# Platform Overview Navigator is a decentralized perpetual exchange designed for crypto leverage trading with minimal fees and low price impact. It offers high leverage and a wide variety of assets ## N**avigator Exchange Introduction** Navigator is a leading decentralized perpetual trading platform on the Sonic blockchain, offering users the ability to trade with up to **250x leverage**. With minimal fees and a wide range of assets, including **crypto, forex, metals, equities, and crypto indices**, Navigator empowers traders to access diverse markets with ease.

## W**hy Navigator?** Navigator stands out with its fair, decentralized approach to trading. Unlike centralized exchanges, Navigator ensures **self-custody** of assets and **zero reliance on centralized clearing houses**. Offering both **cross margin** and **isolated margin** trading, Navigator enables flexible risk management while providing high leverage. While traditional decentralized platforms struggle with high execution costs, slippage, and limited asset choices, Navigator was built to overcome these common issues, providing fast, efficient trades with low fees and a broad range of assets to meet the needs of modern traders.\ \ \ **Check out Navigator Exchange now!** 📍Main site: 📍Navigator Analytics[: ](https://app.navigator.exchange/#/analytics) [Discord](https://discord.gg/hpAnquqZeG) | [Twitter](https://x.com/NaviExSonic) | [Telegram](https://t.me/navigator_exchange) | [Medium](< https://medium.com/@NaviExSonic>)
# Tokenomics Navigator is the platform's utility and governance token, holding the token unlocks a variety of benefits. Token Information The NAVI token address ``` 0x6881B80ea7C858E4aEEf63893e18a8A36f3682f3 ``` Steps to purchase NAVI can be found on the [Buy](https://app.navigator.exchange/#/buy/) page. After staking NAVI , you will receive a staked NAVI token (esNAVI): ``` 0x63c10405d939E03032436f3fea80d8fcc5E4c68f ``` Note that the balance for this will return your total staked amount including any esNAVI tokens and Multiplier Points. ## Supply **Total Supply**: 10,000,000 NAVI \ The allocation of NAVI tokens is structured as follows.\ \ **MMY Migration**: 3,500,000 NAVI (35%)\ This allocation is reserved for MMY token holders to migrate to NAVI. Any NAVI tokens from this allocation that are not migrated will be redistributed into the Reward Farm. \ \ **Remaining NAVI:** 6,500,000 (65%)\ This portion of NAVI will be gradually converted into Escrowed NAVI (esNAVI) over the course of 1 year. The specific breakdown is as follows:

**Future Expansion and DAO Governance Minting Additional esNAVI:** \ The DAO retains the authority to vote on minting an additional 10,000,000 esNAVI if necessary. This decision will be based on the successful performance and growth of the platform's long-tail token support products, currently under development by the Dev Team. \ \ Further details on this feature will be released soon. This tokenomics model is designed to align incentives for participants, reward long-term supporters, and ensure sustainable growth for the Navigator ecosystem. * **50%** allocated to NLP and NSLP. * **20%** allocated as NAVI rewards (esNAVI). * **20%** directed to the public Treasury (\*). * **5%** reserved for buybacks and adding liquidity (LP). * **3%** allocated as incentives for LP. * **2%** allocated for bot maintenance. (\*) *Navigator allocates 20% of the protocol fees to the public Treasury \[0x01D48CEfA41ed21c9d1d92F011FA0b8DFEA25832]. These funds are strategically managed to strengthen the ecosystem by purchasing NLP and NSLP, providing liquidity support, and holding tokens to reinforce long-term stability. Additionally, a portion of the Treasury is allocated to project development and innovation, ensuring continuous growth and sustainability. This structured approach guarantees transparency and aligns with the project's long-term vision.* ## Staking Staked NAVI receives three types of rewards: * Escrowed NAVI * Multiplier Points * S Rewards (20% of the platform fees) For more info on Escrowed NAVI and Multiplier Points, please see the [Rewards](https://app.navigator.exchange/#/earn) page. Note that the fees distributed are based on the number after deducting referral rewards and the network costs of keepers, keeper costs are usually around 1% of the total fees. To stake your NAVI tokens, please visit the [Earn](https://app.navigator.exchange/#/earn#stake) page. # Tokens migration The migration feature is designed to help users seamlessly transfer their tokens from Mummy to Navigator. {% hint style="info" %} MMY, is the only token that can be migrate. \ MLP, MSLP, esMMY and vMMY cannot be migrated; they can only be redeemed/ vested. {% endhint %} ## Migrate MMY to NAVI The MMY token is migrated to NAVI at a 1:1 ratio. #### Steps to Migrate MMY to NAVI: 1. **Access the Migration Page on FTM Chain:**\ Visit . 2. **Connect Your Wallet:**\ Connect your wallet to the Fantom (FTM) chain. 3. **Enter Migration Amount:**\ Specify the amount of MMY you want to migrate.

4. **Initiate Migration:**\ Click **"Migrate"**. The status of your migration will appear in the **Transaction History** section.

* *Note:* This migration is powered by LayerZero. If your transaction takes longer than expected, you can check the status on [LayerZero Scan](https://layerzeroscan.com/).

5. **Access the Sonic Migration Page:**\ Go to 6. **Switch to the Sonic Chain:**\ Switch your wallet connection to the Sonic chain. 7. **Verify NAVI Balance:**\ Once your transaction status shows **Delivered** successfully, check your NAVI balance to confirm the migration is complete.

# Rewards NAVI Rewards provide benefits for long-term users of the protocol, these rewards come in the form of Escrowed NAVI and Multiplier Points. ## Compounding vs Claiming There are two options for rewards on Earn: "Compound" and "Claim". Compounding will stake your pending Multiplier Points and Escrowed NAVI rewards, this will increase the number of rewards you receive. Claiming will transfer any pending Escrowed NAVI rewards and S rewards to your wallet. If you compound or stake your Escrowed NAVI tokens, you can unstake them for vesting at any time later on. ## Escrowed NAVI Escrowed NAVI (esNAVI) can be used in two ways: Staked for rewards similar to regular NAVI tokens Vested to become actual NAVI tokens over a period of one year Each staked Escrowed NAVI token will earn the same amount of Escrowed NAVI and S rewards as a regular NAVI token. Note that Escrowed NAVI (esNAVI) is not meant to be transferrable unless you are doing a complete account transfer. The amount of NAVI, NLP or NSLP required to vest esNAVI is unique per account and capped to the rewards received by that account. Please do not buy esNAVI off the market or OTC as you will not be able to vest them. ## Vesting Escrowed NAVI (esNAVI) tokens can be converted into NAVI tokens through vesting, this can be accessed on the Earn page. When vesting is initiated, the average amount of NAVI, NLP or NSLP tokens that were used to earn the esNAVI rewards will be reserved. For example, if you staked 1000 NAVI and earned 100 esNAVI tokens, then to vest 100 esNAVI tokens, 1000 NAVI tokens will be reserved. To vest 50 esNAVI, 500 NAVI tokens will be reserved. Note that this is an example and the actual ratio depends on the average staked amount and rewards earned for your account. esNAVI tokens that have been unstaked and deposited for vesting will not earn rewards. Staked tokens that are reserved for vesting will continue to earn rewards. After initiating vesting, the esNAVI tokens will be converted into NAVI every second and will fully vest over 365 days. esNAVI tokens that have been converted into NAVI are claimable at any time. If a user sells NAVI, NLP or NSLP tokens and would like to vest their esNAVI rewards, later on, they would need to re-buy the NAVI, NLP or NSLP tokens. NAVI, esNAVI, and Multiplier Points can be used interchangeably for the required reserve amount. Depositing into the vesting vault while existing vesting is ongoing is supported. Tokens that are reserved for vesting cannot be unstaked or sold. To unreserve the tokens, use the "Withdraw" button on the Earn page. Partial withdrawals are not supported so withdrawing will withdraw and unreserve all tokens as well as pause vesting. All esNAVI tokens that had been vested into NAVI will remain as NAVI tokens. ## Multiplier Points Multiplier Points reward long-term holders without inflation. When you stake NAVI, you receive Multiplier Points every second at a fixed rate of 100% APR. 1000 NAVI staked for one year would earn 1000 Multiplier Points. Multiplier points can be staked for fee rewards by pressing the "Compound" button on the Earn page, each multiplier point will boost S APRs at the same rate as a regular NAVI token. When NAVI or Escrowed NAVI tokens are unstaked, the proportional amount of Multiplier Points is burnt. For example, if 1000 NAVI is staked and 500 Multiplier Points have been earned so far, then unstaking 300 NAVI would burn 150 (300 / 1000 \* 500) Multiplier Points. The burn will apply to the total amount of Multiplier Points, including both the staked and unstaked. To transfer staked tokens without burning Multiplier Points, use Transfer Account page which you can find in the Account dropdown at the top right corner of the screen.

The "Boost Percentage" shown on the Earn page shows your individual boost amount from Multiplier Points. For example, if the S APR is 10% and you have $10,000 worth of NAVI and esNAVI, then your rewards would be $1000 annualized if you additionally have several Multiplier Points equivalent to 20% of your total amount of NAVI and Escrowed NAVI, your "Boost Percentage" would display as 20%, and you would get an extra $200 of S rewards annualized. The “Boost Percentage” is calculated from the ratio of Multiplier Points to your total amount of staked NAVI. This data will show you how much more percentage of S reward you will earn when you stake MPs compared to when you don't. Boost Percentage = 100 \* (Staked Multiplier Points) / (Staked NAVI + Staked esNAVI) An example: 100 \* (4.5656) / (7.54 + 2.00) = 47.85% The Boosted APR shows how many S you will earn in a year from staking MPs. S Boosted APR = S Base APR \* User's staked MPs / User's staked NAVI & esNAVI ## Summary A summary of rewards and mechanics: NAVI: earns S, esNAVI, and Multiplier Points when staked esNAVI: earns S, esNAVI, and Multiplier Points when staked Multiplier Points: boost S APRs when staked NLP/NSLP : earns S, esNAVI, automatically staked on mint # Earn # NLP NLP is the platform's liquidity provider token. ## Overview NLP consists of an index of assets used for swaps and leverage trading. It can be minted using any index asset and burnt to redeem any index asset. The price for minting and redemption is calculated based on (the total worth of assets in the index including profits and losses of open positions) / (NLP supply). Holders of the NLP token earn Escrowed NAVI rewards and 50% of the Crypto pool's fees distributed in S. Note that the fees distributed are based on the number after deducting referral rewards and the network costs of keepers, keeper costs are usually around 1% of the total fees. As NLP holders provide liquidity for leverage trading, they will make a profit when leverage traders make a loss and vice versa. Past PnL data, NLP price chart, and other stats can be viewed on the Analytics page. ## Minting and Redeeming **Minting NLP** * A list of NLP tokens can be found on the Dashboard. * Fees will be lower for tokens that the pool has less of, check the "Save on Fees" section to get the lowest fees. * Key in the amount of NLP you'd like to purchase on the Buy NLP section of the Buy page. Fees for buying NLP will vary based on which assets the index has less or more of, the Buy NLP page will show which assets have the lowest fee. After buying your tokens will automatically be staked and you will start earning Escrowed NAVI and S rewards, you can check your rewards on the Earn page. #### Redeeming NLP Key in the amount of NLP you'd like to redeem in the Sell NLP section of the Buy page. Note that there is a minimum holding time of 2 hours after minting before you can redeem NLP tokens. ## Rebalancing The fees to mint NLP, burn NLP, or perform swaps will vary based on whether the action improves the balance of assets or reduces it. For example, if the index has a large percentage of S and a small percentage of USDC, actions that further increase the amount of S the index has will have a high fee while actions that reduce the amount of S the index has will have a low fee. The token weights can be seen on the Dashboard. Token weights are adjusted to help hedge NLP holders based on traders' open positions. For example, if a lot of traders are long S, then S would have a higher token weight, if a lot of traders are short, then a higher token weight will be given to stablecoins. If token prices are increasing, then the price of NLP will increase as well, even if a lot of traders have a long position on the platform. The portion reserved for long positions can be treated as stable in terms of its USD value since if prices increase the profits from that portion will be used to pay traders, and if prices decrease, the losses of traders will keep the USD value of the reserve portion the same. If a lot of traders are short and larger weights are given to stablecoins. NLP holders would have a synthetic exposure to the tokens being shorted, e.g. if S is being shorted then the price of NLP will decrease if the price of S decreases, if the price of S increases then the price of NLP will increase from the losses of the short positions. # NSLP NSLP Contract Address ``` 0x641Ff5D17178C3B9498133eBC264Bb4170A04668 ``` ## **Minting/Redeeming** Stake USDC, scUSD and USDT directly from a Web3 wallet by entering the desired amount of NSLP to mint. Redeeming NSLP is just as simple by entering the amount of NSLP. ## Why NSLP? NSLP provides liquidity for traders, allowing them to take positions with leverage. If traders take a loss, then NSLP holders will make a profit; if traders take a profit then NSLP holders will make a loss. Although NSLP value is market neutral and is not directly affected by the crypto market volatility, holding NSLP still bears risks. For taking these risks, NSLP stakers can earn 50% of the Stable pool's fees generated via trading activity on Navigator. **Smart Contract risk**: Navigator smart contracts are fully audited but nonetheless some inherent risks will always exist with any smart contracts. **Counterparty risk**: If traders make profit, that profit is paid to the trader out of the NSLP pool. **Depegging risk**: In the unlikely scenario that USDC depegs, NSLP is directly affected. The open interest available for the perpetual platform is limited by the total stablecoin amount available in NSLP per chain. Traders cannot open a new position if the total platform open interest meets or exceeds the total TVL in NSLP. ## NSLP Liquidity Pool A portion of all protocol generated \[$$G$$] fees including opening/closing positions, minting NSLP, borrow fees, and excess funding fees as well as any losses \[$$L$$] from traders realized P\&L and liquidations go towards the NSLP vault (chain specific) causing it's price to go up over time. Any profits \[$$P$$] from traders realized P\&L are paid out from the NSLP vault causing its price to decrease. Overall, it is expected and highly probable that the price of NSLP will gradually increase over time as net inflow exceeds net outflow. The NSLP price is based on the number of USD and NSLP in the vault, at any time, where: $$ NSLP\_{price}=\frac{USD\_{vault}}{NSLP} $$ ## Staking Rewards By staking their NSLP, users receive S and esNAVI. The esNAVI earned from staking NSLP can be vested (to earn NAVI with 1:1 ratio). When vesting is initiated, the average amount of NSLP tokens that were used to earn the esNAVI rewards will be reserved. You can also stake esNAVI to earn S, esNAVI, and Multiplier Points. {% hint style="danger" %} After staking, your NSLP will be locked for 2 days. The timelock will reset every time you mint & stake more NSLP. {% endhint %} # Trade


