T1-FRONTIER inference-token forward

A fictional standardised forward contract on inference tokens at the T1-FRONTIER grade . Drafted to surface the design choices an exchange would have to make.

contract spec sheet · revision 0

Symbol	T1F-INF
Underlying	Inference tokens, T1-FRONTIER grade
Quote unit	USD per million tokens (USD / Mtok)
Tick size	$0.05 / Mtok
Contract size	100 Mtok
Delivery window	200 ms p95, 500 ms p99
Settlement	Physical (token delivery via accredited delivery point) or cash at index
Settlement window	Hourly (top of hour, UTC) for cash-settled lots
Grade specification	See Grade Definitions — T1-FRONTIER row
Initial margin	12% of notional
Maintenance margin	8% of notional
Position limit	5,000 contracts (gross), per accredited counterparty
Trading hours	24 / 5, with weekly maintenance window
Last trading day	Final business day of contract month
Listed months	Front three months + each quarter out 12 months

notes

The tick is deliberately wide. A $0.05 / Mtok minimum increment is too coarse for serious price discovery on a contract priced in the low single digits, but tight enough to keep the book legible in a thin-liquidity regime. A real contract would tighten this on schedule.
Physical settlement requires an "accredited delivery point" — analogous to a power-market node — capable of routing settlement traffic to a verified provider. None exists today. The cash-settled path falls back to an inference-price index that also does not yet exist.
The settlement window is hourly, which is far slower than a real-time inference SLA but aligned with how power markets historically clear physical delivery. A faster window is technically feasible and contractually awkward.
Margin parameters are placeholders. They imply a contract notional in the low thousands of dollars per lot, which keeps retail accessibility plausible.

Speculative design. No real instrument exists by this name. Nothing on this page is an offer, a quote, or trading advice.