Markets

AGORA markets are perpetual futures on resale-price indexes for categories of vaulted goods — a reference watch, a bag model, a jewellery line. The index prices the category, not one serial, which permits exposure to a segment without holding an object and allows a holder to hedge existing inventory.

Collateral

There is no pool, no vAMM, and no protocol counterparty. A position exists only when a long and a short are matched at equal notional, and the escrow is exactly their two margins.

Settlement splits that escrow between the two sides, with payouts clamped to [0, total], so the contract cannot owe more than it holds. The counterparty's margin bounds the maximum gain. No external liquidity backs a large move: a position that would pay more than the escrow holds pays the escrow.

Orders are EIP-712 signed messages held off-chain in a book and matched by a relayer that submits both sides in one transaction. The relayer cannot alter the terms it was given. See Orders.

Parameters

Per-market, set by the owner within hard contract caps.