qMicron Perp (MU/USDT)

qMicron Perp (MU/USDT) is a perpetual on Micron stock, quoted in USDT, margined and settled in sats. You go long or short on Micron stock with up to 20x leverage, at a BTC/USDT rate locked when you place your order, so your P/L in sats depends only on Micron stock.

No. The BTC/USDT rate is recorded when your order fills and never changes for the life of the trade. Micron stock up 1% gives the same number of sats whether bitcoin is at $60k or $120k. A bitcoin crash cannot liquidate you, and a bitcoin rally does not help you.

P/L in sats = quantity × (exit price − entry price) ÷ locked BTC rate × 100,000,000. Example: long 1 share at $120, close at $126, BTC locked at $100,000: 1 × 6 ÷ 100,000 × 100,000,000 = 6,000 sats. For a short, swap entry and exit.

From 1x to 20x, set per trade. Quantity in shares, minimum order 0.01 shares, maximum order 5 shares, maximum per account 250 shares for the beta. Margin is in sats: quantity × entry price ÷ locked BTC rate ÷ leverage. Positions are isolated: each trade has its own margin, and a loss can never exceed it.

Liquidation is set on the price of Micron stock, not of bitcoin: entry × (1 − 1/leverage) for a long, entry × (1 + 1/leverage) for a short. When Micron stock trades through it, the trade closes at that price and the margin is lost. The closing fee is paid from the maintenance margin reserved at open, so the loss is capped at the margin. You can add margin to a running trade to move the liquidation price further away.

Funding keeps the perp price close to Micron stock’s price. Every 8 hours (00:00, 08:00, and 16:00 UTC) longs pay shorts or shorts pay longs, depending on its sign. The rate is the reference market’s own rate, passed through 1:1 with nothing added. The current rate and the last settlements are shown on the Rates tab.

It is the cost of keeping your BTC rate locked while Micron stock moves. It is computed from the correlation between Micron stock and bitcoin and their volatilities, quoted per day and settled every 8 hours with funding. The rate is set on the 1st of each month and fixed for the month: higher correlation or higher volatility raises it, calmer markets lower it. The current rate is shown on the Rates tab. Like funding it is paid or earned depending on your side: when Micron stock and bitcoin move together, longs pay and shorts earn.

Opening and closing fees are a percentage of the position’s value, 0.10% at tier 0 and lower with volume, charged in sats at your locked BTC rate. The closing fee is reserved at open as maintenance margin and refunded if your actual tier is lower. No fee on cancelled orders.

Yes. Market and limit orders, take profit, stop loss and trailing stop, all on the price of Micron stock. You can set them when you open the trade or later from the blotter. Triggers use the traded price of the reference market.

Yes, 24/7. The stock’s exchange session runs from 9:30 to 16:00 New York time on weekdays. Outside it, the price follows the reference perpetual, which reacts to news before the exchange reopens, and spreads are wider. Liquidations stay live at the traded price during those hours and are not adjusted at the reopen.

No. qMicron Perp is a derivative: you get Micron stock’s price performance in sats, without holding shares. No dividends, no voting rights. On the stock’s ex-dividend date, an ex-dividend adjustment is credited to longs and debited to shorts, offsetting the price drop.

Yes. qMicron Perp is available through the same REST and WebSocket API as the Bitcoin perp, keyed by instrument and pair (quanto_perp, mu_usdt). Same order types, same keys, same scopes.