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High Level Architecture

Flow of a Trade (Intent → Quote → Settle)​

  1. Trader submits an intent (side/size/leverage/constraints).
  2. Solvers compete to quote price and execution parameters.
  3. Trader accepts the best quote.
  4. Symmio settles the bilateral agreement on‑chain against the trader’s cross‑margin USDC collateral.

Accounts & Collateral (Cross‑Margin)​

  • Single USDC collateral account backs all positions.
  • Unrealized PnL nets across positions, enabling higher capital efficiency.
  • Deposits are immediate; withdrawals finalize after a 12‑hour fraud‑proof window.

Leverage & Risk Controls​

  • Max leverage: per‑market caps as configured by hedgers within Symmio constraints (see Markets snapshot).
  • Initial Margin (IM): Minimum capital to open new exposure; scales with leverage and market risk.
  • Maintenance Margin (MM): Minimum capital to keep positions open; breaching MM triggers liquidation.
  • Liquidations: If account health falls below MM, positions can be reduced/closed to restore solvency. CVA mechanisms ensure counterparties remain whole.

Funding Mechanics​

  • Funding aligns perp pricing with spot via periodic transfers between longs and shorts.
  • Parameters (epoch/window/direction) follow Symmio’s model and per‑market configs.

Oracle & Pricing​

  • Quotes reflect solver pricing; on‑chain settlement uses Symmio’s standard validations (including Muon‑based signatures where applicable) and risk checks.

Solvers & Hedging​

  • Orbs’ solver network provides competitive quotes, uptime SLAs, and inventory management (hedging may occur off‑chain).
  • Execution is atomic from the trader’s perspective; settlement remains on‑chain and verifiable.