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Scape lists perpetual futures on regional commodity markets. All are quoted in the underlying market’s local currency and settled in USDC as quanto contracts — there is no FX conversion at any point.

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Contract Specifications

Every Scape market defines the same set of parameters:
ParameterDescription
UnderlyingThe regional spot assessment the index tracks
QuoteLocal-currency unit of the underlying market
SettlementUSDC
Multiplier MConverts local-currency price moves into USDC P&L
TickMinimum price increment
Notional / contractSized for accessibility, scales with the oracle price
Max leverageSet per market based on liquidity and volatility
OI capPer-market open-interest limit
Funding cadenceHourly
Margin modeIsolated only
Risk is isolated per market — each market carries its own leverage limits and open-interest cap, so no single market can contaminate the wider book.

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External Coverage

External prices are derived from composite spot assessments published by Scape’s reporter network, validated and relayed on-chain on a regular cadence. No FX conversion is applied. Regional assessments publish during local market sessions. Coverage is dark during:
  • Weekends.
  • Regional public holidays.
  • Gaps between local trading sessions.
During dark windows, the oracle holds the last published print and the perp continues to trade. See Oracle Price for the internal pricing mechanism.
Holiday calendars follow the official schedule of each underlying regional market and can hold the oracle for multiple consecutive days during extended closures.

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Quanto Payoff

P&L per contract is the multiplier times the change in the local-currency oracle price, paid in USDC: PnL per contract=M×ΔPlocal\text{PnL per contract} = M \times \Delta P_{\text{local}} Example. A market with multiplier 0.1 sees its oracle move up 10 units in local currency. P&L per long contract is 0.1 × 10 = $1.00.