Architecture

Overview

Aftermath Perpetuals is a fully onchain perpetuals protocol running on the SUI blockchain. By creating an account, the user is able to allocate collateral to open isolated positions in any of the available markets. We plan to add cross-margin accounts in future, after observing how the protocol behaves in the initial phase.

A perpetuals market is defined by the base asset, which is the asset the underlying asset of the perpetuals contract (BTC, ETH, GOLD, EUR…) and the quote asset, which is used to denominate the base asset's price (USD denominates all the markets).

Markets are collateralized only by one asset (USDC usually), but it is possible to create markets collateralized by any onchain asset type, as long as there is an oracle price feed for it. This allows us to provide two different types of perpetuals markets:

Linear: the price of the collateral asset is supposed to be stable at 1 USD. Linear market examples:

• BTC/USD collateralized by USDC

• SUI/USD collateralized by USDC

• EUR/USD collateralized by USDC

Inverse: the price of the collateral asset may change. All the markets are denominated in USD, but settled using the collateral asset. Inverse market examples:

• BTC/USD collateralized by whBTC

• EUR/USD collateralized by whBTC

• SUI/USD collateralized by whBTC

• SUI/USD collateralized by whETH

Both the prices for the base asset (also called index price) and the collateral asset are provided by an oracle. Having these price feeds is enough to create a market, giving the flexibility to add new markets very quickly.