XGRAM Listed Perpetual
XGRAM is a Xena Listed Perpetual over the expected price of the GRAM token to USD. This article outlines the mechanics of the perpetual, the full contract specification is published on the Xena Exchange website here: https://xena.exchange/perpetuals/XGRAM.
The value of each contract is 1 GRAM. The contract is traded in lots, each lot is 10 contracts. The minimal order quantity is 1 lots, i.e. 10 GRAM. Right now, the contract is traded without leverage; the leverage will be introduced with the growth of liquidity and turnover.
The price of the XGRAM Perpetual reflects the expectations of market participants about the future price of the real GRAM token. Once the real token is published and traded on some spot exchanges, the price of the Perpetual will be linked to it.
.XGRAM_TWAP index is used as the underlying. The index is calculated as moving average of the price of the last 30 trades of the XGRAM Listed Perpetual.
Once the real GRAM token is released and traded on some major exchanges, that allows us to build a reliable index not prone to manipulations, we will create a new index based on the spot price of the token and use it to mark the XGRAM Perpetual positions to market.
If the real token is not released or a reliable index cannot be built due to any other reasons by 28 February 2020, all XGRAM Listed Perpetual positions will be closed using the price 5.90 USDT per XGRAM.