Mark price and weekly expiry
How entry and mark are set from the finalized Kimp Index, how Flashblocks preconfirmation is used, and how the weekly series cycle works.
Every Kimp Contract position has an entry value, a mark while it is open, and an exit value when it is closed or settled. All three come from the finalized on-chain Kimp Index. This page covers entry, mark and the weekly cycle. Settlement is covered in Settlement TWAP.
Entry and mark#
| Value | Definition |
|---|---|
| Entry | Latest finalized index value when the open transaction executes |
| Mark | Latest finalized index value at any moment |
| Exit on close | Latest finalized index value when the close transaction executes |
| Exit at expiry | Settlement TWAP |
There is no separate mark price model, no order book mid and no funding. The index is finalized once per 60-second epoch, so entry, mark and exit change at most once per minute per asset.
Why the finalized value#
Using the finalized value means every participant, including liquidators and the Kimp Pool, sees the same number. It cannot be influenced by the size of a single trade, because trades on KIMP do not move the index. The index is set by external markets and aggregated by the reporter set.
Preconfirmation with Flashblocks#
GIWA produces 1-second blocks and exposes Flashblocks preconfirmations up to about 200 ms after a transaction is submitted. The KIMP interface reads index finalizations and trade executions through a Flashblocks-aware RPC using the pending tag. A trader sees the entry value their trade will receive before the block closes.
Flashblocks give an earlier view of transaction status. They do not make blocks faster, and a preconfirmed state is final only once the block is produced. See Flashblocks usage.
Same-epoch trades#
Two trades in the same epoch get the same entry value. A trader cannot capture a known upcoming index change within the protocol, because the next value is not known on-chain until it is finalized, and the index is a median of independent reports.
Weekly cycle#
| Event | Time (UTC) |
|---|---|
| Settlement window opens | Friday 07:00 |
| Expiry and settlement | Friday 08:00 |
| Next series lists | Friday 08:00, at expiry |
One weekly series per asset is live at a time. When a series expires, the next series for that asset lists immediately. There are no overlapping maturities.
Settlement window#
From 07:00 to 08:00 UTC on Friday, the expiring series is reduce-only. Positions can be closed at the mark. No new positions can be opened and existing ones cannot be increased. This prevents trades against a partly observed TWAP.
Rolling a position#
Positions do not roll automatically. A trader who wants continuous exposure closes the expiring position or lets it settle, then opens a position in the new series from 08:00 UTC. Opening in the new series pays the standard trading fee.
Extended expiry#
If Upbit halts trading in an asset over the settlement window and fewer than 30 of the 60 samples exist, expiry is extended in 1-hour steps up to 24 hours. The next series for that asset lists when the extended series settles. See Edge cases.
Reduce-only outside the window#
A market can also become reduce-only mid-week:
- When its index has had no finalized update for 5 minutes.
- When Upbit halts or suspends the asset, in which case the index is frozen.
The mark stays at the last finalized value in both cases. Closing is always allowed while reduce-only.
Reading the mark on-chain#
The mark for an asset is the latest finalized value stored in KimpIndex, together with its epoch. Integrators should check the epoch timestamp and treat a value older than 5 minutes as stale, matching the protocol's own rule. See Interfaces.