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# Isolated Margin With **Isolated Margin Trading**, allowing traders to manage risk separately for each position. Simply select your preferred Crypto Pool or Stable Pool in **Liquidity Source** in the trading interface and start trading with full control over your margin
# Crypto Pool ## **Opening a position** Click on "Long" or "Short" depending on which side you would like to open a leverage position on. * Long position * Earns a profit if the token's price goes up * Makes a loss if the token's price goes down * Short position * Earns a profit if the token's price goes down * Makes a loss if the token's price goes up The trading fee to open a position is 0.15% of the position size, similarly, there is a 0.15% fee when closing the position. There is also a "Borrow Fee" that is deducted at the start of every hour. This is the fee paid to the counterparty of your trade. The fee per hour will vary based on utilization, it is calculated as (assets borrowed) / (total assets in the pool) \* 0.01%. The "Borrow Fee" for longing or shorting is shown below the swap box. While there are no price impacts for trades, there can be slippage due to price movements between when your trade transaction is submitted and when it is confirmed on the blockchain. Slippage is the difference between the expected price of the trade and the execution price, this can be customized by clicking on the "..." icon next to your address at the top right of the page. ## Managing Positions After opening a trade, you would be able to view it under your Positions list, you can also click on "Edit" to deposit or withdraw collateral, this allows you to manage your leverage and liquidation price. When you open a position or deposit collateral, a snapshot of the USD price of your collateral is taken, so e.g. if your collateral is 0.1 ETH and the price of ETH is 1212.9 at the time, then your collateral is 121.29 USD and will not change even if the price of ETH changes. The amount of profit and loss you make will be proportional to your position size. For example, 121.29 USD has been used to buy 603.43 USD of ETH. If the price of ETH increases by 10%, the position would have a profit of 60.343 USD, if the price of ETH decreases by 10%, the position would have a loss of 60.343 USD. If a short position was opened instead, then if the price of ETH decreased by 10% the position would have a profit of 60.343 USD, if the price of ETH increased by 10%, the position would have a loss of 60.343 USD. Leverage for a position is displayed as (position size) / (position collateral). If you'd like to display the leverage as (position size + PnL) / (position collateral), you can customize this by clicking on the "..." button next to your address. Note that when depositing collateral into a long position, there is a 0.3% swap fee for the conversion of the asset to its USD value, e.g. ETH amount to USD value. This is to prevent deposits from being used as a zero-fee swap. This does not apply to shorts. Withdrawing of collateral from longs and shorts does not have this fee as well. ### **Closing a Position** You can close a position partially or completely by clicking on the "Close" button. For long positions, profits are paid in the asset you are longing for e.g. if you long ETH you would get your profits as ETH. For short positions, profits will be paid out in the same stablecoin that you used to open the position, e.g. USDC or USDT. ### Stop-Loss / Take-Profit Orders You can also set stop-loss and take-profit orders by clicking on the "Close" button and selecting the "Trigger" tab. After creating a trigger order, it will appear in your position's row as well as under the "Orders" tab, you can edit the order and change the trigger price if needed. If you close a position manually, the associated trigger orders will remain open, you would need to cancel them manually if you do not want the order to be active when opening future positions. Note that orders are not guaranteed to execute, this can occur in a few situations including but not exclusive to: * The marked price which is an aggregate of exchange prices did not reach the specified price * The specified price was reached but not long enough for it to be executed * No keeper picked up the order for execution Additionally, trigger orders are market orders and are not guaranteed to execute at the trigger price. ### **Partial Liquidations** In the example, since only 352.33 USD worth of tokens is used as collateral to open the position, there will be a price at which the loss amount is very close to the collateral amount. This is the Liquidation Price and is calculated as the price at which the (collateral - losses - borrow fee) is less than 0.8% of your position's size. If the token's price crosses this point then the position will be automatically closed. Due to the borrowing fee, your liquidation price will change over time, especially if you use leverage that is more than 10x and have the position open for more than a few days, so it is important to monitor your liquidation price. If there is any collateral remaining after deducting losses and fees, then the corresponding amount would be returned to your account. ## **Pricing** There is no price impact for trades on Navigator, so you can execute large trades exactly at the marked price. During times of high volatility, there will be a spread from the Chainlink price to the median price of reference exchanges.

The mark prices are displayed next to the market name, long positions will be opened at the higher price and closed at the lower price while short positions will be opened at the lower price and closed at the higher price. The chart will indicate the average of the two mark prices. ## Fees The cost to open/close a position is 0.15% of the position size. The collateral of long positions is the token being longed, for ETH longs the collateral is ETH and for BTC longs the collateral is BTC, etc. The collateral of shorts positions is in any of the supported stablecoins, for example, USDC, USDT, and DAI. If a swap is needed when opening or closing a position then the regular swap fee would apply, this fee is 0.2% to 0.8% of the collateral size, the exact fee depends on whether the swap improves balance or reduces it. There is also an execution fee detailed below which is used to pay for the blockchain network costs. ## Execution Fee There are two transactions involved in opening/closing/editing a position: 1. A user sends the first transaction to request open/close/deposit collateral/withdraw collateral 2. Keepers observe the blockchain for these requests and then execute them The cost of the second transaction is displayed in the confirmation box as the "Execution Fee". This network cost is paid to the blockchain network. # Stable pool ## Overview Previously, the inconvenience of navigating between decentralized exchanges (DEX) and centralized exchanges (CEX) was a necessity to engage in spot and perpetual trading. That changes today. Welcome to Navigator Exchange, where we offer a seamless experience encompassing both spot and perpetual trading functionalities. With Crypto pool and Stable pool operating concurrently, they facilitate two distinct liquidity pools, each presenting its unique advantages.

Features	Crypto pool	Stable pool
Trading	Spot and perpetual	Perpetual
Available trading assets	Blue-chip tokens and stablecoins	Crypto, Forex, and Commodities
Liquidity pool	Single pool with many assets including blue-chip tokens and stablecoins	Single pool with stablecoins only
Exchange balance	❌	✅
Data Price Feeds	Chainlink	Pyth
Collateral	Blue-chip tokens or stablecoins	Stablecoins only
Can choose collateral and output token?	✅	❌
Min. Collateral	10 USD	10 USD
Max. Leverage	Up to 100x	Up to 100x
Position fees	0.15%	0.08%
Number of trade for one asset at a same time	1	Unlimited
Trailing stop	❌	✅
Order types	Market, Limit	Market, Limit, Stop Market, Stop Limit
Liquidation	Can be partial or whole position	Whole position only
Referral	Rebates are accumulated and distributed manually	Rebates are accrued and automatically distributed from every trades made by referees

*** ## Positions {% hint style="info" %} The Navigator vault contract is entirely backed by the USDC stablecoin. The platform infrastructure was built to accept a variety of other stable assets, but is currently only supporting the bridged USDC asset to simplify collateral and liquidity deposits. By funding an exchange wallet, users can gain access to USD on the platform. {% endhint %} Traders can manage account balance risk by using an optional percent slider rather than inputting a collateral amount. For example if a user has 10,000 USD in free collateral and types in 2.00% then they will put up 200 USD collateral into the position. Navigator offers the following order types to open a new position: * **Market:** Order will fill near the current mark price. The difference between where the order is executed and the current mark price is determined by any artificial slippage and/or execution delay due to keepers. * **Limit:** Order will fill at selected limit price or better. For longs, if limit price is set above mark price, then the order is treated as a market order. For shorts, if the limit price is set below mark price then the order is treated as a market order. * **Stop Market:** A market order will be activated when price reaches the stop price. Stop price must be placed above mark price for longs and below mark price for shorts. If not the order will be triggered as a market order. * **Stop Limit:** A limit order will be activated when the price reaches the stop price. Stop price must be placed above mark price for longs and below mark price for shorts. If not the order will be triggered as a market order. **Mark Price:** This will show the price of the asset at the current moment in time. **Liquidation Price:** This will show the asset price at which the position will be liquidated. If the mark price of the asset goes beyond this point (lower in case of a Long position, higher in case of a Short position), it will automatically close the position and the majority of the collateral used for the position will be lost. Please take note that the liquidation price can fluctuate as funding fees are deducted from your collateral throughout the duration of the open position. **Setting a TP/SL at Position Creation:** An option is provided during opening of a new position to enter a TP and/or SL that is automatically set to fully close 100% of the position at the given trigger price for each. It is possible to manually enter a percent amount for each which will auto populate the corresponding price level at which the TP/SL is triggered. **Front-running Protection** To protect users and the exchange from front-running, both keepers and an artificial slippage mechanism have been introduced. **Keepers** When a trader opens a new position via market order, the order first goes into a pending state. Navigator maintains keeper nodes that monitor pending orders and validates positions before each order is executed at the latest oracle price. **Artificial Slippage** This new mechanism will simulate an order book by adding a slippage percentage to each order that is proportional to the vault utilization and position size. Each index token will have its own slippage factor that will be a function of the tokens historical volatility, that of which is most often correlated to depth of market. $$ deltaPercent = slippageFactor \* \frac{2 \times totalOI + posSize}{2 \times vaultTVL} $$ $$ executionPrice =\begin{cases} markPrice \times (1 + deltaPercent) &\text{if } LONG \ markPrice \times (1 - deltaPercent) &\text{if } SHORT\end{cases} $$ For example, assume a market order to long BTC at 30,000 with a deltaPercent of 0.05% is placed. In this case the order would execute at a price of 30,015. Upon order confirmation of a new position users can also manually enter the max slippage that they are willing to accept as shown in the red box. The order will only execute if the execution price is less than the current mark price plus/minus (if long/short) the slippage percent entered here. *** ## Profit, Loss, and ROI **Realized Profit and Losses** Realized Profit and Loss (rPnL) are used to convey a position's total profit/ loss that has been resolved (paid or received). This includes all accumulated paid fees, such as the Open Position Fee, and is calculated as follows for each $$i$$ of all $$N$$partial closes. $$ rPnL = paidFees + \sum\_{i=1}^N \begin{cases} (closePrice\_i - avgEntryPrice\_i)\times posQty\_i &\text{if } LONG \ (avgEntryPrice\_i - closePrice\_i)\times posQty\_i &\text{if } SHORT\end{cases} $$ **Unrealized Profit and Losses** Unrealized Profit and Loss (uPnL) track the profit or loss of an open position, taking into account all unpaid accrued fees. $$ uPnL = accruedFees + \begin{cases} (markPrice - avgEntryPrice)\times posQty &\text{if } LONG \ (avgEntryPrice - markPrice)\times posQty &\text{if } SHORT\end{cases} $$ Note: Paid fees and/or accrued fees can be either negative (losses to trader) or positive (profits to trader) which occurs in cases where the funding rate is negative (ie: Short position when LongOI > ShortOI). **Return on Investment (ROI)** Return on Investment is used to establish how profitable a given trade is, and is a key metric in showcasing a trader's ability during competitions. We use the following calculation to determine position ROI for rPnL where max collateral is determined by the greatest number the collateral has reached for the position up until the time of each partial $$i$$ rPnL. $$ ROI (rPnL) = \sum\_{i=1}^N rPnl\_i/maxCollateral\_i $$ The ROI for uPnL is simply calculated as follows: $$ ROI (uPnL) = uPnl/positionCollateral $$ *** ## Increase Collateral/ Leverage The Increase Collateral and Leverage features offer users a dynamic solution to liquidity utilization and risk management. With this feature, users can add collateral via the Position Menu, which will decrease leverage and thus push out the liquidation price if that is a concern. Contrarily, Increasing Leverage will result in a tighter liquidation price but can free up the collateral for other positions if desired. This function can be found in Edit collateral Modal\_Withdraw.

*** ## Add to Position Users have the ability to use free collateral to increase the net value of their open position. Doing so increases their position size and adjusts their average entry price closer to mark price but does not change the leverage applied. This action also lowers the liquidation risk. This function can be found in Modal Edit Collateral\_Deposit

*** ## Close Position Users can partially or fully close a position via market order by selecting the Close option using the three dots each row of the Positions table, or simply by clicking on the position in the Open Positions Dashboard. Once this option is selected a new pop up window will appear that shows all details of a trade , allowing users to select what % of the position they would like to close. Profits from the trade will be paid in USD on the exchange. Users can use USD as collateral for another position or redeem it for USDC (1:1). *** ## Edit Triggered Orders Adapting to market conditions requires trading prowess, but also the right tools for the task. We've improved upon our position management, now allowing user's to edit their open orders. This includes the ability to edit open TP, SL, and Trailing Stop orders via the Open Orders panel below the chart. **Triggered Orders** Triggered orders are orders created to execute when certain conditions are met. Orders may apply to a new position or impact an existing pending order. ## **Unlinked Orders - Creating a New Position** ### Limit Order

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Limit Price < Mark Price	Mark Price = Limit Price	Placed as Market Order
Limit Price > Mark Price	Placed as Market Order	Mark Price = Limit Price

### Stop Order | INITIAL CONDITION | ORDER TRIGGER CONDITION (LONG) | ORDER TRIGGER CONDITION (SHORT) | | ----------------------- | ------------------------------ | ------------------------------- | | Stop Price < Mark Price | Placed as Market Order | Mark Price = Stop Price | | Stop Price > Mark Price | Mark Price = Stop Price | Placed as Market Order |

### Stop Limit Order | INITIAL CONDITION | LIMIT ORDER ACTIVATION CONDITION (LONG) | LIMIT ORDER ACTIVATION CONDITION (SHORT) | | ----------------------- | --------------------------------------- | ---------------------------------------- | | Stop Price < Mark Price | Placed as Market Order | Mark Price = Stop Price | | Stop Price > Mark Price | Mark Price = Stop Price | Placed as Market Order | In the case where the limit order is activated (Mark Price = Stop Price) then the following table will apply.

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Stop Price < Limit Order	Placed as Market Order	Mark Price = Limit Price
Stop Price > Limit Order	Mark Price = Limit Price	Placed as Market Order

## Linked Orders to an Open Position ### Percent vs Quantity for Closing a Position When closing a position the user must enter the percent of the position to close for each order type. They can also manually type in an asset quantity to close, however this will auto populate the percent field based on the current position size. It is important to recognize that Navigator utilizes the percent amount, rather than quantity, to determine how much of the position will get closed when a linked order is triggered. For example, assume there is an existing 2.00 WETH long position with two take profits set; \ The first at 1300.00 for 80% (shown initially as qty 1.60 WETH)\ The second at 1350.00 for 50% (shown initially as qty 1.00 WETH) Now let's say the user adds another 0.50 WETH to this position prior to the price reaching 1300.00 making their total position size = 2.50 WETH. When the price reaches 1300.00, the first take profit will trigger, closing 80% of the position (=2.00 WETH) resulting in a new position size of 0.50 WETH. When the price reaches 1350.00, the second take profit will trigger, closing 50% of this existing position (=0.25 WETH). Notice that, since percent takes precedence, the initial quantities shown are irrelevant if there are any changes to the overall position size before the linked order is triggered. {% hint style="danger" %} **To fully close a position, you must always set a trigger to 100%** {% endhint %} ### Take Profit / Stop Loss Order | INITIAL CONDITION | ORDER TRIGGER CONDITION (LONG) | ORDER TRIGGER CONDITION (SHORT) | | ------------------------ | ------------------------------ | ------------------------------- | | Take Profit < Mark Price | n/a | Mark Price = Take Profit | | Take Profit > Mark Price | Mark Price = Take Profit | n/a | | Stop Loss < Mark Price | Mark Price = Stop Loss | n/a | | Stop Loss > Mark Price | n/a | Mark Price = Stop Loss |

### Trailing Stop Order

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Trailing Stop as X %	Mark Price drops X% from High	Mark Price rises X% from Low
Trailing Stop as X Amt	Mark Price drops X from High	Mark Price rises X from Low

