1x to 3x against each coin's perp vault. Prices are the mark: a 5 minute TWAP of clamped spot samples. Perpetual futures are high risk. You can lose your entire margin.
Every coin launched on FUNDED gets its own perp market from the first minute.
Funding is the predicted rate for the current hour and who pays it: the crowded side pays, 90% goes to the coin's spot holders. Vault is the LP capital every cap is measured against. Not available to US persons or in restricted regions.