Single-Stock Perpetual Futures Risk & Funding Simulator
Model margin obligations, liquidation boundaries, 8-hour funding drift, and basis arbitrage returns for synthetic 24/7 equity perpetual contracts (NVDA, TSLA, AAPL, AMZN, and custom stocks).
Contract Risk Telemetry & Scenarios
Live Model Active| Stock Price Shock | Simulated Spot | Gross Price PnL | Net PnL (w/ Funding) | Return on Margin (ROE) | Margin Health Status |
|---|
| Time Elapsed | 8h Cycles | Cumulative Funding Paid / Recv | Effective Collateral Remaining | Adjusted Liquidation Price |
|---|
Regulatory Context: On September 18, Coinbase filed for regulatory approval to launch single-stock perpetual futures contracts covering leading U.S. corporate equities (Apple, Tesla, Nvidia, etc.).
- No Expiration: Unlike CME standard quarterly stock futures, perpetual swaps never roll or expire. Positions are kept anchored to equity spot prices via continuous 8-hour funding payments.
- Overnight / 24-7 Basis: When traditional equity exchanges (NYSE/NASDAQ) are closed, equity perps continue trading 24/7. Funding rates absorb overnight news, weekend earnings, and gap risks.
- Cash Settlement & Dividends: Perps settle purely in cash collateral (USD/USDC). Declared dividends on the underlying stock are netted out through funding rate adjustments or direct cash balance debits to long holders.
How Single-Stock Perpetual Futures Function
1. The Spot Index & Mark Price Anchor
Perps derive fair value from a composite index price of the underlying equity during regular market hours, and an algorithmic order-book median during closed hours. The funding mechanism penalizes whichever side drives the perp price away from spot.
2. Dynamic 8-Hour Funding Formula
Funding Payment = Notional Size × Funding Rate. When the perp trades at a premium over spot (positive basis), Longs pay Shorts. When trading at a discount (negative basis), Shorts pay Longs. On high-beta equities like TSLA or NVDA, persistent bullish bias can yield 15-40% APR funding carry.
3. Isolated vs. Cross Liquidation
Liquidation occurs when your account equity falls below the Maintenance Margin Requirement: Equity < (Notional × MMR). Because equity stocks can gap 10-20% on overnight earnings announcements, high leverage (>10x) carries extreme gap risk before market open.