# SubstanceX V2 *** ### 🚀 SubstanceX V2 is here. #### Phase 2 is Loading... — with native BTC margin coming soon (no wrapped assets!) #### Phase 1 "Trade now and share 100,000 $ZETA!" (ended) — [Full details](https://medium.com/@SubstanceX/substancex-mainnet-v2-trade-and-share-100-000-zeta-0b40008c7fa1) ### **What’s new in SubstanceX V2?** 1. ✨ Brand-new UI/UX for a completely upgraded trading experience 2. 💰 Multi-asset margin support: * Trade perpetuals using ZETA and BTC (soon) as margin * Become a liquidity provider with ZETA and BTC (soon) # Overview Leading the Shift Towards Decentralized Trading. ## Introduction Substance Exchange (SubstanceX) is a decentralized derivatives exchange committed to providing users with a centralized exchange-like user experience. SubstanceX features include providing more trading pairs and a more diverse derivatives section, implementing a unified margin pool design, and providing the industry's best customer service to VIP clients through a mature CRM system. It allows for referral rewards and multi-level trading fee tiers. Additionally, through an efficient token economic system, Substance Exchange solves the production relationship problems that competing products have not fully addressed, stimulates user trading demand, and enhances the motivation for LP to provide liquidity. Substance Exchange provides users with the best trading experience in the industry under a transparent and fair mechanism.​ ## Get Started We've put together some helpful guides for you to get setup with our product quickly and easily. ### **Perpetual** Better Clearing Efficiency, More Pair Tracking. {% content-ref url="/pages/WKslPBvcsLap6Ih2sbco" %} [PERPETUAL](/perpetual/oracle) {% endcontent-ref %} ### **Liquidity & Earn** Rewarding yields for long-term users. {% content-ref url="/pages/IdZA6Q9x9W8HZUamKxcy" %} [LIQUIDITY & EARN](/liquidity-and-earn/sex-and-slp) {% endcontent-ref %} ### **Simple Options (Coming soon)** No complex financial knowledge required, Just one step to trade options. {% content-ref url="/pages/1vd7jnBBrXLpnk4HDB9f" %} [Simple Options](/coming-soon/simple-options) {% endcontent-ref %} ### **Strategy Market (Coiming soon)** Copy trading products with an open-end fund model on a DEX. {% content-ref url="/pages/V83opjln2S57gCz4ii3P" %} [Strategy Market](/coming-soon/strategy-market) {% endcontent-ref %} # Why SubstanceX ？ > ## VS. CEXs SubstanceX avoids the risks of centralised clearing and operates with a high degree of transparency to better protect users' rights. Most importantly, users will have more security and privacy over their assets. > ## VS. DEXs SubstanceX offers perpetual traders low to even 0% borrowing fees and introduces the latest pairs on the market. The upcoming Simple Options and Strategy Market will be unique and exciting. Additionally, SubstanceX enhances user experience by introducing VIP tiers, referral commission mechanisms, and a CRM system. # Roadmap ### Product **2023.11: Launch of the mainnet for perpetual trading and liquidity staking.** * Introduction of the Points Quest System. * Integration with Web3 wallets such as OKX. **2024.1: Test run of the Strategy Plaza on the testnet.** * Integration of the LP Stable Income Protocol. **2024.3: Mainnet launch of the Strategy Plaza.** * Integration of the LP Supply Protocol * Integration of the on-chain strategy protocols. **2024.Q2: Operation of the Simple Options testnet.** * Deployment on multiple chains. **2024.Q3: Mainnet launch of Simple Options.** # Oracle The role of a price oracle is to provide prices for futures trading pairs. The platform classifies currencies into CEX currencies and DEX currencies based on their liquidity. Below, we will describe the oracle implementation for these two types of currencies.
### CEX Currencies CEX currencies are those primarily with liquidity concentrated on centralized exchanges. We'll use BTC as an example to explain the price feed mechanism. 1. **Calculate the USDT/USD price:** The platform selects the USDT/USD prices from four exchanges (coinbase, kraken, bitfinex, crypto.com) and takes the median as the fair USDT/USD price. 2. **Calculate the BTC/USDT price:** The platform selects the BTC/USDT prices from five exchanges (binance, okx, coinbase, bitget, gate), calculates the median price, and then applies an outlier handling mechanism to data with a difference from the median exceeding 3% (prices greater than 1.03 times the median are calculated as 1.03 times, and prices less than 0.97 times the median are calculated as 0.97 times). Finally, the mean is calculated as the fair BTC/USDT price. 3. **Calculate the BTC/USD price:** The fair USDT/USD price and BTC/USDT price are multiplied to obtain the BTC/USD price. We use Chainlink on-chain price feeds for oracle risk management. When the oracle price deviates by a certain threshold (adjusted based on different pairs and markets), it is rejected. This risk management measure effectively prevents the risk of abnormal oracle data. ### DEX Currencies \ DEX currencies are those primarily with liquidity concentrated on decentralized exchanges. We'll use UNIBOT as an example to explain the price feed mechanism. * **Calculate the UNIBOT/USD price:** The platform selects the pool with the highest liquidity on Uniswap (e.g., UNIBOT/WETH v2 pool), retrieves the UNIBOT price, and converts it into USD price. # Wallet In SubstanceX, there are 3 types of wallets available for users: "My Wallet," "Exchange Wallet," and "1CT Wallet."
1. #### **My Wallet** "My Wallet" is the user's self-owned EOA wallet. Web3 users can use metamask to create EOA wallets, while Web2 users can use emails, phone numbers, and other web2 accounts to create EOA wallets through Particle. Users need to transfer funds from My Wallet to the Exchange Wallet in order to engage in trading, staking, and providing liquidity. 2. #### Exchange **Wallet** Exchange Wallet is a contract wallet maintained by SubstanceX. It manages the assets deposited by users and allows them to engage in trading, providing liquidity, or staking by depositing assets. The funds in the Exchange Wallet cannot be stolen by the contract owner or other users and can only be accessed through transactions (options, futures contracts), liquidity provision (liquidity pool contracts), staking (staking contracts).Only 3 coins are supported by Exchange Wallet: * USDX (SubstanceX USD) * SLP (SubstanceX LP Token) * SEX (Substance Exchange Token) 3. #### **1CT Wallet** 1CT wallet is a new wallet generated by SubstanceX for users who activate 1ClickTrade. It allows users to deposit a specific amount of ETH at once, which is used to cover GAS fees and order execution fees incurred within SubstanceX. This eliminates the need for users to repeatedly confirm wallet transactions. Authorization of the 1CT wallet by users is exclusively for transactions within SubstanceX. 4. #### **USDX (SubstanceX USD)** In Substance Exchange, all assets are priced in SubstanceX USD (USDX), which serves as the valuation unit. Traders will conduct trading using USDX Tokens, and LPs will also use USDX Tokens when providing or removing liquidity. When users transfer assets from external wallets to their exchange wallet, assets such as USDT, USDC, USDC.e and DAI will be converted into USDX Tokens based on the exchange rate. Likewise, when users withdraw assets from their exchange accounts, they can choose to convert the USDX Tokens back into USDT, USDC, USDC.e or DAI.
The price of SubstanceX USD on the trading platform is fixed at $1. However, during asset transfers, the exchange rate is calculated based on the oracle prices of USDT, USDC, USDC.e and DAI. The exchange rate calculation follows the following procedure (use USDT for example): * Deposit USDT to get USDX $$Amount(USDX) = Amount(USDT) \* min(\frac{Price(USDT)}{Price(USD)}, 1)\\$$ * Burn USDX to get USDT (withdrawal fee: 0.1%) $$Amount(USDT) = \frac{Amount(USDX)}{ max(\frac{Price(USDT)}{Price(USD)}, 1)}\*(1-0.1%)$$ * Withdraw USDX $$Amount(USDX) = Amount(USDX)$$ \ USDX can be freely exchanged for USDT, USDC, USDC.e and DAI within SubstanceX as long as there is sufficient liquidity of these stablecoins in the USD liquidity pool. In the event that the corresponding stablecoin liquidity is insufficient, users can choose to withdraw using other stablecoins.USDX has the following use cases within SubstanceX: * USDX can be used for opening positions in perpetual. * USDX can be used for opening and settling positions in simple options. * USDX can be used to provide liquidity to the liquidity pool. # Isolated Margin The isolated margin model is a margin management method used in perpetual trading, in contrast to the cross margin model. It has the following main features: * **Independent Margin Accounts** In the isolated margin model, each contract position has its independent margin account. This means that each position has its own margin pool and does not share it with other positions. This independence ensures that losses or gains in one position do not affect others. * **Individual Liquidation** Under the isolated margin model, when a position incurs a certain level of loss, only that specific position is liquidated, while other positions remain unaffected. This helps maintain the integrity of other positions and reduces the overall risk of the account. * **Leverage Control** The isolated margin model allows traders to control the leverage of each position more effectively. This helps avoid excessive leverage, as each position can be managed individually based on market conditions and risk tolerance.
Case Study User A has 10,000 USDX in his Exchange Wallet. He uses 5,000 USDX as collateral to open a 20x leveraged short BTC perpetual position. However, due to the price volatility of BTC, User A's position gets liquidated. In this case, with the isolated margin model, User A only loses the 5,000 USDX used as position collateral. The 5,000 USDX in his wallet remains unaffected.
# Collateral Value Ratio In SubstanceX V2, non-stablecoin assets such as ZETA and BTC can be used as margin to trade perpetual. To account for price volatility, a 5% discount is applied to the valuation of these assets. This means that two identical positions — differing only in margin asset — will have different liquidation thresholds. A position using ZETA as margin will be more susceptible to liquidation than one using USDT.
Margin AssetsCollateral Value Ratio
USDT100%
ZETA95%
BTC95%
# Fees ### Overview The continuous operation of an exchange relies on the collection of various fees. These fees are not only used for the exchange's operations, development, and security, but also for safeguarding user funds and improving services. A reasonable fee structure can maintain stable exchange operations while providing users with a better trading experience and a safer trading environment. In order to better serve users, we can design products with the explicit goal of reducing exchange fees, which is highly beneficial for users. Advantages such as low transaction fees, no hidden costs, and no trading slippage will allow users to enjoy a lower-cost trading experience, increasing their profits and satisfaction. Currently charged fees can be divided into three main categories based on different functions: Trading, Liquidity, and Wallet. # Trading Currently, we primarily offer perpetual futures trading to users, and fees are calculated mainly according to the following categories. ### Trading Fee (Opening / Closing Fee) We offer users low trading fees. We understand that trading fees are an important consideration factor for users, so we strive to lower trading fees to attract more users. We optimize costs to ensure that fees are competitive in the market. 1. Trading Fee = Size \* Price \* Feerate 2. The specific Feerate for each trading pair can be found in [Perpetual Specifications](/perpetual/perpetual-specifications). 3. Collection Method: When opening, it will be charged from the Balance.When closing, it will be charged from the position.\ These fees will be deducted first from the Balance at the time of opening, and if the Balance is insufficient, the remainder will be recorded in your position as Unrealized Opening Fees. \ This fee order is designed to keep users' positions healthier, allowing them to access more margin without the risk of margin decay due to fees, thus achieving a balance between risk and return. Price impact is similar and will not be repeated in the following sections. 4. Fee Collector: Vault. 5. Collected on both opening and closing. 6. **Case Study:** | Pairs | ETH | | ----------- | ------------ | | FeeRate | 0.8% | | Price | 2000 USD/ETH | | Size | 5 ETH | | Position | 10000 USD | | Trading Fee | 80 USD | ### ### Price Impact Fee Price impact refers to the cost incurred due to the high volatility and fragmented liquidity in cryptocurrency markets. Different exchanges often experience discontinuities and mismatches. The design of price impact aims to generate reasonable trading fees using an impact function and market depth, applied to orders affected by these discontinuities and mismatches. This helps enhance price discovery efficiency and reduce uncertainties for users when trading. Users need to consider market depth and order size when trading to avoid impulsive actions. 1. Price Impact Fee= Position size \* Price \* Price Impact Rate 2. Fee rate: Determined based on position size {% tabs %} {% tab title="For BTC & ETH" %} * Long positions:\ Price Impact Rate = (Size \* Price) / (1000 \* 0.1% depth Sell) * Short positions:\ Price Impact Rate = (Size \* Price) / (1000 \* 0.1% depth Buy) * 0.1% depth Sell/Buy = Total depth of price movement (0.1%) in the order book of centralized exchanges. {% endtab %} {% tab title="For other tokens" %} * Long positions: Price Impact Rate = (Size \* Price) / (100 \* 1% depth Sell) * Short positions: Price Impact Rate = (Size \* Price) / (100 \* 1% depth Buy) * 1% depth Sell/Buy = Total depth of price movement (1%) in the order book of centralized exchanges. {% endtab %} {% endtabs %} 3. Fee collection method: When opening, it will be charged from the Balance.When closing, it will be charged from the position.\ These fees will be deducted first from the Balance at the time of opening, and if the Balance is insufficient, the remainder will be recorded in your position as Unrealized Opening Fees. 4. Fee Collector: Vault. 5. Collected on both opening and closing. 6. Fees will only not be charged during liquidation or Maxprofit.
### Borrowing Fee As an intermediary, the exchange must maintain a fair and neutral position between buyers and sellers. By charging borrowing fees, the exchange can balance its interests with those of its users. Additionally, charging borrowing fees helps avoid the exchange's overreliance on transaction fees, promoting a more sustainable development path. Collecting borrowing fees also attracts more borrowers to participate in lending transactions, thereby providing more liquidity and depth to the exchange's trading market. This is crucial for enhancing the exchange's competitiveness and attracting more traders and liquidity providers. The borrowing fee is calculated once per hour and is accumulated in the position until the position is closed. 1. Borrowing fee = Size \* Price \* Borrowing rate \* Time (h) \* Token ratio 1. $$Borrowing rate=exp(\frac{Total Open Interest / 10}{Total LiquidityPool})\*minrate/h$$ * Minrate = 0.002% * When users borrow with a leverage of up to 11x: Annualized rate of 52.63%. * When users borrow without available lending: Annualized rate of 17.52%. * Not all pairs have a borrowing fee, you can refer to [Perpetual Specifications](/perpetual/perpetual-specifications) to see the BorringFeeMinrate for each pair. 2. Token ratio: The default borrowing rate is based on the BTC/USD borrowing rate. Borrowing rates for other tokens will vary. * BTC/USD token ratio = 1 * With Chainlink, $$other\ token\ ratios=\frac{ Annualized\ borrowing rate\ of\ that\ token\ on\ CEX}{Annualized\ borrowing\ rate\ of\ BTC\ on\ CEX}$$ * Token ratios will not exceed 2. * For pairs without available data on CEXs, the token ratio will be set to 2. * With UNI, other token ratios are specific. 2. Collection Method: Deducted from position collateral and PNL. 3. Fee Collector: Liquidity Providers (LP). 4. Fees will be calculated and collected at the beginning of each hour. * If a user opens a position at 0:01 and closes it at 0:59, they will not be charged borrowing fees. * If a user opens a position at 0:59 and closes it at 1:01, they will be charged 1 hour of borrowing fees. 5. Borrowing fees will be triggered by the following status: Position closing, Maxprofit forced closing, and liquidation. ### Funding Fee When traders engage in contract trading on the exchange, they are required to pay a funding fee. This mechanism helps reduce certain market manipulation behaviors and encourages traders to continuously learn and improve their trading skills to achieve better trading outcomes. SubstanceX has introduced an innovative funding fee design to balance the interests of traders and liquidity providers (LPs). The new version of the funding fee will still be paid by larger position holders, but the rate will be significantly reduced, especially in some low position trading pairs. At the same time, LPs, as risk takers of naked positions, will be compensated for their risk. Funding fees are calculated every hour and are accumulated within the position until the position is closed. Let's take the example of a long position holder being the larger position holder: 1. Fee calculation: 1. Funding Fee Rates Paid by Long and Short Position Holders (Daily): * LongPayFeeRate = BaseRate + LinearRate \* LongOI / (Total Liquidity \* maxLiquidityLockRatio) * ShortPayFeeRate = BaseRate + LinearRate \* ShortOI / (Total Liquidity \* maxLiquidityLockRatio) * The maxLiquidityLockRatio may be different for each trading pair. Please refer to [Perpetual Specifications](/perpetual/perpetual-specifications). 2. LP's risk compensation received from the funding fee paid by long positions (Daily):\ LP\_fee = LongOI \* LongPayfeerate \* (LongOI - ShortOI) / LongOI 3. Actual funding fee paid by long positions / actual funding fee received by short positions (Daily):\ Long\_fee = ShortOI \* ShortPayFeeRate - LongOI \* LongPayFeeRate\ Short \_fee = LongPayFeeRate \* ShortOI - ShortPayFeeRate \* ShortOI 4. Actual funding fee rate for Long / Short (Daily): Funding Rate L = Long\_fee / LongOI Funding Rate S = Short\_fee / ShortOI 2. Collection Method: Deducted from position collateral and PNL. 3. Fee Collector: LP, Counterparty. 4. Fees are collected on an hourly basis. * If a user opens a position at 0:01 and closes it at 0:59, they will not be charged a funding fee. * If a user opens a position at 0:59 and closes it at 1:01, they will be charged an one-hour funding fee. * Specific fee collection times can be found on the perpetual trading page. 5. The following actions trigger the collection of funding fees: Position closing, Maxprofit forced closing, and liquidation. 6. **Funding Fee V2 & Funding Fee V1**
PairsBTC
LongOI20000
ShortOI15000
Total Liquidity1,000,000
maxLiquidityLockRatio1
BasicRate (V1) / h0.00025
BaseRate (V2) / h0.0008
LinearRate (V2) / h0.08

