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DAS Replay
Beta
Crypto perpetuals Coming soon

Liquidated by the mark.
Never by a wick.

Cross and isolated margin, per-asset leverage, funding on the hour, and a liquidation price you can read before you need it. The tape is the recorded Kraken US book; the funding is the real historical rate, hour by hour.

$ join the beta How a fill is decided

Specified in full and not started. The seams it needs — the instrument profile, the injected margin and microstructure models — are being built by the forex section right now.

Cross & isolated margin Real hourly funding Triggers on the mark
BTC-USD Perpetual · max 40×
Collateral $10,000
$62,660 18.99% away $130,140
Position size
0.5187 BTC
Initial margin
$5,000.00
Maintenance margin
$625.00
Taker fee at entry
$22.50
Funding · 8h held
−$5.00
Liquidation mark
$78,096

Switch to isolated and drag the leverage up. In cross margin the boundary barely moves — the whole account backs the position, so leverage only decides how much size the collateral will carry. In isolated it walks straight at your entry, because the only thing standing behind the position is its own margin.

Liquidation price uses the venue’s published expression, with maintenance margin at half the initial margin at maximum leverage. Fees are base tier (taker 4.5 bps), funding is shown at the baseline hourly rate of 0.00125% — the desk replays the real historical rate for the hour. This is a worked example, not a replay: the position is yours to set, and the arithmetic is the venue’s.
The mark

Every crypto trader has watched a single print spike through a level, take out a stop, and vanish before the next tick.

Perps have a mark price so that cannot decide your position. Here it is the median of bid, ask and last, smoothed — and it is what stops, take-profits, unrealised P&L and liquidation all read.

Four rules that decide a fill.

The engine sees top of book and prints, not the full depth of the real venue. So every rule is written to be at least as harsh as reality would have been — and the desk says so on screen rather than burying it in a disclaimer.

  1. Triggers read the mark, not a print

    Mark price is the median of bid, ask and last, smoothed by a short exponential average at roughly three-second cadence. One spike through your stop does not fire it, and one spike through your liquidation does not take you out. That is the venue’s intent, reproduced from the data available.

  2. Resting fills need a trade-through

    A print strictly through your limit fills it. At the price itself, the conservative queue model decides: your arrival snapshot of same-side size is decremented only by prints on the opposite taker side, and cumulative fills can never exceed the volume that actually traded through since you placed.

  3. The stale-quote guard

    If the newest quote is older than ten seconds, marketable fills are refused and the mark freezes rather than extrapolating. A crossed or locked top of book suspends fills entirely. A thin tape is a reason to fill nobody, not a reason to guess.

  4. Liquidation is a market order

    It executes through the punitive slippage path and pays the taker fee, like any other market order — because that is what it is. Ties resolve against the trader, and post-liquidation equity clamps at zero rather than going negative.

The ticket

Everything the venue’s ticket does.

Including the parts that are inconvenient: a post-only order that gets rejected for crossing, a stop-limit that arms and never fills, a reduce-only order that refuses the flip.

  • Market

    Fills at the prevailing opposite quote, capped at quoted size; the remainder walks a punitive ladder and then rests or rejects.

  • Limit · GTC

    Rests until a print goes strictly through the price, or the queue model says it was reached.

  • Limit · IOC

    Takes what the top of book will give at that instant and cancels the rest. No hidden second chance.

  • Limit · post-only

    Rejected outright if it would cross. That is what makes it a maker order, and the rejection is part of the simulation.

  • Stop market

    Arms on the mark, then traverses the same latency and marketable path as anything you typed yourself.

  • Stop limit

    Arms on the mark and rests at the limit. It can arm and still never fill — which is the trade a real stop-limit makes.

  • Take profit

    Market or limit, attached to the position or carried as an OCO child of the parent order.

  • Reduce-only

    Can shrink a position and can never grow one, even when a flip would be the cheaper path for the engine.

Leverage is a ceiling, not a dial.

Each asset carries its own maximum, and maintenance margin is always half the initial margin at that maximum. In cross margin the number you pick decides how much size the account will carry; in isolated it also decides how far the liquidation sits from your entry.

BTC-USD
40×
ETH-USD
25×
SOL-USD
20×
XRP-USD
20×
DOGE-USD
10×
LTC-USD
10×
Fees
1.5 bps maker, 4.5 bps taker, base tier — debited at fill time into their own ledger line. A liquidation pays the taker fee, because a liquidation is a market order.
Funding
Accrues on the hour against notional at the oracle price, signed — payable and receivable — and replayed deterministically through a seek, so scrubbing back does not conjure or erase a payment.
Isolated margin
Adjustable after the position is open, down to a floor of the greater of the initial margin and a tenth of notional. Adding margin moves the liquidation; the panel shows it move.
The tape

A window that only grows forward.

Recorded quotes for these pairs begin on a specific date and there is no honest way to reach behind it. The catalogue gets deeper every day it exists — and never by reaching for a thinner feed.

Tape
Real crypto trades on the Kraken US pool — nanosecond stamps and a taker-side flag, plus top-of-book quotes downsampled to a hundred milliseconds.
Floor
Replayable days start 2025-10-14, the earliest date that pool carries quotes. The window grows forward every day; it will not be backdated onto a sparser feed to look bigger.
Funding
Real historical hourly rates, read out of Hyperliquid’s own public archive. Synthesising a funding rate would have been easy and wrong.
Days
A day is 00:00 to 24:00 UTC, every day. No market calendar, no holidays, no 04:00 ET anchoring — weekends are trading days here.

Your liquidation price,
before you need it.

$ join the beta Trade what’s live today

Coming soon Coming soon. Specified in full, not started — the equities desk is live today and crypto lands on the same account.