OI caps

Limiting open interest

Open Interest (OI) caps

Two independent limits per market. When a cap is reached, new opens are rejected (reductions/closures still allowed).

1) Notional OI cap

• Definition:

  • Sum of |position_size| × mark_price across all accounts.

• Default:

  • $1,000,000 per asset (initial; can be adjusted post-stabilization).

• Effect:

  • Blocks additional notional exposure; helps maintain orderly depth.

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2) Size OI cap

• Definition:

  • Sum of absolute units across all accounts.

• Default:

  • 1,000,000,000 base units. With szDecimals = 2 → effective cap 10,000,000 units.

• Interpretation:

  • At $200/unit, the size cap implies a $2B theoretical limit—but other rails (notional cap, price bounds) constrain real behavior first.