shadow(@0xmev):When we first introduced traditional asset perpetual futures, one of the main questions was how the instrument would achieve continuity when traditional markets were closed. Our answer included a critical safety framework we called Discovery Bounds. To realize the radical concept of 24/7 trading, we made an explicit trade-off: limit the extreme tails of price movement, and the range within becomes substantially more conducive to genuine price discovery. This trade-off has been vindicated. Weekend volume has been growing ~28% week-over-week, reaching an all-time weekend-volume high of ~$1 billion. Perhaps more importantly, we've seen a dramatic increase in directional correctness throughout these sessions - TradeXYZ's 24/7 perps are becoming the most accurate predictor of asset prices upon reopening of traditional markets. With more participants, deeper liquidity, and higher-signal price movements, we've reached a point where the static protections themselves have become the primary constraint on price discovery. The market has matured substantially. It was time to revisit the original trade-off. Discovery Bounds V2 is the natural evolution of the original design. It maintains active boundaries which prevent rapid swings in mark price, preserving the vital protective properties of the first iteration. But the bounds are no longer static - when trading persists at the edge of the active range, the oracle gradually converges toward that level. Once that persistence is strong enough, the active discovery range resets, allowing price discovery to continue in bounded steps as the market proves out new levels. Ultimately, this represents a historic shift in capital markets: on weekends, a persistent move with sustained activity on TradeXYZ is a more predictive measure of fair price than any datapoint available from traditional finance. Our long-term goal remains unchanged: 24/7 price discovery across global capital markets, independent of the assumptions and limitations of legacy market hours and traditional institutions. This is a meaningful step toward that future. Perpetual Renaissance

2026.03.14 00:27

When we first introduced traditional asset perpetual futures, one of the main questions was how the instrument would achieve continuity when traditional markets were closed. Our answer included a critical safety framework we called Discovery Bounds. To realize the radical concept of 24/7 trading, we made an explicit trade-off: limit the extreme tails of price movement, and the range within becomes substantially more conducive to genuine price discovery. This trade-off has been vindicated. Weekend volume has been growing ~28% week-over-week, reaching an all-time weekend-volume high of ~$1 billion. Perhaps more importantly, we've seen a dramatic increase in directional correctness throughout these sessions - TradeXYZ's 24/7 perps are becoming the most accurate predictor of asset prices upon reopening of traditional markets. With more participants, deeper liquidity, and higher-signal price movements, we've reached a point where the static protections themselves have become the primary constraint on price discovery. The market has matured substantially. It was time to revisit the original trade-off. Discovery Bounds V2 is the natural evolution of the original design. It maintains active boundaries which prevent rapid swings in mark price, preserving the vital protective properties of the first iteration. But the bounds are no longer static - when trading persists at the edge of the active range, the oracle gradually converges toward that level. Once that persistence is strong enough, the active discovery range resets, allowing price discovery to continue in bounded steps as the market proves out new levels. Ultimately, this represents a historic shift in capital markets: on weekends, a persistent move with sustained activity on TradeXYZ is a more predictive measure of fair price than any datapoint available from traditional finance. Our long-term goal remains unchanged: 24/7 price discovery across global capital markets, independent of the assumptions and limitations of legacy market hours and traditional institutions. This is a meaningful step toward that future. Perpetual Renaissance

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trade.xyz@tradexyz

2026.03.13 21:06

Introducing Discovery Bounds V2 Discovery Bounds are price bands which restrict how far the mark price may deviate from the last externally derived fair price. The mechanism gives traders, market makers, and the broader market a clear and reliable off-hours framework, and has substantially facilitated the maturation of 24/7 trading. Today, we are introducing Discovery Bounds V2 starting with our CL and BRENTOIL markets only. Discovery Bounds V2 address two fundamental limitations of V1: (1) The bound width was mechanically coupled to maximum leverage. Increasing available leverage narrowed the band, and widening the band required reducing leverage. Two distinct risk parameters forced into a single value. (2) The bounds were static. If a market reached its limit, price discovery stopped until traditional markets reopened, regardless of whether the move was legitimate. Discovery Bounds V2 addresses both. Bound width is now independent of maximum leverage, allowing each to be calibrated to the risk profile of the instrument. Bounds are no longer static - when a market sustains activity at its limit, the oracle gradually catches up and the bounds reset, allowing further price discovery without requiring traditional markets to reopen. The safety properties of bounded off-hours trading are fully preserved. The new change is in effect for CL and BRENTOIL markets only. Future updates will expand the application of the Discovery Bounds V2, with each market having its own preconfigured discovery bound threshold and maximum number of steps. For more information:

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