# Market Details Perpetual Market Details offer important market information for each perpetual market.
* Market Name * Description ## Price Oracle The Price Oracle is used to fetch the [Index Price](https://guide.dem.exchange/~/changes/REiUq5w3vfdfOKEL0jdy/trade/glossary#index-price) for a specific market. The Index Price is an external reference price used in derivatives like perpetual contracts. It serves as a benchmark or reference point for determining the value of the asset being traded in the market. ## Settlement Token All perpetual contracts on Demex are settled in $USD (Carbon grouped USD token). Learn more about USD [here](https://guide.dem.exchange/~/changes/REiUq5w3vfdfOKEL0jdy/welcome/tokens-and-contracts/carbon-grouped-tokens). ## Your Fee Tier Your Fee Tier is determined by your staked amount. To climb up the tiers, you can increase the amount of SWTH staked or accumulate more rSWTH or non-staked SWTH in your available balance. As you progress to higher tiers, your maker and taker fees decrease, providing you with more favorable trading costs. Learn more [here](https://guide.dem.exchange/~/changes/REiUq5w3vfdfOKEL0jdy/welcome/fees/trading-fees#tier-based-discounts). ## Maker Fees Maker fees are fees charged when a trader adds liquidity to the order book by placing a limit order (i.e. order does not get filled immediately). You can reduce your Maker Fees (and potentially earn maker rebates) by staking $SWTH **here**. ## Taker Fees Taker fees are fees incurred when a trader removes liquidity from the order book by executing a market order (i.e. order is filled immediately). You can reduce your Taker Fees by staking $SWTH [here](https://app.dem.exchange/stake). ## Lot Size Lot Size refers to the minimum quantity of an asset that can be traded in a single order transaction. ## Tick Size Tick size refers to the minimum price increment at which the asset's price can change. The smallest possible price change on a market. ## Minimum Order Amount Minimum Order Amount refers to the minimum amount that can be traded in a single order. ## Trading Bandwidth Trading Bandwidth refers to the maximum allowable percentage difference between the [Mark Price](https://guide.carbon.network/carbon-modules/carbon-core/derivatives-module/pricing-engine#mark-price) and the price at which trades can be executed. When an order matches at a price outside this specified bandwidth, it will be automatically cancelled (instead of being executed). This mechanism helps maintain price stability and prevents extreme price fluctuations in the market. ## Initial Margin Base Initial Margin Base represents the minimum initial collateral ratio needed to initiate a position in this market. For larger positions, the requirement may be raised incrementally based on the Initial Margin Step. The formula for calculating the Initial Margin requirements can be found [here](https://guide.dem.exchange/~/changes/REiUq5w3vfdfOKEL0jdy/trade/contract-specifications#initial-margin). ## Initial Margin Step The increment in the initial margin requirement for larger positions. Each time a position is increased by Risk Step Size, the initial margin requirement is increased by this ratio. The formula for calculating the Initial Margin requirements can be found [here](https://guide.dem.exchange/~/changes/REiUq5w3vfdfOKEL0jdy/trade/contract-specifications#initial-margin). ## Risk Step Size Each time a position increases by this size, the Initial Margin requirement will increase by Initial Margin Step. View the formula for deriving Initial Margin requirements [here](https://guide.dem.exchange/~/changes/REiUq5w3vfdfOKEL0jdy/trade/contract-specifications#initial-margin). ## Maintenance Margin Ratio The minimum value of collateral needed to maintain an open position is given by the Initial Margin multiplied by this ratio. If your collateral value for the position drops below this Maintenance Margin requirement, your position will be liquidated. View the formula [here](https://guide.dem.exchange/~/changes/REiUq5w3vfdfOKEL0jdy/trade/contract-specifications#maintenance-margin). ## Impact Size The quantity of orders on the order book that will be used to determine the [Mark Price](https://guide.dem.exchange/~/changes/REiUq5w3vfdfOKEL0jdy/trade/glossary#mark-price). Learn more [here](https://guide.carbon.network/carbon-modules/carbon-core/derivatives-module/pricing-engine#fair-price-marking). ## Mark Pricing Strategy The Mark Price is the price at which the perpetual futures contract is valued during trading. * [Last Price](https://guide.carbon.network/module-architecture/carbon-core/derivatives-module/pricing-engine#last-price-marking): If the oracle network is down or the index price cannot be updated, the mark price formulation uses the last traded price of the market. * [Fair Price](https://guide.carbon.network/module-architecture/carbon-core/derivatives-module/pricing-engine#fair-price-marking): The mark price is determined by finding a fair price based on the current market's order book, ensuring it doesn't deviate excessively from the index price. ## Mark Price Band This band sets the upper and lower price thresholds for the [Mark Price](https://guide.carbon.network/module-architecture/carbon-core/derivatives-module/pricing-engine#mark-price) for the market. The Mark Price will never differ from the Index Price by more than this ratio (in basis points). ## Last Price Protected Band This band sets the upper and lower price thresholds for the [Mark Price](https://guide.carbon.network/module-architecture/carbon-core/derivatives-module/pricing-engine#mark-price)[ ](https://guide.carbon.network/module-architecture/carbon-core/derivatives-module/pricing-engine#mark-price)when the market is in [Last Price Marking](https://guide.carbon.network/module-architecture/carbon-core/derivatives-module/pricing-engine#last-price-marking) mode. In this mode, the Mark Price will never differ from the Last Price by more than this ratio (in basis points)