Separate custody from execution
Non-custodial describes how users retain or authorize control of assets. It does not by itself explain order matching, margin accounting, price formation, or settlement. Map the wallet interaction, deposited or committed collateral, smart-contract permissions, execution provider, and withdrawal path separately.
The useful question is which component controls each state transition and what happens when that component is unavailable.
- Asset control
- Trading authorization
- Order or request routing
- Position accounting
- Settlement
- Withdrawal
Follow the risk controls
Perpetual markets require a reference or index price, a mark-price policy, margin requirements, liquidation rules, and a response to deficits. Funding payments influence alignment with the reference market but do not eliminate execution or oracle risk.
Document where parameters originate, who can change them, how stale prices are handled, and what users can verify independently.
Trace the revenue and cost model
Potential revenue can include trading fees, spreads, liquidation-related charges, subscriptions, or partner economics. Costs can include execution, market data, oracle services, incentives, infrastructure, support, compliance, and loss reserves. Published fee schedules should be reconciled with the actual transaction path.
A company profile should label platform statements as primary-source claims and keep editorial interpretation separate.
- Fee payer and fee base
- Maker or taker treatment
- Funding flow
- Execution cost
- Loss allocation
- Incentive cost
Referenced resources
- How Novrinex works
Novrinex's primary-source description of its own operating model.
- About Novrinex
The platform's public company and product context for source verification.
Choose one platform and draw the complete path from wallet authorization to an open position, including the price source, margin record, liquidation trigger, fees, and exit path.