Funding Fee V2Funding Fee V1
LongPayFeeRate / d0.0008+0.0820000/(10000001)=0.0024
ShortPayFeeRate / d0.0008+0.0815000/(10000001)=0.002
Funding Rate L / h-0.75/20000=-0.00375%-0.025%*(20000-15000)/20000=-0.00625%
Funding Rate S / h0.25/15000=0.00167%-0.025%*(15000-20000)/15000=0.00833%
Funding Fee / h(15000*0.002-20000*0.0024)/24=-0.75-0.00625%*20000=-1.25
Funding Fee / h(0.0024*15000-0.002*15000)/24=0.250.00833%*15000=1.25
LP Profit / h0.0024*15000/24=0.50
### Execution Fee Execution fees are collected at the time of opening a position and are fixed. 1. Fee = 0.0003 ETH. 2. Collection Method: Deducted from the user's My Wallet. If the user has enabled 1CT, it will be deducted from there. 3. Fee Collector: Vault. 4. The fee is collected at the time of submitting the order, and users can retrieve it by canceling the order. # Liquidity ### Withdrawal Fee The withdrawal fee is based on the size of the liquidity withdrawn and is charged upon withdrawal. 1. Fee Calculation: Withdraw fee = Burn SLP Amount \* SLP Price \* Withdrawal Rate 1. Withdrawal Rate = 0.1%. 2. The fee will be collected at the end of each Epoch. 2. Collection Method: Deducted from the USDX obtained by the user from withdrawing liquidity. 3. Fee Collector: Vault. 4. No fee is charged for adding liquidity. # Wallet ### Sell USDX Fee The withdrawal fee is based on the size of the withdrawal from the Exchange Wallet to the My Wallet. 1. Fee Calculation: Sell USDX fee = Withdrawn Token Amount \* Withdrawal Fee Rate * Withdrawal Fee Rate = 0.1%. 2. Collection Method: Deducted from the token amount withdrawn by the user. 3. Fee Collector: Vault. # Force Close Passive liquidation is a crucial mechanism in futures trading aimed at maintaining market stability and safeguarding traders from significant losses. In SubstanceX, there are two mechanisms that trigger passive liquidation of a user's position:
### Liquidation When a user's net position value falls below the minimum maintenance margin, liquidation is triggered. 1. Net value = Collateral + PNL after fees. 2. Minimum maintenance margin = Size \* Mark Price \* MaintenanceMarginRatio + Est. Liq. fees. 3. For Long: Est. Liq. price = (Collateral + Fees - Entry price \* Size) / (Size \* (MaintenanceMarginRatio + Est.LiquidateFeeRatio - 1)\ For Short: Est. Liq. price = (Collateral + Fees + Entry price \* Size) / (Size \* (MaintenanceMarginRatio + Est.LiquidateFeeRatio + 1) * Typically, the Est.LiquidateFeeRatio for each pair is equal to its TradingFee. * Liquidation will only result in the user losing all the collateral associated with that position. The balance in the user's Exchange Wallet will not be affected. \ **Case Study:**
PairsBTC/USD
Long / ShortLong
Collateral （$）10,000.00
Entry Price（$）30,000.00
Leverage30.00 x
Size10.00
Mark Price（$）31,000.00
Fees（$）-200.00
MaintenanceMarginRatio0.5%
TradingFeeRate0.08%
Est. Liq. Price（$）29,165.95
### MaxProfit Liquidation When a user's PNL on a position reaches ten times the collateral, a maxprofit liquidation is triggered, and the system will close the perpetual position at market price. 1. Max Profit = Collateral \* MaxProfitRatio 2. For Long : Max Profit Price = Entry Price + Max Profit / Size 3. For Short : Max Profit Price = Entry Price - Max Profit / Size * Please note that max profit does not represent actual earnings. Actual earnings need to account for pending fees. * The MaxProfitRatio may vary for different trading pairs. You can find specific details in [Perpetual Specifications](/perpetual/perpetual-specifications). **Case Study：** | Perps | BTC/USD | | ------------------- | ---------: | | Collateral （$） | 10,000.00 | | Entry Price（$） | 30,000.00 | | Leverage | 30.00 x | | Size | 10.00 | | MaxProfitRatio | 10 | | Max Profit（$） | 100,000.00 | | Max Profit Price（$） | 40,000.00 | | Close Price（$） | 40,000.00 | | Fees（$） | -100.00 | | PnL（$） | 99,900.00 |
# 1ClickTrade To enhance the user experience and provide a more centralized exchange-like experience, SubstanceX has introduced the 1CT Wallet feature.
Users can generate a new wallet by signing a message and set it as a delegate wallet. By depositing ETH as gas, users can eliminate the need for confirmation pop-ups during transactions. This allows for a seamless trading experience without the need for constant confirmation prompts from wallets like Metamask. \*On Zeta Chain, gas is paid using $ZETA. # VIP SubstanceX offers a VIP grading system in order to provide users with a trading experience similar to that of CEX. The system assigns different VIP levels to users based on their perpetual trading volume over the past 30 days. Each VIP level is eligible for corresponding trading fee reductions and other services.
### VIP Level Rules
TierTrading Volume USD (30D)Trading Fee DiscountService
1>50,0005%-
2>500,00010%Prioritized community support
3>2,500,00015%Prioritized community support within 12 hours
4>5,000,00020%Prioritized community support within 12 hours; get an early experience of new products
### Upgrade and Downgrade Mechanism **Upgrade Mechanism:** * Automatic upgrade. Upgrade once daily, fixed at 0:00 (UTC+0). * User levels can upgrade to higher levels without having to go through every intermediate level. **Downgrade Mechanism:** * Automatic downgrade. Upgrade once daily, fixed at 0:00 (UTC+0). * Downgrades will directly adjust to the VIP level that corresponds to the current level based on data. \ **Case Study：**

User AUser B
Trading Fee Discount010%
Collateral($)100100
Leverage10.00x10.00x
Position($)10001000
Est. Fee($)88
Actual Fee($)87.2

# Perpetual Specifications
TokenNameFuture IdMinOpenLeverageMaxOpenLeverageMaxProfitRatioTradingFeeBorrowingFeeMinrateFundingFee_BaseRateFundingFee_LinearRateMaintenanceMarginRatioMaxLiquidityLockRatio
AAVE11.00x100.00x100.8%0% / h0.00080.080.50%30%
ADA21.00x100.00x100.8%0% / h0.00080.080.50%30%
APE31.00x100.00x100.8%0% / h0.00080.080.50%30%
ARB41.00x100.00x100.8%0% / h0.00080.080.50%50%
ATOM51.00x100.00x100.8%0% / h0.00080.080.50%30%
AVAX61.00x100.00x100.8%0% / h0.00080.080.50%30%
AXS71.00x100.00x100.8%0% / h0.00080.080.50%30%
BNB81.00x100.00x100.8%0% / h0.00080.080.50%30%
BTC91.00x100.00x100.8%0% / h0.00080.080.50%100%
COMP101.00x100.00x100.8%0% / h0.00080.080.50%30%
CRV111.00x100.00x100.8%0% / h0.00080.080.50%30%
DOGE121.00x100.00x100.8%0% / h0.00080.080.50%30%
DOT131.00x100.00x100.8%0% / h0.00080.080.50%30%
ETH141.00x100.00x100.8%0% / h0.00080.080.50%100%
FTM151.00x100.00x100.8%0% / h0.00080.080.50%30%
GMX161.00x100.00x100.8%0% / h0.00080.080.50%30%
LINK171.00x100.00x100.8%0% / h0.00080.080.50%30%
MATIC181.00x100.00x100.8%0% / h0.00080.080.50%30%
MKR191.00x100.00x100.8%0% / h0.00080.080.50%30%
NEAR201.00x100.00x100.8%0% / h0.00080.080.50%30%
OP211.00x100.00x100.8%0% / h0.00080.080.50%30%
RDNT221.00x20.00x100.8%RDNTTokenRate*0.002% / h0.00080.080.50%10%
SNX231.00x100.00x100.8%0% / h0.00080.080.50%30%
SOL241.00x100.00x100.8%0% / h0.00080.080.50%30%
UNI251.00x100.00x100.8%0% / h0.00080.080.50%30%
XRP261.00x100.00x100.8%0% / h0.00080.080.50%50%
TIA271.00x20.00x50.8%0% / h0.00080.080.50%20%
ORDI281.00x20.00x50.8%0% / h0.00080.080.50%20%
BEAM291.00x20.00x50.8%0% / h0.00080.080.50%20%
BLUR301.00x100.00x100.8%0% / h0.00080.080.50%30%
1MSATS311.00x5.00x50.8%0.02% / h0.00160.162.00%10%
1MRATS321.00x5.00x50.8%0.02% / h0.00160.162.00%8%
USTC331.00x50.00x50.8%0% / h0.00080.080.50%20%
FLIP341.00x5.00x100.8%0.02% / h0.00160.162.00%8%
PYTH351.00x50.00x50.8%0% / h0.00080.080.50%20%
VRTX361.00x5.00x100.8%0.02% / h0.00160.162.00%8%
1000LUNC371.00x50.00x50.8%0% / h0.00080.080.50%20%
FTT381.00x20.00x100.8%0% / h0.00080.082.00%10%
TOKEN391.00x5.00x50.8%0.02% / h0.00160.162.00%10%
RUNE401.00x100.00x100.8%0% / h0.00080.080.50%30%
STX411.00x100.00x100.8%0% / h0.00080.080.50%30%
BIGTIME421.00x5.00x100.8%0% / h0.00080.080.50%20%
1MBONK431.00x5.00x50.8%0.02% / h0.00160.162.00%10%
JTO441.00x50.00x100.8%0% / h0.00080.080.50%20%
INJ451.00x100.00x100.8%0% / h0.00080.080.50%30%
ACE461.00x50.00x100.8%0% / h0.00080.080.50%20%
WLD471.00x50.00x100.8%0% / h0.00080.080.50%20%
ICP481.00x100.00x100.8%0% / h0.00080.080.50%30%
SEI491.00x100.00x100.8%0% / h0.00080.080.50%30%
SUI501.00x100.00x100.8%0% / h0.00080.080.50%30%
APT511.00x100.00x100.8%0% / h0.00080.080.50%30%
CAKE521.00x100.00x100.8%0% / h0.00080.080.50%30%
MOVR531.00x50.00x100.8%0% / h0.00080.080.50%20%
TRX541.00x100.00x100.8%0% / h0.00080.080.50%30%
ENS551.00x50.00x100.8%0% / h0.00080.080.50%20%
GMT561.00x50.00x100.8%0% / h0.00080.080.50%20%
PEOPLE571.00x50.00x100.8%0% / h0.00080.080.50%20%
MAGIC581.00x50.00x100.8%0% / h0.00080.080.50%20%
ZKF591.00x50.00x100.8%0% / h0.00080.080.50%20%
XAI601.00x50.00x100.8%0% / h0.00080.080.50%20%
MANTA611.00x50.00x100.8%0% / h0.00080.080.50%20%
LDO621.00x100.00x100.8%0% / h0.00080.080.50%30%
SSV631.00x50.00x100.8%0% / h0.00080.080.50%20%
ALT641.00x50.00x100.8%0% / h0.00080.080.50%20%
API3651.00x50.00x100.8%0% / h0.00080.080.50%20%
UMA661.00x50.00x100.8%0% / h0.00080.080.50%20%
JUP671.00x50.00x100.8%0% / h0.00080.080.50%20%
ZETA681.00x50.00x100.8%0% / h0.00080.080.50%20%
RON691.00x50.00x100.8%0% / h0.00080.080.50%20%
PIXEL701.00x50.00x100.8%0% / h0.00080.080.50%20%
STRK711.00x100.00x100.8%0% / h0.00080.080.50%30%
KAS721.00x100.00x100.8%0% / h0.00080.080.50%30%
0.8% # SEX & SLP ## SEX & SLP Design Substance Exchange carries two tokens： **SEX** is Substance Exchange's project token that can be used for voting and locked for a certain amount of time to gain voting rights and fee reductions. **SLP** is the token that liquidity providers receive for providing liquidity, has a built-in dollar value, and is transferable. Buying SLP = providing liquidity, selling SLP = withdrawing liquidity. For users, the primary means of acquiring SEX is by locking SLPs. Therefore, we encourage users to become long-term LPs on the platform and acquire SLPs along with SEX gains. In addition, due to the existence of customer service mechanisms such as VIP, obtaining SEX has potential expectations for users, such as lower fees and withdrawal fees.
### Price Mechanism The price of an SLP is determined by the LP's total equity and the number of SLPs outstanding. In order to more accurately reflect LP's gains and losses, we measure LP equity not only by counting the number of USDX in the pool but also by crediting unrealized gains and losses on user perpetual trading. * $$SLP\ Price =(LP\ Pool\ Asset\ Value - User\ Unrealized\ Profit)/{Number\ of\ SLPs}$$ * \ $$Total\ User\ Unrealized\ Profit=Unrealized\ Profit -Borrowing\ Fees-Funding\ Fees$$ **Case Study:** | LP Pool Asset Value | 1,000 USD | | ----------------------------- | ------------------: | | Number of SLP | 1,000 | | Unrealized Profit | 500 USD | | Borrowing Fees + Funding Fees | 100 USD | | SLP Price | (1000-400)/1000=0.6 | ### Token Detail
## Token Acquisition ### SLP You can choose whether to invest in the liquidity pool to mint SLP before the end of each cycle. SLP Token needs to follow the value of the assets deposited by the user to be bought and sold. For the liquidity pool, when the users provide liquidity, they shall mint the LP Token of the corresponding value; when the user withdraws liquidity, the LP Token is burned, and the corresponding assets are taken out according to the value of the burned LP Token. It should be noted that when the user interacts with the SLP, the assets do not interact directly with the liquidity pool, but need to wait for the end of the current Epoch to complete the Buy/Sell. Currently, we only support the use of Substance's USDX as an asset in the liquidity pool. > Under normal circumstances, users' requests to withdraw liquidity by selling SLP will be executed smoothly. However, when the liquidity pool is temporarily insufficient, requests for liquidity withdrawal may be partially executed. * The user's destroyable SLP amount: $$User’s\ SLP\ sell\ percentage=\frac{User’s\ applied\ sell\ quantity}{Total\ applied\ sell\ quantity\ in\ the\ Curren\ Epoch}$$ * The user can receive USDX amount:\ $$User’s\ obtainable\ USDX\ quantity=Current\ Epoch’s\ actual\ sell\ quantity*User’s\ SLP\ sell\ percentage*SLP\ price$$ * The user's returned SLP quantity:\ $$User’s\ returned\ SLP\ quantity=User’s\ applied\ sell\ quantity−(Current\ Epoch’s\ actual\ sell\ quantity\*User’s\ SLP\ sell\ percentage)$$ **Case Study:**
The amount of SLP User A applies to sell150
The total SLP applied for in the current Epoch1000
The actual SLP sold in the current Epoch600
Assuming SLP price 1.00
The amount of USDX User A can receive90
The amount of SLP returned to User A 60
### SEX In addition to the event rewards, you can get SEX tokens in two ways * By locking SEX & SLP tokens. The longer you lock your position, the more SEX tokens you can get. Locking will be rewarded with SEX Tokens at the end of the lock-up period. * After the launch of the mainnet, the SubstanceX team will add SEX Token liquidity to decentralized exchanges, so that users can buy SEX Token on decentralized exchanges. In the future, users will have more options to acquire SEX Tokens, such as purchasing from centralized exchanges or earning SEX rewards from various sources. Reward Token from locking will be provided from the "Liquidity Incentive" section. **Lock & Earn** At regular intervals, SubstanceX will send locking rewards to the locking contract, and the proceeds from the reward contract will be transferred to the governance pathway in the future, where SEX holders will determine how many rewards will be distributed from the locking contract in the next cycle. Once a user starts locking, the contract will mint an NFT for the user, which contains the user's locking quantity, locking time, and locking tokens, and will continue to generate SEX locking rewards. Before the expiration of the locking time, users can not unlock their locked tokens, and can not receive SEX earnings. When the locking time expires, the user can click "Unlock" to retrieve the locked principal, and at the same time, the SEX token rewards generated from locking will enter a 365-day release period and will be released linearly within 365 days after unlocking, and at this time, the user can click Claim to obtain the SEX token rewards that have been released. When all the SEX Token rewards in the NFT have been claimed by the user, this NFT will be destroyed. Both Locked SLP and SEX can generate SEX Token rewards. The only difference between the two is the number of rewards.
# Earn ### Lock-up Rewards Release Rules Total Reward Pool: 50% of the total tokens Release Rules: Every 2 years, release 50% of the remaining total amount (e.g., release 25% in years 1-2, 12.5% in years 3-4, ...) Each Pool's Ratio: To be determined by the operation team in the future.
### Lock-up Rewards Distribution Rules The minimum lockup period for SEX and SLP lockup staking is 30 days, and the maximum lockup period is 720 days. Lockup staking rewards begin to be distributed after the lockup period ends. Users need to manually click "unlock" to initiate the reward distribution. The reward distribution period for lockup staking is 365 days. After clicking "unlock," the staking amount will no longer continue to earn SEX staking rewards. Depending on the duration of the lockup period, the staking amount will receive different reward multipliers.
Lock Period （D）30180360720N
Reward Multiplier1.00 X6.00 X12.00 X24.00 XN / 30 * 1.00 X
Before each distribution day, the system will allocate SEX token rewards proportionally to all stakers based on the current reward coefficients of all stakers on the exchange.
**Case Study：** In the first year, a total of 36,500 SEX tokens were injected into the reward pool. Only three users, A, B, and C, have staked. All three users have staked 100 SLP tokens. User A staked from the first day and chose a 30-day lock-up. User B staked from the second day and chose a 180-day lock-up. User C staked from the third day and chose a 720-day lock-up. According to the distribution rules, the SEX token rewards that the three users will receive in the first three days are as follows:

