Overview

Temporal is a perp exchange that also trades perpetual options: the same calls and puts Deribit lists, made perpetual. They have no expiry date and no time decay to manage; instead the holder pays a small, continuous holding cost. You can use them two ways:

• Protect — open a leveraged perp and push its liquidation price further away. The venue adds one option swap (buy a put, sell a call, or the reverse on a short) that costs about nothing up front: the two premiums roughly cancel, and the small net left over is shown on the ticket.
• Option — buy or sell a single call or put, on BTC or HYPE, without ever rolling it.

A third tab, Earn, is the other side: you provide liquidity as a maker and earn the spread and the holding cost on what traders hold.

How a trade happens (in one paragraph)#

Each maker runs its own quoting program (the venue runs one for TLP makers). When you trade, the venue sends your request — asset, strike, duration, size — to the makers; each answers with a firm, signed quote; the single best quote for your whole size wins and that maker fills all of it, at its own price. Makers see the request, never who sent it. A large order is split into pieces (default $1,000 of premium each — the Piece size under Slice order); each piece is priced on its own and may land on a different maker. Prices are anchored to a listed options market (Deribit for BTC, Derive for HYPE), called the oracle venue: a maker's quote only counts if it sits inside a price limit around the oracle venue's bid and ask.

curl -s https://protect.temporal.exchange/api/venue/health
curl -s https://protect.temporal.exchange/api/venue/chain/health

What your position is worth#

Your P/L shows roughly what closing now would return on this venue. Each option starts from the oracle venue's price on the side you could close at (the bid for what you bought, the ask for what you sold) and is adjusted to the best quote our makers give right now for your size — but only a quote that sits inside the price limit counts, so one over-generous quote can never inflate it. A perp is valued at the price its own order book would pay for your size. With no usable quote (none, not fresh, or outside the limit) the value is simply the oracle venue's closeable side. Closing fees are not included.

Margin uses the same value but never counts it better than the oracle venue's mid (halfway between its bid and ask). Liquidation and withdrawals are decided on chain from the oracle venue's closeable side, which never counts better than that either.

What it costs#

A taker pays a small fee on each option open and close; makers pay none. Holding an option costs its holding cost, paid to the other side; the venue keeps 10 % of it. Full schedule: Fees & liquidation.

Worked example — Protect#

A 5× long BTC perp on $80 of margin would be liquidated about 20 % below entry. On the Protect tab you type the Liq. price you want instead (or drag it on the chart), and a Target price with the Target ROE you are playing for. The venue finds the longest-lasting swap that holds that liquidation price and still gives you the target return at the target price, and shows Days protected: how long the account's spare margin pays the swap's holding cost at the worst price before liquidation. Under 30 days you see a ⚠. The perp and the swap open together in one signed request, or nothing opens.

Your AI agent can do all of this#

Every act in these docs has its command beside it. Your wallet signs every act; the agent never holds a venue key. Start with Trade with your AI agent.

curl -s https://protect.temporal.exchange/api/venue/health

Testnet#

The venue runs on testnet today (ledger on Elysium testnet, money on HyperCore testnet). See Testnet.

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