> For a Long position order: > > When initiating a Trailing Stop order, the Trailing Stop price will always be lower than the Market Price. After a successful order placement, as the Market Price rises, the Trailing Stop price will also increase with the predetermined price gap. When the Market Price begins to decline, the Trailing Stop price remains static, and the order is executed when the Market Price is equal to or smaller than the Trailing price. > > The logic of the Trailing Stop Order for Short positions operates in the reverse manner. # Positions {% hint style="info" %} The Navigator vault contract is entirely backed by the USDC.e stablecoin. The platform infrastructure was built to accept a variety of other stable assets, but is currently only supporting the bridged USDC asset to simplify collateral and liquidity deposits. By funding an exchange wallet, users can gain access to USD on the platform. {% endhint %} Traders can manage account balance risk by using an optional percent slider rather than inputting a collateral amount. For example if a user has 10,000 USD in free collateral and types in 2.00% then they will put up 200 USD collateral into the position. Navigator offers the following order types to open a new position: * **Market:** Order will fill near the current mark price. The difference between where the order is executed and the current mark price is determined by any artificial slippage and/or execution delay due to keepers. * **Limit:** Order will fill at selected limit price or better. For longs, if limit price is set above mark price, then the order is treated as a market order. For shorts, if the limit price is set below mark price then the order is treated as a market order. * **Stop Market:** A market order will be activated when price reaches the stop price. Stop price must be placed above mark price for longs and below mark price for shorts. If not the order will be triggered as a market order. * **Stop Limit:** A limit order will be activated when the price reaches the stop price. Stop price must be placed above mark price for longs and below mark price for shorts. If not the order will be triggered as a market order. **Mark Price:** This will show the price of the asset at the current moment in time. **Liquidation Price:** This will show the asset price at which the position will be liquidated. If the mark price of the asset goes beyond this point (lower in case of a Long position, higher in case of a Short position), it will automatically close the position and the majority of the collateral used for the position will be lost. Please take note that the liquidation price can fluctuate as funding fees are deducted from your collateral throughout the duration of the open position. **Setting a TP/SL at Position Creation:** An option is provided during opening of a new position to enter a TP and/or SL that is automatically set to fully close 100% of the position at the given trigger price for each. It is possible to manually enter a percent amount for each which will auto populate the corresponding price level at which the TP/SL is triggered. ## Front-running Protection To protect users and the exchange from front-running, both keepers and an artificial slippage mechanism have been introduced. ### Keepers When a trader opens a new position via market order, the order first goes into a pending state. Navigator maintains keeper nodes that monitor pending orders and validates positions before each order is executed at the latest oracle price. ### Artificial Slippage This new mechanism will simulate an order book by adding a slippage percentage to each order that is proportional to the vault utilization and position size. Each index token will have its own slippage factor that will be a function of the tokens historical volatility, that of which is most often correlated to depth of market. $$ deltaPercent = slippageFactor \* \frac{2 \times totalOI + posSize}{2 \times vaultTVL} $$ $$ executionPrice =\begin{cases} markPrice \times (1 + deltaPercent) &\text{if } LONG \ markPrice \times (1 - deltaPercent) &\text{if } SHORT\end{cases} $$ For example, assume a market order to long BTC at 30,000 with a deltaPercent of 0.05% is placed. In this case the order would execute at a price of 30,015. Upon order confirmation of a new position users can also manually enter the max slippage that they are willing to accept as shown in the red box. The order will only execute if the execution price is less than the current mark price plus/minus (if long/short) the slippage percent entered here. # Profit, Loss, and ROI ## Realized Profit and Losses Realized Profit and Loss (rPnL) are used to convey a position's total profit/ loss that has been resolved (paid or received). This includes all accumulated paid fees, such as the Open Position Fee, and is calculated as follows for each $$i$$ of all $$N$$partial closes. $$ rPnL = paidFees + \sum\_{i=1}^N \begin{cases} (closePrice\_i - avgEntryPrice\_i)\times posQty\_i &\text{if } LONG \ (avgEntryPrice\_i - closePrice\_i)\times posQty\_i &\text{if } SHORT\end{cases} $$ ## Unrealized Profit and Losses Unrealized Profit and Loss (uPnL) track the profit or loss of an open position, taking into account all unpaid accrued fees. $$ uPnL = accruedFees + \begin{cases} (markPrice - avgEntryPrice)\times posQty &\text{if } LONG \ (avgEntryPrice - markPrice)\times posQty &\text{if } SHORT\end{cases} $$ Note: Paid fees and/or accrued fees can be either negative (losses to trader) or positive (profits to trader) which occurs in cases where the funding rate is negative (ie: Short position when LongOI > ShortOI). ## Return on Investment (ROI) Return on Investment is used to establish how profitable a given trade is, and is a key metric in showcasing a trader's ability during competitions. We use the following calculation to determine position ROI for rPnL where max collateral is determined by the greatest number the collateral has reached for the position up until the time of each partial $$i$$ rPnL. $$ ROI (rPnL) = \sum\_{i=1}^N rPnl\_i/maxCollateral\_i $$ The ROI for uPnL is simply calculated as follows: $$ ROI (uPnL) = uPnl/positionCollateral $$ # Increase Collateral/ Leverage The Increase Collateral and Leverage features offer users a dynamic solution to liquidity utilization and risk management. With this feature, users can add collateral via the Position Menu, which will decrease leverage and thus push out the liquidation price if that is a concern. Contrarily, Increasing Leverage will result in a tighter liquidation price but can free up the collateral for other positions if desired. This function can be found in Edit collateral Modal\_Withdraw.

# Add to Position Users have the ability to use free collateral to increase the net value of their open position. Doing so increases their position size and adjusts their average entry price closer to mark price but does not change the leverage applied. This action also lowers the liquidation risk. This function can be found in Edit collateral Modal\_Deposit.

# Close Position Users can partially or fully close a position via market order by selecting the Close option using the three dots each row of the Positions table, or simply by clicking on the position in the Open Positions Dashboard. Once this option is selected a new pop up window will appear that shows all details of a trade , allowing users to select what % of the position they would like to close. Profits from the trade will be paid in USD on the exchange. Users can use USD as collateral for another position or redeem it for USDC (1:1).

# Edit Triggered Orders Adapting to market conditions requires trading prowess, but also the right tools for the task. We've improved upon our position management, now allowing user's to edit their open orders. This includes the ability to edit open TP, SL, and Trailing Stop orders via the Open Orders panel below the chart. # Triggered Orders Triggered orders are orders created to execute when certain conditions are met. Orders may apply to a new position or impact an existing pending order. ## Unlinked Orders - Creating a New Position ### Limit Order

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Limit Price < Mark Price	Mark Price = Limit Price	Placed as Market Order
Limit Price > Mark Price	Placed as Market Order	Mark Price = Limit Price

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Stop Price < Limit Order	Placed as Market Order	Mark Price = Limit Price
Stop Price > Limit Order	Mark Price = Limit Price	Placed as Market Order

### Trailing Stop Order

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Trailing Stop as X %	Mark Price drops X% from High	Mark Price rises X% from Low
Trailing Stop as X Amt	Mark Price drops X from High	Mark Price rises X from Low

**Prefer to have each position managed separately**? → Isolated Margin gives better control over individual trades. **Want to optimize capital across multiple trades**? → Cross-Margin provides more flexibility for fund utilization. # Open Position 1. **Set the Liquidity Source to '’Orderly pool**

2. **Register** Click the "Register" button to connect and register your wallet with the platform.

After registering, click "Enable Trading" to activate trading permissions.

\ \ 3\. **Add Collateral** Click on "Collateral Used" on the side, and the Orderly Deposit screen will appear as shown. Enter the amount of USDC you want to deposit into Orderly Balance. Funds will be transferred from your wallet to the Orderly Balance, which will serve as collateral for trading within the Orderly Pool.

4. **Long or Short** Click on "Long" or "Short" depending on which side you would like to open a position on and then choose your order.

Enter the number of tokens you want to trade, and the system will automatically calculate the corresponding USDC amount.

5. **Leverage setting** Click on the leverage setting to open the leverage adjustment panel. Select your preferred leverage by moving the slider or manually entering a value. Click "Save" to confirm your selected leverage.

6. **Confirm and Execute Your Order**

For detailed information on fees and calculations, please refer to the Orderly documentation here: [Orderly Perpeptuals Futures Basics](https://orderly.network/docs/introduction/trade-on-orderly/perpetual-futures/formulas-definitions). # Trading Hours {% hint style="success" %} Some asset pairs have specific trading hours. {% endhint %} {% hint style="danger" %} If you open a position or keep a position open outside Trading Hours, **Borrow fees and Funding fees will still accrue.** {% endhint %} ## Equity Trading Rules Navigator allows equity trading from 5 minutes after the equity market opens to 5 minutes before the equity market closes. Please note that there are certain limitations if traders place a position outside of Navigator’s trading hours: * Only limit orders are allowed. * Market Orders Temporarily Disabled * Market orders (including increase, decrease, and edit collateral orders) are not supported * Only limit, stop market, stop limit, take profit and stop loss orders are allowed * Closed Positions on Equity are temporarily disabled outside the Navigator's trading hours. Navigator's Equity Trading Hours (UTC): \ Winter (Nov - Mar): 2:35 PM – 8:55 PM \ Summer (Mar - Nov): 1:35 PM – 7:55 PM You can access this link <> to check ET in your time zone. In addition, the market is closed on these specific dates: **January 20th, February 17th, April 18th, May 26th, and June 19th.** ## XAU and XAG (Metals) * **Monday to Friday:** Open 24/5, meaning trading is continuous from Monday morning to Friday evening. * **Break Time:** Weekends, from Friday 10:00 PM (UTC) to Sunday 10:00 PM (UTC). # Platform Mechanics NAVIGATOR is a decentralized exchange allowing trading without the need for a username or password. The platform uses an aggregate price feed which reduces the risk of liquidations from temporary wick ## Liquidation The liquidation condition of the smart contract at which a liquidation event can be triggered takes into account accrued fees, collateral and PnL. It is as follows: $$ accruedFees > liqThreshold \times collateral + PnL $$ The price at which liquidation occurs is a function of position size, average entry price, collateral, accrued fees (which include closing/funding/borrowing), and a liquidation threshold which is defaulted to be 0.99 - this threshold is put in place to act as a built-in safety net to protect the protocol from losses on a position exceeding collateral. $$ deltaLiqPercent = \frac{(liqThreshold \times collateral) - accruedFees}{posSize} $$ $$ liqPrice =\begin{cases} entryPrice \times (1-deltaLiqPercent) &\text{if } LONG \ entryPrice \times (1+deltaLiqPercent) &\text{if } SHORT\end{cases} $$ If liquidated the trader will lose all of the collateral in their position. For example, assume a 10,000 long position on BTC/USD with 1,000 USD collateral and an entry price of 28,000. Assume the trader has held this position for a few days and has accrued total fees of $30.00. The corresponding deltaLiqPercent is 9.60% and the liquidation price would be 25,312. {% hint style="danger" %} **Due to the borrowing & funding fees, your liquidation price will change over time, especially if you use high leverage and have the position open for more than a few days, so it is important to monitor your liquidation price.** {% endhint %} ## Liquidation Bounty Besides the fee manager wallet, it is also possible for any 3rd party to trigger a qualifying liquidation. A bounty is put in place to incentivize liquidations to ensure they trigger in a timely matter (ie: liquidation is triggered before the remaining 1% of position collateral is lost due to rapid price movement). The wallet to first liquidate the position will receive up to 10% of the total lost collateral if Mummy's bot goes down or does not trigger in time. ## Open Interest Limits As a risk management tool, there are Open Interest (OI) limits per user as well as for each asset and direction. OI limits for both Longs and Shorts are established to protect the protocol from total OI exceeding TVL (in this case NLP backed liquidity). These limits, for each tradable asset, will be manually adjusted over time as TVL increases. ## Profit Limits In order to further protect the vault, we have put limits (maxProfitPercent) into place per asset for how much any one trade can profit. Each tokens will have different Max Profit Percent (MPP). See the MPP table below for more information. In the event that one's profit exceeds MPP of the token, then the position will be forced closed. Example: * Total USD of NSLP in the Vault is $2,400,000 * Max profit percent = 0.1% * User profit = $3,000 * Max allowable profit = 2,400,000 \* 0.1% = $2,400 Therefore, user profit > max profit and the position is forced closed. The exeeded profit will be sent back to the NSLP vault. | Token ID | Symbol | Max Profit Percent (%) | | -------- | -------- | ---------------------- | | 11 | BTC | 3 | | 12 | ETH | 3 | | 13 | LINK | 3 | | 14 | XRP | 3 | | 15 | BNB | 3 | | 16 | OP | 3 | | 17 | SOL | 3 | | 18 | ARB | 3 | | 19 | ORDI | 3 | | 20 | SUI | 3 | | 21 | PEPE | 3 | | 22 | S | 3 | | 23 | TRUMP | 3 | | 24 | MELANIA | 3 | | 25 | AIXBT | 3 | | 26 | ANON | 3 | | 27 | BERA | 3 | | 28 | LTC | 3 | | 29 | ADA | 3 | | 30 | HYPE | 3 | | 31 | KAITO | 3 | | 32 | stS | 3 | | 33 | FARTCOIN | 3 | | 34 | SHADOW | 0.1 | | 35 | VIRTUAL | 3 | | 36 | NEAR | 3 | | 37 | TIA | 3 | | 38 | PENGU | 3 | | 400 | GMCI30 | 3 | | 401 | GML2 | 3 | | 402 | MSTR | 3 | | 403 | TSLA | 3 | | 404 | AAPL | 3 | | 405 | GOOGL | 3 | | 406 | NVDA | 3 | | 407 | NDAQ | 3 | | 408 | DIA | 3 | | 409 | SPY | 3 | | 410 | AMZN | 3 | | 411 | META | 3 | | 412 | MSFT | 3 | | 500 | EUR | 3 | | 501 | XAU | 3 | | 502 | GBP | 3 | | 503 | XAG | 3 | | 504 | AUD | 3 | | 505 | NZD | 3 | | 506 | CHF | 3 | | 507 | CNH | 3 | | 508 | JPY | 3 | | 509 | WTI1M | 3 | # Pyth Price Feed