DAY 1DAY 2DAY 3···
User A100 = \frac{100*1.00}{100*1.00}*\frac{36,500}{365}14.29 = \frac{100* 1.00}{100*1.00+100*6.00}*\frac{36,500}{365}3.23=\frac{100*1.00}{100*1.00+100*6.00+100*24.00}*\frac{36,500}{365}···
User B/85.71=\frac{100*6.00}{100*1.00+100*6.00}*\frac{36,500}{365}19.35=\frac{100*6.00}{100*1.00+100*6.00+100*24.00}*\frac{36,500}{365}···
User C//77.42=\frac{100*24.00}{100*1.00+100*6.00+100*24.00}*\frac{30,000}{365}···
﹡The data in the case is for reference only.\
# Simple Options **Simple Options** is a virtual currency options product that Substance plans to launch. SubstanceX Simple Options is a product centered around option pricing logic with a trusted settlement mechanism. It allows users to buy Call or Put options at specific prices to predict the price changes of the underlying asset. By doing so, users can limit their potential losses while potentially achieving up to 20 times the maximum returns. The price of an option is determined based on its probability of exercise, ranging from 0 to 1. Upon expiration, the option is settled as either 0 or 1, depending on whether it is exercised. Stay tuned.
# Strategy Market **Strategy Market** is one of the boards in SubstanceX's preparation. It will be a creative platform. We will launch a copy trading product that belongs to a decentralised exchange. It is centered around Perpetual and introduces a model similar to open-end funds in traditional finance. It allows users with trading skills to create their own fund pools, attracting other users to follow and invest, thereby earning additional income - subscription fees, profit sharing. It also allows users to choose fund managers they trust for copy trading, making trading and profit generation easy. In the future, there will be more trading strategy products, trading tools, and even a community for users to share their trading experiences in the Substance Strategy Market. Stay tuned. # Tokenomics SubstanceX has a comprehensive fee structure in place to achieve a balance between platform revenue and trader/LP earnings. The governance token of SubstanceX is called SubstanceX Token ($SEX), which carries basic profit-sharing functionalities.
#### **Token info** Name: Substance Exchange Token Symbol: $SEX Total Supply: 1,000,000,000
#### **Token Allocation** 1. Core Development: 25%, with a 12-month cliff and a 24-month vest. This portion is reserved for SubstanceX developers and the core team. 2. Investors: 15%, with a 12-month cliff and a 24-month vest. This portion is reserved for investors and partners. 3. Marketing & Airdrops: 10%. This portion is allocated for marketing and initial liquidity. 4. Liquidity Incentives: 50%. This portion is reserved for incentivizing users to provide liquidity to the platform.
# Token Scenario ### **Liquidity Incentives** Liquidity incentives will be provided in the form of token lock-ups. The monthly reward amount for liquidity incentives will be determined in advance through voting. The earnings from locking $SEX and $SLP tokens will come from the "liquidity incentives" portion of $SEX tokens. Users who hold $SEX and $SLP can lock them up to earn $SEX token rewards and gain voting governance rights. Additionally, $SEX token lock-up users will also receive additional benefits such as discounted trading fees.
#### **Lock & Earn** Token holders can lock their $SEX and $SLP tokens for a period of 30 to 720 days. The longer the lock-up period, the higher the potential earnings for the users. During the lock-up period, the locked tokens cannot be withdrawn or transferred. After participating in the lock-up, users will receive a lock-up certificate in the form of an NFT (Non-Fungible Token). Once the lock-up period is reached, token holders can redeem the corresponding amount of locked tokens by destroying the NFT certificate. The earnings generated from the lock-up will be released to the token holders in a linear manner over a period of 365 days after the unlocking.
**Case** 1. User A provides 100 USD worth of liquidity and receives 100 SLP tokens. User A decides to lock the 100 SLP tokens for a period of 90 days and receives 1 NFT certificate as proof of the lock-up. 2. During the lock-up period, User A is unable to withdraw the 100 SLP tokens or the corresponding liquidity assets. 3. Once the lock-up period expires, User A can destroy the lock-up NFT certificate and retrieve the 100 SLP tokens. The earnings generated from the lock-up, in the form of $SEX tokens, will be released to User A in a linear manner over a period of 365 days, starting from the unlocking date. 4. It's important for User A to keep the NFT certificate safe, as losing it would result in the inability to retrieve the locked tokens and the corresponding $SEX earnings. ### **Repurchase & Burn** To promote the circulation of $SEX and maintain its core value, the majority of project earnings will be used for token buybacks and subsequent token burns. **Mechanism** Transaction fee income, SEX/ETH liquidity income, and $SLP burning fees will be sent to the Vault collectively. Among them, 30% of the transaction fee income will be used to cover operational costs such as oracle fees and order execution gas fees, while the remaining 70% of transaction fee income and other earnings will be used to repurchase $SEX in the market. All repurchased $SEX will be burned, and the timing of repurchases and execution of burning will occur randomly. # Referrals ### Commission In order to provide users with a trading experience similar to that of CEXs, SubstanceX has designed a user referral mechanism to provide users with a better trading experience similar to that of CEXs. This mechanism allows users to earn additional income by inviting other users. The earnings come from the trading fees of the users and are periodically distributed as commissions to other users. Additionally, the referral mechanism also establishes different levels to achieve various trading fee rebates. * Commission earnings are calculated after applying the trading fee discounts provided by VIP levels (i.e., calculated from the actual collected trading fees). \ **Case Study:** Users A, B, and C. A is a level 0 user, and B and C are users who used A's referral code. The referral structure and the generated trading fees are as shown in the following diagram:
Level 0A = 0 USD/
Level 1B = 50 USDC = 25 USD
If: * Referrer's commission = 5% (the reward earned by user A) * Referee's commission = 10% (the reward earned by users B and C after using the referral code) In this case, the commission earnings for A, B, and C would be as follows: User A：(50+25)\*5% = 3.25 USDX User B：50\*10%= 5 USDX User C：25\*10% = 2.5 USDX
UserCommission revenue
A(50+25)*5% = 3.25 USDX
B50*10%= 5 USDX
C25*10% = 2.5 USDX

### Inviters 1. **Commission Level** The commission level design is as follows:
Rankactive friends ReferredTotal Commission Rate
0010%
1≧ 320%
2≧ 1030%
3≧ 2040%
2. **Upgrade and Downgrade Mechanism** The following "week" refers to a natural week. **Upgrade Mechanism:** * Automatic upgrade. Updated once a day. Within one natural week, as long as the number of active friends among the invitee users reaches the next level, you can upgrade. Skipping levels is possible, but upgrades will only be processed once a day. * If the inviter's referral rank upgrades, the owned referral codes will also upgrade. The additional commission earnings will all be added to the inviter's share. * **Case Study:** |


| **User A（Inviter）** | **User B（Invitee）** | | -------------- | ------------------- | ------------------- | | (User A) VIP 0 | 5% | 5% | | (User B) VIP 1 | 15% | 5% | **Downgrade Mechanism:** * Automatic downgrade. Updated every week at 00:00 (UTC+0). If for four consecutive weeks, the inviter's number of active friends does not meet the requirements of the current level, the inviter will be downgraded. * Downgrade level by level. Downgrades will occur one level at a time. After each downgrade, a new 4-week assessment period begins. * If the inviter's commission level decreases, the owned referral codes will also be downgraded. The lost commission earnings will be deducted first from the earnings of the invitee users. * **Case Study:** |


| **User A（Inviter）** | **User B（Invitee）** | | -------------- | ------------------- | ------------------- | | (User A) Vip 1 | 20% | 10% | | (User A) VIP 0 | 10% | 0 | | (User A) VIP 3 | 10% | 0 | 3. **Active Friends** > **What are active friends?** Criteria: Weekly Perpetual Trading Volume > 10,000 USD * Trading Volume = Prize \* Size * Both opening and closing trades are considered in the trading volume. * Updated daily at 00:00 (UTC+0). > **Calculation of Active Friends** For inviter A, if they have an invitee user who meets the criteria of an active friend, inviter A will count as having one active friend. 4. **Referral Codes** * Each inviter has 20 referral codes. * Inviters can customize different commission percentage allocations for each referral code. Additionally, inviters can add a "note" to each referral code. **Case Study:** |


| **Inviter** | **Invitee** | | --------------- | ----------- | ----------- | | Referral Code a | 5% | 25% | | Referral Code b | 15% | 15% | * Inviters can only set commission percentage allocations before the referral code is used. ### Invitees A user can only be bound to one referral code.Once verification is completed, it can not be changed.
### Rewards * Distribution Time Updated daily at 00:00 (UTC+0). * Reward Tokens Distributed in the form of USDX. * Claiming Method Users can claim their rebate on the Referral page. Claiming rebate requires paying a gas fee. Unclaimed rebate accumulates until the user's next claim. Earnings will be claimed to the user's exchange wallet. **(\* Referrals system currently only running on SubstanceX on Arbitrum.)**\
# SNS & Contact **X:** **TG Telegram:** **TG Channel:** **Discord**：[https://discord.com/invite/substancexofficial ]() **Medium：** [SubstanceX – Medium](https://medium.com/@SubstanceX) # Watch & Learn ### [Trade Guide Video](https://x.com/SubstanceX_/status/1942464314100834788) # Login SubstanceX aims to serve as many users as possible, so we not only offer the option to log in using the Metamask wallet but also provide various Web2 (Google, Tel, X, Discord, etc.) login methods powered by Particle Network.
**Metamask** * Click "Connect Metamask." * Choose the account you want to access and approve the wallet connection. \ **Web2** **(\*Currently only running on SubstanceX on Arbitrum.)** * Select the social media icon for the login method you prefer. * Complete the authorization process and log in. When first log in with a Web2 channel, we will create a wallet for you. You can manage your wallet by clicking on the wallet icon in the upper right corner and selecting "Partical Wallet Setting". To learn more about Particle, you can click here ().\
# Deposit You can recharge your wallet in two ways: Deposit and Buy Crypto.
### **Deposit** * Click the "Deposit" button. * Send assets from another wallet to this wallet.
### **Buy Crypto** Substance has integrated AlchemyPay for onramp, allowing you to quickly purchase cryptocurrencies.\ You can use your preferred fiat payment method to buy cryptocurrencies and fund your account: * Click the "Buy Crypto" button. * Complete the Alchemy purchase process. * Your cryptocurrency deposit will be successful. \
# Transfer Before you first start trading, you'll need to transfer funds from "My wallet" to "Exchange wallet".
**To make a transfer in of your Exchange Wallet:** * Click any "Transfer" button. * Select "From My Wallet" to "To Exchange Wallet." * Choose the currency pair you want to transfer and enter the quantity. * Click the "Transfer" button. * Congratulations, you've completed your first transfer into the exchange wallet. \ Please note that only funds in the exchange wallet can be used for futures trading and staking. Transfers into the exchange wallet of USDT, USDC, USDC.e, and DAI will be converted to USDX. You always have control over your assets. Transferring assets into the exchange wallet simply deposits them into SubstanceX's smart contract, and you can transfer them back to your Metamask wallet at any time. **To make a transfer out of your Exchange Wallet:** * Click any "Transfer" button. * Select "From Exchange Wallet" to "To My Wallet." * Choose the currency pair you want to transfer and enter the quantity. * Click the "Transfer" button. * Your transfer out is complete. # Perpetual Trading Let's start your first Perpetual trading. ### **How to Place an Order:** 1. Choose the trading pair you want to trade. Substance currently supports trading in 26 cryptocurrency pairs, and we will continue to add more popular pairs to the market. 2. Decide your desired leverage: * Click the "1.00x" button. * Choose your desired leverage, ranging from a minimum of 1x to a maximum of 100x, with two decimal place precision. * Click the "Confirm" button. > High leverage will also increase the risk of liquidation for your positions. 3. Choose your order type: Market or Limit. * Select "Market" to execute the order at the current market price. * Select "Limit" to execute the order when the market price reaches or is better than the price you've set. 4. Determine your position size. Your position size can be calculated as: Collateral \* Leverage = Position Size. You can input the "Size" to calculate the required collateral or input the "Collateral" to determine the position size. 5. You can preview both long and short positions under the conditions you've set, including estimated fee details and liquidation prices. You can also set the acceptable slippage for your order execution. * Slippage is the maximum deviation you are willing to accept from the execution price.
6. Go Long or Short. Click "Long" for a long position (buy) or "Short" for a short position (sell). 7. Congratulations! Your order has been successfully placed. ### How to Manage Your Positions: **Open Position:** All your perpetual positions will be displayed here. Each card displays size, collateral, PnL, entry price, mark price, Est. liq. price, Max profit, and more. * Linked Orders (x): You can see the number of take profit and stop loss orders for each position and click the button to view them. * Close Position: Click the button to set a market or limit close order for the position. * Collateral +: Click the "+" button to deposit or withdraw the collateral for the position. * TP/SL + Add: Click "+Add" to add take profit and stop loss orders for the position. * Close All: Click the button to close all positions with one click. * Total PnL: This shows the total profit or loss for all your current positions. You can also hover over "PnL" and "Max Profit" to view more detailed information.
**Open Orders:** * Your limit orders and take profit/stop loss orders are displayed here. * Cancel: Click the button to cancel the order. * Cancel All: Click the button to cancel all limit orders and take profit/stop loss orders. **Position History:** All your historical opening and closing orders are displayed here. Each card shows the order time, execution time, leverage, collateral, position size, entry price, status, and more.
**Invalid Orders:** Some of your orders may fail to execute due to extreme price fluctuations or other reasons. These orders will appear here, and you need to click the "Cancel" button to cancel the order and reclaim the tied-up collateral. * Cancel All: Click the button to cancel all invalid orders at once. # Referrals By Referrals, you have the opportunity to earn up to a 40% commission rebate on trading fee. ### Inviting Friends 1. Generate your referral code 1. Click on the settings icon. 2. Click on "+ Add Code." 3. Set referral rate. 4. Input note. 5. Confirm Addition. 2. Share your referral code with your friends in an appropriate manner. ### Bind referral code * You can bind a referral code during login.
* Alternatively, you can click the bind button on the right side of the page.
> **Please note that, an account can only be bound to one referral code, and this cannot be changed later.** ### Referral Dashboard You can view your referral rank, referral rate, and the rebate rate you are enjoying on the referral dashboard. Additionally, you can monitor the progress of your referral rank upgrades.
You can also click "Claim" on the right side to receive the earned referral income.
The transaction volume of referred friends, as well as the rebate they have earned, is displayed below.\ \
# Liquidity Pool Click the "Earn" button to access "Liquidity."
**You can purchase SLP to enjoy the benefits of being an LP.** 1. Click "Buy". 2. Enter the amount of USDX you want to use. 3. Click "Buy SLP" to submit your purchase request. 4. Your purchase request will be executed after the start of the next epoch. 5. After execution, click "Claim" to collect the purchased SLP.
**You can sell the SLP to recoup the assets and proceeds of providing liquidity.** 1. Click "Sell." 2. Enter the amount of SLP you wish to sell. 3. Click "Sell SLP" to submit your selling request. 4. Your selling request will be executed after the start of the next epoch. 5. After execution, click "Claim" to receive USDX in exchange for the sold SLP. # Lock & Earn Click the "Earn" button to access "Lock & Earn."
The Epoch banner shows detailed information of the current epoch, such as time remaining, total locked value, etc.
**Stake SEX for Staking Rewards:** 1. Click "SEX Stake." 2. Enter the amount of SEX you want to stake and the lock period. 3. Click "Lock SEX" to complete the staking process. \ **Stake SLP for Staking Rewards:** 1. Click "SLP Stake." 2. Enter the amount of SLP you want to stake and the lock period. 3. Click "Lock SLP" to complete the staking process. > Both locking SLP and SEX will earn you SEX token rewards, with the only difference being the quantity of rewards. **Manage Your Staked Assets:** You can view all your staked assets at the bottom of the page under the "Locked" tab.Each small card displays details about the staked asset type, the quantity of staked assets, current SEX reward amounts, staking progress, and more.Clicking on a card will provide additional relevant information. * When the lock period expires, click "Unlock All" to unlock the assets that have reached the lock period and retrieve the locked asset. * Additionally, the SEX token rewards generated from your staking will appear in the "Unlocked" tab on the right. They will be released linearly during a 365-day distribution period. You can click "Claim All" to collect the already released SEX token rewards. # 1ClickTrade Enabling 1ClickTrade can help you eliminate repetitive wallet confirmation operations. Enabling 1ClickTrade can help you eliminate repetitive wallet confirmation operations. **To enable 1ClickTrade:**
1. Click the "Enable 1ClickTrade" button in the top right corner. 2. Set a 4-digit PIN and sign with your wallet to create a new wallet private key. Please remember your password and keep it safe as losing your 1CT credential may result in the loss of your 1CT account. This wallet private key is only used to authorize transactions within SubstanceX. Once enabled, the original button will turn into a battery icon that reminds you of your ETH gas balance.
