Stable Funding Perps (SFP) are USDC-settled perpetual contracts on real-world assets, with 0% trading fee and tight spreads backed by deep TradFi liquidity. They trade during the underlying market's hours and charge funding once per weekday.
What is SFP, and how is it different from classic perps?
SFP gives you leveraged price exposure to RWAs, such as gold or crude oil, with no expiry date and no trading fee. You trade against a price quote instead of an order book. Holding costs work like the overnight financing on a CFD: one funding charge per weekday at market close, instead of the hourly or 8-hourly funding on classic crypto perps.
| SFP | Classic perps |
Underlying | Real-world assets (RWAs) | Crypto assets and RWAs |
How you trade | Buy or Sell at a live price quote from market makers | Order book, with maker and taker orders |
Trading fee | 0% | Maker and taker fees |
Settlement currency | USDC | USDT |
Margin mode | Multi-asset margin only | Single-asset or multi-asset margin |
Trading hours | Follows the underlying exchange. For commodities, about 23 hours a day, five days a week on CME-based markets (shorter for BZ), with holiday closures | 24/7 |
Funding frequency | Once per weekday at market close; one day a week counts 3x (Friday or Wednesday, depending on the market) | Every 1, 4 or 8 hours |
Funding rate | Rate submitted by market makers, reflecting their TradFi cost of funds, adjusted by a platform markup. Locks at the close snapshot | Market-driven, from the gap between perp and index price |
Who pays funding | Either side can pay. Longs and shorts each have their own rate | One side pays the other |
SFP positions settle on GRVT, a self-custodial exchange, so no broker holds your funds.
Available markets and leverage
Market | Underlying | Max leverage |
XAU/USDC | Gold | 20x |
XAG/USDC | Silver | 10x |
XPT/USDC | Platinum | 20x |
XPD/USDC | Palladium | 20x |
CL/USDC | WTI crude oil | 20x |
BZ/USDC | Brent crude oil | 20x |
NATGAS/USDC | Natural gas | 20x |
Maximum leverage steps down as your position size grows, so larger positions need more margin. Check the margin tiers on each market's Info tab. More markets are coming; subscribe to a coming-soon market to be notified when it opens.
How SFP liquidity works
SFP draws its liquidity from traditional financial markets, which are far deeper for gold, oil and other commodities than a crypto-native order book.
Quotes come from market makers. Approved designated market makers (DMMs) post live Buy and Sell prices for each SFP market on GRVT.
Makers hedge in traditional markets. When a market maker takes the other side of your trade, it offsets that risk with traditional CFD providers, where liquidity in these commodities already exists.
That is why quotes can be tighter and larger. Makers can quote tighter prices and larger sizes than they could if they had to wait for a matching crypto trader.
How 0% trading fee works. GRVT charges no trading fee and adds no spread of its own. The Buy and Sell quotes you see are from the market makers' own prices, and the gap between them is your implicit trading cost.
Liquidity follows market hours. Because makers hedge in traditional markets, SFP quotes are available only when the underlying market is open, and you can find each market's trading hours and holiday schedule on its Info tab.
How to trade SFP
To trade SFP you need multi-asset margin (MAM) turned on with USDC available, because all SFP trades, fees and funding are settled in USDC.
Switch to multi-asset margin. SFP is available only in MAM. If your account is on single-asset margin (SAM), switch to MAM first and follow the prompts to confirm.
Add funds to trade with. Deposit USDC, USDT, or other collateral under MAM. You can borrow USDT or USDC against your collateral to trade Perps. To repay a borrow, simply transfer borrowed asset into MAM account, or convert another asset in MAM account.
Choose an SFP market. Open the instrument selector and pick a market from the Stable Funding Perps list, for example XAU/USDC.
Check the funding and hours information. The funding bar shows the current funding rate, which is charged at market close. The market status shows a countdown to close, or to reopen if the market is closed.
Place your trade. Choose Buy (long) or Sell (short), set your size and leverage, and confirm. You trade at the live Buy or Sell quote shown on the screen, not against an order book.
Set your slippage tolerance for market orders. A market order is really a limit order that fills immediately (IOC), capped by your slippage range. Enter your slippage as a percentage or a USDC amount. If the price moves outside that range before your order fills, your order may be partially filled or not filled at all.
What you pay. SFP charges 0% trading fee. Your trading cost is the spread between the Buy and Sell quotes. While you hold a position, you also pay or receive daily funding.
Trading is limited to market hours. When a market is closed, the order button is disabled and shows how long until it reopens.
Trading hours and holiday calendar
Each SFP market trades only when its underlying market is open, so SFP is not a 24/7 product. The in-app schedule for each market is the source of truth.
Regular hours. Each market follows its underlying exchange. Weekends are closed, and hours move automatically with summer and winter time. Open a market's Info tab to see its regular hours and a full-year holiday table, with a toggle between the market's local time and New York time.
Holidays. A holiday can close a market for the day, or close it early. A holiday only ever removes trading time; it never adds any. While a market is closed:
The order button is disabled and shows a countdown, such as "Market opens in hh:mm:ss".
Your open positions stay open.
