High Level Architecture
Flow of a Trade (Intent → Quote → Settle)
Trader submits an intent (side/size/leverage/constraints).
Solvers compete to quote price and execution parameters.
Trader accepts the best quote.
Symmio settles the bilateral agreement on‑chain against the trader’s cross‑margin USDT collateral.
Accounts & Collateral (Cross‑Margin)
Single USDT collateral account backs all positions.
Unrealized PnL nets across positions, enabling higher capital efficiency.
Deposits are immediate; withdrawals finalize after a 12‑hour fraud‑proof window.
Leverage & Risk Controls
Max leverage: per‑market caps as configured by hedgers within Symmio constraints (see Markets snapshot).
Initial Margin (IM): Minimum capital to open new exposure; scales with leverage and market risk.
Maintenance Margin (MM): Minimum capital to keep positions open; breaching MM triggers liquidation.
Liquidations: If account health falls below MM, positions can be reduced/closed to restore solvency. CVA mechanisms ensure counterparties remain whole.
Funding Mechanics
Funding aligns perp pricing with spot via periodic transfers between longs and shorts.
Parameters (epoch/window/direction) follow Symmio’s model and per‑market configs.
Oracle & Pricing
Quotes reflect solver pricing; on‑chain settlement uses Symmio’s standard validations (including Muon‑based signatures where applicable) and risk checks.
Solvers & Hedging
Orbs’ solver network provides competitive quotes, uptime SLAs, and inventory management (hedging may occur off‑chain).
Execution is atomic from the trader’s perspective; settlement remains on‑chain and verifiable.
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