**Fill up:** If it is your first time enabling 1CT, you should have an empty gas balance. * Click "Fill Up" to recharge your 1CT with ETH to cover gas fees. The battery icon will charge up as you fill up your 1CT.You can now start trading without the need for constant confirmation prompts from wallets like Metamask. **Empty:** Click "Empty" to withdraw the funds from your 1CT wallet to your connected wallet.
**Disable:** * Click "Advanced Options" to access the settings page. * Click "More" and then "Disable" to turn off your 1CT wallet. After disabling, your account information and balance will be saved and will not be affected. You can choose to re-enable your 1CT whenever you like. **Reset:** * Click "More" and then "Reset." Please note that resetting your 1CT will turn off the feature and erase the private key. # Audit Reports As a blockchain-based exchange project, our primary concern is the security of smart contracts. To ensure the safety of our smart contracts, our development team has written over a thousand test cases, rigorously testing each function and every line of the contract, achieving 100% code coverage. Starting from July 2023, we introduced a testnet of our product, and over 30,000 traders completed more than 100,000 transactions on the platform. Through extensive and large-scale testing, our smart contracts have proven to be resilient, with no significant vulnerabilities found in the testnet. On the other hand, in August and November of 2023, we invited the teams from Halborn and Damocles respectively to conduct meticulous and comprehensive audits of our contracts. Based on the audit results, the teams made the necessary modifications to enhance the security of our smart contracts. {% file src="/files/cLrHLvMX3CvyowzCabzR" %} {% file src="/files/fA6u2o28k7AvtAVenC0c" %} # Bug Report Thank you for choosing SubstanceX. In our commitment to providing the best service, we highly value and welcome your reports on any bugs you may encounter during the trading process. If you come across any issues related to user experience or trading functionalities, please feel free to send detailed information to . **Steps to Submit a Bug Report:** 1. **Issue Description:** Please provide a detailed description of the problem you encountered, including when it occurred, specific steps, and any context that might help us understand the issue. 2. **Screenshots:** If possible, include relevant screenshots as they can provide a visual understanding of the problem. 3. **Operating Environment:** Provide details on the type of device, operating system, and browser you are using. 4. **Contact Information:** If you wish for us to follow up or seek clarification, please provide your contact information. We will promptly review your feedback and take necessary actions to address the issue. Once again, thank you for your support in making our platform better. Sincerely, Substance Technologies Limited # Glossary ## Roles 1. User: A user is the collective term for anyone using the platform. Users can have different roles simultaneously, including Trader, Liquidity Provider (LP), and Holder. 2. Trader: Traders are users who engage in trading on the exchange, including trading options and perpetual. 3. LPs: LPs are users who provide liquidity on the exchange. They deposit Substance USD (USDX) into the exchange in exchange for SLP tokens and earn liquidity rewards. 4. Holder: Holders are users who possess SEX tokens. Token holders can either hold tokens without interacting with the exchange or take on the roles of LPs or Traders. 5. Staker: Stakers are users who lock SLP or SEX tokens to earn rewards. They can earn SEX token rewards. 6. VIP: VIP users are those who have achieved specified trading volumes, SLP lockup amounts, or SEX lockup amounts to attain VIP status. 7. Inviter: Inviters are users who send out invitation codes. When invitees use the inviter's invitation code, the inviter can earn rewards. 8. Invitee: Invitees are users who use invitation codes provided by inviters. ## Actions 1. Trade: Refers to the actions of users on Substance Exchange (SubstanceX), which includes opening positions, closing positions, and exchanging assets. 2. Perpetual: Involves opening and closing positions, as well as adjusting collateral on the Perpetuals page. 3. Options: Involves opening, closing, and settling positions on the Options page. 4. Buy SLP: Using USDX tokens to mint SLP tokens, also known as providing liquidity. 5. Sell SLP: Burning SLP tokens to obtain USDX tokens, also known as removing liquidity. 6. Stake SEX: Locking SEX tokens and earning SEX rewards. 7. Stake SLP: Locking SLP tokens and earning SEX rewards. 8. Unlock: Retrieving locked SLP or SEX tokens. 9. Vest: Converting earned SEX rewards into actual tokens. 10. 1ClickTrade: 1CTRefers to a feature that enables users to execute trades without receiving confirmation pop-ups. ## Trade Interaction Trading is one of the primary actions users take on Substance Exchange (SubstanceX). Users engage in trading to earn profits from Liquidity Providers (LPs) or may incur losses due to their trading activities. **Perpetual** 1. Perpetual: Cryptocurrency contract products settled in USDX. Users can profit from the rise or fall in the price of cryptocurrency by buying long or selling short contracts. #### Menu Bar 1. Borrow fee: The interest rate to be paid when borrowing funds. 2. Open Interest Long (OI L): The total number of long positions held by long traders for specific futures contracts. 3. Open Interest Short(OI S): The total number of short positions held by short traders for specific futures contracts. 4. L/S Ratio: The ratio between long positions and short positions. 5. Funding Rate: The funding fee paid or received by long and short positions based on the current open interest. #### Trading Window 1. Long: Open a long position to profit from price increases. 2. Short: Open a short position to profit from price decreases. 3. Market: Execute a market order based on the current market price without specifying a target price. 4. Limit: Execute a limit order by specifying a target price for either a long or short position. 5. Balance: The remaining funds available in the user's Exchange Wallet for trading. 6. Available Liquidity: The remaining liquidity available for trading based on the liquidity pool. 7. Position: The total position size for perpetual futures contracts. 8. Stop loss: Automatically close or partially close a position when the price reaches a set price to limit potential losses. 9. Take profit: Automatically close or partially close a position when the price reaches a preset profit target to secure expected profits. 10. Collateral: The amount of funds users need to deposit as collateral when opening a position, which determines the position size. 11. Liq. Price: The liquidation price, the price at which an order is forcibly settled in perpetual futures trading. 12. Slippage Limit: The maximum acceptable difference between the actual execution price and the submitted price for users. **Trading Fees** 1. Trading Fee: The fee paid by the user for executing the trade, affected by the total position size. 2. Borrow Fee: The fee paid for borrowing funds, calculated as an interest rate, affected by the total position size. 3. Funding Fee: The fee set by the exchange to balance the positions of long and short traders. The fee rate is exchanged between traders, and the exchange does not collect this fee. When the fee rate is negative, users need to pay the fee, while a positive fee rate results in earnings. 4. Price Impact: The fee charged when executing a trade order that may impact liquidity or market prices, typically incurred during large trades or in low-liquidity market conditions. 5. Execution Fee: The fee paid by the user when submitting an order, typically calculated in ETH but displayed in USD for user convenience. This fee is a fixed value. ## Earning-taking actions ### Earn - Liquidity Users can earn through providing liquidity by providing USDX tokens to the liquidity pool and receiving SLP tokens or by burning SLP tokens to receive USDX. **Operational Actions** 1. Buy SLP (Mint): Users can mint SLP by providing USDX tokens to the liquidity pool and earn liquidity rewards. The minting process occurs at the end of each Epoch, and the minting price is determined based on the SLP price at the end of the Epoch. 2. Sell SLP (Burn): Users can burn SLP to receive USDX tokens. The burning process occurs at the end of each Epoch, and the burning price is determined based on the SLP price at the end of the Epoch. **Information Window** 1. Epoch: The current Epoch number, with each Epoch lasting 24 hours or as specified by SubstanceX (30 minutes during the testnet). 2. Remaining Epoch: The remaining time in the current Epoch. 3. Started in Epoch: The start time of the current Epoch. 4. End in Epoch: The expected end time of the current Epoch. 5. SLP Price: The price of SLP, which changes at each Epoch update. 6. Pool Size: The total USDX value of all assets in the current liquidity pool. 7. SLP Supply: The current total supply of SLP, which changes at each Epoch update. 8. APR: The estimated annual percentage rate (APR) for SLP, excluding staking rewards. **Trading Window** 1. Fees: The fees required for selling SLP, collected when users sell SLP and withdraw assets as a fee for removing liquidity. 2. Exchange Rate: The current exchange rate between SLP and USDX for the current Epoch. Note that the actual exchange rate is determined at the end of the Epoch. 3. You Will Receive: The expected amount of SLP or USDX to be received when selling or buying SLP. **Status Window** 1. Bought: The amount of SLP that has been successfully purchased. Clicking "Claim" allows users to transfer these SLP to their exchange wallet. 2. SLP to Be Bought: The amount of USDX users have submitted for purchasing SLP in the current Epoch. This purchase will be executed at the end of the Epoch. 3. Sold: The amount of USDX that can be received by selling SLP. Clicking "Claim" allows users to transfer the USDX to their exchange wallet. 4. SLP to Be Sold: The amount of SLP users have submitted for sale in the current Epoch. If liquidity is used, submitted sale requests will be partially executed, and the unsold portion will be returned in the form of SLP to the exchange wallet. **Liquidity Pool Composition** This section provides information about the tokens in the liquidity pool: 1. Symbol: Displays the token's name and logo. 2. Current Price: The current price of the token. 3. Size in Pool: The USDX value of the token in the current liquidity pool. 4. Current Weight: The current percentage weight of the token in the liquidity pool. 5. Available: The USDX quantity available in the liquidity pool at the current moment for paying trader rewards. 6. Usage: The usage percentage of the token in the pool. ### Earn - Lock & Earn Users can earn SEX rewards by locking SLP and SEX tokens in the Lock & Earn section. **Information Window** 1. My Locked SEX: The current amount of SEX tokens locked by the user. 2. My Locked SLP: The current amount of SLP tokens locked by the user. 3. Earned: The amount of SEX tokens earned by the user through the Staking behavior, which have been claimed and transferred to the exchange wallet. **Trading Window** 1. Lock Period: The duration for which the tokens will be locked, ranging from 30 to 720 days. Longer lock periods yield higher rewards. 2. Estimated APR: The estimated annual percentage rate (APR) for the current lock duration. 3. Reward Point: The reward coefficient for the current lock duration. 4. Time of Unlock: The expected unlock date in the format of year, month, and day for the current lock duration. **Locked** 1. Amount: The quantity of tokens locked, including SLP or SEX. 2. Lock Period: The duration for which the tokens are locked. 3. Lock Start Time: The start date of this locking action. 4. Lock End Time: The expected end date of this locking action. 5. Time until Unlock: The remaining time until the tokens unlock. If the unlock date has been reached, it will display "Unlockable." 6. Reward: The amount of SEX rewards generated by the current locking action. Note that these SEX rewards cannot be immediately withdrawn. **Unlocked** 1. Amount: The quantity of tokens locked, including SLP or SEX. 2. Release Period: The duration over which your rewards will be released. 3. Release Start Time: The start date of this reward release action. 4. Release End Time: The expected end date when all rewards will be distributed. 5. Reward: The amount of SEX rewards generated by the previous locking action. 6. Claimed Reward: The quantity of rewards that you have already claimed.
# FAQs ### 1. What is Substance Exchange? Substance Exchange is a leading derivative trading platform on Layer2. ### 2. What is the official website of Substance Exchange? The official website of Substance Exchange is \[[Substance Exchange](https://www.substancex.io/)]. ### 3. What is the token of Substance Exchange? Th e token of Substance Exchange is $SEX. ### 4. What is the purpose of the $SEX token? The $SEX token is mainly used for liquidity incentives and governance.
### 5. What is the total supply of Substance Exchange? The total supply is 1 billion.
### 6. How can I join the Substance community? You can join our Telegram group () and Discord server ().
### 7. What are the customer service email, complaint email, and VIP email? Substance Exchange currently has only one external email. You can send your needs or feedback to .
### 8. How can I check my UID? On the web platform, click on the "person" icon at the top right corner, select "Overview," and you can view your UID.
### 9. What are the supported login methods? We support Web2 login and Web3 login methods like Metamask.
### 10. What are the earnings for LPs providing liquidity? Trading rewards: LPs receive all the trading profits from the counterparty's losses.Staking rewards: If LPs are willing to lock their provided liquidity for a certain period, they will receive additional rewards based on the lockup duration. The reward mechanism is the same as staking $SEX tokens. For more details, please refer to the "Liquidity & Earn" section.
### 11. What are the earnings from staking $SEX? Staking $SEX allows users to earn $SEX rewards for liquidity.
### 12. How often can users claim their staking rewards? After the user's asset staking period expires, the $SEX token rewards generated from the staking will be released linearly over the next 365 days. Users can claim the released rewards in the "Lock\&Earn - Unlocked" section. ### 13. How does the duration of the staking period affect user earnings? The longer the staking duration, the higher the reward multiplier.
### 14. What is the token burning mechanism for $SEX? 70% of the trading fee revenue, income from SEX/ETH liquidity, and $SLP minting will be used for $SEX buybacks. All bought-back $SEX tokens will be burned, and the buyback and burn events will occur randomly. ### 15. What is the revenue split for fees? 30% of the trading fee revenue will be used to cover operational costs such as oracle fees and gas fees for order execution. The remaining 70% of the trading fee revenue and other income will be used for $SEX buybacks. All bought-back $SEX tokens will be burned, and the buyback and burn events will occur randomly.
### 16. How can users participate in platform governance? Substance Exchange aspires to co-develop the community with its users. In the future, we will invite users who stake SEX tokens to participate in the governance of the platform. ### 17. How can I make fiat deposits through OTC? You can make fiat deposits through Alchemy Pay, supporting methods such as Visa, Mastercard, Apple Pay, Google Pay, etc.
### 18. Is OTC withdrawal supported? No, it is not supported.
### 19. Which currencies are supported in the liquidity pool? The liquidity pool supports USDT, USDC, USDC.e, and DAI.
### 20. What is the maximum leverage for perpetual futures? Most trading pairs on SubstanceX support a maximum opening leverage of 100x. You can refer to "Perpetual Specifications" for details on each trading pair. ### 21. What determines the price of perpetual futures? The price is determined by oracle feeds and influenced by user trading. ### 22. Does it support market orders? Yes, it supports market orders, and you can select the order type on the trading page. ### 23. What is the minimum trading volume for perpetual futures? The current minimum trading volume for perpetual futures is $10 USDX. ### 24. What are the rules for referral commissions? Referral commissions are divided into four levels: Level 0: No requirements, the referrer is entitled to a 10% total commission rebate. Level 1: Valid users ≥ 3, the referrer is entitled to a 20% total commission rebate. Level 2: Valid users ≥ 10, the referrer is entitled to a 30% total commission rebate. Level 3: Valid users ≥ 20, the referrer is entitled to a 40% total commission rebate. ### 25. How many people can a user share their referral code with? There is no limit. You can share your referral code with as many people as possible. ### 26. Can the same user register multiple referral codes? Certainly. One UID can generate up to 20 referral codes. ### 27. Will the user's referral commission be cleared if not withdrawn on time? The user's referral commission belongs to their personal assets and can be claimed at any time. ### 28. Do the referral commissions have an expiration date? Referral commissions have no expiration date. Users participating in the referral program will enjoy the rewards permanently. However, please note that the referral rank operates on an escalator mechanism with updates occurring every four natural weeks. ### 29. Why didn't I get upgraded after reaching the required number of valid trading users? It may be because the required number of valid trading users has not been reached or it is not yet time for the referral commission ratio adjustment and upgrade. ### 30. What's ROI? "ROI" calculates your real return on investment as follows:
ROI = (Total Closing Income - Total Opening Expenses) / Total Opening Expenses

