Overview
Discover all about Narwhal - How we make trading effortless and frictionless.
Narwhal offers a distinctive trading experience with synthetic leverage and no order books or liquidity for each pair. The PnL calculation occurs in smart contracts and is settled against NLP for a secure, transparent process. This streamlines trading and provides a unique opportunity for leverage-based trading.
Available order types: Market Order, Limit Order, Stop Market Order
Collateral: USDT will be the only accepting collateral and the maximum amount a trader risks if liquidated; collateral x leverage must be above the minimum position size.
Liquidation: A trade will be liquidated if it is at <= -90% PnL
Stop Loss: Not obligated to select; bounded from below by the liquidation rule. Note that liquidations work similar to stop losses, and your position will be liquidated at <= -90% PnL
Take Profit: Max profit on a trade is 900% PnL, so if no take profit levels are set, the system will default take profit at +900% PnL.
Slippage: depending on the user’s choice. If execution price > slippage tolerance, the trade will not be executed.
Leverage: maximum leverage varying by asset type
Pairs: Crypto + Forex
Liquidity Source
The Narwhal LP (NLP) is a comprehensive solution for leverage trading. The cost for minting and redemption is calculated based on the equation:
(USDT balance + cumulative PnL of traders + accrued fees) / outstanding NLP.
As NLP holders supply liquidity to support leveraged trading, they will experience a financial advantage corresponding to the performance of traders, resulting in profit when the traders incur losses, and vice versa.
Oracle
Narwhal utilizes the Pyth oracle network to provide up-to-date and accurate token prices data.
Pyth collects market data from over 70 top publishers, including some of the biggest exchanges and market making firms in the world like Binance. Our prices update multiple times per second, providing a reliable and robust aggregate of publisher prices.
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