Equity Indices
Equity Indices
Equity index perpetuals provide exposure to a broad equity benchmark that represents a large portion of a country’s public stock market. Dreamcash equity index markets are linear, USDT-margined, and USDT-settled. USDT/USD conversion is applied to oracle prices
Market
USA500
USA500 is a benchmark designed to represent roughly 500 large, publicly listed U.S. companies across major sectors. It is commonly used as a high-level proxy for the U.S. large-cap equity market. The oracles used for this are provided by Pyth, which in turn sources from multiple independent providers.
Symbol:
USA500Collateral and quote: USDT
Max leverage: 20x
Current external oracle feed (Pyth):
Equity.US.EMH6/USD
External price derivation
During external trading sessions, Dreamcash derives the oracle price from an external Pyth feed that references a dated equity index futures contract. That futures quote is converted into an implied spot-style oracle price using a cost-of-carry relationship between spot and futures prices.
We use the following conversion:
S = F × e^{-(r − q)T}
Where:
S is the implied spot oracle price
F is the externally sourced dated futures price
T is the time to futures settlement (in years)
r is the interest-rate component
q is the forward dividend yield
(r − q) is the discount rate
Discount rate used by Dreamcash
For US500, Dreamcash uses:
Discount rate (r − q) = 0.0275
The discount rate reflects prevailing borrow and financing conditions net of expected dividends and may be updated if market conditions change, with notice.
Trading sessions for equity indices
For equity index markets, Dreamcash defines "Regular Hours" and "Off Hours" using the standard weekly schedule followed by the primary U.S. equity index futures market that underlies the external oracle reference.
Regular Hours (external session)
Regular Hours are:
Sunday 18:00 ET to Friday 17:00 ET
With a daily maintenance break from 17:00 ET to 18:00 ET
During Regular Hours, Dreamcash uses external pricing inputs for the oracle.
Off Hours (internal session)
Off Hours are:
The daily maintenance break from 17:00 ET to 18:00 ET (Monday to Thursday)
The weekend closure from Friday 17:00 ET to Sunday 18:00 ET
During Off Hours, Dreamcash uses internal, smoothed pricing inputs for the oracle.
Holiday schedules and special closures may apply.
Rolling futures/data source
Given reference contracts expire while perpetual futures do not, oracle reference contract will be "rolled" every 3 months, with the date communicated ahead of time.
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