\ Total Closing Income: Position Collateral + PnL + Funding Fee(Positive)\ 
Total Opening Expenses: Opening Collateral + Opening Fees + Closing Fees + Borrowing Fee + Funding Fee(Negative) ### 31. Why was only a portion of my SLP sell request executed? When the available liquidity in Liquidity Pool is less than the total sell amount of all users within the current Epoch, due to insufficient available liquidity, users' sell requests may only be partially executed. The system will execute your sell request based on the percentage that your sell amount represents out of the total sell amount. Unsuccessfully sold SLP will be refunded to you. You can claim this portion of SLP in the "Your Status - Returned" section. \
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# Investment Institution SubstanceX secured investments from these institutions and individuals in early 2023: #### **A\&T Capital** #### **LD** #### **Avalanche Co-founder** #### **Continue Capital co-founder** # Media Kit SubstanceX、SLP and USDX logos in SVG and PNG formats can be found in our [media kit](https://github.com/Substance-Exchange/media-kit). # Terms of Use **Welcome to Substance Exchange**\ These Terms of Use ("Terms") govern your access to and use of the services provided by Substance Technologies Limited ("Substance Exchange", "we", "us", or "our"), a company incorporated under the laws of the British Virgin Islands, with a registered office at Start Chambers, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands. By accessing our website located at ("Website") and using our services, you agree to be bound by these Terms and all applicable laws and regulations.
### 1. Acceptance of Terms \ By accessing or using our services, you confirm that you accept these Terms and that you agree to comply with them. If you do not agree to these Terms, you must not use our services.
### 2. Changes to Terms \ We may modify the Terms at any time, in our sole discretion. If we do so, we will let you know either by posting the modified Terms on the Website or through other communications. It's important that you review the Terms whenever we modify them because if you continue to use the services after we have posted modified Terms on the Website, you are indicating to us that you agree to be bound by the modified Terms.
### 3. Access and Use of Services \ You must ensure that anyone who accesses our services through your internet connection is aware of these Terms and complies with them.
#### A. Eligibility You must be at least 18 years old to access or use our services. By agreeing to these Terms, you represent and warrant to us that: (a) you are at least 18 years old; (b) you have not previously been suspended or removed from our services; and (c) your registration and your use of our services is in compliance with any and all applicable laws and regulations.
#### B. Registration and Your Information If you want to use certain features of our services, you will have to create an account ("Account"). You promise to provide us with accurate, complete, and updated registration information about yourself.
#### C. Prohibited Use By using our services, you agree not to misuse the services or help anyone else do so.
### 4. Risks \ The trading of goods and products, real or virtual, as well as virtual currencies, involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment.
### 5. Intellectual Property Rights \ The content on our Website, including without limitation, the text, software, scripts, graphics, photos, sounds, music, videos, and interactive features and the trademarks, service marks and logos contained therein, are owned by or licensed to Substance Exchange.
### 6. Termination \ We may terminate or suspend your access to our services immediately, without prior notice or liability, for any reason whatsoever, including without limitation if you breach the Terms.
### 7. Governing Law \ These Terms are governed by and construed in accordance with the laws of the British Virgin Islands.
### 8. Limitation of Liability \ Substance Exchange will not be liable for any damages or losses, whether partial or total, that you may incur as a result of trading on our platform. This includes, but is not limited to, losses resulting from force majeure events such as delays in block production on the Arbitrum or Zeta network, network outages, errors in oracle price feeds, hacking attacks, AWS server service interruptions, or other unforeseen circumstances. These incidents may lead to the partial or total loss of assets or positions held by users on the exchange, and Substance Exchange assumes no responsibility for such losses.
### 9. Contact Us \ If you have any questions about these Terms, please contact us at . # Privacy Policy **Effective Date: \[Nov 20, 2023]**\ Welcome to Substance Exchange, operated by Substance Technologies Limited ("Substance Exchange", "we", "us", or "our"), a company incorporated under the laws of the British Virgin Islands with a registered office at Start Chambers, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you visit our website located at (the "Website") and use our services.
### 1. Information We Collect \ We may collect personal identification information from Users in a variety of ways, including, but not limited to, when Users visit our site, register on the site, and in connection with other activities, services, features or resources we make available on our Site. Users may be asked for, as appropriate, name, email address, mailing address, and digital wallet address.
### 2. How We Use Your Information \ We use the information we collect primarily to operate our Website and provide you with our services, including:
* To personalize user experience * To improve our Website * To process transactions * To send periodic emails
### 3. How We Protect Your Information \ We adopt appropriate data collection, storage and processing practices and security measures to protect against unauthorized access, alteration, disclosure or destruction of your personal information and data stored on our Site.
### 4. Sharing Your Personal Information \ We do not sell, trade, or rent Users personal identification information to others. We may share generic aggregated demographic information not linked to any personal identification information regarding visitors and users with our business partners, trusted affiliates and advertisers for the purposes outlined above.
### 5. Your Rights \ You have the right to access, correct, or delete your personal data. Users from the EEA, UK, and Brazil have additional rights under their local laws.
### 6. Changes to This Privacy Policy \ Substance Technologies Limited has the discretion to update this privacy policy at any time. When we do, we will revise the updated date at the top of this page. We encourage Users to frequently check this page for any changes to stay informed about how we are helping to protect the personal information we collect.
### 7. Contacting Us \ If you have any questions about this Privacy Policy, the practices of this site, or your dealings with this site, please contact us at: Substance Technologies Limited # SubstanceX V2 ### 🚀SubstanceX V2已经到来 #### 活动2阶段即将到来... — 原生 BTC 保证金即将上线（无需使用包装资产！） #### 活动1阶段 “交易分享100,000枚ZETA！”（已结束） — [更多活动细则](https://medium.com/@SubstanceX/substancex-mainnet-v2-trade-and-share-100-000-zeta-0b40008c7fa1) ### SubstanceX V2有什么新的亮点： 1\. ✨全新的UI/UX，给您不一样的交易体验 2\. 💰多资产保证金： * 支持ZETA，BTC（即将到来）作为保证金来进行永续合约交易 * 支持成为ZETA，BTC（即将到来）流动性提供者。 # 概览 引领交易行为向去中心化迁移 Substance Exchange (SubstanceX) 是一个去中心化的衍生品交易平台，致力于为用户提供类似于中心化交易所的使用体验。 SubstanceX的特点包括：提供更多的交易对和更多样化的衍生品，实施统一的流动性池设计，以及通过成熟的CRM客服系统为VIP客户提供行业最佳的客户服务。它允许推荐返佣奖励和多等级的交易手续费等级。 此外，通过高效的代币经济系统，SubstanceX解决了竞品尚未完全解决的生产关系问题，刺激用户交易需求，并增强了流动性提供者提供流动性的动力。 Substance Exchange在透明和公正的机制下为用户提供了行业内最佳的交易体验。 ## 开始吧 我们为您准备了一些有用的指南，以帮助您快速轻松地使用我们的产品。 ### **永续合约** 更好的清算效率，更多的交易对追踪。 {% content-ref url="/pages/WKslPBvcsLap6Ih2sbco" %} [永续合约](/zh/yong-xu-he-yue/yu-yan-ji) {% endcontent-ref %} ### **流动性 & 赚** 为长期用户提供丰厚的回报。 {% content-ref url="/pages/IdZA6Q9x9W8HZUamKxcy" %} [流动性&赚](/zh/liu-dong-xing-zhuan/sex-slp-dai-bi) {% endcontent-ref %} ### **简易期权 (敬请期待)** 不需要复杂的金融知识，只需一步即可交易。 {% content-ref url="/pages/1vd7jnBBrXLpnk4HDB9f" %} [简易期权](/zh/ji-jiang-shang-xian/jian-yi-qi-quan) {% endcontent-ref %} ### **策略广场（敬请期待）** 在去中心化交易所上采用开放式基金模型的跟单交易。 {% content-ref url="/pages/V83opjln2S57gCz4ii3P" %} [策略广场](/zh/ji-jiang-shang-xian/ce-le-guang-chang) {% endcontent-ref %} # 为什么是 SubstanceX ？ > ## VS. 中心化交易所 SubstanceX避免了集中清算的风险，以高度透明的方式运营，以更好地保护用户的权益。最重要的是，用户将更加安全、隐私地管理自己的资产。 > ## VS. 去中心化交易所 SubstanceX为永续合约交易者提供低至0%的借款费用，并持续上架市场上最新的交易对。即将推出的简易期权和策略广场将是独特而令人兴奋的。此外，SubstanceX通过引入VIP层级、推荐返佣机制和CRM系统来提升用户体验。 # 路线图 ### 产品 **2023.11：合约交易与流动性质押主网上线** * 积分任务系统上线 * OKX等Web3钱包接入 **2024.1：策略广场测试网试运行** * LP稳定收益协议接入 **2024.3：策略广场主网上线** * LP供给协议接入 * 链上策略协议接入 **2024.Q2：Simple Options 测试网运行** * 多链扩展部署 **2024.Q3：Simple Options 主网上线** # 预言机 价格预言机的角色是为期货交易对提供价格。该平台根据货币的流动性将其分类为 CEX 货币和 DEX 货币。接下来，我们将描述这两类币种的预言机实现。
### 中心化(CEX) 币种 我们把流动性集中在中心化交易所的币种统称为CEX币种。下面以 BTC 为例，解释喂价机制。 1. **计算USDT/USD价格** 平台选取了coinbase, kraken, bitfinex , crypto.com 4家交易所的USDT/USD价格，选取中位数作为公允的USDT/USD价格。 2. **计算BTC/USDT 价格** 平台选取了Binance, Okx, Coinbase , Bitget, Gate 5家交易所的BTC/USDT价格，计算出中位数价格， 然后对与中位数价格差距大于3%的数据做异常处理(大于中位数1.03倍按1.03倍计算，小于0.97倍按0.97倍计算），最后计算均值作为公允BTC/USDT价格。 3. **计算BTC/USD价格** 平台从四家交易所(Coinbase、Kraken、Bitfinex、Crypto.com)中选择 USDT/USD 的价格，并取其中位数作为公允的 USDT/USD 价格。 我们使用 Chainlink 链上价格喂价进行预言机风险管理。当 预言机价格偏离一定阈值（根据不同的交易对和市场进行调整）时，价格将被拒绝。这种风险管理措施有效防止预言机数据异常的风险。 ### 去中心化(DEX)币种 \ 我们把币种流动性主要集中在去中心化交易所的币种统称为DEX 币种。下面将以 UNIBOT 为例，解释价格喂价机制。 * **计算UNIBOT/USD价格** 平台选择 Uniswap 上流动性最高的池子（例如，UNIBOT/WETH v2 pool），获取 UNIBOT 价格，并换算为 USD 价格。 ### # 钱包 SubstanceX为用户提供了三种类型的钱包：“我的钱包”、“交易所钱包” 和 “1CT钱包”。
1. **我的钱包** “我的钱包”是用户自己拥有的EOA钱包。Web3用户可以使用Metamask和OKX钱包创建EOA钱包，而Web2用户可以通过Particle 钱包使用电子邮件、电话号码和其他Web2账户创建EOA钱包。用户需要将资金从“我的钱包”划转到“交易所钱包”才能进行交易、质押和提供流动性。 2. **交易所钱包** 交易所钱包是由SubstanceX维护的合约钱包。它管理用户存入的资产，并允许他们通过存入资产进行交易、提供流动性及质押。交易所钱包中的资金不会被合约所有者或其他用户盗取，只能通过交易（期权、永续合约）、流动性提供（流动性池合约）或质押（质押合约）来访问。交易所钱包支持以下3种币种： * USDX（SubstanceX美元） * SLP（SubstanceX LP代币） * SEX（Substance Exchange代币） 3. **1CT 钱包** 1CT钱包是SubstanceX为启用1ClickTrade的用户生成的新钱包。它允许用户一次性存入特定数量的ETH，用于支付SubstanceX内的GAS费用和订单执行费用。这消除了用户需要反复确认钱包交易的需求。用户对1CT钱包的授权仅限于SubstanceX内的交易。 3. #### **USDX** （SubstanceX美元） 在SubstanceX交易所中，所有资产都以SubstanceX美元（USDX）作为计价单位。交易者将使用USDX代币进行交易，流动性提供者（LPs）在提供或移除流动性时也将使用USDX代币。当用户将资产从外部钱包划转到他们的交易所钱包时，像USDT、USDC、USDC.e和DAI这样的资产将根据汇率转换为USDX代币。同样，当用户从他们的交易所账户提取资产时，他们可以选择将USDX代币转换回USDT、USDC、USDC.e或DAI。
在SubstanceX交易所，SubstanceX美元（USDX）的价格固定为1美元。然而，在资产划转期间，汇率是基于USDT、USDC、USDC.e和DAI的预言机价格来计算的。汇率计算遵循以下程序（以USDT为例）： 将USDT存入以获取USDX： $$Amount(USDX)=Amount(USDT)\*min(\frac{Price(USDT)}{Price(USD)},1)$$ 以USDX兑换USDT： $$Amount(USDT) = \frac{Amount(USDX)}{ max(\frac{Price(USDT)}{Price(USD)}, 1)}\*(1-0.1%)$$ 当用户从其交易所钱包提取资金时，将收取0.1%的提现费用。 USDX可以自由提取到您的钱包，不收取任何费用。 $$Amount(USDX) = Amount(USDX)$$ 在SubstanceX交易所中，只要USD流动性池中这些稳定币的流动性足够，USDX可以自由地与USDT、USDC、USDC.e和DAI进行兑换。如果相应稳定币的流动性不足，用户可以选择使用其他稳定币提取。USDX在SubstanceX内有以下用途： 1. USDX可用于永续合约中的开仓。 2. USDX可用于简易期权的开仓和结算。 3. USDX可用于向流动性池提供流动性。 # 逐仓保证金 逐仓保证金模型是一种在永续合约交易中使用的保证金管理方法，与全仓保证金模型形成对比。它具有以下主要特点： * **独立保证金账户** 独立保证金账户在逐仓保证金模型中，每个合约头寸都有其独立的保证金账户。这意味着每个头寸都有自己的保证金池，并且不与其他头寸共享。这种独立性确保了一个头寸的损益不会影响其他头寸。 * **单独清算** 在逐仓保证金模型下，当一个头寸产生一定程度的损失时，只有该特定头寸被清算，而其他头寸保持不受影响。这有助于维护其他头寸的完整性，降低账户的整体风险。 * **杠杆控制** 逐仓保证金模型允许交易者更有效地控制每个头寸的杠杆。这有助于避免过度杠杆，因为每个头寸可以根据市场条件和风险承受能力单独管理。
Case Study User A has 10,000 USDX in his Exchange Wallet. He uses 5,000 USDX as collateral to open a 20x leveraged short BTC perpetual position. However, due to the price volatility of BTC, User A's position gets liquidated. In this case, with the isolated margin model, User A only loses the 5,000 USDX used as position collateral. The 5,000 USDX in his wallet remains unaffected. 案例研究 用户A在其交易所钱包中有10,000 USDX。他使用5,000 USDX作为保证金，开设了一个20倍杠杆的BTC永续空头头寸。然而，由于BTC价格的波动性，用户A的头寸被清算。在这种情况下，使用逐仓保证金模型，用户A仅损失了作为头寸抵押品的5,000 USDX。他钱包中的另外5,000 USDX不受影响。
# 保证金担保率 在SubstanceX V2中，允许使用ZETA，BTC等非稳定币资产作为保证金来进行永续合约开仓。而作为保证金的 ZETA、BTC等资产估值将减少 5%。 这意味着，两个相同状态的仓位，仅有保证金币种不同，使用ZETA作为保证金的仓位将比使用USDT作为保证金的仓位更容易清算。
保证金资产担保率
USDT100%
ZETA95%
BTC95%
# 费用 ### 概述 交易所的持续运营依赖于各种费用的收取。这些费用不仅用于交易所的运营、发展和安全，还用于保障用户资金和提升服务质量。一个合理的费用结构可以维持交易所的稳定运行，同时为用户提供更好的交易体验和更安全的交易环境。 为了更好地服务用户，我们明确以降低交易费用的目标设计产品，这对用户非常有利。低手续费、无隐藏费用以及无交易滑点等优势将使用户享受到更低成本的交易体验，提升交易者的利润和满意度。 目前收取的费用，根据不同的功能分为三大类：交易、流动性和钱包。 # 交易 目前，我们主要向用户提供永续合约交易，费用主要按照以下类别进行计算。 ### 手续费(开平仓费用) 我们为用户提供更低的交易手续费。我们了解手续费对于用户来说是一个重要的考量因素，因此我们努力降低交易手续费用以吸引更多的用户。平台对费用进行优化，确保手续费在市场竞争中具有竞争优势。 1. 手续费=仓位数量\*开仓价格\*费率 2. 每个交易对的费率可能不同。具体可参考[永续合约规范](/zh/yong-xu-he-yue/yong-xu-he-yue-gui-fan)。 3. 收取方式：记账，从保证金收取。 在开仓时，这部分费用将优先从交易所钱包中扣除，如果交易所钱包中余额不足，则对不足部分进行记账。 这样的收费顺序是为了使用户的仓位更加健康，允许用户调用更多保证金的同时，避免了因为费用而导致保证金衰减的情况发生，使得风险与收益达到相对的平衡。 冲击费用与此类似，后文中将不再重复说明。 4. 费用收取方：国库 5. 开平仓时都将收取费用。 6. 案例 | 交易对 | ETH | | --- | ------------ | | 费率 | 0.8% | | 价格 | 2000 USD/ETH | | 数量 | 5 ETH | | 仓位 | 10000 USD | | 手续费 | 80 USD | ### ### 冲击费用 由于加密货币市场的高度波动性和不同来源的流动性，不同交易所的甚笃往往存在断层和不匹配。冲击价格设计可以通过使用冲击函数和市场深度来生成合理的交易费用，作用于断层和不匹配的订单。这有助于提高价格发现的效率并减少用户交易时的不确定性。 这使得用户在交易时需要考虑市场深度和订单大小，以避免冲动行为。 1. 冲击费用=仓位\*标记价格\*冲击费率 2. 冲击费率：由仓位大小决定 {% tabs %} {% tab title="BTC & ETH" %} * 多头仓位:\ 冲击费率 = (数量 \* 标记价格) / (1000 \* 0.1% 卖单深度) * 空头仓位:\ 冲击费率 = (数量 \* 标记价格) / (1000 \* 0.1% 买单深度) * 0.1% 卖/买单深度 = T中心化交易所订单簿 卖出挂单/买入挂单( 0.1%) 价格变动的总深度 {% endtab %} {% tab title="其他交易对" %} * 多头仓位: 冲击费率 = (数量 \* 标记价格) / (100 \* 1% 卖单深度) * 空头仓位: 冲击费率 = (数量 \* 标记价格) / (100 \* 1% 买单深度) * 1%卖单/买单深度 = 中心化交易所订单簿 卖出挂单/买入挂单 1 %价格变动的总深度 {% endtab %} {% endtabs %} 3. 费用收取方式：开仓时，这部分费用将优先从交易所钱包中扣除，如果交易所钱包中余额不足，则对不足部分进行记账。 4. 费用收取方： 国库 5. 费用将在开仓和平仓时收取。 6. 在强制平仓和最大盈利时，不收取该费用。
### 借贷费用 交易所作为第三方中介，需要在买方和卖方之间保持公正和中立的立场。通过收取借贷费用，交易所可以平衡用户的利益。同时，借贷费用的收取可以避免交易所过度依赖手续费，从而实现更加持续和可持续的发展。通过收取借贷费用，交易所可以吸引更多的借方参与借贷交易，进而为交易所的交易市场提供更多的资金流动性和深度。这对于提高交易所的竞争力，吸引更多的交易者和流动性提供者是至关重要的。 借贷费用每小时计算1次，将会在仓位中累加计算，直到仓位被关闭时收取。 1. 借贷费用 = 持仓数量 \* 标记价格 \* 借贷费率 \* 时间 (小时) \* 代币比值 1. $$借贷费率=exp(\frac{总开仓量 / 10}{流动性池总量})\*最低费率/小时$$ * 最低费率 = 0.002% * 当用户借贷达到最大11倍时：年化利率52.63%。 * 因为借贷费率跟当前流动性占用有关，因此若币对当前OI为0，则借贷费用达到最低，为年化17.52% * 并非所有交易对都有借贷费用，您可以参考[永续合约规范](/zh/yong-xu-he-yue/yong-xu-he-yue-gui-fan)查看每个交易对的借贷费率下限。 2. 代币比值: 默认的借贷费率是基于 BTC/USD 的借款费率。其他代币的借贷费率会有所不同。 * BTC/USD 代币比值 = 1 * 其他Chainlink$$代币比值=\frac{ 中心化交易所该代币年化借贷率}{中心化交易所BTC年化借贷利率}$$ * 代币比值不会超过2。 * 对于无法在中心化交易所取得数据的币对，其代币比值将设定为2。 * 其它UNI代币比值是特定的。 2. 收取方式：从仓位保证金和持仓收益中扣除。 3. 收取方：流动性提供者(LP) 4. 借贷费率将每小时计算和累加一次。 * 如果用户在收取前59分钟开仓，并在当次收取前1分钟平仓，该用户将不会被计算累加借贷费。 * 如果用户在收取前1分钟开仓，在收取后1分钟平仓，则该用户将被计算累加1小时的借贷费用。 5. 以下操作将触发借贷费用收取：平仓、最大盈利和清算。 ### 资金费用 交易者在交易所进行合约交易时，需要支付资金费率。这样可以减少一些恶意操纵市场的行为，同时鼓励交易者不断学习和提升交易技能，以获取更好的交易结果。资金费率的收取可以促进交易者之间的公平竞争，提高整个市场的透明度和有效性。 SubstanceX推出了一种创新的资金费用设计，用来平衡交易者和流动性提供者（LP）的利益。新版的资金费用仍将由较大头寸持有者支付，但费率将大幅降低，尤其是在一些低头寸的交易对中。同时，LP作为裸头的风险承担者，也将得到一定的风险补偿。 资金费每小时计算一次，并在仓位关闭前累积计算。我们以多头持有者为较大头寸持有者为例： 1. 费用计算： 1. 多头和空头仓位持有者应支付的资金费费率（每日）： * 多头应交费率 = 基础费率 + 线性费率 \* 多头持仓 / （总流动性 \* 最大流动性占用率） * 空头应交费率 = 基础费率 + 线性费率 \* 空头持仓 / （总流动性 \* 最大流动性占用率） * 各交易对的最大流动性占用率可能不同。具体可参考 [永续合约规范](/zh/yong-xu-he-yue/yong-xu-he-yue-gui-fan)。 2. LP将从多头支付的资金费中收到的风险补偿（每日）： * LP收益 = 多头持仓 \* 多头应交费率 \*（多头持仓 - 空头持仓）/ 多头持仓 3. 多头实际支出的资金费 / 空头实际收到的资金费（每日）： * 多头资金费 = 空头持仓 \* 空头应交费率 - 多头持仓 \* 多头应交费率 * 空头资金费 = 空头持仓 \* 多头应交费率 - 空头持仓 \* 空头应交费率 4. 多头实际的资金费率 / 空头实际的资金费率（每日）： * 多头实际资金费率 = 多头资金费 / 多头持仓 * 空头实际资金费率 = 空头资金费 / 空头持仓 2. 收费方式：从仓位的保证金和收益中扣除。 3. 费用收取方：LP，交易对手方。 4. 费用每小时收取一次。 * 如果用户在0:01开仓并在0:59平仓，将不收取资金费用。 * 如果用户在0:59开仓并在1:01平仓，则将收取一小时的资金费用。 * 具体收费时间参考合约交易页面。 5. 以下操作将触发资金费用收取：平仓、最大利润强制平仓、清算。 6. **资金费用V2 VS 资金费用V1：** | 币种 | BTC | | | ------------ | -------------------------------------- | -------------------------------------- | | 多头持仓 | 20000 | | | 空头持仓 | 15000 | | | 总流动性 | 1,000,000 | | | 最大流动性占用率 | 1 | | | 基础费率 （V1） | 0.00025 | | | 新基础费率(V2) | 0.0008 | | | 线性费率（V2） | 0.08 | | |