You can't close or reduce a position either. While the market is closed, every SFP order is rejected, reduce-only orders included, and position transfers are blocked. You can still cancel orders.
Open orders are not cancelled at the close. Limit orders and TP/SL orders carry over.
Funding is still charged on weekday holidays, at the regular close time, or at the early close time on half-day holidays.
Prices, interest and liquidation during a closure. A closed market is not a pause on your account:
The SFP index price is frozen, so your SFP profit and loss does not change and no orders will be triggered during market close.
Amounts you have borrowed keep accruing hourly interest.
Liquidation can still happen. With no price change on SFP, other costs can still reduce your margin: losses or fees from other positions, such as USDT perps, hourly interest, and funding charged on holidays. Any of these can push your account far enough to liquidate your SFP position. Because you can't close or reduce it while the market is closed, you can be liquidated without being able to cut your own risk. To manage risk, you can hedge with the USDT classic perp or increase collateral to reduce margin ratio.
Upcoming holidays. To check the upcoming holiday calendar, open the market's Info tab and click "See holiday schedule" to open the calendar. The dates generally follow CME Group holiday calendar and give you an early view; the calendar in the app shows the final hours for each market. CME usually confirms holiday hours about two weeks ahead, so times can still change.
How funding works
You pay or receive funding once per weekday, at the market's close, if you hold a position at that moment. The rate works like CFD overnight financing, not like the market-driven funding of classic perps. Saturday and Sunday are not charged; one weekday per market counts 3x instead, so a week always totals 7 days of funding.
Where the rate comes from. Approved market makers submit funding rates for each market and each side, based on their real cost of funds from TradFi and adjusted by a platform markup.
How to read the sign. A positive rate means you receive funding. A negative rate means you pay. Long and short positions each have their own rate, so both sides can pay at the same time. Funding is shown as a percentage.
The rate shown during the day is indicative. It can change if a market maker updates its rate. The rate in effect at the close snapshot applies to your whole position, including any part you opened earlier that day.
The charge. Funding is settled in USDC.
\text{Funding} = \text{Quantity} \times \text{Index price at close} \times \frac{\text{Rate}}{365} \times N
N is the day multiplier: 1 on a regular weekday, 3 on the market's 3x day.
The 3x funding day
One weekday per market is charged at 3x. A week therefore always adds up to 7 days of funding: four 1x days plus one 3x day, with Saturday and Sunday not charged. Each market's 3x day is also shown in its trading specifications on the Info tab.
Friday: CL, BZ, NATGAS
Wednesday: XAU, XAG, XPT, XPD
Holiday funding
A weekday that is a market holiday is still charged. The charge happens at the regular close time on a full-day holiday, and at the early close time on a half-day holiday, using the market's latest closing price as the index price. The day multiplier follows the weekday, not whether the market was open: a holiday on a 1x day is charged 1x, and a holiday on the 3x day is charged 3x. A holiday does not change the previous day's multiplier: with Friday as the 3x day and a Monday holiday, Friday is charged 3x and Monday is charged 1x.
Example week, with Friday as the 3x day and Thanksgiving on Thursday, Nov 26:
Day | Market | Multiplier | Index price used |
Mon, Nov 23 | Open | 1x | Close price that day |
Tue, Nov 24 | Open | 1x | Close price that day |
Wed, Nov 25 | Open | 1x | Close price that day |
Thu, Nov 26 | Holiday | 1x | Wednesday's close price |
Fri, Nov 27 | Early close | 3x | Close price that day |
Sat, Nov 28 and Sun, Nov 29 | Closed | Not charged | Covered by Friday's 3x |
FAQ
Do I pay a trading fee on SFP? No trading fee for SFP. Your trading cost is the spread between the Buy and Sell quotes, plus funding while you hold.
Can I trade SFP on single-asset margin? No. Switch to multi-asset margin first.
Do I need USDC to trade SFP? SFP trades, fees and funding settle in USDC. You can deposit USDC, or borrow USDC under MAM.
Can I hold a position over the weekend or a holiday? Yes. SFP has no expiry, and positions stay open while the market is closed. Funding accrued through the 3x day and on weekday holidays.
Can I still be liquidated while SFP market is closed? Yes. The SFP price does not move during a closure, but borrow interest, funding on holidays, and losses or fees from your other positions, e.g. Classic Perps, still apply and can reduce your margin enough to trigger liquidation, and you can't close or reduce your SFP position until the market reopens. You can hedge with the USDT classic perp.
Do I pay funding if I close my position before the market closes? Funding is charged on positions held at the close snapshot, so a position closed earlier that day is not charged for that day.
Why did my funding rate change during the day? The rate shown before close is indicative. It updates when a market maker updates its rate, and the rate at the close snapshot is the one that applies.
Can I pay funding on both long and short positions? Yes. Each side has its own rate, and either can be negative at the same time.
Where can I see what I have paid or received? Click the Fee History page on the trading screen to see all funding fees received or paid for each position you have held.
Is SFP risky? SFP is a leveraged product. Prices can move quickly, and positions can be liquidated if your margin falls too low. Only trade with funds you can afford to lose.