Navigator utilizes and manages asset prices exclusively through the Pyth Price Feed, emphasizing performance, security, and adaptability. By harnessing Pyth, Navigator not only consolidates price data but also prides itself on possessing the most robust and dependable sub-second price accuracy in the DeFi realm. Instead of depending on outdated off-chain price feed models that periodically update, Pyth employs an on-demand update mechanism, particularly adept during market volatility. Our partnership with Pyth has been pivotal in forging a close relationship with their architects and engineers, creating an environment where we collectively ensure tailored support for our unique use cases. This collaboration fosters innovation, enabling us to evolve alongside Pyth's technology. Pyth's offerings yield several significant advantages: 1. **Real-time Price Accuracy**: Pyth Price Feed ensures sub-second accuracy, updating asset prices frequently, especially advantageous during market volatility. 2. **On-Demand Price Updates**: Pyth's on-demand model for price updates is more responsive and efficient than traditional off-chain feeds, particularly in fluctuating market conditions. 3. **Data Sources Diversity**: Pyth aggregates financial data from nearly 100 first-party sources, providing a comprehensive pool of information for more accurate and reliable price feeds. 4. **Asset Classes Coverage**: Pyth offers price feeds for various asset classes, spanning from cryptocurrencies to traditional financial assets. This broad coverage allows Navigator access to and management of a wide range of assets on its platform. 5. **Sub-Second Aggregation**: Pyth aggregates data at a sub-second level multiple times per second, ensuring high-frequency aggregation for more precise and timely asset price information. Through Pyth's infrastructure, Navigator optimizes its operations by accessing accurate and diverse financial data. It enables the seamless handling of various asset classes and benefits from high-frequency aggregation, ensuring timely and precise price updates. # Fees Trading fees are necessary to help sustain the protocol over the long term. They are broken out into 3 areas; position fees, funding fees, and borrowing fees. ### Position Fees Position fees are paid when opening, increasing or decreasing a position. They are based on position size and a trading rate that is set per asset as follows: $$ positionFee = posSize \times positionRate\[asset] $$ | Asset Class | Rate | | ----------- | ----- | | Crypto | 0.08% | | Forex | 0.08% | | Metals | 0.08% | ### Funding Fees Funding fees are in place to keep open interest balanced. The rate is determined by the net difference between long and short open interest per asset and usdc in the vault. If positive, then longs pay shorts, and if negative, then shorts pay longs. $$ fundingRate = fundingRateFactor \times \frac{longOI-shortOI}{usdcVault} $$ The funding rate shown on the UI is per hour, even though fees are continuously accrued every block. For example if the rate shown is 0.01%/hr then this means an APR of 87.6% (0.01% \* 24 \* 365). A funding index (unique to each asset) is introduced which is updated each time a function is called. It increases/decreases over time based on a positive/negative funding rate as follows: $$ fundingIndex = fundingRate \times (currentTimestamp - lastTimestamp) $$ $$ deltaFundingIndex = fundingIndex\[current] - fundingIndex\[posID] $$ $$ fundingFee =\begin{cases} posSize \times deltaFundingIndex/1000000 &\text{if } LONG \ -posSize \times deltaFundingIndex/1000000 &\text{if } SHORT\end{cases} $$ For example, lets say: the user opens a 100k BTC long position and the current funding index for BTC is 15010. A simple flow for illustration: 1. User calls a function to open a new position which sets fundingIndex\[posID] = 15010. 2. User holds position for a few hours at which time they decide to close 80% of their position. Now, due to dynamic conditions with other users opening and closing BTC positions as well as BTC funding rate changing, the funding index for BTC is now 15510. 3. User pays 80% \* 100k \* (15510 - 15010)/1000000 = $40 ### Borrow Fees A borrow fee is implemented to help mitigate/offset the vault's risk of always taking the opposite side of each trade. The borrow fee will be based on the position size as well as the duration, in seconds, the position is held open. $$ borrowFee=posSize\times borrowRate \times duration $$ Borrow rate will be determined per asset by using each assets historical volatility. This is set manually, based on analysis, and will be periodically reviewed and updated to ensure the vault's risk is being managed appropriately. ### Asset Risk We consider assets either Low, Medium, or High risk, and group them into one of these categories to illustrate their borrow rate classification. For example, BTC and ETH have relatively low historical volatility in the crypto market. # Risk Mitigation We acutely recognize the balance needed to achieve an appropriate degree of risk mitigation for our liquidity providers, traders, and the vault. We perform regular risk tolerance assessments based on market volatility, asset performance (per side), and historical trading data in an attempt to maintain a fair and equitable Navigator trading ecosystem for all users. NSLP price performance and trading profit/ loss are two of the most crucial areas to balance within the platform. We have provided a minimal interference approach to ensure that all trading is done so honestly and strategically, without manipulation. Our current risk mitigation contract rules are as follows: ## Max Minting Limit Contract operators within the Navigator team may set a maximum amount of NSLP minted per block in order to prevent potential flash loan attacks. A flash loan attack occurs when a bad actor uses unsecured loans from DeFi protocols to manipulate the price of an asset (or several) for their own benefit. ## Minimum Profit Duration The **Minimum Profit Duration** is the minimum amount of time a position must be held before it can be closed for a profit. Users can only close their position after **420 seconds** (7 minutes) if their profit is equal to or greater than their collateral, or if the profit is above **$1000**. For example: * If you open a **long BTC** position with **$100 collateral** and make a **$100 profit**, you cannot close the position immediately. It must be held for **420 seconds** before closing. * However, if you open a **long BTC** position with **$2000 collateral** and make a **$100 profit**, you can close the position immediately. In case you make a **$1005 profit**, you **cannot** close the position immediately because the profit exceeds to the $1000 threshold. Then it must be held for **420 seconds** before closing. This rule helps prevent harmful trades that leverage market manipulation, which often result in large profits in a very short amount of time (typically less than 10 seconds). If the profit is below this range, it can be closed at any time without being affected by the duration. ## Close Delta Time The **Close Delta Time** is the minimum amount of time a position must be held before it can be closed regardless of the user's profit amount. Users can only close their position after **60 seconds** (1 minute) after their last open or increase action. # Trading Assets & Rules

Asset Pairs	Asset Type	ID	Minimum Profit Duration (*)
BTC/USD	Crypto	11	420 seconds
ETH/USD	Crypto	12	420 seconds
LINK/USD	Crypto	13	420 seconds
XRP/USD	Crypto	14	420 seconds
BNB/USD	Crypto	15	420 seconds
OP/USD	Crypto	16	420 seconds
SOL/USD	Crypto	17	420 seconds
ARB/USD	Crypto	18	420 seconds
ORDI/USD	Crypto	19	420 seconds
SUI/USD	Crypto	20	420 seconds
PEPE/USD	Crypto	21	420 seconds
S/USD	Crypto	22	420 seconds
TRUMP/USD	Crypto	23	420 seconds
MELANIA/USD	Crypto	24	420 seconds
AIXBT/USD	Crypto	25	420 seconds
ANON/USD	Crypto	26	420 seconds
BERA/USD	Crypto	27	420 seconds
LTC/USD	Crypto	28	420 seconds
ADA/USD	Crypto	29	420 seconds
HYPE/USD	Crypto	30	420 seconds
KAITO/USD	Crypto	31	420 seconds
SHADOW/USD	Crypto	34	420 seconds
GMCI30/USD	Crypto Index	400	420 seconds
GML2/USD	Crypto Index	401	420 seconds
MSTR/USD	Equity	402	420 seconds
TSLA/USD	Equity	403	420 seconds
AAPL/USD	Equity	404	420 seconds
GOOGL/USD	Equity	405	420 seconds
NVDA/USD	Equity	406	420 seconds
EUR/USD	Forex	500	420 seconds
XAU/USD	Metals	501	420 seconds
GBP/USD	Forex	502	420 seconds
XAG/USD	Metals	503	420 seconds
AUD/USD	Forex	504	420 seconds
NZD/USD	Forex	505	420 seconds
CHF/USD	Forex	506	420 seconds
CNH/USD	Forex	507	420 seconds

(\*) The **Minimum Profit Duration** is the minimum amount of time a position must be held before it can be closed for a profit. Users can only close their position after **420 seconds** (7 minutes) if their profit is equal to or greater than their collateral, or if the profit is above **$1000**. This rule helps prevent harmful trades that leverage market manipulation, which often result in large profits in a very short amount of time (typically less than 10 minutes). If the profit is below this range, it can be closed at any time without being affected by the duration.\ \ (\*\*) For **$Shadow** and **$Fartcoin**, if your profit exceeds 0.001% of the liquidity pool, your position will be automatically closed. ## Forex, Metals, Equity Trading Rules **Navigator** lets you trade **Forex**, **Metals**, and **Equities** from **15 minutes after market opens** to **15 minutes before market closes** for each asset. Each asset has its own unique market hours. You can check the full details on the following page.\ \ Please note that there are certain limitations if traders place a position outside of Navigator’s trading hours: * Only limit orders are allowed. * Market Orders Temporarily Disabled * Market orders (including increase, decrease, and edit collateral orders) are not supported * Only limit, stop market, stop limit, take profit and stop loss orders are allowed * Closed Positions on Equity are temporarily disabled outside the Navigator's trading hours. *Although orders cannot be executed during market closures, you may still place Limit and Stop orders when markets are closed. These orders will automatically execute when markets reopen and the specified price conditions are met. Note that Market orders cannot be placed during non-trading hours.* You can access this link <> to check ET in your time zone. # Cryptocurrencies Navigator provides trading opportunities on over 100 cryptocurrency pairs, with leverage options ranging from 1x to 250x. For a complete list of available pairs, please visit the [Pair List page.](https://app.gitbook.com/o/rBfnck9zZn7LHVuO0Bcs/s/c007YuHKNRYesdRifKau/~/changes/123/trading-assets) ## M**arket Hours** Crypto markets operate around the clock, 24/7, allowing you to trade at any time that suits you. # Forex Navigator currently supports trading on 6 forex pairs, with leverage options ranging from 1x to 250x. For a complete list of the available pairs, please visit the [Pair List page.](https://app.gitbook.com/o/rBfnck9zZn7LHVuO0Bcs/s/c007YuHKNRYesdRifKau/~/changes/123/trading-assets) ## M**arket Hours** Unlike crypto markets, forex markets are not open 24/7. Market times are referenced in **ET (New York time)**. | Day | Market Open / Close | | --------- | ---------------------------------------- | | Monday | Open all day | | Tuesday | Open all day | | Wednesday | Open all day | | Thursday | Open all day | | Friday | Closed from 4 PM (DST) or 5 PM (non-DST) | | Saturday | Closed all day | | Sunday | Open from 4 PM (DST) or 5 PM (non-DST) | *\*Only CNH/USD opens from 5 PM (DST) or 6 PM (non-DST) on Sunday, and its daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday.* \ \ You can access this link <> to check ET in your time zone. Additionally, there are the following **holidays** where market are closed: January 1st - 2nd and December 25th - 27th # Metals Navigator now provides trading on 2 metals, **XAU/USD** (Gold) and **XAG/USD** (Silver) with leverage options ranging from 2x to 100x. ## Market Times Just like forex markets, the metals market is not always open. Times are referenced in ET (New York time). | Day | Market Open / Close | | --------- | --------------------------- | | Monday | Open apart from 5 PM - 6 PM | | Tuesday | Open apart from 5 PM - 6 PM | | Wednesday | Open apart from 5 PM - 6 PM | | Thursday | Open apart from 5 PM - 6 PM | | Friday | Open until 5 PM | | Saturday | Closed all day | | Sunday | Open from 6 PM | ***\*** Navigator's **Metals Trading Hours** open **15 minutes after** the market start and close **15 minutes before** the market ends.* You can access this link <> to check ET in your time zone.\ \ Additionally, there are the following **holidays** where market are closed: January 1st - 2nd and December 25th - 27th ## Gap Metals prices can change when the market is closed, leading to gaps where the opening price differs from the previous closing price. Because of this, we cannot guarantee stop losses. Be cautious when keeping trades open while the market is closed, as there is a risk of liquidation due to a significant gap in the opposite direction once the market reopens. On the flip side, this could also result in a larger win than anticipated, as volatility affects both sides. Please keep this in mind when using high leverage. # Equity Navigator now provides trading on 5 equities with leverage options ranging from 1x to 25x. \ \ For a complete list of the available pairs, please visit the [Pair List page.](https://app.gitbook.com/o/rBfnck9zZn7LHVuO0Bcs/s/c007YuHKNRYesdRifKau/~/changes/123/trading-assets) ## Market Times

Day	Market Open / Close
Monday	Opens at 9:30 a.m. ET and closes at 4:00 p.m. ET
Tuesday	Opens at 9:30 a.m. ET and closes at 4:00 p.m. ET
Wednesday	Opens at 9:30 a.m. ET and closes at 4:00 p.m. ET
Thursday	Opens at 9:30 a.m. ET and closes at 4:00 p.m. ET
Friday	Opens at 9:30 a.m. ET and closes at 4:00 p.m. ET
Saturday	Closed
Sunday	Closed

***\*** Navigator's **Equity Trading Hours** open **15 minutes after** the market start and close **15 minutes before** the market ends.*\ \ You can access this link <> to check ET in your time zone.\ \ Additionally, there are the following **holidays** where market are closed: December 25th - 27th, January 1st - 2nd, January 20th, February 17th, April 18th, May 26th, and June 19th. # Navi-X Swap

## What is a DEX Aggregator? A DEX allows you to buy crypto assets and keep full custody of your funds while maintaining complete anonymity. Thus, they are a safe and more reliable method of purchasing cryptocurrencies. However, these exchanges may have a high transaction fee or [slippage](https://coinsutra.com/glossary/slippage-tolerance/). Further, with a new DEX coming into the market almost every week, investors find it challenging to find a suitable DEX with good liquidity. This is where a DEX aggregator comes into the picture. A DEX aggregator can be used to find crypto at the best price and with the lowest transaction cost and [slippage](https://coinsutra.com/glossary/slippage-tolerance/). ## How does a DEX Aggregator work? DEX aggregators source liquidity from different DEXs and thus offer users better token swap rates than they could get on any single DEX. DEX aggregators have the ability to optimize slippage, swap fees and token prices which, when done right, offer a better rate for users. For instance, a swap deal split between several DEXs can get a user an overall better price than a swap on any single exchange. A DEX aggregator’s main task is to offer a user better swap rates than any specific DEX can offer and to do that in the shortest possible time. Other major tasks are protecting users from price impact and reducing the probability of failed transactions. DEXs are generally interested in DEX aggregator integrations, as they can attract more users and volume. Recent data shows that high notional traders are increasingly using DEX aggregators, while retail users still choose to access DEXs directly. ## **MicroSwap** integration Navigator has integrated and partnered with MicroSwap, a DEX aggregator, to create Navi-X, which provides users with a better experience when swapping their desired tokens with the lowest possible fees.