| 资金费 V2 | 资金费 V1 | | 多头应交费率 / 每日 | 0.0008+0.08\*20000/(1000000\*1)=0.0024 | - | | 空头应交费率 / 每日 | 0.0008+0.08\*15000/(1000000\*1)=0.002 | - | | 多头实际费率 / 每小时 |

-0.75/20000=-0.00375%

| -0.025%\*(20000-15000)/20000=-0.00625% | | 空头实际费率 / 每小时 | 0.25/15000=0.00167% | -0.025%\*(15000-20000)/15000=0.00833% | | 多头资金费 / 每小时 | (15000\*0.002-20000\*0.0024)/24=-0.75 | -0.00625%\*20000=-1.25 | | 空头资金费 / 每小时 | (0.0024\*15000-0.002\*15000)/24=0.25 | 0.00833%\*15000=1.25 | | LP收益 / 每小时 | 0.0024\*15000/24=0.5 | 0 | ### 执行费用 开仓时收取，为固定费用。 1. 费率：目前为0.0003 ETH 2. 收取方式：从我的钱包中扣除。如果用户开启了一键交易，则从一键交易钱包扣除。 3. 收取方：国库。 4. 提交订单时收取该费用，用户可以通过撤销订单取回该收费。 # 流动性 ### 提现费用 提现费用根据提取流动性数量的大小，在提现时收取。 1. 费用计算：提现费用 = 销毁SLP数量 \* SLP价格 \* 提现费率 1. 提现费率 = 0.1% 2. 费用将在每个纪元结束时收取 2. 收取方式：从用户提取流动性的USDX中扣除。 3. 费用收取方：国库 4. 当前不收取添加流动性时的费用。 # 钱包 ### 提现USDX费用 根据提现USDX数量的大小，在出售USDX，并从“交易所钱包”提取到“我的钱包”时收取。 1. 费用计算：提现USDX费用 = 提现代币数量 \* 提现费率 1. 提现费率 = 0.1% 2. 收取方式：从用户提取流动性的代币数量中扣除。 3. 费用收取方：国库 # 强制平仓 强制平仓是合约交易中一个重要机制，旨在维持市场稳定并保护交易者免受重大损失。在SubstanceX中，有两种机制触发用户头寸的强制平仓：
### 清算 当用户的净头寸价值低于最低维持保证金时，将会触发清算机制。 1. 净值 = 保证金 + 手续费后的收益。 2. 最低维持保证金 = 头寸数量 \* 标记价格 \* 维持保证金比率 + 预计平仓费用。 3. 多头：预估清算价 = (保证金 + 费用 - 开仓均价 \* 数量) / (数量 \* (维持保证金比率 + 预计平仓费比率 - 1))\ 空头：预估清算价 = (保证金 + 费用 + 开仓均价 \* 数量) / (数量 \* (维持保证金比率 + 预计平仓费比率 + 1)) * 通常情况下，各个币种的预估清算费率等于其开平仓手续费率 * 强制平仓将导致用户失去与该头寸相关的所有保证金。用户交易所钱包中的余额将不会受到影响。 \ **案例**
交易对BTC/USD
多头/空头多头
保证金（$）10,000.00
开仓均价 （$）30,000.00
杠杆倍数30.00 x
数量10.00
当前价格（$）31,000.00、
费用（$）-200.00
维持保证金率0.5%
手续费率0.08%
预估清算价（$）29,165.95
### 最大盈利强平 当用户某个仓位的盈利达到保证金的一定倍数时，将会触发最大盈利强平，系统将会以市价对合约仓位进行平仓。​ 1. 最大盈利 = 保证金 \* 最大盈利倍数​ 2. 多头仓位：最大盈利价格 = 开仓价格 + 最大盈利 / 数量​ 3. 空头仓位：最大盈利价格 = 开仓价格 - 最大盈利 / 数量​ •最大盈利并不代表实际收益。实际收益还需要扣除待收取费用。​ •不同交易对的最大盈利倍数可能不同。具体可参考 [永续合约规范](/zh/yong-xu-he-yue/yong-xu-he-yue-gui-fan). **案例** | 交易对 | BTC/USD | | --------- | ---------: | | 保证金（$） | 10,000.00 | | 开仓均价（$） | 30,000.00 | | 杠杆倍数 | 30.00 x | | 数量 | 10.00 | | 最大盈利倍数 | 10 | | 最大盈利（$） | 100,000.00 | | 最大盈利价格（$） | 40,000.00 | | 平仓价格（$） | 40,000.00 | | 费用（$） | -100.00 | | 收益（$） | 99,900.00 |
# 一键交易 为了提升用户体验，给用户提供一个更类似于中心化交易所的体验，SubstanceX引入了一键交易钱包功能。 用户可以通过签名生成一个新的钱包，并将其设置为代理钱包。通过存入ETH作为Gas费用，用户在交易过程中无需弹出确认弹窗。从而获得一个丝滑的交易体验，无需像 Metamask等钱包不断发出确认提示。
\* 在ZETA链上，gas是用ZETA来支付 # VIP SubstanceX提供了VIP等级制度，旨在为用户提供类似于中心化交易所的交易体验。系统将基于用户过去30天内的永续合约交易量，为用户分配不同的VIP等级。每个VIP等级都能享受相应的交易费用减免和其他服务。
### 等级规则
等级 过去30天交易量交易费折扣其它服务
1>50,0005%-
2>500,00010%社群客服优先服务
3>2,500,00015%社群客服优先服务且12小时内应答
4>5,000,00020%社群客服优先服务且12小时内应答；抢先体验新产品
### 升降级机制 **升级机制：** * 自动升级。每天计算1次，固定在每天0:00（UTC+0）进行。 * 用户等级可以直接跳级到更高的等级，无需经过每个中间等级。 **降级机制：** * 自动降级。每天计算1次，固定在每天0:00（UTC+0）进行。 * 降级将直接根据数据调整到对应当前等级的VIP等级。 \ **案例：**

用户A用户B
交易费折扣010%
保证金($) 100100
杠杆倍数10.00x10.00x
仓位($) 10001000
应收交易费($) 88
实收交易费($) 87.2

# 永续合约规范
代币名称合约ID最小开仓杠杆最大开仓杠杆最大盈利倍数交易手续费最低借贷费用资金费_基础费率资金费_线性费率维持保证金比率最大流动性占用比率
AAVE11.00x100.00x100.8%0% / h0.00080.080.50%30%
ADA21.00x100.00x100.8%0% / h0.00080.080.50%30%
APE31.00x100.00x100.8%0% / h0.00080.080.50%30%
ARB41.00x100.00x100.8%0% / h0.00080.080.50%50%
ATOM51.00x100.00x100.8%0% / h0.00080.080.50%30%
AVAX61.00x100.00x100.8%0% / h0.00080.080.50%30%
AXS71.00x100.00x100.8%0% / h0.00080.080.50%30%
BNB81.00x100.00x100.8%0% / h0.00080.080.50%30%
BTC91.00x100.00x100.8%0% / h0.00080.080.50%100%
COMP101.00x100.00x100.8%0% / h0.00080.080.50%30%
CRV111.00x100.00x100.8%0% / h0.00080.080.50%30%
DOGE121.00x100.00x100.8%0% / h0.00080.080.50%30%
DOT131.00x100.00x100.8%0% / h0.00080.080.50%30%
ETH141.00x100.00x100.8%0% / h0.00080.080.50%100%
FTM151.00x100.00x100.8%0% / h0.00080.080.50%30%
GMX161.00x100.00x100.8%0% / h0.00080.080.50%30%
LINK171.00x100.00x100.8%0% / h0.00080.080.50%30%
MATIC181.00x100.00x100.8%0% / h0.00080.080.50%30%
MKR191.00x100.00x100.8%0% / h0.00080.080.50%30%
NEAR201.00x100.00x100.8%0% / h0.00080.080.50%30%
OP211.00x100.00x100.8%0% / h0.00080.080.50%30%
RDNT221.00x20.00x100.8%RDNTTokenRate*0.002% / h0.00080.080.50%10%
SNX231.00x100.00x100.8%0% / h0.00080.080.50%30%
SOL241.00x100.00x100.8%0% / h0.00080.080.50%30%
UNI251.00x100.00x100.8%0% / h0.00080.080.50%30%
XRP261.00x100.00x100.8%0% / h0.00080.080.50%50%
TIA271.00x20.00x50.8%0% / h0.00080.080.50%20%
ORDI281.00x20.00x50.8%0% / h0.00080.080.50%20%
BEAM291.00x20.00x50.8%0% / h0.00080.080.50%20%
BLUR301.00x100.00x100.8%0% / h0.00080.080.50%30%
1MSATS311.00x5.00x50.8%0.02% / h0.00160.162.00%10%
1MRATS321.00x5.00x50.8%0.02% / h0.00160.162.00%8%
USTC331.00x50.00x50.8%0% / h0.00080.080.50%20%
FLIP341.00x5.00x100.8%0.02% / h0.00160.162.00%8%
PYTH351.00x50.00x50.8%0% / h0.00080.080.50%20%
VRTX361.00x5.00x100.8%0.02% / h0.00160.162.00%8%
1000LUNC371.00x50.00x50.8%0% / h0.00080.080.50%20%
FTT381.00x20.00x100.8%0% / h0.00080.082.00%10%
TOKEN391.00x5.00x50.8%0.02% / h0.00160.162.00%10%
RUNE401.00x100.00x100.8%0% / h0.00080.080.50%30%
STX411.00x100.00x100.8%0% / h0.00080.080.50%30%
BIGTIME421.00x5.00x100.8%0% / h0.00080.080.50%20%
1MBONK431.00x5.00x50.8%0.02% / h0.00160.162.00%10%
JTO441.00x50.00x100.8%0% / h0.00080.080.50%20%
INJ451.00x100.00x100.8%0% / h0.00080.080.50%30%
ACE461.00x50.00x100.8%0% / h0.00080.080.50%20%
WLD471.00x50.00x100.8%0% / h0.00080.080.50%20%
ICP481.00x100.00x100.8%0% / h0.00080.080.50%30%
SEI491.00x100.00x100.8%0% / h0.00080.080.50%30%
SUI501.00x100.00x100.8%0% / h0.00080.080.50%30%
APT511.00x100.00x100.8%0% / h0.00080.080.50%30%
CAKE521.00x100.00x100.8%0% / h0.00080.080.50%30%
MOVR531.00x50.00x100.8%0% / h0.00080.080.50%20%
TRX541.00x100.00x100.8%0% / h0.00080.080.50%30%
ENS551.00x50.00x100.8%0% / h0.00080.080.50%20%
GMT561.00x50.00x100.8%0% / h0.00080.080.50%20%
PEOPLE571.00x50.00x100.8%0% / h0.00080.080.50%20%
MAGIC581.00x50.00x100.8%0% / h0.00080.080.50%20%
ZKF591.00x50.00x100.8%0% / h0.00080.080.50%20%
XAI601.00x50.00x100.8%0% / h0.00080.080.50%20%
MANTA611.00x50.00x100.8%0% / h0.00080.080.50%20%
LDO621.00x100.00x100.8%0% / h0.00080.080.50%30%
SSV631.00x50.00x100.8%0% / h0.00080.080.50%20%
ALT641.00x50.00x100.8%0% / h0.00080.080.50%20%
API3651.00x50.00x100.8%0% / h0.00080.080.50%20%
UMA661.00x50.00x100.8%0% / h0.00080.080.50%20%
JUP671.00x50.00x100.8%0% / h0.00080.080.50%20%
ZETA681.00x50.00x100.8%0% / h0.00080.080.50%20%
RON691.00x50.00x100.8%0% / h0.00080.080.50%20%
PIXEL701.00x50.00x100.8%0% / h0.00080.080.50%20%
STRK711.00x100.00x100.8%0% / h0.00080.080.50%30%
KAS721.00x100.00x100.8%0% / h0.00080.080.50%30%
# SEX & SLP代币 ## SEX & SLP 设计 Substance存在两种代币： **SEX**是Substance Exchange的项目代币，可用于投票，以及质押一段时间来获得投票权和费用减免。 **SLP**是流动性提供者提供流动性后获得的代币，存在内置美元价值，并且可以转移。购买SLP=提供流动性，销售SLP=提取流动性。 \ 对于用户而言，获得SEX的主要手段就是质押SLP。 因此，我们鼓励用户成为平台的长期LP，在取得SLP的同时取得SEX收益。
### 价格决定机制 SLP的价格由LP的所有权益和发行在外的SLP个数决定。 为了更精准的反应LP损益，我们在计量LP权益时，不仅仅计算池内的USDX数量，还将用户永续合约交易的未实现盈亏记入其中。 SLP价格 = （流动性池资产价值-用户未实现盈利）/SLP个数 总用户未实现盈利 = 未实现盈利-借贷费用-资金费用 **案例：** | 流动性池资产价值 | 1,000 USD | | --------- | ------------------: | | SLP个数 | 1,000 | | 未实现盈利 | 500 USD | | 借贷费用+资金费用 | 100 USD | | SLP 价格 | (1000-400)/1000=0.6 | ### 代币详情
## 代币获取 ### SLP代币 您可以在每个周期结束前，选择是否注入流动性池，产生SLP。 SLP 代币需要跟随用户存入资产的价值来进行购买和出售，对于流动性池而言，用户注入流动性时即可铸造对应价值的LP 代币； 用户提取流动性时销毁LP 代币，根据销毁LP 代币的价值来取出对应的资产。 需要注意的是，当用户进行SLP交互时，其资产并未与流动性池直接发生交互，而是需要等待当前纪元结束才能真正完成购买出售。 当前，我们仅支持使用Substance平台的USDX作为资产投入流动性池，用户可以随时将USDC、USDT等稳定币对转换为USDX。 > 在正常情况下，用户通过出售SLP提出的提取流动性的请求将会顺利执行。然而，当流动性池暂时不足时，提取流动性的请求可能会部分执行。 * 用户可销毁的SLP总量： $$用户卖出SLP比例=\frac{用户申请的卖出量}{当前纪元申请的总卖出量}$$ * 用户可以收到的USDX总量：\ $$用户可收到的USDX总量=当前纪元实际卖出量*用户卖出的SLP比例*SLP价格$$ * The user's returned SLP quantity:退回给用户的SLP数量：\ $$退回给用户的SLP数量=用户申请的卖出量−(当前纪元实际卖出量\*用户SLP卖出比例)$$ **案例：**
用户A申请卖出SLP的数量150
当前纪元总的SLP数量1000
当前纪元SLP实际卖出数量600
假定的SLP价格 1.00
用户A可以收到的USDX总量90
退回给用户A的SLP数量60
### SEX代币 除了活动奖励以外，您可以通过两种途径获取到SEX代币： * 通过质押SEX & SLP代币获取。您质押的时间越长，可获取到的SEX代币数量越多。质押将会在锁定期结束后获得SEX 代币奖励 * 在主网上线后，SubstanceX团队将会在去中心化交易所中添加SEX 代币的流动性，用户可以在去中心化交易所中购买SEX 代币。 未来，用户还可以通过更多的方式获取到SEX代币，例如从中心化交易所购买，或者从其它途径获取到SEX收益等。 质押的奖励代币，将会从“流动性激励”部分提供。 **质押&理财** 每隔一段时间，SubstanceX 会将质押收益发送到质押合约中，奖励合约中的收益未来将会转移为治理途径，由SEX持币人来决定下一周期中，质押合约需要分发的奖励数量为多少。 用户一旦开始质押，合约将会为用户铸造一份NFT，此NFT包含用户的质押数量、质押时间以及质押代币，并持续生成SEX质押收益。锁定时间到期之前，用户不能解锁其锁定的代币，也不能领取到SEX收益。 当锁定时间到期后，用户可以通过点击“解锁”来取回锁定的本金，同时其质押产生的SEX代币奖励将会进入365天的分发期，在解锁后的365天内线性释放，此时用户可以点击“领取”来获取已经释放的SEX代币奖励。 当用户质押产生的NFT中，所有SEX代币奖励都被用户领取完后，此NFT将会被销毁。 锁定SLP与SEX均可产生SEX代币奖励，二者仅有奖励数量上的不同。
# 奖励 ### 质押奖励释放规则 质押奖励释放规则 奖励总量：总代币的50% 释放规则：每2年释放剩余总量的50% (如1-2年释放25% ， 3-4年释放12.5% ， ...) 每个池子比例: 后续由运营决定
### 质押奖励分配规则 SEX与SLP质押的最短锁定时间为30天，最长锁定时间为720天。 质押的奖励发放在质押解锁后开始。用户需要手动点击解锁来让奖励进行发放。质押奖励的发放时间为365天。 点击解锁后，该笔质押将不再继续获得SEX质押奖励。根据质押天数的不同，这笔质押将获得不同的奖励倍数。
质押时间 （天）30180360720N
奖励系数1.00 X6.00 X12.00 X24.00 XN / 30 * 1.00 X
每个发放日前，系统将会根据交易所当前所有质押的奖励系数，将SEX代币奖励等比例分配给各个质押者。
**案例：** 第一年奖励池中注入了36500枚SEX。只有A、B、C三位用户进行了质押。三位用户都质押100枚SLP。 其中用户A在第一天质押，选择质押30天； 用户B从第二天开始质押，选择质押180天； 用户C从第三天开始质押，选择质押720天。 那么根据发放规则，三位用户前三天获得的SEX代币奖励如下：

第1天第2天第3天···
用户 A100 = \frac{100*1.00}{100*1.00}*\frac{36,500}{365}14.29 = \frac{100* 1.00}{100*1.00+100*6.00}*\frac{36,500}{365}3.23=\frac{100*1.00}{100*1.00+100*6.00+100*24.00}*\frac{36,500}{365}···
用户 B/85.71=\frac{100*6.00}{100*1.00+100*6.00}*\frac{36,500}{365}19.35=\frac{100*6.00}{100*1.00+100*6.00+100*24.00}*\frac{36,500}{365}···
用户 C//77.42=\frac{100*24.00}{100*1.00+100*6.00+100*24.00}*\frac{30,000}{365}···
﹡案例数据仅供参考。\
# 简易期权 简易期权 **Simple Options** is a virtual currency options product that Substance plans to launch. SubstanceX Simple Options is a product centered around option pricing logic with a trusted settlement mechanism. It allows users to buy Call or Put options at specific prices to predict the price changes of the underlying asset. By doing so, users can limit their potential losses while potentially achieving up to 20 times the maximum returns. The price of an option is determined based on its probability of exercise, ranging from 0 to 1. Upon expiration, the option is settled as either 0 or 1, depending on whether it is exercised. Stay tuned. 简易期权是SubstanceX计划推出的一个虚拟货币期权产品。 SubstanceX简易期权是一款以期权定价逻辑为核心的产品，具有可信的结算机制。它允许用户以特定价格购买看涨或看跌期权，以预测标的资产的价格变化。通过这种方式，用户可以限制潜在的损失，同时有可能获得高达20倍的回报。 期权价格根据其行使概率确定，行使概率从 0 到 1 不等，期权到期时，根据是否行使，结算价为 0 或 1。 敬请期待。
# 策略广场 **Strategy Market** is one of the boards in SubstanceX's preparation. It will be a creative platform. We will launch a copy trading product that belongs to a decentralised exchange. It is centered around Perpetual and introduces a model similar to open-end funds in traditional finance. It allows users with trading skills to create their own fund pools, attracting other users to follow and invest, thereby earning additional income - subscription fees, profit sharing. It also allows users to choose fund managers they trust for copy trading, making trading and profit generation easy. In the future, there will be more trading strategy products, trading tools, and even a community for users to share their trading experiences in the Substance Strategy Market. Stay tuned. 策略广场是SubstanceX筹备中的一个板块。 这将是一个充满创造力的板块。我们会推出属于去中心化交易所的跟单产品，以合约交易为核心，并引入类似于传统金融中开放式基金的模式。它允许有交易才能的用户去创建属于自己的基金池，吸引别的用户来跟单投资，来赚取额外的收益-申购费、分润。也允许用户选择自己看中的基金管理者，进行跟单投资，享受轻松交易，轻松获利。 而在更远的未来，将会有更多的交易策略产品，交易策略工具甚至供用户交流分享交易经验的社区出现在Substance Strategy Market。 敬请期待。 # 代币经济学 SubstanceX拥有一套全面的费用结构，旨在实现平台收入和交易者/流动性提供者收益之间的平衡。 SubstanceX的治理代币称为SubstanceX Token（$SEX），具有基本的分润功能。 #### **代币信息** 代币名称: Substance Exchange Token 符号: $SEX 总供应量: 1,000,000,000
**代币分配** 1. 核心开发：25%，锁仓12个月，分24个月解锁。此部为SubstanceX的开发人员和核心团队保留。 2. 投资者：15%，锁仓12个月，分24个月解锁。此部分为投资者和合作伙伴保留。 3. 市场营销和空投：10%。此部分用于市场营销和初始流动性。 4. 流动性激励：50%。此部分用于激励用户为平台提供流动性。
# 代币应用场景 **流动性激励** 流动性激励将以质押代币的形式体现。流动性激励的每月奖励金额将通过投票事先确定。SEX代币质押与SLP代币质押的收益来源均为“流动性激励”部分的SEX。持有SEX和SLP的用户可以通过质押其拥有的SEX与SLP，获得SEX代币收益。此外，质押SEX代币的用户还将获得额外的好处，如交易费用折扣。
#### **Lock & Earn 质押 & 奖励机制** 代币持有者可以质押其持有的SEX和SLP，质押的时间周期为30～720日。单次质押时间越长，用户潜在的收益就越高。在质押期间，被质押的代币将无法提取或转移。参与质押后用户将会获得以NFT形式表现的质押凭证。质押时间到期后，代币持有者可以通过销毁NFT凭证来赎回对应数量的质押代币。质押产生的收益将在解锁后的365天内以线性方式释放给代币持有者。
**案例解释** 1. 用户A提供 100 USD 的流动性，获得100枚SLP代币。用户A 将这100枚SLP 质押90日，获得1个NFT凭证。 2. 在质押期间，用户A无法提取这100枚SLP代币，也无法拿回相应的流动性资产。 3. 一旦质押到期后，用户A可以销毁该质押凭证，并取回100枚SLP。而质押产生的$SEX收益，将会自解锁之日起的365天内以线性方式释放给用户A。 4. 保管好质押凭证非常重要。如果用户A遗失了NFT凭证，则无法取回对应资产和$SEX收益。 ### **回购 & 销毁** 为促进$SEX的流通并维护其核心价值，项目的绝大部分收益将用于代币回购并销毁Token **机制** 交易手续费收益，SEX/ETH流动性收益，以及SLP销毁费用将会统一发送至国库。其中，交易手续费收益的30%将会用于支付预言机费用、订单执行Gas费用等运营成本，剩余70%交易手续费收益和其它收益将会用于在市场中回购SEX。所有回购的SEX将会销毁，回购的时间与执行销毁的时间将会随机发生。 # 推荐 ### 返佣 为了给用户打造类似于CEX的交易体验，SubstanceX设计了一种与中心化交易所体验类似的用户邀请机制。该机制允许用户通过邀请其他用户来获得额外收益。收益来源于用户的交易手续费，并定期返佣给其它用户。此外，邀请机制还设置了不同的等级，以实现不同的交易手续费返点。 * 返佣收益计算在VIP等级带来的手续费折扣之后（即从实际收取的交易费中进行计算）。 \ **举例：** 用户A、B、C。A为0级用户，B、C为使用A邀请码的用户。 邀请结构与产生的交易手续费如下图： | 层级0 | **A = 0 USD** | | | --- | -------------- | -------------- | | 层级1 | **B = 50 USD** | **C = 25 USD** | 若： * 邀请人反佣 = 5% （用户A获得的奖励） * 被邀请人反佣 = 10%（用户B、C使用邀请码后的奖励） 则此情况下，A、B、C对应获取的返佣收益为：
用户返佣收益
A(50+25)*5% = 3.25 USDX
B50*10%= 5 USDX
C25*10% = 2.5 USDX

