The SPY-USDC perpetual on SilkDEX tracks the SPDR S&P 500 ETF and is margined and settled in USDC on Orderly Network's omnichain order book. Up to 20x leverage, funding every 8 hours, $10 minimum order. Community-listed by mythos, which sets its price sources and runs its market-making — check order-book depth before sizing a trade. Connect a wallet on any of 12 chains and trade.
| Underlying | SPDR S&P 500 ETF (SPY) |
|---|---|
| Max leverage | 20x |
| Margin & settlement | USDC |
| Funding interval | every 8 hours |
| Funding cap | ±2% per interval |
| Initial / maintenance margin | 5% / 2.5% |
| Minimum order | $10 notional |
| Trading fee | 0.1% maker / 0.1% taker |
| Underlying market hours | US stock extended hours: around the clock Monday to Friday (New York time); trading continues 24/7 |
| Index price sources | chosen by the lister (mythos) |
| Listed by | mythos — community-listed (Orderly Perp Anything) |
| Liquidation fee | 1.5% of the liquidated notional (up to 0.75% to the liquidator, the rest to the insurance fund) |
| Listed on Orderly | 2026-06-04 |
Index & ETF perps · BTC-USDC · ETH-USDC · SOL-USDC · Browse all markets · How funding works · Trading hours explained · What is a community-listed market? · FAQ
20x. The SPY-USDC perpetual has a 5% initial margin requirement and a 2.5% maintenance margin; larger positions need more margin, so the usable leverage drops as size grows.
Every 8 hours. Longs pay shorts when the rate is positive and shorts pay longs when it is negative; the rate is capped at ±2% per interval. The live rate and countdown are shown in the trading terminal.
Yes — trading stays open 24/7, but the price reference follows US stock extended hours: around the clock Monday to Friday (New York time). While that market is closed (weekends and market holidays) the terminal shows “Market off”: you can still trade, but the index price is frozen at its last value, liquidity is thinner, and the price can gap when the underlying reopens.
The standard fee is 0.1% maker / 0.1% taker on the notional value of each fill — 1 USDC on a 1,000 USDC taker fill — shown in the order panel before you confirm. Open positions also pay or receive funding every 8 hours.
mythos, a builder on Orderly Network. SPY-USDC is a community-listed market created through Orderly's Perp Anything program: the lister chooses its price sources and trading parameters, runs its market-making setup — so liquidity depends on the lister — and funds its own insurance fund. Orderly runs matching, margin and settlement.
$10 of notional. Orders are margined and settled in USDC.
Connect an EVM or Solana wallet on any of 12 supported chains, deposit USDC, open the SPY-USDC market and place a market, limit or stop order, long or short. The contract tracks the SPDR S&P 500 ETF; you don't own the underlying or receive dividends.