MicroSwap combines diverse liquidity from a plethora of different DEXes to give users the best rates possible when they swap tokens. Find out more about MicroSwap Supported Exchanges: # New Pool Type Navigator Exchange with **Degen Pools** is a decentralized spot and perpetual trading platform designed to support low price impact trades with up to **100x leverage** and minimal swap fees. Trading is powered by **unique asset pools**, known as Degen Pools, which allow liquidity providers to earn fees from perpetual trades, liquidations, and swaps. Navigator Exchange routes every order directly against Degen Pools and references **oracle index prices** instead of relying on an order book or external market makers. To ensure accurate pricing without wicks, Navigator Exchange continues to utilize **Pyth Price Feeds**, ensuring that liquidations occur only at fair market values. ## Degen Pools A Degen pool consists of: * Index Price Feed: Long and short tokens will be opened / closed based on this price feed * Long Token: This is the token that will back long positions * Short Token: This is the token that will back short positions For example, a market could be S/USD \[wS-scUSD], in this case: * Index Price Feed: S/USD * Long Token: wS tokens back long positions * Short Token: scUSD tokens back short positions If a market is labelled as SWAP-ONLY, then the market only supports swaps and does not support leverage trading. For single-token backed pools, both the long and short token would be the same, e.g. a single token wS pool would have both the long token and short token as wS. ### Buying Degen Pools' Token Degen Pools' Token can be bought using the Degen Pools page. Steps: * Select the "Market" and "Pool" of the token you'd like to purchase in the Degen Pools page * There will be a positive or negative price impact depending on whether your purchase improves or reduces the balance of tokens in the pool * The price impact will be shown in the "Buy/ Sell" box

* If the pool is mostly balanced, a large purchase may result in a large negative price impact, to avoid this, select the "Pair" option and buy the token with an equal USD amount of long token and short token

### Selling Degen Pools' Token Tokens can be sold using the Degen Pools page. Note that since tokens in a market are reserved based on the total open interest of the market, the liquidity available for redemption is capped at the tokens in the pool multiplied by the pool's reserve factor minus the tokens reserved. If this capacity is reached, liquidity providers would need to wait for positions to close before selling the token or for liquidity to be deposited by other providers. The borrow fee rate in this case would also be higher which should help to incentivise deposits. ### Token Pricing The price of the token depends on the price of the long / short tokens and the net pending PnL of traders' open positions. Fees from leverage trading and swaps will automatically increase the price of Degen Pools' tokens. There may be a spread for some long / short tokens which would result in a spread when buying / selling tokens as well. Degen Pools aim to maintain an equal worth of long and short tokens, so e.g. when the price of a long token increases there may be a positive price impact to incentivise selling of long tokens for short tokens to rebalance the pool. While this balancing is incentivised by the pool it is still possible for pools to not be balanced at times. If a pool keeps its balance, its pricing excluding PnL should mimic a pool that is 50% long token and 50% short token and that rebalances as price changes. ### Hedging Open Interest Imbalance While long and short open interest is incentivised to be balanced through funding rates and price impact, it is possible for long and short open interest to not be balanced at all times. For liquidity providers that hedge this difference it should be noted that the difference that should be hedged would be the difference between the long / short `openInterestInTokens` values and not the difference in `openInterest` USD values. Currently, long and short open interest is incentivised to be balanced based on the `openInterest` USD value, this will be changed to the notional value in the next contract iteration, this change will further help to ensure that trader PnL is hedged within a market. ### Risks Caution should be exercised when interacting with any smart contract or blockchain application. While risks are attempted to be mitigated through testing, audits and bug bounties, there is always a risk of vulnerabilities in smart contract code. A non-exhaustive list of risks: * Smart contract risks * Counterparty risks: The Degen pool is the counterparty to traders, if traders make a profit that comes from the value of the Degen pool * Token risks: Bridged tokens may depend on the security of the bridge, pegged tokens have risks of depegging While counterparty risk is attempted to be minimized through funding fees and price impact it is not guaranteed that long and short positions will always be balanced. An additional case to note is that if, for example, long positions happen to be balanced with high leverage short positions and there is a sudden price spike, the high leverage short positions could be liquidated, temporarily causing an imbalance of longs and shorts. # Swapping and Trading ## Swaps Degen pools support both swaps and leverage trading. For swaps, click on the "Swap" tab on the Trade page, this will open the interface to swap tokens. For leverage trading, please see the below sections for more information. ## Trading ### Opening a Position Click **“Long”** or **“Short”** on the Trade page depending on which side you want to open a leveraged position. The trading logic remains the same as that of **crypto pools** and **stable pools**. Long position: * Earns a profit if the token's price goes up * Makes a loss if the token's price goes down Short position: * Earns a profit if the token's price goes down * Makes a loss if the token's price goes up After selecting your side, key in the amount you want to pay and the leverage you want to use. #### Selecting a Market You can select a market by changing the token that you'd like to Long or Short.

#### Selecting a Pool Multiple pools may be available for your selected market, for example, there may be an wS-scUSD and stS-stS pool. You can select which pool you'd like to trade in depending on which collateral you prefer to be backing your positions.

#### Selecting a Collateral Multiple types of collateral may be available for your selected market, for example, in the wS-scUSD market, you can choose whether your position's collateral is stored as wS or scUSD. Examples of how this could be used: * Long wS with wS as collateral: You would have be long wS from your long position as well as from your wS collateral. It is possible to e.g. open a 20 wS long position for a small amount of wS while using 100 wS as collateral for a total of 120 wS exposure. * Long wS with scUSD as collateral: You would be long wS only from your long position. This could be useful if switching frequently between longing and shorting. * Short wS with wS as collateral: This could be useful for delta neutral strategies to earn funding fees. For example, if funding is such that longs pay shorts, then a 100 wS short position could be opened with 100 wS as collateral. * Short wS with scUSD as collateral: This could be useful if switching frequently between longing and shorting. Note that if opening a long position with a non-stablecoin as collateral, your liquidation price may change as the price of your collateral changes.

#### Max Leverage The max allowed leverage of a pool will decrease as the total open interest of the pool increases, this is to guard the pool against gaming of price impact using high leverage positions. This mainly affects markets with less liquidity but can affect high liquidity markets if the open interest is very large. The interface will show a warning if the max allowed leverage will be exceeded. Note that this only affects opening / increasing of positions, it will not affect positions that have already been opened. For closing / decreasing of positions, if the max allowed leverage would be exceeded when decreasing a position then the order can still be executed, but the collateral within the position would not be reduced. {% hint style="info" %} **Managing** and **Closing** position still works the same as Isolated Margin. [Read more](https://docs.navigator.exchange/trade/isolated-margin/crypto-pool#managing-positions). {% endhint %} #### Limit Orders Limit orders can be created by selecting the "Limit" option after choosing to open a long or short position, or by selecting "Increase Size (Limit)" from the "..." menu in the position row if you already have an open position.

Once the limit price is reached, it will attempt to execute the limit order at the closest oracle price. Some traders use limit orders on CLOBs to be executed immediately to enter into a position and control the price impact and slippage in this way. On NAV, you can simply use a market order instead, as there is no price impact for increase orders, and you can set an acceptable slippage under the execution details. After creating a limit order, it will appear under the "Orders" tab. You can edit the order and adjust the limit price if needed. Note that limit orders are not guaranteed to execute, this can occur in a few situations including but not exclusive to: * The mark price which is an aggregate of exchange prices did not reach the specified price * The mark price was reached but there may not be sufficient liquidity to execute the order * The mark price was reached but the max allowed leverage would be exceeded ### Stop Market Orders Stop market orders can be created by selecting the "Stop Market" option after choosing to open a long or short position, or by selecting "Increase Size (Stop Market)" from the "..." menu in the position row if you already have an open position. After creating a stop market order, it will appear under the "Orders" tab. You can edit the order and adjust the trigger price if needed. Note that stop market orders are not guaranteed to execute, this can occur in a few situations including but not exclusive to: * The mark price which is an aggregate of exchange prices did not reach the specified price * The mark price was reached but there may not be sufficient liquidity to execute the order * The mark price was reached but the max allowed leverage would be exceeded ### TWAP Orders TWAP (Time-Weighted Average Price) orders will increase or decrease positions, as well as perform swaps, in evenly distributed parts over a specified time. By breaking down the order into smaller chunks and executing them over a predefined time period, TWAP aims to reduce the price impact. These can be created by selecting the "TWAP" option after choosing to open or decrease a long or short position, or by selecting "Increase Size (TWAP)" from the "..." menu in the position row if you already have an open position. TWAP orders are also available for swaps. After creating a TWAP order, it will appear under the "Orders" tab. TWAP orders can't be edited, but they can be cancelled and recreated. Blockchain network fees for TWAP orders are paid once when created, so if they increase, the extra costs will be paid by Navigator. Note that TWAP orders parts are not guaranteed to execute, this can occur in a few situations including but not exclusive to: * There may not be sufficient liquidity to execute the order * The max allowed leverage would be exceeded ### Take Profit and Stop Loss Orders Take profit and stop loss (TP / SL) orders can be created by clicking the "Close" button for a position, selecting "Set TP/SL" from the "..." menu in the position row, or using the "TP/SL" tab in the trade box. After creating a TP / SL order, it will appear in your position's row and under the "Orders" tab. You can edit the order and adjust the trigger price if needed. Note that TP / SL orders are not guaranteed to execute, this can occur in a few situations including but not exclusive to: * The mark price which is an aggregate of exchange prices did not reach the specified price ### Auto-Cancel TP / SL The Auto-Cancel feature automatically cancels Take Profit and Stop Loss (TP / SL) orders when the associated position is fully closed, whether by market close, liquidation, or a triggered TP/SL order. It does not cancel Limit or Stop Market orders. Auto-Cancel is enabled by default for new TP/SL orders but can be turned off in Settings.

Currently, there is a limit of 6 auto-cancel orders per position. Any orders beyond this limit won't be auto-cancelled. Users will be notified if they exceed the limit, which may change in the future. ### Order Execution If a Limit / Stop Market / Stop Loss / Take Profit order's trigger price is reached, the order will attempt to be executed. If there is insufficient liquidity then the order will be in a frozen state. Regular orders will be executed at the price closest to the trigger price, for frozen orders, they will be executed at the latest price instead. ### Liquidations If an wS long position is opened and the position size is larger than the collateral value, then there would be a price at which the position's loss amount is very close to the collateral value. This is referred to as the liquidation price and is calculated as the price at which the (collateral - losses - fees) is less than a certain percentage, which ranges from 0.4% to 1%, depending on the market and pool settings, of your position's size. If the token's price crosses this point, then the position will be automatically closed. The price used to calculate whether a position is liquidatable is based on the oracle price, and it does not factor in any negative or positive price impact. When the position is liquidated, the actual positive and negative price impact is applied to close the position. Due to borrowing and funding fees, your liquidation price is not static. Especially if you use leverage greater than 10x and have the position open for more than a few days, it's crucial to actively monitor your liquidation price. Collateral can be deposited using the "Edit" button in the position row; this will help to improve the liquidation price and reduce the risk of liquidation. When a position is liquidated, any collateral remaining after deducting losses, liquidation fees and other pending fees would be returned to your wallet. Liquidation fees: * 0.2% for non-synthetic markets * 0.3% for synthetic markets * 0.45% for newly listed / high volatility markets ## Market Types and ADL Two types of markets are possible in Navigator Degen Pools. ### Fully backed markets An example of a fully back market would be an wS perp market backed by wS-scUSD where the open interest is limited to be less than the total amount of wS and scUSD tokens in the pool. For example, if there is 1000 wS and 1 million scUSD in the pool and the max long open interest is limited to 900 wS and the max short open interest is limited to be 900k scUSD, then all profits can always be fully backed regardless of the price of wS. ### Synthetic markets An example of a synthetic market would be a BTC perp market backed by stS-stS. While the max long open interest could be limited to a fraction of the amount of wS tokens, it may be possible for the profits of long positions to exceed the worth of the tokens in the pool. For example, if there is 1000 stS and 10.000 stS in the pool and the max long BTC open interest is limited to 300 stS, but the price of BTC increases 10x while the price of stS increases only by 2x, in this case the pending profits would exceed the worth of the stS in the pool. To avoid this scenario, ADL (Auto-Deleveraging) may take place. When the pending profits exceed the market's configured threshold, profitable positions may be partially or fully closed. This helps to ensure that markets are always solvent and all profits at the time of closing can be fully paid. ## Fees and Rebates #### Open / Close Fees The trading fee to open a position is 0.04% or 0.06% of the position size, similarly there is a 0.04% or 0.06% fee when closing the position. This applies for increasing the position size of an existing position and partially decreasing a position size as well. If the trade increases the balance of longs and shorts then the fee would be 0.04%, otherwise the fee would be 0.06%. #### Swap Fees The fees for a normal swap are 0.05% or 0.07% of the swap amount. If the trade increases the balance of tokens in the pool then the fee would be 0.05%, otherwise the fee would be 0.07%. The fees for correlated token swaps (such as S <=> stS) are 0.02% of the swap amount. #### Slippage Slippage is the difference between the expected execution price and the actual execution price, caused by price volatility during the brief time while the order is being executed. It's different from price impact. The default allowed slippage is set to 1% and can be adjusted in settings or in the trade box when trading. For example: * Expected execution price: $4,000 for a S/USD long. * Actual execution price: $4,080 (2% up) due to volatility. * The order will not be executed unless the set allowed slippage was 2% or higher to permit it. #### Price Impact and Price Impact Rebates On Navigtor, the entry price for opening positions is always the mark price, with no price impact. Price impact only applies to decrease orders. It is based on the net balance or imbalance caused by both opening and closing positions—hence the name "net price impact." Net price impact can be positive or negative, up to 50 bps (0.5%). This means you will never pay more than 50 bps in price impact, no matter the order size. So, in Navigtor Degen Pools Trading—unlike in orderbook models—the price impact is capped. You don't have to worry about orderbook depth. Also, unlike in orderbooks, a positive price impact means you can get paid. You can view net price impact in the net value tooltip on the positions list or close modal. For advanced technical details, enable "Breakdown Net Price Impact" in the display settings. For large orders, consider using TWAP to further reduce price impact by executing them in smaller parts over time. Liquidation prices are not affected by net price impact, as they rely on oracle prices. However, net price impact is applied to leftover collateral during liquidation. For swaps, positive price impact increases the tokens you receive, while negative price impact decreases them. Long and short open interest in markets are typically balanced, leading to minimal net price impact. During high volatility, imbalances can cause higher net price impacts. Price impact rebates help mitigate this. As mentioned, each market has a maximum negative net price impact threshold of 50 bps (0.5%). If a decrease order has a negative net price impact exceeding this threshold, the excess becomes claimable as a rebate after five days. You can claim rebates in the claims section on the trade page after the delay, which protects against manipulation. Rebates are reviewed and granted only to non-manipulating accounts. #### Funding Fees There may be positive or negative funding fees while a position is open. The funding fee rate can be viewed on the interface when making a trade. Note that the rate will change over time based on the balance of longs and shorts. If you receive positive funding fees for your position, these fees can be claimed by using the "Claim" button in the "Claimable Funding" box of the Trade page. #### Adaptive Funding Funding rates gradually adjust over time based on the long and short ratio. For example, if the total long open interest is larger than the short open interest then the funding rate that longs pay shorts will gradually increase until the difference between the long and short open interest is below a certain threshold or an upper limit is reached, at which time the funding rate will remain constant. If in this scenario more shorts are opened or longs are closed such that there are now more shorts than longs then the funding rate that longs pay shorts will gradually decrease until the difference between the long and short open interest is below a certain threshold. If there remains more shorts than longs then the funding rate will gradually adjust in the other direction such that shorts will pay longs a funding rate that gradually increases until the difference between the long and short open interest is below a certain threshold or an upper limit is reached. #### Borrowing Fees To avoid a scenario where liquidity is fully reserved by a user opening equal long and short positions for a small cost, there is a borrowing fee for open positions. If there are more longs than shorts then longs would pay the borrowing fee, if there are more shorts than longs then shorts would pay the borrowing fee. This borrowing fee also helps to incentivise more liquidity to be added in the event that all liquidity is reserved for positions. The borrowing fee rate can be viewed on the interface when making a trade. Note that the rate will change over time based on the pool utilization percentage. #### Network Fee There are two transactions involved in opening / closing a position: * User sends the first transaction to request open / close / deposit collateral / withdraw collateral * Keepers observe the blockchain for these requests then execute them The cost of the second transaction is displayed in the interface as the "Max Network Fee". This network cost is paid to the blockchain network when the order is executed. This cost is overestimated to handle potential increases in gas price. When the order is executed, the excess execution fee is sent back to your account. The amount of overestimation can be configured using the "Settings" menu in the top right corner of the page. ### Trading Risks Caution should be exercised when interacting with any smart contract or blockchain application. While risks are attempted to be mitigated through testing, audits and bug bounties, there is always a risk of vulnerabilities in smart contract code. A non-exhaustive list of risks: * Smart contract risks * Liquidations * ADLs Additionally, collateral and profits may be backed by bridged or pegged tokens which may not be guaranteed to maintain peg. ## Arbitraging If pools are imbalanced for swaps or perps, arbitraging can be done to gain a profit while helping to balance the pools. ### Swaps For swaps, positive price impact can be arbitraged. For example, in the wS-scUSD pool, if the USD value of wS in the pool is more than the USD value of scUSD in the pool, then there would be a positive price impact to swap scUSD for wS. This positive price impact would result in additional wS being received for a scUSD to wS swap. ### Perps For perps, positive price impact and funding fees can be arbitraged. For example, if there are more S long positions than short positions then there would be a positive price impact to open S short positions, this would result in a better entry price than the current market price. The position would also earn funding fees while it remains open. If in the same scenario, the S long positions close such that there are more shorts than longs, then there would be a positive price impact to close the long position, this would result in a better exit price than the current market price. For markets where the index token is the same as the collateral token, e.g. using wS collateral in the S perp market, delta neutral positions can be opened by using the collateral token to open a short position. Conversely, when arbitraging with long positions, a 1x long position can be opened using a stablecoin as collateral, this would lead to 1x exposure to the index token. Note that funding will tend towards zero as the long / shorts become balanced, this should be considered when deciding on the position size to open for arbitrage. # Referrals {% hint style="info" %} Read more about how to create a referral code on Navigator [**here**](https://docs.navigator.exchange/community/social-features/referrals#how-it-works). {% endhint %} ### Claiming Rewards For trades on Degen Pools, discounts are applied automatically and will reduce your fees when you make a trade. For affiliate rewards, the rewards will accumulate to your account on every trade and can be claimed using "Claimable Rebates" box in the Referrals page. # Navigator NFT # Capy Guardians Club Capy Guardians Club isn’t just another NFT collection — it’s a 5,555 utility NFT collection, now live on Sonic! These NFTs offer the community enhanced liquidity for NLP and NSLP, while also providing the opportunity to earn rewards based on the strength of each NFT. \ \ Our goal is to foster a strong culture and community, where the majority of user investments are returned as rewards.

