Trade perpetual futures through NOXIA, powered by Orderly.

Why trade on NOXIA?

Orderly Network is decentralized trading infrastructure that powers perpetual futures across multiple blockchains. NOXIA uses this infrastructure so traders can access shared liquidity, CEX-grade execution, and self-custodial market access from a NOXIA-branded front-end.

Two ways to trade

Orderbook design

Orderly uses a central limit order book, the same broad market structure used by major centralized exchanges. The difference is that Orderly combines off-chain matching with on-chain settlement, giving traders performance without relying on a fully centralized custody model.

MEV protection

• Fast matching: low-latency matching leaves less room for front-running.
• Deep liquidity: deeper orderbooks make manipulation more difficult.
• Off-chain matching: orders are matched in a neutral off-chain environment before settlement, reducing on-chain front-running exposure.

Perpetual futures trading

A perpetual futures contract lets a trader speculate on the price movement of an asset with leverage without owning the underlying asset. Unlike traditional futures, perpetual contracts have no expiry date.

Why trade perps instead of spot?

1. Long or short: spot traders usually profit only when assets rise, while perp traders can also short falling markets.
2. Leverage: leverage can improve capital efficiency, but it also amplifies losses.
3. Deeper liquidity: futures markets often have higher volume than spot markets, allowing larger entries and exits with less price impact.

Orderly USDC perpetual futures

All perpetual futures on Orderly are USDC-based. Collateral, quotes, and settlement are denominated in USDC.

Margin modes

• Cross Margin: deposited USDC is shared across all cross-margin positions. Profitable positions can offset losing ones.
• Isolated Margin: each position has dedicated margin. Losses are capped at the margin assigned to that position.

Orderly supports integer leverage values from 1x to 100x depending on the specific market. It uses one-sided position mode within each margin mode, meaning a user cannot hold both a long and a short on the same contract in the same margin mode.

Accounts

On Orderly, each wallet gets a separate account per front-end. The account address is derived from the wallet address and the builder ID of the front-end being used.

• Trades placed through one DEX cannot be seen or modified through another DEX.
• Fees, volume, and fee tiers are tracked separately by front-end account.
• There is no shared state between accounts, even if the same wallet owns them.

Order types

Glossary

Mark Price, Index Price, and Last Price

Perpetual futures interfaces show multiple prices because each price serves a different risk function.

• Index Price: fair market price for the underlying asset, calculated from major exchanges.
• Mark Price: Orderly's best estimate of the perp contract's fair value. It is used for unrealized PnL and liquidation.
• Last Price: the most recent price at which the contract traded.

Index safeguards

1. If a source price deviates by more than 5% from the median, it is capped or floored at ±5% until it returns to range.
2. If multiple sources deviate by more than 5%, the median is used instead of the volume-weighted average.
3. If a source stops sending prices for over 10 seconds, it is removed from the Index Price calculation.

Weight(CEX_i) = Volume(CEX_i) / Total Volume(CEXes)

Weights are updated every 5 minutes using each exchange's trading volume over the past 4 hours. A backup oracle such as Stork can be used to verify reference prices.

Formulas and definitions

This section explains the core values NOXIA can display in the trading interface: margin ratio, collateral, free collateral, PnL, and liquidation price.

Margin and balance formulas

Current margin ratio = total_collateral_value / sum(abs(position_notional_i))

Total collateral = total_balance + upnl + pending_short_USDC

Free collateral = collateral + upnl - total_initial_margin_with_orders - pending_short_USDC

Portfolio value = USDC Balance + (non USDC assets × mid_price) + unsettled PnL

Withdrawable balance = total_balance - total_initial_margin_with_orders - positive_upnl

Initial Margin Ratio

IMR_i = Max(1 / Max Account Leverage, Base IMR_i, IMR Factor_i × Abs(Position Notional_i)^(4/5))

initial_margin_i = abs(position_notional_i × IMR_i)

weighted_initial_margin_ratio_i = abs(position_notional_i / total_notional) × IMR_i

initial_margin_ratio = sum(weighted_initial_margin_ratio_i)