### Inviters 邀请人 1. **返佣等级** 返佣等级设计如下：
等级邀请的活跃用户人数总返佣比例
0010%
1≧ 320%
2≧ 1030%
3≧ 2040%
2. **升降级机制** 以下的周：均指自然周 **升级机制：** * 自动升级。每天更新1次。1自然周内，只要邀请用户中的活跃用户数达到下一级别即可自动升级，但是1天只会处理一次，可以跳级。 * 如果邀请人的返佣等级上升，那么拥有的邀请码也将升级。新增的返佣收益将全部加在邀请人的分成上。 案例 |


| **用户A（邀请人）** | **用户B（被邀请人）** | | ----------- | ------------ | ------------- | | （用户A）VIP 0 | 5% | 5% | | （用户A）VIP 1 | 15% | 5% | **降级机制：** * 自动降级。每周00:00（UTC+0）更新一次。若连续4周，邀请人的活跃用户数达不到当前等级要求，则邀请人降级。 * 逐级下降。降级将会按照1级1级降。每次降级后重新开始4周考查期。 * 如果邀请人的返佣等级下降，那么拥有的邀请码也将降级。损失的返佣收益将优先从被邀请人的分成上扣除。 **案例** |


| **用户A（邀请人）** | **用户B（被邀请人）** | | ----------- | ------------ | ------------- | | （用户A）VIP 2 | 20% | 10% | | （用户A）VIP 1 | 10% | 0 | | （用户A）VIP 0 | 10% | 0 | 3. **活跃用户** **什么是活跃用户？** 条件：每周 Perpetual 交易量 > 10,000 USD * 交易量 = 价格\*杠杆 * 开仓和平仓都计算交易量 * 每日0:00（UTC+0）更新 **活跃用户数量计算** 对邀请人A来讲，每有一个被邀请用户满足活跃用户条件，则邀请人A计算1名活跃用户。 4. **邀请码** * 每个邀请人拥有20个邀请码。 * 邀请人可以对每个邀请码自定义不同的返佣比例分配。同时，邀请人也可以对每个邀请码添加“备注”。 案例 |


| 邀请人 | 被邀请人 | | ----------- | --- | ---- | | 邀请码 a | 5% | 25% | | 邀请码 b | 15% | 15% | * 邀请人只能在邀请码被使用以前设置返佣比例分配 ### 被邀请人 被邀请人只能绑定一个邀请码。一旦验证完成，将不可更改。
* **发放时间** * 每日0:00（UTC+0）统计后更新。 * **发放代币** * 以USDX形式发放 * **领取方式** * 用户在Referral页面手动领取。 领取返佣收益需要支付Gas费用。 未领取的返佣收益会累积，直至下一次用户领取。 收益将领取至用户交易所钱包。 ## 奖励 * **发放时间** 每日0:00（UTC+0）统计后更新。 * **发放代币** 以USDX形式发放 * **领取方式** 用户在Referral页面手动领取。 领取返佣收益需要支付Gas费用。 未领取的返佣收益会累积，直至下一次用户领取。 收益将领取至用户交易所钱包。 **（\*返佣系统目前仅在SubstanceX on Arbitrum 上支持）**\
# SNS & 联系方式 **推特:** **TG Telegram:** **TG Channel:** **Discord**： **Medium：** [SubstanceX – Medium](https://medium.com/@SubstanceX) # 观看学习 ### [交易引导视频](https://x.com/SubstanceX_/status/1942464314100834788) # 登录 SubstanceX想为尽可能多的用户服务，所以我们不仅提供了接入Metamask和OKX钱包的登录方式，还通过和Partical合作为用户提供了多种Web2（Google、Tel、X、Discord等）登录方式。 **Metamask钱包** * 点击 "链接 Metamask钱包" * 选择要接入的账户，并批准钱包连接 **OKX钱包** * 确保安装OKX钱包插件 * 点击 "链接 OKX Wallet" * 选择要接入的账户，并批准钱包连接 \ **其他web2接入** **（\*目前仅在SubstanceX on Arbitrum 上支持）** * 选择登陆的社媒图标 * 完成授权并登录 选择Web2的登录方式，首次登录时我们将为您创建一个钱包。您可以通过点击右上角钱包图标-“Partical钱包设置”来管理您的钱包。 关于Partical，您可以点击这里了解更多（ \
# 充值 您可以通过两种方式向您的钱包充值：转入充值、法币入金。
**转入充值** 1. 点击页面中的“充值”。 2. 从别的钱包将资产发送至这个钱包。
**法币入金** SubstanceX集成了AlchemyPay用于Onramp。满足您快速购买虚拟货币的需求。\ 您可以使用喜欢的法币支付方式来购买虚拟货币，并为您的账户注入资金： 1. 点击“购买虚拟货币”按钮。 2. 完成Alchemy购买流程。 3. 虚拟货币充值成功。 # 划转 开始第一次交易以前，您需要将资金从您的钱包划转至交易所钱包内。
**如何进行一笔划转-转入：** * 点击任意“划转”按钮。 * 从“我的钱包”到“交易所钱包”。 * 选择要划转的币对，并输入数量。 * 点击“划转”按钮。 * 恭喜您，完成了第一笔划转-入。 \ 只有交易所钱包内的资金才能用来期货交易、质押。划转入交易所钱包的\*USDT, USDC, USDC.e, 和 DAI都将被转换为USDX。 您始终对您的资产拥有掌控权。将资产划转入交易所钱包，只是将其存入了Substance的智能合约中，您随时可以将其划转至您的钱包。 **如何进行一笔划转-转出：** * 点击任意“划转”按钮。 * 从“交易所钱包”到“我的钱包”。 * 选择要划转的币对，并输入数量。 * 点击“划转”按钮。 * 一笔划转-转出完成。 # 合约交易 让我们开始你的第一笔合约交易 ### **如何下单** 1. 选择你想交易的交易对 目前SubstanceX支持45个虚拟货币币对的交易，我们也将持续上线更多市场上受欢迎的币对。 2. 选择杠杆 * 点击“1.00 x”按钮。 * 选择杠杆倍数：最低1倍最高100倍，精确至百分之一。 * 点击“确认”按钮。 > 高杠杆将在增加潜在收益的同时增加仓位的清算风险。 3. 选择你的下单方式：市价单/限价单 * 选择“市价委托”，意味着订单将以币对当前的市场价格成交。 * 选择“限价”，意味着订单只有在市场价格达到或高于（做多）/ 低于（做空）您设置的价格时，才会成交。 4. 决定你要开的仓位大小。 根据保证金\*杠杆倍数 =仓位大小，您可以直接输入“仓位”得到要支付的保证金数量，也可以输入“保证金”得到开出的仓位大小。 5. 您可以预览在您设置的条件下，开多空两个方向仓位，预估被收取的费用细节，以及预估的清算价格等。同时您也可以设置订单能接受的滑点大小。滑点是您能接受的订单执行价格的最大偏离程度。![](/files/TI6cP1KvfXXlhpL6X2Q2) 6. 决定您的开仓方向。 点击“开多”或者“开空”，即可开出对应方向的仓位。 7. 恭喜您，下单成功。 ### 如何管理您的仓位： **开仓：** 您所有的期货持仓都会展示在这里。每个卡片都会展示仓位的仓位大小，保证金数量，当前收益，入场价格，当前价格，预计清算价格，最大盈利值等信息。 * 关联订单（x）：您可以直观看到该仓位的止盈止损单数量，也可以通过点击“关联订单”直接跳转查 看止盈止损单。 * 平仓：点击按钮，设置市价平仓订单或者限价平仓订单。 * 保证金+：点击+号按钮，可增减仓位的保证金。 * 添加止盈/止损订单：点击“+添加”可为该仓位添加止盈止损订单。 * 一键平仓：点击按钮可一键平掉所有仓位。 * 总收益：这展示的是您当前所有仓位的总收益。 您也可以将鼠标移动至收益、最大盈利处查看更多详细数据。
**当前订单：** * 您的限价订单和止盈止损订单都会展示在这里。 * 取消：点击按钮可取消该订单。 * 一键取消：点击按钮可一键取消所有限价订单和止盈止损订单。 **历史仓位：** 您的所有开平仓历史都会展示在这里。每个卡片都会展示该订单的下单时间，执行时间，仓位的杠杆，保证金，头寸大小，入场价格，状态等信息。
**无效订单：** 您的部分订单可能因价格剧烈波动等情况而执行失败。这样的订单会出现在这里。需要您点击“取消”按钮来取消该订单，并收回占用的保证金。 * 一键取消：点击按钮可一键取消所有失效订单。 # 反佣 通过邀请好友，您有机会获得高达40%的手续费返佣收益。 ### 邀请好友 1. 创建你的邀请码 1. 点击设置图标， 2. 点击“添加反佣码”， 3. 设置反佣比例， 4. 设置标签， 5. 确认创建。 2. 将您的邀请码分享给好友，共享反佣收益。 ### 绑定反佣码 * 你可以在登录时绑定反佣码。
* 也可以点击反佣页面右侧的绑定按钮进行绑定。
> 请注意，账户只能绑定一个邀请码，且后续不可更改。 ### 反佣面板 你可以在面板中查看自己的邀请等级，对应的返佣比例，以及目前享受的返佣比例。同时，也能实时查看返佣等级的升级进度。
你也在右侧点击“领取”领取获得的返佣收益。
各个好友的交易量以及他们获得返佣收益被展示在下方。\ \
# 流动性池 点击导航栏页面“赚”按钮，进入“流动性”页面。
**你可以购买SLP来享受作为流动性提供者的收益。** 1. 点击“购买” 2. 输入你想要使用的USDX数量 3. 点击“购买SLP”，提交你的支付请求。 4. 你的支付请求将在下一次纪元开启时被执行。 5. 被执行后，点击“领取”来领取你购买的SLP。\ ![](/files/avPBBjCQeHe4lgx7E2WP) **你也可以出售SLP，收回提供流动性的资产和收益。** 1. 点击“出售” 2. 输入你想要卖出的SLP数量。 3. 点击“出售SLP”来提交你的出售请求。 4. 你的出售请求将在下一次纪元开启时被执行。 5. 被执行后，点击“领取”来领取出售SLP换取的USDX。 # 质押&理财 点击“赚”按钮，进入“质押&理财”。
横幅显示当前纪元的详细信息，如剩余时间、总质押数量、价值等。 **质押SEX获得质押奖励** 1. 点击“质押SEX” 2. 输入你想要质押的SEX数量和锁定的期限。 3. 点击“锁定SEX“完成质押流程。
**质押SLP获得质押奖励** 1. 点击“质押SLP” 2. 输入你想要质押锁定的SLP的数量。 3. 点击“锁定SLP”完成质押流程。 > 质押SLP和SEX都可以获得SEX代币奖励，二者仅有奖励数量上的不同。 **管理你的质押资产：** 您可以在页面底部“质押中”面板中查看您的所有质押资产。 每个小卡片都展示了该笔质押的资产种类，质押资产的数量，当前SEX奖励数，质押进度等。 点击卡片会展示更多的相关信息。 * 当质押时间到期以后，点击“解锁全部”即可解锁到期的质押资产，并取回锁定的本金。 * 同时，您质押产生的SEX代币奖励将会出现在右侧“解锁”位置。它们将在365天的分发期内线性释放。您可以点击“领取全部”来领取已经释放的SEX代币奖励。 # 一键交易 启用一键交易，可以帮您免去重复的钱包确认操作。 **开启一键交易：**
1. 点击顶部导航栏上“一键交易”按钮。 2. 设置一个4位数的PIN码并通过钱包签字，创建一个新的钱包私钥。 请记住并妥善保管您的密码，因为一旦丢失一键交易钱包的凭据，可能会导致您丢失一键交易钱包账户。 该钱包私钥仅用于授权Substance Exchange内的交易操作。 启用后，原始按钮将变成一个电池图标，提醒您ETH的燃气(Gas)余额。
**补充（存款）：** 如果您是首次启用一键交易，您的燃气余额会是0。 * 点击“补充”为您的一键交易充值ETH，用于支付燃气费用。 随着您充值一键交易，电池图标会随之充电。 现在，您可以开始交易，免去来自Metamask等钱包的不断确认提示。 **取空：** 点击“取空”，将您一键交易钱包内的资金提取至连接的钱包中。
**停用** * 点击“进阶设置”，进入设置页面。 * 点击“更多”-“停用”，即可关闭您的一键交易钱包。 停用之后，您账户的信息和余额将会保留不会受到影响。您可以在任何您愿意的时间重启您的一键交易。 **重置：** * 点击“更多”-“重置”。 请注意，重置您的一键交易钱包将关闭该功能并擦除私钥。 # 安审报告 作为一个链上的交易所项目，我们首要考虑的是智能合约的安全。 为了确保智能合约的安全，我们的开发团队撰写了超过一千个测试案例，对合约的每一个函数，每一行进行测试， 测试覆盖了100%的合约代码。 从2023年7月开始，我们推出了产品的测试版本，超过30000个交易者在平台上完成了超过100000笔交易，在长时间的大规模测试下，智能合约经受住了考验，没有严重的漏洞在测试网中被发现。 另一方面，在2023年的8月和11月，我们分别邀请了Halborn和Damocles的团队，对我们的合同进行了细致和全面的审计。根据审计结果，团队进行了必要的修改，以提高我们智能合约的安全性。 {% file src="/files/cLrHLvMX3CvyowzCabzR" %} {% file src="/files/fA6u2o28k7AvtAVenC0c" %} # 问题(BUG)反馈 感谢您选择SubstanceX。在我们致力于提供最佳服务的过程中，我们非常重视并欢迎您对在交易过程中可能遇到的任何错误进行报告。如果您遇到与用户体验或交易功能相关的任何问题，请随时将详细信息发送至 . **提交错误报告的步骤：** 1\. **问题描述：** 请提供对您遇到的问题的详细描述，包括发生时间、具体步骤以及可能帮助我们了解问题的任何上下文。 2\. **截图：** 如果可能，请包含相关截图，因为它们可以提供对问题的视觉理解。 3\. **操作环境：** 提供有关您使用的设备类型、操作系统和浏览器的详细信息。 4\. **联系信息：** 如果您希望我们跟进或寻求澄清，请提供您的联系信息。 我们将迅速审查您的反馈并采取必要措施解决问题。再次感谢您支持我们不断改进平台。 Substance Technologies Limited # 词语表 ## 角色 1. User 用户 用户是所有使用平台的人的总称，其从身份上包括了 交易者(Trader)、流动性提供者（LPs）和持币者。三者身份可以互相重叠，同一个用户可以同时拥有不同身份。 2. Trader 交易者 Trader指在交易所进行交易的用户，交易合约的人。 3. LPs 流动性提供者 LPs指在交易所提供流动性的用户，他们将Substance USD（USDX）存入交易所换取SLP，并获取流动性收益。 4. Holder 持币者 持有SEX代币的用户，代币持有人可以仅持有代币而不与交易所交互，也可以成为LPs或者Traders。 5. Staker 质押者 锁仓SLP或者SEX获取收益的用户，可以获取到SEX收益。 6. VIP 拥有VIP等级的用户，需要达到指定交易量、SLP锁仓量或者SEX锁仓量。 7. Inviter 邀请人 发送邀请码的用户，被邀请人使用邀请人的邀请码后，邀请人可以获得收益。 8. Invitee 被邀请人 使用邀请码的用户。 ## 操作 1. Trade 交易：指用户在Substance Exchange（SubtanceX）上进行开仓、平仓和交换的行为。 2. Perpetual 永续期货：在Perp页面进行开仓、平仓，或者增加、减少保证金。 3. Options 期权：在Option页面进行开仓、平仓和结算。 4. Buy SLP 购买SLP：提供USDX代币来铸造SLP代币，又称为提供流动性。 5. Sell SLP 出售SLP：销毁SLP代币来获取USDX代币，又称为移除流动性。 6. Stake SEX 锁定SEX：锁定SEX代币并获取SEX收益。 7. Stake SLP 锁定SLP：锁定SLP代币并获取SEX收益。 8. Unlock 解锁：取回锁定的SLP或者SEX代币。 9. Vest 转化：将锁定产生的SEX收益转化为真实Token。 10. 1CT 一键交易：无确认交易功能，允许用户进行交易时不弹出弹窗进行确认。 ## 交易行为 交易是用户在SubstanceX交易所中进行的主要操作之一，用户通过交易来从流动性池处获取收益，或者因交易行为产生亏损。 1. ### 永续合约 加密货币永续合约产品以USDX结算。用户可以通过买多或卖空合约从加密货币价格的涨跌中获利。 #### 菜单栏 1. Borrow fee 借贷费率：借入资金所需要支付的利息费率。 2. Open Interest Long（OI L）多单持仓量：多头用户所持有的币种永续合约的总持仓量。 3. Open Interest Short（OI S）空单持仓量：空头用户所持有的币种永续合约的总持仓量。 4. L/S 多空比：多头持仓量与空头持仓量之间的比率。 5. Funding Rate 资金费率：根据当前持仓量，多空双方需要支付 or 获得的资金费。 #### 交易窗口 1. Long 多头：开做多头寸，价格上涨时获益。 2. Short 空头：开做空头寸，价格下跌时获益。 3. Market 市价单：用户根据当前市场价格执行做多或做空开仓操作，无需设置指定价格。 4. Limit 限价单：用户在做多或做空期货时设置特定价格，只在达到或高于（做多）/低于（做空）该价格时才会成交。 5. Balance 可用余额：用户的Exchange Wallet中可用于交易的剩余资金。 6. Available Liquidity 流动性池剩余：基于流动性池，剩余可供交易的流动性数量。 7. Position 总仓位：永续期货合约的总持仓量。 8. Stop Orders 止赢止损： 1. Stop loss 止损：价格达到设定价格时自动平仓或部分平仓，以限制潜在的损失。 2. Take profit 止盈：价格达到预设盈利目标时自动平仓或部分平仓，以确保获得预期的利润。 9. Collateral 保证金：用户在开仓时需要缴纳一部分资金作为保证金，基于该资金来确定开仓头寸。 10. Liq.Price 清算价格：在永续期货交易中，该订单在被强制结算时的价格。 11. Fees 交易费用： 1. Trading Fee 交易手续费：执行该交易所支付的费用，受总仓位大小影响。 2. Borrow Fee 借贷费率: 借入资金所需要支付的利息比率，受总仓位大小影响。 3. Funding Fee 资金费率: 是交易所为了保持多空双方持仓量平衡而设定的费率，费率将在多空交易者之间交换，交易所并不收取此费用。当费率为-时，需要支付费用；费率为+时，将会获得收益。 4. Price Impact 冲击价格：用户在进行大额交易或市场流动性较低时，执行交易订单可能对流动性或市场价格产生的影响并将收取一定费用。 5. Execution Fee 执行费用：执行交易订单所需支付的费用。 12. Slippage Limit 滑点限制：用户可接受的实际执行价格和提交价格之间的最大差距。 **Trading Fees** 1. Trading Fee: The fee paid by the user for executing the trade, affected by the total position size. 2. Borrow Fee: The fee paid for borrowing funds, calculated as an interest rate, affected by the total position size. 3. Funding Fee: The fee set by the exchange to balance the positions of long and short traders. The fee rate is exchanged between traders, and the exchange does not collect this fee. When the fee rate is negative, users need to pay the fee, while a positive fee rate results in earnings. 4. Price Impact: The fee charged when executing a trade order that may impact liquidity or market prices, typically incurred during large trades or in low-liquidity market conditions. 5. Execution Fee: The fee paid by the user when submitting an order, typically calculated in ETH but displayed in USD for user convenience. This fee is a fixed value. **交易费用** 1. Trading Fee 交易手续费：执行该交易所支付的费用，受总仓位大小影响。 2. Borrow Fee 借贷费用：借入资金所需要支付的利息比率，受总仓位大小影响 3. Funding Fee 资金费：是交易所为了保持多空双方持仓量平衡而设定的费率，费率将在多空交易者之间交换，交易所并不收取此费用。当费率为-时，需要支付费用；费率为+时，将会获得收益。 4. Price Impact 冲击价格：用户在进行大额交易或市场流动性较低时，执行交易订单可能对流动性或市场价格产生的影响并将收取一定费用。 5. Execution Fee 执行费用：用户提交订单支付的ETH，为固定值，我们将为用户展示美元计价。 ## 收益获取行为 ### 赚-流动性 用户通过提供USDX的流动性获取SLP代币，或者销毁SLP代币获得USDX。 **操作行为** 1. Buy SLP 铸造SLP：用户可通过提供USDX代币到流动性池中来铸造SLP，并获取到流动性收益。铸造行为会在每个纪元结束时统一进行，铸造价格取决于纪元结束时SLP的价格。 2. Sell SLP 销毁(出售)SLP：用户可销毁SLP来获取USDX代币。销毁行为会在每个纪元结束时统一进行，销毁价格取决于纪元结束时SLP的价格。 **Information Window信息栏** 1. Epoch 纪元：当前纪元数，每一个纪元持续24小时，具体时间长度将会取决于SubstanceX的设定，在测试网期间为30分钟。 2. Remaining Epoch剩余时间：当前纪元的剩余时间。 3. Started in Epoch开始时间：当前纪元的开始时间。 4. End in Epoch结束时间：当前纪元的预期结束时间。 5. SLP Price SLP价格：SLP的价格，该价格将会在纪元更新时变化。 6. Pool Size 流动性池大小：当前流动性池中，所有资产的USDX价值。 7. SLP Supply SLP供应量：SLP的当前总供应量，将会在纪元更新时变化。 8. APR ：目前SLP的预估年化收益，不包含质押收益。 **Trading Window交易栏** 1. Fees SLP出售费用：出售SLP需要的费用。当用户出售SLP并提取资产时，会收取一定数量的销毁费用，作为移除流动性的执行手续费 2. Exchange Rate SLP兑换比例：当前纪元 SLP和USDX的兑换比例。注意，实际兑换比例取决于纪元结束时。 3. You will receive 预期收到的SLP/USDX数量：出售SLP或者购买SLP预期收到的USDX数量或者SLP数量。 **Status Window状态栏** 1. Bought 待领取SLP数量：当前已经购买成功的SLP数量。点击“领取”可以将这些SLP领取到交易所钱包中。 2. SLP to be bought 待购买SLP数量：当前纪元您已提交的期望用于购买SLP的USDX数量。当纪元结束时，将会为您执行购买操作。 3. Sold 待领取USDX数量：当前已出售SLP可换取的USDX数量。点击领取可以将USDX领取到交易所钱包中。 4. SLP to be sold 待出售SLP数量：当前纪元您已提交的期望出售的SLP数量。在纪元结束时将会出售。注意！如果流动性被占用，则您提交的出售申请将会被部分执行，未售出部分将会以SLP形式回到您的交易所钱包。 **流动性池构成** 流动性池代币组成与流动性数据： 1. Symbol 代币：显示代币的名称和Logo 2. Current Price 当前价格：目前该代币的价格 3. Size in Pool 流动性池价值：当前流动性池中该代币的USDX价值 4. Current Weight 当前权重：当前流动性池中，该代币的权重百分比 5. Available 可用数量：当前时刻流动性池中可用兑付交易者收益的USDX数量。 6. Usage 使用率：该代币的占用率。 ### 赚-质押&理财 用户可以在质押&理财页面锁定SLP和SEX代币来获取SEX收益。 **信息栏** 1. My Locked SEX 用户锁定SEX数量：当前用户已经锁定的SEX代币数量 2. My Locked SLP 用户锁定SLP数量：当前用户已经锁定的SLP代币数量 3. Earned 已赚取SEX数量：用户通过质押行为，已经赚取并领取到交易所余额中的SEX代币数量。 **交易栏** 1. Lock Period 锁定周期：锁定周期为30-720天，锁定时间越长收益越高。 2. Estimated APR 预估APR：当前锁定时间下的预计年化收益率 3. Reward Point 奖励系数：当前锁定时间长度下的奖励系数 4. Time of Unlock 解锁时间：当前锁定时间下， 预计解锁的年月日。 **质押中** 1. Amount 锁仓数量：锁仓的代币数量，包括SLP或SEX 2. Lock Period 锁仓周期：锁仓时长 3. Lock Start Time 开始锁仓日期：本次锁仓行为的开始时间 4. Lock End Time 锁仓结束日期：本次锁仓行为的预期结束时间 5. Time until Unlock 解锁剩余时间：距离解锁还剩余多长时间，如果已达到解锁日期，则会显示“可解锁” 6. Reward 奖励数量：当前锁仓行为已产生的SEX收益。注意，这些SEX您无法立刻提取。 **解锁** 1. Amount 锁仓数量：锁仓的代币数量，包括SLP或SEX 2. Release Period 奖励释放时长：您的奖励将会在多长时间里释放。 3. Release Start Time 开始释放日期：本次奖励释放行为的开始时间 4. Release End Time 释放结束日期：所有奖励发放完成的预期结束时间 5. Reward 奖励数量：当前锁仓行为已产生的SEX收益。 6. Claimed Reward 已领取奖励数量：当前您已领取的奖励数量。 # 常见问题 ### 1. 什么是 Substance Exchange？ Substance Exchange是Layer2上一家领先的衍生品交易平台。 ### 2. Substance Exchange的官方网站是什么？ Substance Exchange 的官方链接请点击 \[[Substance Exchange](https://www.substancex.io/)]。 ### 3. Substance Exchange的代币是什么？ Substance Exchange 的官方代币是 $SEX。 ### 4. 发行$SEX 代币的目的是什么？ $SEX 代币的发行主要是为了流动性激励与治理。
### 5. $SEX 的总发行量是多少？ $SEX 总的发行量为10亿枚。
### 6. 怎样加入SubstanceX社群？ 您可以加入我们的 Telegram群() 和 Discord社区 ().
### 7. 用户的服务邮箱、投诉邮箱，和VIP的联系邮箱是什么？ Substance Exchange 目前只有一个对外的服务邮箱。你可以发送你的需求或者反馈到我们的联系邮箱： .
### 8. 怎么查看我的UID？ 在网页端，点击右上角的“个人”图标，选中“概览”，就可以看到你的UID。
### 9. 有哪些支持的登录方式？ 我们提供多种Web2登录方式，以及Web3登录方式，如Metamask，OKX wallet。
### 10. 流动性提供者可以获得哪些收益？ 交易奖励：流动性提供者（LPs）获得与交易对手的损失相关的所有交易利润。质押奖励：如果LPs愿意将提供的流动性锁定一段时间，他们将根据锁仓期限获得额外奖励。奖励机制与质押$SEX代币相同。更多详细信息，请参阅“流动性与收益”部分。 ### 11. 质押$SEX的奖励是什么？ 质押 $SEX 允许用户获得提供 $SEX 流动性的奖励。
### 12. 用户可以多久领取一次他们的质押奖励？ 在用户的资产质押期满后，从质押中产生的$SEX代币奖励将在接下来的365天内线性释放。用户可以在“锁定与赚取 - 已解锁”部分领取已释放的奖励。 ### 13. 质押期限如何影响用户收益？ 质押期限越长，奖励系数就越高。
### 14. $SEX?$SEX代币的销毁机制是什么？ 交易手续费收入的70％，SEX/ETH流动性的收入以及$SLP的铸币将用于购回$SEX。所有购回的$SEX代币将被销毁，购回和销毁事件将随机发生。 ### 15. 费用的收入怎么分配？ 交易手续费收入的30％将用于支付运营成本，如Oracle费用和订单执行的Gas费用。剩余的70％交易手续费收入和其他收入将用于购回$SEX。所有购回的$SEX代币将被销毁，购回和销毁事件将随机发生。
### 16. 用户怎么参加平台治理？ Substance Exchange渴望与其用户共同发展社区。在未来，我们将邀请质押SEX代币的用户参与平台的治理。 ### 17. 如何通过OTC进行法币入金？ 您可以通过Alchemy Pay进行法币入金，支持的方法包括Visa、Mastercard、Apple Pay、Google Pay等。
### 18. 场外提现支持吗？ 平台暂时不支持。
### 19. 流动性池支持哪些代币？ 流动性池支持 USDT, USDC, USDC.e, 和 DAI。
### 20. 永续合约的最大杠杆倍数是多少？ 大多数交易对支持最大100倍杠杆，你可以查看[永续合约规范](/zh/yong-xu-he-yue/yong-xu-he-yue-gui-fan)查看每个交易对的信息。 ### 21. 永续合约的价格是由什么决定的？ 合约的价格是由预言机喂价以及用户交易行为决定的。 ### 22. 平台支持市价委托单吗？ 是的，平台支持市价单，你可以在下单窗口选择订单类型。 ### 23. 永续合约最小开仓量是多少？ 当前永续合约支持的最小交易量是$10 USDX。 ### 24. 推荐反佣的规则有哪些？ 推荐佣金的规则分为四个级别： 级别 0：无要求，推荐人有权获得10%的总佣金返利。 级别 1：活跃好友用户≥3，推荐人有权获得20%的总佣金返利。 级别 2：活跃好友用户≥10，推荐人有权获得30%的总佣金返利。 级别 3：活跃好友用户≥20，推荐人有权获得40%的总佣金返利。 \*活跃用户：每周永续合约交易量大于10,000U。
### 25. 一个反佣邀请码可以分享给多少个朋友？ 无限制。你可以将你的反佣邀请码推荐给任何你想邀请的人。 ### 26. 同一个用户可以注册多个反佣邀请码吗？ 可以，当前一个用户可以注册不超过20个返佣邀请码，并设置分配比例。 ### 27. 如果用户未及时提取推荐佣金，是否会被清零？ 不会，用户的推荐佣金属于其个人资产，可以随时提取。 ### 28. 推荐返佣的佣金是否有到期日？ 推荐佣金没有过期日期。参与推荐计划的用户将永久享受奖励。但请注意，推荐等级运作于一个四周为周期的升降机机制，每四个自然周进行一次更新。 ### 29. 为什么在达到所需数量的有效交易用户后我的返佣等级没有升级？ 这可能是因为尚未达到所需数量的活跃交易用户，或者还没有到达推荐佣金比例调整和升级的时间。 ### 30. 什么是ROI？ "ROI" 计算你的真实投资收益率 ROI = (总的平仓收入 - 总的开仓支出) / 总的开仓支出