Navigator NFTs offer a fantastic investment opportunity, especially for early adopters and pioneers of the Navigator ecosystem. Navigator has carefully developed a decentralized treasury controlled by the community to ensure transparency and provide benefits for all investors. To fully understand how the treasury works, it’s important to know where the revenue is generated.\ \ **Key Takeaways:** > 1\. The Navigator NFT is designed to benefit holders, with all funds from NFT sales reinvested to redistribute rewards back to the NFT club.\ > 2\. Buy NAVI NFT to earn esNAVI and receive S rewards with lifetime profit.\ > 3\. The earlier you buy, the cheaper the NFT and the higher the power. \
# Exclusive Benefits for NFT Holders The Navigator NFT ecosystem is designed to ensure long-term benefits and stability for NFT holders, providing them with the opportunity to earn both from the platform’s fees and from the continuous growth of rewards:

As a member of Capy Guardians Club, you're at the heart of the project, with exclusive benefits designed to enhance your experience and rewards: * **60 esNAVI** tokens over the course of 1-year vesting without reserve * **Earn REAL YIELD:** As a Capy Guardians Club Members, you’ll gain access to real yield generated from 50% of the revenue produced by NLP and NSLP. Plus, extra up to 2% of protocol fees by staking your NFT (extracted from bot maintenance fee) in the first 3 months. * **NFT Traders Fee Discount:** Enjoy discounted trading fees when engaging with the platform. * **Join Exclusive Trading Competitions** or Campaigns for NFT holders and stand a chance to win special NFTs! These events are only available to Navigator NFT holders, offering exclusive NFT and unique opportunities to boost your collection. * **AI Signal Access:** Unlock access to exclusive AI trading signals at a discounted rate, with more details coming soon. * **Access to Future AI Navi Agent:** As an NFT holder, you’ll get unlimited access to cutting-edge AI-driven services as they are introduced, including our powerful Navi Agent for advanced trading assistance. # The early bird gets the fat worm Please note that each group of Navigator NFT derives a different power percentage. **For every block of 100 NFTs successfully minted,** the price increases by 1% and the power decreases by 1%, while the esNAVI bonus stays the same. Accordingly, the earlier Capy Guardians Member join the club, the more affordable price coupled with a higher power percentage you guys will receive.\ \ For example: | Group of NFT | Price ($S) | Power | | ------------- | ---------- | -------- | | #1 - #100 | 300.00 | 5,000.00 | | #101 - #200 | 303.00 | 4,950.00 | | #201 - #300 | 306.03 | 4,900.50 | | ... | ... | ... | | #901 - #1000 | 328.11 | 4,567.59 | | ... | ... | ... | | #4901 - #5000 | 488.50 | 3,055.59 | # Capy Guardians Club Sale Details * [x] Total Supply: **5,000 NFT (**5000 NFTs max to mint) * [x] Initial price: **300 S** * [x] Initial power: **5,000** * [x] Bonus : **60 esNAVI** * [x] Launching time: **7:00 AM UTC on March 24th** # How to buy Capy Guardians Club NFT ## 1. Enter the [NFT Page](https://app.navigator.exchange/#/agent-ai/nft)

## 2. Choose your desired amount of Capy Guardians Club NFT to buy and Click Mint NFT

## 3. Confirm your transaction with your wallet

## 4. You have minted NFT successfully and received bonus esMMY

You have minted your NFT successfully, now you can go to the earn page to stake or vest esNAVI to earn more with NAVIGATOR.\
# How to stake and earn Real Yield with Capy Guardians Club NFT If you don’t have any Capy Guardians NFT yet, mint yours [here](https://app.navigator.exchange/#/agent-ai/nft). ## 1. Enter the [NFT page](https://app.navigator.exchange/#/nfts) ## 2. Choose your NFT you want to stake. Confirm your transaction in your wallet to finish.

*$wS reward will be distributed to each holder each epoch according to the total NFT staked power.*

# NFT migration Navigator makes it easy and fast for users to bridge NFTs from the Fantom chain to the Sonic chain. Previously, Mummy launched a collection of 5,000 NFTs. This collection, hosted on Fantom, features over 130 hand-drawn traits. It was created for the community of the decentralized perpetual exchange. Currently, to transform and innovate, Mummy will rebrand as Navigator and operate on the Sonic chain. Accordingly, this NFT collection will also be bridged to the Sonic chain. ### Requirements for migration: {% hint style="warning" %} Users must unstake the NFT on the Fantom chain first. {% endhint %} #### Steps to Migrate NFTs: 1. **Access the NFT Migration Page:**\ Go to . 2. **Connect Your Wallet:**\ Connect your wallet to the Fantom (FTM) chain. 3. **Select NFTs to Migrate:**\ Choose the NFTs you want to migrate. 4. **Initiate Migration:**\ Click **"Migrate"**. The status of your migration will appear in the **Transaction History** section. * *Note:* This migration is powered by LayerZero. If your transactions take longer than expected, check the status on [LayerZero Scan](https://layerzeroscan.com/). # Social Features Web3 represents a social environment, and we've incorporated features for sharing trades and viewing a trader's performance on leaderboards. Regular trading competitions motivate the Navigator community to enhance their skills and knowledge with the allure of cash prizes. Additionally, we offer distinctive incentives that promote a deeper connection between traders and the platform.


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# Referrals Get fee discounts and earn rebates through the Navigator referral program. ### How it works To create a referral code: * Go to the Referrals page * Click on the Affiliates tab * Create a referral code using any combination of letters, numbers, and underscores Once you've created your code, click on the copy icon next to the code to get your referral link, it should look something like this: . You can share this link on any platform, e.g. Twitter, or Telegram. When a user clicks on your link, your referral code would be stored with the user's account. When the user makes a trade they would receive a discount and you would earn rebates from their trading fees. You will continue to earn rebates even if the user uses another device later on as the referral code is stored on the contract the first time the user makes a trade. The discounts and rebates will be distributed as S, your rebates history will be viewable on the Referrals page. ### Crypto Pool Referral **With trading on Crypto pool**, the referral program has a tier system to prevent gaming through self-referrals, this helps to ensure that referrers receive the rebates for the users they brought onto the platform. * Tier 1: 5% discount for traders, 5% rebates to referrer * Tier 2: 10% discount for traders, 10% rebates to referrer * Tier 3: 10% discount for traders, 15% rebates to referrers paid in S, 5% rebates to referrers paid in esNAVI Anyone can create a Tier 1 code. To upgrade your code to Tier 2 or Tier 3: * Tier 2: At least 15 active users using your referral codes per week and a combined weekly volume above $5 million * Tier 3: At least 30 active users using your referral codes per week and a combined weekly volume above $25 million Rebates and discounts apply on the opening and closing fees for leverage trading. The opening and closing fees are 0.1% on Navigator, there is no price impact for trades and zero spread for tokens like BTC and ETH, rebates are calculated before user discounts so referrers earn on the full maker fee and from what would otherwise be spread on other exchanges. As a result, referrers would earn equivalent amounts of rebates per volume on Navigator when compared to other referral programs. Wallet providers and other protocols will be eligible for Tier 2 and Tier 3 rewards as well. *** ### Stable Pool Referral **With trading on Stable pool**, Navigator provides an referral program where users can earn 5% of the fees generated by users they refer using their unique referral ID. These referral earnings are deducted from the total fees collected. # Position Share Share your profits with flair or turn your losses into a light-hearted moment through our social media integrations! With the Share Trade feature, users can easily post their profit and loss (PnL) by choosing the 'Share Trade' option in the Position Menu or clicking on the share icon located at the far right of the Trade History table. This action will display an image, and all you need to do is click on 'Tweet' to showcase your trading skills to a global audience!

# Helpful Guides


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# Online Issues Here are some common errors you might encounter when using **Navigator**. If you encounter one of the errors listed below, please follow the instructions provided to resolve these issues. If your error isn’t listed or you're unable to resolve it, please visit the [**Navigator Discord**](https://discord.gg/uugCsntkCm) to open a ticket and report the issue. Our community contributors and support team will assist you as quickly as possible. ## Internal JSON-RPC Error If your transactions fail to process and you encounter the "Internal JSON-RPC error," it means the RPC used in your wallet is causing the issue.\ To resolve this, follow these steps for Navigator on Sonic:\ Go to your Wallet Settings.\ Navigate to Networks > Sonic.\ Change the New RPC URL.

You can use [Chainlist ](https://chainlist.org/chain/146)to find a list of available Sonic RPC URLs. Try different listed RPC URLs until your transaction can be successfully processed.\ \ You can try changing the **RPC** on **Navigator**, refreshing the cache, or clearing your browser’s cache if the issue persists. This can help resolve connectivity or loading issues with the platform.

## I**nsufficient {symbol} balance, unable to pay gas** This error indicates that you don’t have enough gas in your wallet to complete the transaction. Please transfer more gas tokens $S to your wallet and try again.
# Trade Guide Explore this section to discover how trading operates on Navigator.


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# Deposit/ Withdraw Collateral Bridged USDC contract ``` 0x29219dd400f2bf60e5a23d13be72b486d4038894 ``` Sonic USD ``` 0xd3DCe716f3eF535C5Ff8d041c1A41C3bd89b97aE ``` ## Deposit 1. Click on this part of the menu to start deposit your fund.

2. The "Deposit" popup will show up. Choose token and enter the amount of USDC you want to deposit into Navigator.

3. After confirm on your wallet and your deposit transaction has succeeded, the amount in $ of USDC that you have deposited will be shown here.

## Withdraw 1. To withdraw collateral, enter Account Overview page and click on "Withdraw" button. 2. The "Withdraw" popup will show up. Choose token and enter the amount of USDC you want to withdraw from Navigator.

3. Confirm on your wallet. # Open/ Close a position There are 2 pools you can choose to trade from: Crypto pool and Stable pool. Each one has it own unique features. ## Open a position (Crypto pool) With Crypto pool, you just need fund in one of these 4 tokens: USDC, ETH, S, wS.

Select type of trade you want to join. (Long/Short; Market/Limit)

Then place the trade with the collateral (min: 10$) and leverage of your choice.

## Open a position (Stable pool) 1. In this pool, you need to deposit your fund to start trading. (Check the previous section for more details) 2. Choose a pair to trade

3. Input trading amount and start your trade {% hint style="warning" %} When you click on the 100% option, your max collateral amount will be estimated based on your free collateral and Open pos. fees. {% endhint %} # Connect Wallet


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# Connect with MetaMask Step 1: Open Metamask, click on Network icon

Step 2: Click "Add a custom network"

Step 3: Fill the neccessary information into the input boxes then click 'Save'

This is an example for chain Sonic **Network name**: Sonic **New RPC URL**: **Chain ID**: 146 **Currency symbol**: S **Block explorer URL** (Optional): Step 4: Click "Save" and switch to the chain # Backup RPC URLs There may be times when the RPC URL is not as responsive as it should be, during these times you may notice data being slow to load or not loading on your page. Therefore, it will be better if you change your RPC URL. For a list of RPC URLs and their statuses: # Buy and Stake NSLP/NLP ### Step 1: **Go to the Navigator Earn Page** Open the[ Navigator Earn Page](https://app.navigator.exchange/#/earn) on your browser. This is where you can manage your liquidity and explore earning opportunities.

### **Step 2: Connect Your Wallet** Click the "Connect Wallet" button and select your preferred wallet, such as MetaMask or WalletConnect. Ensure your wallet is properly set up and has sufficient balance in supported tokens.

### **Step 3: Provide Liquidity** On the Earn page, select the token you want to use to purchase NSLP or NLP. For minting and staking NSLP, there are various tokens you can choose from. To mint NLP, you can opt for USDC, ETH, S, or WS.

### **Step 4: Receive NSLP/NLP** Input the amount you wish to provide. If it’s your first time, approve the token for use, then confirm the transaction in your wallet.