Maintenance Margin Ratio

MMR_i = Max(Base MMR_i, (Base MMR_i / Base IMR_i) × IMR Factor_i × Abs(Position Notional_i)^(4/5))

maintenance_margin_i = abs(position_notional_i × MMR_i)

weighted_maintenance_margin_ratio_i = abs(position_notional_i / total_notional) × MMR_i

maintenance_margin_ratio = sum(weighted_maintenance_margin_ratio_i)

PnL and liquidation

Unrealized PnL = position_qty × (mark_price - avg_open)

Notional = abs(mark_price_i × position_qty_i)

Total Notional = sum(abs(position_notional_i))

Liquidation Price = max[
  Mark Price + (total_collateral_value - total_notional × MMR) / (|Qi| × MMR_i - Qi),
  0
]

API data mapping

Insurance Fund & ADL

The Insurance Fund is the safety net that steps in when an account becomes bankrupt, meaning losses exceed the collateral available in the account.

How the Insurance Fund grows

The fund grows by collecting part of liquidation fees during normal market conditions. During extreme swings, liquidators may be unable to close positions fast enough, and the Insurance Fund covers the resulting loss.

When positions cannot be liquidated normally

1. The trader's positions and remaining USDC balance transfer to the Insurance Fund.
2. Liquidators can claim those positions from the Insurance Fund at a discount.
3. This incentivizes liquidation cleanup even during stressed conditions.

ADL

Auto-deleveraging is the final safeguard. It activates only when liquidators do not take positions, the Insurance Fund cannot resolve them, and the Insurance Fund margin ratio falls too low. The system then selects traders with high profit and high leverage to offset risk.

Supported markets

Orderly supports 100+ perpetual futures markets, including major crypto assets and real-world assets. Front-end applications can choose which supported markets they want to list.

Supported chains

Orderly supports multiple EVM chains and Solana. This gives NOXIA room to serve users across different wallet and chain ecosystems.

Multi-Collateral

Multi-collateral support lets traders use selected non-USDC assets as collateral. The system applies caps, collateral weights, LTV calculations, and auto-conversion rules to control risk.

Global max deposits

LTV

Loan-to-Value measures the ratio of negative USDC value and unrealized losses against recognized collateral value. A lower LTV is safer.

LTV = ( abs(min(USDC Balance, 0)) + abs(min(upnl, 0)) )
      / [ sum(max(Collateral Quantity, 0) × Index Price × Weight) + max(upnl, 0) ]

Collateral value

Collateral Value = min(Collateral Quantity, Collateral Cap) × Weight × Index Price

Total Collateral Value = sum(Collateral Value) + upnl

Free Collateral = Total Collateral Value - Total Initial Margin With Orders

Total Account Value = sum(Collateral Quantity × Index Price) + upnl

Auto conversion

If LTV reaches 95% or negative USDC value reaches the system threshold, collateral can be automatically converted into USDC to reduce risk. This protects the account, but users should monitor LTV before automated conversion occurs.

Pre-TGE Listing

Pre-TGE Listing lets a Builder list a perpetual market for a token before its official launch, using a synthetic price source and tighter risk caps. This can enable early price discovery when there is no external spot market or oracle source.

Pre-TGE Oracle price

1. Sample every minute: calculate orderbook midpoint as (best_bid + best_ask) / 2.
2. Smooth with EMA: use a 24-hour exponential moving average with half-life around 8 hours.
3. Clamp within an anchor band: limit the price inside [initial_price / 4, initial_price × 4].

Tightened risk caps

After TGE, the Builder transitions the market to a regular Community Listed market by adding external price sources and ending the Pre-TGE phase. This transition is one-way.

Custom Oracle

Custom Oracle allows qualified Builders to provide additional index price sources for permissionlessly listed markets. This is important for markets that need data beyond standard CEX feeds.

Builder responsibilities

• Keep the WebSocket connection active during the relevant market session.
• Publish valid prices at the required frequency.
• Monitor stale data, skipped prices, and feed availability.
• Use multiple sources when possible to reduce single-source risk.