\ 总的平仓收入 = 仓位保证金 + 收益 + 收取的资金费用\ 总的开仓支出= 仓位保证金+ 开仓费用 + 平仓费用 + 借贷费用 + 支付的资金费用 ### 31. 为什么我的SLP卖出请求，只有部分被执行？ 当流动性池中的可用流动性小于当前纪元内所有用户的总卖出金额时，由于可用流动性不足，用户的卖出请求可能只能部分执行。系统将根据您的卖出金额占总卖出金额的比例来执行您的卖出请求。未成功卖出的SLP将退还给您。您可以在“您的状态 - 已退还”部分领取这部分SLP。 \
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# 投资机构 SubstanceX在2023年初获得以下机构和个人的投资： * A\&T Capital * LD * Avalanche共同创始人 * Continue Capital联合创始人 # 媒体套件 SubstanceX、SLP和USDX的标志，包括SVG和PNG格式，可以在我们的[媒体套件](https://github.com/Substance-Exchange/media-kit)中找到。 # 使用条款 **欢迎访问 Substance Exchange** 本使用条款（以下简称 "条款"）规范了您访问和使用Substance Technologies Limited（以下简称“Substance Exchange”、“我们”）提供的服务。Substance Technologies Limited是一家依据英属维尔京群岛法律成立的公司，注册办公地点位于 Start Chambers, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands。通过访问位于 ### 1. 接受条款 访问或使用我们的服务，即表示您确认接受这些条款，并同意遵守这些条款。如果您不同意这些条款，则不得使用我们的服务。
### 2. 条款变更 我们可随时自行决定修改条款。如果我们进行修改，我们会通过在网站上发布修改后的条款或通过其他方式通知您。请务必在我们修改条款时查看条款，因为如果您在我们在网站上发布修改后的条款后继续使用服务，即表示您同意接受修改后条款的约束。 ### 3. 服务的访问和使用 \ 您必须确保通过您的互联网连接访问我们服务的任何人都了解并遵守这些条款。 **A. 资格要求** 您必须至少年满18周岁才能访问或使用我们的服务。同意这些条款即表示您向我们声明并保证： (a) 您至少年满18岁； (b) 您之前未曾被暂停或移除出我们的服务； (c) 您注册和使用我们的服务符合所有适用的法律和法规。 **B. 注册及您的信息** 如果您想使用我们服务的某些功能，您必须创建一个账户（以下简称 “账户”）。您承诺向我们提供准确、完整和最新的注册信息。 **C. 禁止使用** 在使用我们的服务时，您同意不滥用服务或帮助他人滥用服务。 ### 4. 风险提示 无论是真实的还是虚拟的商品和产品，以及虚拟货币的交易都涉及重大风险。任何一天的价格都会波动。由于这种价格波动，您的资产随时可能增值或贬值。
### 5. 知识产权 我们网站上的内容，包括但不限于文本、软件、脚本、图形、照片、声音、音乐、视频和互动功能，以及其中包含的商标、服务标志和徽标，均由 Substance Exchange 拥有或授权
### 6. 终止 我们可能会立即终止或暂停您对我们服务的访问，无需提前通知或承担责任，原因包括但不限于您违反了这些条款。
### 7. 适用法律 本条款受英属维尔京群岛法律的管辖，并依照其法律进行解释和执行。 ### 8. 责任限制 Substance Exchange 对您在我们平台上进行交易可能遭受的任何损害或损失，无论是部分还是全部，概不负责。这包括但不限于因不可抗力事件造成的损失，例如Arbitrum网络、Zeta网络生产区块的延迟、网络中断、oracle价格提要错误、黑客攻击、AWS服务器服务中断或其他无法预见的情况。这些事件可能导致用户在交易所持有的资产或头寸部分或全部损失，Substance Exchange对此类损失不承担责任。
### 9. 联系我们 如果您对这些条款有任何疑问，请通过与我们联系。 # 隐私政策 **生效日期：\[2023年11月20日]** 欢迎访问 Substance Exchange，该网站由 Substance Technologies Limited（以下简称 "Substance Exchange"、"我们）运营，我们是一家依据英属维尔京群岛法律成立的公司，注册办公地点位于Start Chambers, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands。本隐私政策解释了当您访问我们的网站 ### 1. 我们收集的信息 我们可能会通过多种方式收集用户的个人识别信息，包括但不限于当用户访问我们的网站、在网站上注册，以及与我们在网站上提供的其他活动、服务、功能或资源相关时。根据情况，可能会要求用户提供姓名、电子邮件地址和数字钱包地址。
### 2. 我们如何使用您的信息 我们主要使用收集到的信息来运营我们的网站并为您提供服务，包括： * 个性化用户体验 * 优化我们的网站 * 处理交易 * 发送定期电子邮件
### 3. 我们如何保护您的信息 我们采用适当的数据收集、存储和处理实践以及安全措施，以防止您的个人信息和我们网站上存储的数据被未经授权的访问、更改、披露或销毁。
### 4. 共享个人信息 我们不会向他人出售、交易或出租用户的个人身份信息。我们可能会出于上述目的，与我们的商业伙伴、可信赖的附属机构和广告商共享与访客和用户的任何个人身份信息无关的通用汇总人口信息。 ### 5. 您的权利 您有权访问、更正或删除您的个人数据。来自欧洲经济区（EEA）、英国和巴西的用户在当地法律下还享有其他权利。 ### 6. 隐私政策的变更 Substance Technologies Limited 保留随时更新此隐私政策的权利。更新时，我们将在本页顶部修改更新日期。我们鼓励用户经常查看本页面是否有任何变更，以便随时了解我们如何帮助保护我们收集的个人信息。
### 7. 联系我们 如果您对本隐私政策、本网站的做法或您与本网站的交易有任何疑问，请通过以下方式联系我们： Substance Technologies Limited