{
  "title": "Instrument Equivalence Across Perpetual-Futures Venues: Evidence Levels, Unit Normalization, and Reference Prices",
  "shortTitle": "Instrument Equivalence Across Perpetual-Futures Venues",
  "series": "humarb Research 08",
  "researchSeries": "humarb Research 08",
  "authors": [
    {
      "name": "Hang Liu",
      "orcid": "0009-0008-1059-3926",
      "affiliation": "humarb Research, London, United Kingdom"
    }
  ],
  "author": {
    "name": "Hang Liu",
    "affiliation": "humarb Research, London, United Kingdom",
    "orcid": "https://orcid.org/0009-0008-1059-3926",
    "email": "admin@humarb.ai"
  },
  "url": "https://humarb.ai/research/",
  "paperPageUrl": "https://humarb.ai/research/instrument-equivalence/",
  "abstract": "Perpetual futures with similar names need not represent the same economic claim. We propose an equivalence framework that separates seven evidence levels, normalizes contract units, and classifies pairs as exactly convertible, reference-basis pairs, or hold-outs. Using official public snapshots, we enumerate 523 Hyperliquid metadata entries across the default and ten named perp DEXs on 20 September 2026, of which 325 were not delisted. For five pre-IPO companies on 14 October 2026, canonical implied equity values show that OKX's native-price ratios of 0.1011 and 0.1031 become residuals of +1.15% and +3.08% after its documented tenfold adjustment. Across 26 eligible exact venue observations, the largest remaining absolute residual is 9.53%, indicating reference-price differences rather than a common unit error. Gate KIMI remains unclassified because its stated and example-implied share counts conflict. A BingX documentation example separately shows a 1,000-fold difference between ordinary and Coin quantity fields. The snapshots do not establish account eligibility, executable size, convergence, or net returns.",
  "keywords": [
    "perpetual futures",
    "instrument equivalence",
    "contract units",
    "reference prices",
    "pre-IPO markets",
    "market microstructure"
  ],
  "jel": ["G12", "G13", "G14", "C58"],
  "license": "CC-BY-4.0",
  "licenseUrl": "https://creativecommons.org/licenses/by/4.0/",
  "cites": ["10.5281/zenodo.23868361", "10.5281/zenodo.23897013"],
  "companionPapers": [
    {
      "title": "Measuring Executable Net Carry in Cross-Venue Perpetual Funding-Rate Arbitrage",
      "doi": "10.5281/zenodo.23868361",
      "doiUrl": "https://doi.org/10.5281/zenodo.23868361",
      "paperPageUrl": "https://humarb.ai/research/executable-net-carry/"
    },
    {
      "title": "Framing Net Carry for Cross-Venue Perpetual Funding Positions: A Settled-History, Depth-Walked, and Liquidation-Aware Method",
      "doi": "10.5281/zenodo.23897013",
      "doiUrl": "https://doi.org/10.5281/zenodo.23897013",
      "paperPageUrl": "https://humarb.ai/research/framing-net-carry/"
    }
  ],
  "type": "Methodological and descriptive empirical preprint",
  "status": "Preprint published on Zenodo",
  "version": "v1",
  "preparedDate": "2026-11-04",
  "publicationDate": "2026-11-04",
  "publicationDateStatus": "Published on Zenodo",
  "peerReviewed": false,
  "publisher": "Zenodo",
  "doi": "10.5281/zenodo.23931254",
  "doiUrl": "https://doi.org/10.5281/zenodo.23931254",
  "doiType": "Concept DOI; use for citation",
  "versionDoi": "10.5281/zenodo.23931255",
  "versionDoiStatus": "Published",
  "versionDoiUrl": "https://doi.org/10.5281/zenodo.23931255",
  "repositoryRecordUrl": "https://zenodo.org/records/23931255",
  "zenodoRecordUrl": "https://zenodo.org/records/23931255",
  "zenodoRecordStatus": "Published",
  "doiStatus": "Published",
  "pdf": "./humarb-research-08-instrument-equivalence.pdf",
  "pdfUrl": "https://humarb.ai/research/instrument-equivalence/assets/paper/humarb-research-08-instrument-equivalence.pdf",
  "bibtex": "./citation.bib"
}