Custom Oracle and BYOK Oracle can be used with supported RWA markets. Current RWA support focuses on US markets, with HK, CN, and KR market sessions planned to be added gradually.

NX token inside NOXIA

The native ecosystem token is named noxia, with the symbol NX. NX should be connected to real activity inside the platform rather than existing only as a speculative token.

Future negative fee model

• Users who stake or lock NX can qualify for stronger maker rebates.
• Higher NX tiers can unlock trading credits or negative maker fee campaigns.
• Negative fees should be limited by market, campaign budget, anti-wash-trading rules, and risk controls.

NX utility does not guarantee price appreciation. This documentation is not investment advice.

NX investor thesis: Korea-first opportunity

NX is designed around a Korea-first market thesis. Korea already has a large crypto trading base, but the local market is still heavily centered on centralized spot exchanges. At the same time, advanced traders who want perpetual futures, leverage, broader market access, and fast execution often move toward offshore derivatives venues. NOXIA’s opportunity is to bring that demand into a non-custodial perpetual DEX environment.

Korean futures demand and DEX adoption gap

1. A significant portion of demand moves to futures venues

Domestic Korean exchanges are mostly spot-focused. Traders who want short selling, leverage, perpetual futures, or faster access to global markets often look toward foreign futures exchanges. This shows that Korean users are not only interested in spot trading; there is meaningful demand for derivatives-style products.

• Spot-focused domestic exchanges: local platforms are familiar and liquid, but limited for users who want advanced futures products.
• Offshore futures flow: active traders often move to global futures venues because they offer leverage, perpetual markets, and broader instruments.
• NOXIA positioning: NOXIA can present a Korea-first perpetual DEX that offers futures access without fully centralized custody.

2. Korea's DEX usage is still low compared with its trading culture

Korea has strong crypto activity, but DEX usage remains relatively underdeveloped compared with centralized exchange behavior. This creates a growth gap. If NOXIA reduces wallet, chain, and UI friction, DEX adoption can grow from a low base.

• Most retail users first learned crypto through centralized exchanges rather than wallets.
• DEX onboarding can feel difficult because of wallets, approvals, gas, bridges, network selection, and contract risk.
• A TradingView-style interface and Orderly execution can make the DEX experience feel more familiar to Korean traders.

3. Centralized exchange trust pressure strengthens the timing

Recent issues involving a major Korean centralized exchange, shown here as B****, raised concerns about internal controls, asset handling, and user protection. The point is not that DEXs remove every risk. The point is that users increasingly understand why self-custody and transparent infrastructure matter.

• Custody concern: centralized exchange users must trust internal systems and balance management.
• Transparency demand: after large operational failures, users become more open to verifiable systems.
• NOXIA narrative: “your keys, your funds” becomes more powerful when users question centralized custody.

How the thesis supports NX value design

NX should be connected to actual NOXIA usage. The token should become more useful as more traders join, more markets list, and more liquidity enters the platform.

In the long term, NX can be used for trading rewards, staking or lock-up benefits, fee tier upgrades, negative maker fee eligibility, premium tools, campaign access, and governance participation. This creates a utility loop: more NOXIA activity makes NX benefits more valuable, while NX incentives help attract more activity to the exchange.

Security verification

NOXIA should communicate security in a strict and factual way. The platform can describe audited infrastructure while also acknowledging user, wallet, oracle, and liquidation risks.

Security principles

• Private keys remain with the user's wallet.
• Settlement and account activity should be transparent where possible.
• Risk pages should disclose smart contract, oracle, bridge, market, and liquidation risk.
• NOXIA should distinguish audited infrastructure from unaudited future features.

Risk notice

Perpetual futures are high-risk products. Leverage can amplify both profit and loss, and liquidation can occur quickly during volatile markets.

• Users can lose their collateral when using leverage.
• DEX trading introduces wallet, contract, oracle, bridge, and liquidity risks.
• Permissionless markets, Pre-TGE markets, and custom oracle markets may carry higher risk.
• NX is a planned utility token, not a guaranteed-return asset.
• Roadmap items may change based on market, regulatory, liquidity, and infrastructure conditions.