funds it and pays the gas. See Subaccounts.Do I pay gas?
Do I pay gas?
No. The venue submits deposits, withdrawals and fills on chain and pays the gas. For USDC, you can
also sign a permit instead of approving
on chain.
What can I use as collateral?
What can I use as collateral?
USDC and cNGN. USDC counts at par. cNGN counts at half its value at the index. See
Collateral.
How much leverage can I use?
How much leverage can I use?
Up to 4x on futures. Initial margin is 25% of notional, and maintenance margin is 15%. See
Margin math.
Is there a funding rate?
Is there a funding rate?
No. The future is a dated contract. Gains and losses settle through
variation margin, and the position closes out at expiry.
Why did I pay the taker fee on a resting order?
Why did I pay the taker fee on a resting order?
The taker is the order created later, not the one that rested longer. Set
post_only to make sure
you are always the maker. See Fees.Why isn't my order filling?
Why isn't my order filling?
Common reasons:
- Its only counterparty is your own subaccount. See Self-trade prevention.
- Its
worst_feeis lower than the fee. See Fees. - On a future, the index is stale or the price is outside the fill band.
- On a future, your account is short of margin. See Pre-trade margin check.
Are there market orders?
Are there market orders?
No. Every order is a limit order. To trade at once, price through the other side of the book. See
Order types.
What happens if my account falls below maintenance margin?
What happens if my account falls below maintenance margin?
It can be liquidated through an on-chain auction. See Liquidation.
Can I trade from a hot key?
Can I trade from a hot key?
Yes, for orders. Register a session key on chain. Deposits and withdrawals must be signed by the
owner. See Session keys.
Where do I find the API reference?
Where do I find the API reference?
In the API tab. To connect these docs to an AI tool, see Installation in the CLI tab.