After buying, NLP/ NSLP tokens will be staked automatically to the NLP/NSLP. There are countdown period to unstake in each pool. * NLP: 2 Hours * NSLP: 48 Hours

# Community Groups Discussion groups managed by the Navigator community. Website: X: Telegram: Discord: # Resources (Links) The Navigator team, alongside our dedicated community, is available 24/7 to provide support globally. Our experienced Quality Assurance team collaborates with users, moderators, and the design/development teams to ensure that feedback is addressed, issues are resolved, and features are thoroughly tested before release. Here are some of the most common places where users can access everything related to **Navigator**: [**Exchange**](https://www.navigator.exchange/#/): Access our perpetual trading dApp on Navigator. [**Support**](https://discord.gg/tWqgKSTpcB): Contact our support team for any assistance with your Navigator experience. [**Discord**](https://discord.gg/VsEyBPpm): Join our community on Discord and engage in the ongoing Navigator conversation. [**Telegram**](https://t.me/navigator_exchange): Stay up-to-date with all things Navigator on our Telegram group. [**Twitter**](https://x.com/NaviExSonic): Follow us on Twitter for the latest Navigator updates and join the broader crypto discussion. [**Medium**](https://medium.com/@NaviExSonic): Explore in-depth articles and platform development updates directly from the Navigator team. [**BD Contact**](https://t.me/Rockmiller): Reach out for partnership inquiries and collaboration opportunities with Navigator. # Contracts


