Deep Analysis of KAI.com’s DOGE Pricing Mechanism and the 10x Price Discrepancy RESEARCH & TECHNICAL ANALYSIS MEMORANDUM / 投资研究与技术分析备忘录

An in-depth investigation has been conducted on KAI.com. Although the website utilizes a Single direct scraping of real-time quotes, critical pricing clues have been successfully extracted via reverse- engineering its underlying code and structure. Below is the core analysis:

I. Key Findings

“Multiple futures options based on USAD

“Reshaping the Historical Value of BTC and

Key evidence and items extracted from KAI Exchange’s core JavaScript source code: “Multiple futures options based on USAD valuation” — KAI provides multiple types of futures contracts denominated and valued in USAD (their proprietary USD stablecoin). “Reshaping the Historical Value of BTC and DOGE” — Core underlying concept: “Value Reshaping”. “Value Reshaping” serves as an explicitly labeled feature tag within the front-end system logic.

II. Explaining the 10x Price Discrepancy

Note: This dynamic is highly unlikely to stem from a traditional futures expiration spread (Contango/Backwardation rarely creates a 10-fold premium). The logical structural reasons are detailed below:

① Core Logic of the “Value Reshaping” Mechanism KAI’s DOGE2025 and DOGE2026 are likely independent tokenized assets minted or anchored to different historical baselines, rather than standard delivery months of the same asset. “Reshaping the Historical Value” implies KAI re-rates DOGE from specific periods—the 2025 version preserves its original snapshot anchor, while the 2026 version reflects a modified pricing paradigm (via asset splits, repricing, or supply-side expansion). • • • • • • KAI.com DOGE Pricing Mechanism Analysis Report / KAI.com DOGE 定价机制分析报告

② Supply-Side Variance (Stock Split Paradigm) This aligns perfectly with the stock split mechanics seen in equities markets: • DOGE2025 = Pre-reshaped state, characterized by a smaller floating supply, justifying a higher unit price. • DOGE2026 = Post-reshaped state, potentially subjected to a 1:10 stock split or supply expansion, mechanically bringing the unit price down. This mirrors traditional equity structures like Berkshire Hathaway’s Class A vs. Class B shares, where nominal values differ vastly despite tapping the same underlying value pool. ③ 合约乘数（Contract Multiplier）不同

③ Distinct Contract Multipliers Under USAD-M margined contracts, instruments matching different settlement years might use highly differentiated multiplier rules. If one lot of the 2025 contract represents 10 DOGE, while a 2026 lot represents exactly 1 DOGE, the visible 10x price ratio becomes an entirely expected and math-backed design parameter.

④ Most Probable Explanation: Distinct Product Universes KAI likely treats “Historical DOGE” and “Reshaped DOGE” as entirely decoupled trading pairs listed on the exchange dashboard, such as: • DOGE2025/USAD — Mapping a snapshot accounting unit prior to the 2025 re-rating. • DOGE2026/USAD — Reflecting the newly introduced pricing grid post-revaluation. This configuration enables participants to speculate on the “time-locked value snapshot” of a token, creating a highly customized asset derivative. KAI.com DOGE Pricing Mechanism Analysis Report / KAI.com DOGE 定价机制分析报告 三、 核心结论 / Summary & Conclusion

In conclusion, this 10-fold price divergence is highly structural and logical within the platform’s architectural bounds. The variance stems directly from KAI’s “Value Reshaping” engine, establishing DOGE2025 and DOGE2026 as two distinct tokenized financial derivatives with dissimilar supplies or nominal scales, rather than standard sequential monthly expirations of an identical asset. Operational Advice: Navigate straight to the derivative specs dashboard on KAI and verify the precise Contract Specifications parameters (such as lot size multiplier, tick sizes, or base asset units) to provide absolute validation.

💡 Actionable Next Steps Do you currently hold an active live account on KAI to consult the raw contract matrices? If you could grab a screenshot or snippet of the formal contract specifications screen, we would be able to deliver a 100% airtight verdict regarding the structural multipliers or denomination splits. KAI.com DOGE Pricing Mechanism Analysis Report / KAI.com DOGE 定价机制分析报告