EXNIHILO

Unlike traditional perps where you post collateral and face liquidation, EXNIHILO positions only require the fees. You pay USDC to open a position and receive an NFT. Those fees have to be paid again to extend the duration of a position. When you close in profit, you get back USDC — depending on price movement. There is no margin and no liquidation engine. Instead of a funding rate, positions have a deadline — after which anyone can settle the position. Traders pay a fee to extend the deadline,