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# Contract Crypto Pool * NAVI: 0x6881B80ea7C858E4aEEf63893e18a8A36f3682f3 * Vault: 0xe9263682E837eFabb145f8C632B9d2c518D90652 * Router: 0xC62E220F3676a22Cab87D2D18c4338079A96C1ac * PositionRouter: 0x91c62ae93ccfFdBE0B1Be841433E46E033514C8D * OrderBook: 0xf6F9C8e2aF4Abe11F012a81B1f4f3b077824653a * Reader: 0x026440626B4eAF9A2f4B1F57A971E8F86a542C25 * OrderBookReader: 0x932394589E9c8484e005Ce5E104d4F6eA7D3d467 * StakedNlp: 0xdBc4A8B683Bf418998ca271Eb6E4be2AF50F9c23 * NlpManager: 0x1aff48aB87315cb805abeA9Fb0B2B2F9280F1992 * RewardRouter: 0x808e3dc8a8D8E70d102619603006fF93e5EeDF4b # Contract Stable Pool LiquidateVault: 0x2D270f66feE6Ac9e27Ff6551AF5a8cFB5C8a7493 NSLP: 0x641Ff5D17178C3B9498133eBC264Bb4170A04668 NSUSD: 0x0d8393CEa30df4fAFA7f00f333A62DeE451935C1 Operators: 0x304951d7172bCAdA54ccAC1E4674862b3d5b3d5b OrderExecutor: 0xB2a477C6BA5E96f6dECbCEd836cB7d3d32ef9ecD OrderVault: 0x65DCb38637b526305Be55F14B24a4Ab2bD177780 PositionVault: 0x3B2732c1e5A248BBDD0315E9e8845c64f5A6FaF5 PriceManager: 0x01e9B35785eF3f7Ef2677c371442976bd550f320 Reader: 0xf75D3c6f20FB65cc0B8f84687e5cBAC3D7f4221e SettingsManager: 0x7b9e962dd8AeD0Db9A1D8a2D7A962ad8b871Ce4F Vault: 0x41cD8CaFc24A771031B9eB9C57cFC94D86045eB6 esNAVI: 0x63c10405d939E03032436f3fea80d8fcc5E4c68f USDC: 0x29219dd400f2bf60e5a23d13be72b486d4038894 # Terms Of Use Naivigator Exchange Terms of Service **Terms of Use** 1. **Introduction** 1.1. By using and interacting with the Protocol, you are entering into an agreement with the Protocol to comply with these Terms of Use. These Terms of Use, together with any other terms and conditions, policies, procedures, or other agreement that are made available and published for and on behalf of the Protocol by its service provider, are entered into between the Protocol and you concerning your use of, and access to the Protocol, however so accessed, on any related domain or subdomain, web application or mobile application (the Protocol´s website, domain, applications and all other associated sites linked to the Protocol are herein collectively defined as “Sites”). These Terms of Use are applicable to both the Protocol and Service Provider where expressly defined as applicable. 1.2. PLEASE READ THESE TERMS CAREFULLY. By using and interacting with the Protocol and Sites, you warrant and represent that you have read these Terms of Use carefully and understand all of the terms and conditions contained herein. These Terms of Use govern your use of the Protocol and Sites, and your access and interaction with the Protocol´s supported Services (“Services”); including, your access to the order book, matching engine, liquidity pools, smart contracts, API´s, and all other software or code whether deployed by the service provider or third parties, including the entering into perpetual contracts (“Perpetual Contracts”) related to digital assets or digital asset referencing financial instruments (“Digital Assets”). 1.3. These Terms of Use expressly cover your rights and obligations, and the Protocol´s and service provider´s disclaimers and limitations of legal liability, relating to your use, access to, interaction with, the Protocol and Sites, including the Protocol´s Services accessed by you. By accessing or using the Protocol and Sites, you expressly agree to be bound by and to comply with these Terms of Use, including the arbitration provisions set out in these Terms of Use. If you do not agree with these Terms of Use, or any part of these Terms of Use, then you must not access, use or interact with the Protocol and its Sites, or any part thereof. **2. ABOUT NAVIGATOR EXCHANGE AND THE PROTOCOL** 2.1. A reference to Navigator Exchange is a reference to the brand and domain name of the Protocol and Sites. The incorporation of “finance” is in no way wholly indicative or descriptive of the Protocol´s functions or Services available on the Sites. Functions and Services are limited to user interaction with the Perpetual Contracts supported by the Protocol. 2.2. The Protocol is a decentralized application programmed via smart contracts to autonomously provide its Services directly to users who access the Sites. The Protocol autonomously provides, without any intermediary: deposits; execution; settlement; transaction clearing; trading data provision; and other Services. In addition, users maintain self-custody of their Digital Assets at all times. 2.3. The Protocol and Sites are deployed and serviced by Navigator Technology (“NT”). NT is a third party service provider engaged by the Protocol to provide maintenance and technological Services licensed or developed by the Protocol and Sites. By accessing or using the Protocol and Sites, or its Services, you expressly agree that NT does not provide execution, settlement, transaction clearing Services of any kind, advisory, or custodial Services to you, or the Protocol, and it is not responsible in any way for the Protocol´s automated Services. Please carefully review the disclosures and disclaimers set forth in section 10 in their entirety before using the underlying technology deployed and serviced by NT for and on behalf of the Protocol. **3. USE OF PROTOCOL** **3.1. USER REPRESENTATIONS AND WARRANTIES** 3.1.1. If you access or use the Protocol and Sites, you expressly represent and warrant to the Protocol the following: (a) If you are entering into these Terms of Use as an individual, then you are of legal age in the jurisdiction in which you reside and have the legal capacity to enter these Terms of Use and be bound by the Terms of Use. (b) If you are entering into these Terms of Use as an entity, then you must have the legal authority to accept these Terms of Use on that entity´s behalf, in which case “you” will mean that entity. (c) You do not, and will not, use a VPN or any other privacy or anonymization tools or techniques to circumvent, or attempt to circumvent, any restrictions that apply under these Terms of Use. (d) Your access to the Services is not prohibited by and does not otherwise violate or assist you to violate any domestic or foreign law, regulation, statute, order, protocol, code, directive, guideline, or other applicable law that may apply to you that relates to your use of the Protocol. (e) Your access does not contribute to or facilitate any illegal activity. 3.1.2. If you access or use the Protocol, Sites and its Services, you expressly acknowledge, understand and agree the following: (a) At any time, the Protocol, the Sites, its Services, may be inaccessible or inoperable for any reason due to causes beyond the reasonable control of the Protocol or NT, or that could not be reasonably foreseen. There may be disruptions, temporary or permanent interruptions or unavailability of underlying infrastructure to the software, hosting, or blockchain and smart contract functions of the Protocol and Sites. Services provided to the Protocol by third parties may be unavailable for any reason beyond the control of the Protocol or NT. In any of the aforementioned circumstances, you acknowledge and agree that the Protocol and NT are not responsible or liable for restrictions or limitations to your access to the Protocol. (b) You are solely responsible for your use of the Protocol, Sites, and Services, including all of your management and actions taken with respect to your Digital Assets. Neither the Protocol, nor NT have control over, or liability for, the delivery, quality, safety, legality, or any other aspect of any Digital Assets, trades, or other interactions that you may take to or from using the Protocol or from a third party, and neither the Protocol nor NT are responsible for ensuring that a person or entity whom with you transact completes the transaction or is authorized to do so, and if you experience a problem with any transactions or interactions in Digital Assets or trades using the Protocol, then you bear the entire risk and liability. (c) Your access to the Protocol, Sites, and Services may be disabled or modified, including restricted, if at any time there is an event of breach of these Terms of Use. Neither the Protocol nor NT will be liable to you for any losses or damages you may suffer as a result of or in connection with the Site or the Services being inaccessible to you at any time or for any reason. (d) The Protocol and Services may evolve, or be subject to new regulatory changes which may result in changes to, replacements, updates, or the discontinuation temporarily or permanently of the Protocol, its Sites, and Services at any time, in the sole discretion of the Protocol and NT; (e) Neither the Protocol or NT act as an agent or advisor to you or any other users of the Protocol, Sites, and Services; (f) The Protocol is a decentralized application meaning you and other users maintain self-custody of your Digital Assets at all times, as such, you are solely responsible for your use of the Protocol, Sites, and Services, and to the fullest extent not prohibited by applicable laws, neither the Protocol, nor NT owe any fiduciary duties or liabilities to you or any other party, and to the extent that any such duties or liabilities may exist at law or in equity, you hereby irrevocably disclaim, waive, and eliminate any and all of those duties and liabilities as they may apply to the Protocol or NT; (g) To the extent provided by applicable laws, you are solely responsible for reporting and paying any taxes applicable to your use of the Protocol. (h) As part of the Services provided under its service agreement with the Protocol, NT may publish promotions and contests or other promotional activities for and on behalf of the Protocol (“Marketing and Promotions”). Marketing and Promotions may be governed by separate terms and conditions and rules. You are responsible for reading all of the terms and conditions and rules to determine whether you are eligible to participate. Marketing and Promotions are optional and you should not enter if you do not agree with any of the relevant terms. 3.1.3. If you access or use any part of the Protocol, Sites, or Services, you expressly covenant and agree to the Protocol and NT the following: (a) You will only interact with the Protocol using legally obtained Digital Assets that belong to you. Any Digital Assets you use in connection with the Protocol are either owned by you or you are validly authorized to carry out actions using such Digital Assets; (b) You will obey all applicable laws relevant to your use of the Protocol, and you will not use the Protocol, Sites or Services if the applicable laws of your country, or any other applicable law, prohibit you from doing so; (c) You will ensure that at all times, all information that you provide on the Protocol is current, complete, and accurate, and that you maintain the security and confidentiality of your private keys and passwords. **4. PROHIBITED USER ACTIVITY ON PROTOCOL** You are prohibited from engaging in any of the categories of prohibited activities as follows: (a) In violation of any applicable laws including all anti-money laundering and anti-terrorist financing laws and sanction programs; (b) Improper or abusive trading practices, including but not limited to: i) any fraudulent act or scheme to defraud, trick or mislead; ii) any frontrunning practices in whatever form engaged; iii) fraudulent trading; iv) accommodation trading; v) false transactions; vi) pre-arranged transactions; vii) cornering and attempted cornering, of any asset contracts supported by the Protocol; viii) spoofing, manipulation, or knowingly making any bid or trade or offer for the purpose of making a market price that does not reflect the true state of the market; ix) or entering orders for the purpose of entering into transactions without a net change in either party's open positions, but a resulting profit to one party and a loss to the other party, commonly known as a “money pass”; (c) Interference with, disruption of, inhibiting use of, negatively affecting user experience of, interaction and use of the Protocol. Do not engage in any activity which damages, disables, burdens, or impairs any Protocol function or service. (d) Any circumvention of content filtering, or security measures or access controls employed by Protocol or NT, including through the use of a VPN. (e) Any bot/robot, spider, crawler, scraper, or other automated means or interface not provided by the Protocol or NT to access or interact with the Protocol, that facilitates abusive activity including extract data, introduce malware, virus, Trojan horse, worm, logic bomb, drop-dead service, backdoor, shutdown mechanism, or other harmful material into the Protocol, Site, or Services. (f) Providing false, inaccurate, or misleading information whilst using the Protocol,Sites or Services, or engaging in activity that operates to defraud the Protocol or NT, or other users of the Protocol, or any other person. (g) Use the Protocol for any other criminal activity or anyway, that is defamatory, obscene, pornographic, indecent, vulgar, harassing, stalking, hateful, threatening, offensive, discriminatory, fraudulent, deceptive or otherwise objectionable. (h) Use of the Protocol from a jurisdiction, including an IP in a jurisdiction, that is determined as prohibited under these Terms of Use. **5. PROTOCOL INFORMATION, NO PROFESSIONAL ADVICE OR FIDUCIARY DUTIES** 5.1. Protocol and Gas Fees: (a) In connection with your use of the Protocol, Sites, and Services, except as subject to any applicable promotion, you are required to pay all the fees necessary to interact and complete transactions on the Protocol and the blockchain utilized by you to interact with the Protocol; (b) The Protocol will attempt to provide accurate fee information, this information will reflect best estimate of fees, which may vary from the actual fees paid to use the Protocol and Services, and any gas fees related to your blockchain transactions; 5.2. No Professional Advice or Fiduciary Duties (a) All information provided in connection with your access and use of the Protocol, Sites, and Services is for informational purposes only, and should not be construed as professional, legal, or financial advice. The Protocol nor NT are investment or financial advisors. Any information available, however so presented or accessed, should not be used by you in any way to direct or inform your use of the Protocol. (b) Before you make any investment, financial, legal, or other decisions relating to your use of the Protocol, Sites, or Services, you should seek independent professional advice from an individual who is licensed ad qualified in the area for which such advice would be appropriate for your use of the Protocol, Sites, and Services. These Terms of Use do not create or impose any fiduciary duties on the Protocol or NT. You expressly agree that the limitation of the duties and obligations to you are set out in these Terms of Use. **6. PROPRIETARY RIGHTS** 6.1. You acknowledge that certain aspects of the Site or the Services may use, incorporate or link to certain open-source components and that your use of the Site or Services is subject to, and you will comply with, any applicable open-source licenses that govern any such open-source components (collectively, the “Open-Source Licenses”). Without limiting the generality of the foregoing, you may not (a) resell, lease, lend, share, distribute, or otherwise permit any third party to use the Site or the Services; (b) use the Site or the Services for time-sharing or service bureau purposes; or (c) otherwise use the Site or the Services in a manner that violates the Open-Source Licenses. 6.2. Excluding third-party software that the Site or the Services incorporates, as between you and the Protocol, Protocol and NT own the Site and the Services, including all technology, content and other materials used, displayed or provided on the Site or in connection with the Services (including all intellectual property rights subsisting therein, whether or not subject to the Open-Source Licenses), and hereby grants you a limited, non-exclusive, revocable, non-transferable, non-sublicensable license to access and use those portions of the Site and the Services that are proprietary to the Protocol and NT and not available pursuant to the Open-Source License. 6.3. Any of Protocol’s product or service names, logos, and other marks used on the Site or as a part of the Services, including Protocol's name and logo, are trademarks owned by Protocol or our licensors. You may not copy, imitate, or use them without the prior written consent of Protocol or the applicable licensors, and these Terms do not grant you any rights in those trademarks. You may not remove, obscure, or alter any legal notices displayed in or along with the Site or the Services. 6.4. The Services are non-custodial. When you deposit Digital Assets into any Protocol-developed smart contract, you retain control over those Digital Assets at all times. The private key associated with the Ethereum address from which you transfer Digital Assets or the private key associated with Your wallet is the only private key that can control the Digital Assets you transfer into the Protocol-developed smart contracts. In some cases, you may withdraw Digital Assets from any Protocol-developed smart contract only to the address from which you deposited the Digital Assets. **7. LINKS** The Services provide, or third parties may provide, links to other World Wide Web or accessible sites, applications, or resources. You acknowledge and agree that Protocol is not responsible for the availability of such external sites, applications or resources, and does not endorse and is not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources. You further acknowledge and agree that the Company will not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods, or Services available on or through any such site or resource. **8. RISKS** 8.1. By utilizing the Services or interacting with the Site in any way, you understand and agree to the inherent risks associated with cryptographic systems and blockchain-based networks; Digital Assets, including the usage and intricacies of native Digital Assets, like Sonic (S); smart contract-based tokens, including fungible tokens and NFTs; and systems that interact with blockchain-based networks. The Protocol does not own or control any of the underlying software through which blockchain networks are formed. In general, the software underlying blockchain networks, including the Sonic blockchain, is open source, such that anyone can use, copy, modify, and distribute it. By using the Services, you acknowledge and agree (a) that Protocol is not responsible for the operation of the blockchain-based software and networks underlying the Services, (b) that there exists no guarantee of the functionality, security, or availability of that software and networks, and (c) that the underlying blockchain-based networks subject to sudden changes in operating rules, such as those commonly referred to as “forks,” which may materially affect the Services. Blockchain networks use public and private key cryptography. You alone are responsible for securing your private key(s). We do not have access to your private key(s). Losing control of your private key(s) will permanently and irreversibly deny you access to Digital Assets on the Sonic blockchain or other blockchain-based network. Neither Protocol nor any other person or entity will be able to retrieve or protect your Digital Assets. If your private key(s) are lost, then you will not be able to transfer your Digital Assets to any other blockchain address or wallet. If this occurs, then you will not be able to realize any value or utility from the Digital Assets that you may hold. 8.2. The Services and your Digital Assets could be impacted by one or more regulatory inquiries or regulatory actions, which could impede or limit the ability of the Protocol to continue to make available its proprietary software and could impede or limit your ability to access or use the Services. 8.3. You acknowledge and understand that cryptography is a progressing field with advances in code cracking or other technical advancements, such as the development of quantum computers, which may present risks to Digital Assets and the Services, and could result in the theft or loss of your Digital Assets. To the extent possible, we intend to update Protocol-developed smart contracts related to the Services to account for any advances in cryptography and to incorporate additional security measures necessary to address risks presented from technological advancements, but that intention does not guarantee or otherwise ensure full security of the Services. 8.4. You understand that the Sonic blockchain remains under development, which creates technological and security risks when using the Services in addition to uncertainty relating to Digital Assets and transactions therein. You acknowledge that the cost of transacting on the Sonic blockchain is variable and may increase at any time causing impact to any activities taking place on the Sonic blockchain, which may result in price fluctuations or increased costs when using the Services. 8.5. You acknowledge that the Services are subject to flaws and that you are solely responsible for evaluating any code provided by the Services or Site. This warning and other warnings that Protocol provides in these Terms are in no way evidence or represent an on-going duty to alert you to all of the potential risks of utilizing the Services or accessing the Site. 8.6. Although we intend to provide accurate and timely information and data on the Site and during your use of the Services, the Site and other information available when using the Services may not always be entirely accurate, complete, or current and may also include technical inaccuracies or typographical errors. To continue to provide you with as complete and accurate information as possible, information may be changed or updated from time to time without notice, including information regarding our policies. Accordingly, you should verify all information before relying on it, and all decisions based on information contained on the Site or as part of the Services are your sole responsibility. No representation is made as to the accuracy, completeness, or appropriateness for any particular purpose of any pricing information distributed via the Site or otherwise when using the Services. Prices and pricing information may be higher or lower than prices available on platforms providing similar Services. 8.7. Any use or interaction with the Services requires a comprehensive understanding of applied cryptography and computer science to appreciate the inherent risks, including those listed above. You represent and warrant that you possess relevant knowledge and skills. Any reference to a type of Digital Asset on the Site or otherwise during the use of the Services does not indicate our approval or disapproval of the technology on which the Digital Asset relies, and should not be used as a substitute for your understanding of the risks specific to each type of Digital Asset. 8.8. Use of the Services, in particular for trading Digital Assets and entering into Perpetual Contracts, may carry financial risk. Digital Assets, especially in connection with Perpetual Contracts, are, by their nature, highly experimental, risky, and volatile. Transactions entered into in connection with the Services are irreversible, final and there are no refunds. You acknowledge and agree that you will access and use the Site and the Services at your own risk. The risk of loss in trading Digital Assets, especially entering into Perpetual Contracts, can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. By using the Services, you represent and warrant that you have been, are, and will be solely responsible for making your independent appraisal and investigations into the risks of a given transaction and the underlying Digital Assets, including Perpetual Contracts. You represent that you have sufficient knowledge, market sophistication, professional advice, and experience to make your evaluation of the merits and risks of any transaction conducted in connection with the Services or any Digital Asset. You accept all consequences of using the Services, including the risk that you may lose access to your Digital Assets indefinitely. All transaction decisions are made solely by you. Notwithstanding anything in these Terms, we accept no responsibility whatsoever for, and will in no circumstances be liable to you in connection with, your use of the Services for performing Digital Asset transactions, including entering into Perpetual Contracts. 8.9. We must comply with Applicable Law, which may require us to upon request by government agencies, take certain actions or provide information, which may not be in your best interests. 8.10. You understand that the Protocol remains under development, which creates technological, trading, and other risks when using the Services. These risks include, among others, delays in trades, withdrawals, and deposits resulting from the servers of Protocol or the operator of the Protocol being offline; an incorrect display of information on the Site in the case of server errors; or transactions using the Services being rolled back in the case of server errors. You acknowledge that these risks may have material impact on your transactions using the Services, which may result in, among other things, failing to fulfill transactions at your desired price or at all. 8.11. You understand that you are responsible for all trades you place, including any erroneous orders that may be filled. We do not take any action to resolve erroneous trades that result from your errors. 8.12. You hereby assume and agree that neither Protocol nor NT will have responsibility or liability for the risks set forth in this Section 8.13. You hereby irrevocably waive, release and discharge all claims, whether known or unknown to you, against Protocol, NT, related shareholders, members, directors, officers, employees, agents, and representatives, suppliers, and contractors related to any of the risks set forth in this Section 8. **9. INDEMNIFICATION** You will defend, indemnify, and hold harmless the Protocol, NT, any related stockholders, members, directors, officers, managers, employees, attorneys, agents, representatives, suppliers, and contractors (collectively, “Indemnified Parties”) from any claim, demand, lawsuit, action, proceeding, investigation, liability, damage, loss, cost of expense, including reasonable attorneys’ fees, arising out of or relating to (a) your use of, or conduct in connection with, the Protocol, the Site and the Services; (b) Digital Assets associated with your Sonic address; (c) any feedback or user content you provide to the Protocol, if any, concerning the Site or the Services; (d) your violation of these Terms; or (e) your infringement or misappropriation of the rights of any other person or entity. If you are obligated to indemnify any Indemnified Party, Protocol, NT (or, at our sole discretion, the applicable Indemnified Party) will have the right, in our or its sole discretion, to control any action or proceeding and to determine whether Protocol wishes to settle, and if so, on what terms, and you agree to cooperate with Protocol and NT in the defense. **10. DISCLOSURES; DISCLAIMERS** 10.1. NT is a developer of software. NT does not operate a Digital Asset or derivatives exchange platform or offer trade execution or clearing Services and has no oversight, involvement, or control concerning your transactions using the Protocol and its Services. All transactions between users of NT or Protocol-developed software are executed peer-to-peer directly between the users’ Sonic addresses through a smart contract. 10.2. You understand that neither the Protocol nor NT are not registered or licensed by any regulatory agency or authority. No such agency or authority has reviewed or approved the use of the NT or Protocol-developed software. 10.3. To the maximum extent permitted under Applicable Law, the Site and the Services (and any of their content or functionality) provided by or on behalf of us are provided on an “AS IS” and “AS AVAILABLE” basis, and we expressly disclaim, and you hereby waive, any representations, conditions or warranties of any kind, whether express or implied, legal, statutory or otherwise, or arising from statute, otherwise in law, course of dealing, or usage of trade, including the implied or legal warranties and conditions of merchantability, merchantable quality, quality or fitness for a particular purpose, title, security, availability, reliability, accuracy, quiet enjoyment and non-infringement of third party rights. Without limiting the foregoing, we do not represent or warrant that the Site or the Services (including any data relating thereto) will be uninterrupted, available at any particular time, or error-free. Further, we do not warrant that errors in the Site or the Service are correctable or will be correctable. 10.4. You acknowledge that your data on the Site may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, and agree that, to the maximum extent permitted under Applicable Law, we will not be liable for any loss or damage caused by denial-of-service attacks, software failures, viruses or other technologically harmful materials (including those which may infect your computer equipment), protocol changes by third-party providers, Internet outages, force majeure events or other disasters, scheduled or unscheduled maintenance, or other causes either within or outside of our control. 10.5. The disclaimer of implied warranties contained herein may not apply if and to the extent such warranties cannot be excluded or limited under the Applicable Law of the jurisdiction in which you reside. **11. EXCLUSION OF CONSEQUENTIAL AND RELATED DAMAGES** In no event will Protocol and/or NT, our suppliers and contractors, and our and our suppliers’ and contractors’ respective stockholders, members, directors, officers, managers, employees, attorneys, agents, representatives, suppliers and contractors (collectively, the “Risk” Limited Parties”) be liable for any incidental, indirect, special, punitive, consequential or similar damages or liabilities whatsoever (including damages for loss of fiat, assets, data, information, revenue, opportunities, use, goodwill, profits or other business or financial benefit) arising out of or in connection with the Site and the Services (and any of their content and functionality), any execution or settlement of a transaction, any performance or non-performance of the Services, your Digital Assets, Perpetual Contracts or any other product, service or other item provided by or on behalf of Protocol and/or NT, whether under contract, tort (including negligence), civil liability, statute, strict liability, breach of warranties, or under any other theory of liability, and whether or not we have been advised of, knew of or should have known of the possibility of such damages and, notwithstanding any failure of the essential purpose of these Terms or any limited remedy hereunder, nors Protocol and/or NT in any way responsible for the execution or settlement or transactions between users of Protocol and/or NT-developed software. **12. LIMITATION OF LIABILITY** In no event will Protocol and/or NTaggregate liability (together with our stockholders, members, directors, managers, officers, employees, attorneys, agents, representatives, suppliers, or contractors) arising out of or in connection with the Site and the Services (and any of their content and functionality), any performance or nonperformance of the Services, your Digital Assets, Perpetual Contracts or any other product, service or other item provided by or on behalf of Protocol and/or NT, whether under contract, tort (including negligence), civil liability statute, strict liability or other theory of liability exceed the amount of fees paid by you to Protocol and/or NT under these Terms, if any, in the two (2) month period immediately preceding the event giving rise to the claim for liability. **13. DISPUTE RESOLUTION AND ARBITRATION** Please read the following section carefully because it requires you to arbitrate certain disputes and claims with the Protocol or NT and limits how you can seek relief from Protocol or NT. Also, arbitration precludes you from suing in court or having a jury trial. You and Protocol and NT agree that any dispute arising out of or related to these Terms or the Services is personal to you and the Protocol or NT and that any dispute will be resolved solely through individual action, and will not be brought as a class arbitration, class action, or any other type of representative proceeding. You and Protocol or NT agree that these Terms affect interstate commerce and that the enforceability of this Section 12 will be substantively and procedurally governed by the Federal Arbitration Act, 9 U.S.C. § 1, et seq. (the “FAA”), to the maximum extent permitted by applicable law. As limited by the FAA, these Terms and appointed arbitrator´s rules, the arbitrator will have exclusive authority to make all procedural and substantive decisions regarding any dispute and to grant any remedy that would otherwise be available in court, including the power to determine the question of arbitrability. The arbitrator may conduct only an individual arbitration and may not consolidate more than one individual’s claims, preside over any type of class or representative proceeding or preside over any proceeding involving more than one individual. The arbitrator, Protocol or NT, and you will maintain the confidentiality of any arbitration proceedings, judgments and awards, including all information gathered, prepared, and presented for purposes of the arbitration or related to the dispute(s) therein. The arbitrator will have the authority to make appropriate rulings to safeguard confidentiality unless the law provides to the contrary. The duty of confidentiality does not apply to the extent that disclosure is necessary to prepare for or conduct the arbitration hearing on the merits, in connection with a court application for a preliminary remedy or in connection with a judicial challenge to an arbitration award or its enforcement, or to the extent that disclosure is otherwise required by law or judicial decision. You and Protocol or NT agree that for any arbitration you initiate, you will pay the filing fee and all other arbitration fees and costs. For any arbitration initiated by Protocol or NT, Protocol or NT will pay all arbitration fees and costs. You and Protocol or NT agree that the jurisdiction and governing law of the appointed arbitrator have exclusive jurisdiction over the enforcement of an arbitration award. Any claim arising out of or related to these Terms or the Services must be filed within one (1) year after such claim arose; otherwise, the claim is permanently barred, which means that you and Protocol or NT will not have the right to assert the claim. **14. GOVERNING LAW** The interpretation and enforcement of these Terms, and any dispute related to these Terms, the Site or the Services, will be governed by and construed and enforced under the applicable laws relating the Protocol and or NT. You agree that we may initiate a proceeding related to the enforcement or validity of our intellectual property rights in any court having jurisdiction. For any other proceeding that is not subject to arbitration under these Terms, the courts of the jurisdiction applicable to the Protocol and NT shall have exclusive jurisdiction. # Brand Kit Access the official logos and icons for Navigator [here](https://drive.google.com/drive/folders/1mvwpZ0ICGlUQn5l57H9u-3UjjLqlUtQr?usp=sharing) # Audit Audit for Navigator is available in the [Mummy Finance Audit](https://github.com/verichains/public-audit-reports/blob/main/Verichains%20Public%20Audit%20Report%20-%20Mummy%20Finance%20-%20v1.0.pdf) (as Navigator is a migrated version from Fantom to Sonic.) # Privacy Policy Last modified: 25 April 2025 Navigator operates several platforms, including app.navigator.exchange, and cross.navigator.exchange are committed to protecting the privacy and security of our users' data. This Data Privacy Policy explains how Navigator collects, uses, discloses, and safeguards your information when you visit our website and use our services. ## 1. Compliance with Data Protection Laws Navigator adheres to the Data Protection Laws applicable in our jurisdiction and strives to meet the standards of the EU's General Data Protection Regulation (GDPR) when handling the data of EU citizens. ## 2. Information Collection Navigator collects personal information that you voluntarily provide to us when registering on our website, expressing interest in our products and services, or engaging with our platform. The personal information Navigator collects may include, but is not limited to, your IP, your cookies and cryptocurrency wallet details. ## 3. Use of Information Your information may be used for various purposes, including: \ Providing and managing your account. \ Improving our website, services, and user experience. \ Communicating with you, including for customer service, providing updates, and sharing important information related to the platform. ## 4. Disclosure of Information Navigator does not sell, trade, or otherwise transfer your personally identifiable information to outside parties unless we provide advance notice. This does not include website hosting partners, service providers, or other third parties that assist Navigator in operating our website, conducting our business, or serving our users.\\ ## 5. Data Subject Rights You have the right to access, rectify, or erase your personal data. You also have the right to data portability, and the right to object to or restrict the processing of your personal data. ## 6. Data Security Navigator implements a range of security measures to protect your personal information and ensure it remains secure. This includes encryption and access controls designed to safeguard your data. ## 7. Third-Party Links Occasionally, at our discretion, Navigator may include or offer third-party products or services on our platform. These third-party sites have their own privacy policies, and Navigator is not responsible for their practices or content. ## 8. Changes to This Policy Navigator may update this privacy policy periodically to reflect changes in our practices, or for operational, legal, or regulatory reasons. We will post any updates on this page. ## 9. Contact Navigator If you have any questions about this Privacy Policy or wish to exercise your data rights, please contact through Navigator X: # Restricted Countries The following countries are restricted from accessing Navigator Exchange: United States, Syrian Arab Republic, N. Korea, Iran, Russia, Puerto Rico, Myanmar, Côte d'Ivoire, Cuba, Congo, Iraq, Libya, Mali, Nicaragua, Somalia, Sudan, Vietnam, Yemen, Zimbabwe, Belize. [
](https://docs.vela.exchange/vela-knowledge-base/exchange/tokenomics)