# XYZ Architecture

An overview of XYZ architecture.

Hyperliquid is a performant blockchain that offers permissionless access to hundreds of perpetual trading markets. Trades, execution, and settlement are all handled onchain and processed by Hyperliquid [validators](https://hyperliquid.gitbook.io/hyperliquid-docs/validators). 

Hyperliquid Improvement Proposal 3 (HIP-3) lets independent builders deploy and operate their own perpetual markets on Hyperliquid. You can read more details about HIP-3 in Hyperliquid’s documentation [here](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals).

**The XYZ protocol** is a HIP-3 DEX that defines market listings, oracle sources, leverage limits, and other parameters for XYZ markets. XYZ markets exist for a range of asset classes, including equities, indices/ETF's, and commodities.

**trade\[XYZ]** is an interface providing access to XYZ markets and other Hyperliquid markets. It is not the exclusive means of accessing XYZ markets.

***

<table><thead><tr><th width="212.484375">HIP-3 Metadata</th><th>Value</th></tr></thead><tbody><tr><td>Name</td><td><code>xyz</code></td></tr><tr><td>Full Name</td><td><code>XYZ</code></td></tr><tr><td>Deployer</td><td><code>0x88806a71D74ad0a510b350545C9aE490912F0888</code></td></tr><tr><td>Oracle Updater</td><td><code>0x1234567890545d1Df9EE64B35Fdd16966e08aCEC</code></td></tr></tbody></table>


# Overview

Understanding an XYZ perpetual future.

A perpetual derivative contract (or "perp") is a derivative product that allows traders to speculate on an asset's price. Unlike traditional futures, which settle on a fixed date, positions can be held indefinitely. Perps rely on a funding rate mechanism to keep the contract price aligned with the underlying spot price.

XYZ perpetuals are linear contracts, margined and settled in USDC. The oracle is denominated in USD\*, and no USDC/USD conversion is applied. Economic exposure is therefore *quanto* with USD P\&L cash-settled in USDC.

Listed on the XYZ HIP-3 deployment, XYZ perpetual's matching, order types, funding, liquidations, and auto-deleveraging are managed by HyperCore. Three components are bespoke: the *oracle price,* the *mark price,* and the *external price*.&#x20;

The *Relayer* is responsible for computing oracle, mark, and external prices for each asset and broadcasting updates to HyperCore. TradeXYZ manages a distributed set of Relayer instances which transmit updates approximately every 3 seconds. XYZ's oracle updater address: `0x1234567890545d1Df9EE64B35Fdd16966e08aCEC`.


# Oracle Price

XYZ oracle price mechanics, including external and internal session mechanics.

The oracle serves two critical functions:&#x20;

1. as the reference price for funding.
2. as a direct input to mark price calculation.

The key unlock for equity perpetuals is extending the oracle to operate 24/7, beyond external trading sessions of the underlying asset. To achieve this, the system prioritizes external pricing and employs a robust internal mechanism when external data is unavailable.

### External Pricing

The Relayer consumes price data for the underlying assets from a robust set of venues, markets, and institutional data providers. When external markets are open, the externally-derived fair price is transmitted as the oracle price in relayer updates.

Instrument-specific details for external price derivation can be found in their respective section.

### Internal Pricing

When external inputs are unavailable, the oracle advances via a continuous-time exponentially weighted moving average that incrementally adjusts the previous oracle price by a fraction of the impact price difference.

With oracle price $$S$$ the impact price difference ($$IPD$$) is defined as:

$$
IPD = max(P\_{impactBid} - S, 0) - max(S-P\_{impactAsk}, 0)
$$

where the impact bid price ($$P\_{impactBid}$$) and impact ask price $$P\_{impactAsk}$$ are the average execution prices to trade a configured impact notional amount on the bid and ask sides of the orderbook, respectively. If insufficient depth exists on a side, that side's contribution is set to zero.

The oracle is robust to irregular updates and market halts. It uses a time constant $$\tau = 30$$ minutes and updates as:

$$
S\_t = \beta\_t, S\_{t^-} + (1-\beta\_t), x\_t,
\qquad
\beta\_t = \exp!\left(-\frac{\Delta t^\ast}{\tau}\right),
\qquad
x\_t = S\_{t^-} + \mathrm{IPD}\_t
$$

where $$\Delta t^\ast = \min!\bigl(\Delta t,, c,\tau\bigr)$$, $$\Delta t = t - t\_{\mathrm{prev}}$$, and $$c = 0.1$$ (so $$1-\beta\_t \le 1 - e^{-0.1} \approx 9.5%$$).

> **Note:** This provides the more general form of the continuous-time EMA. Component (2) of the mark price samples the basis ($$x\_t = S\_t - P\_{mid,t}$$) with a time constant  $$\tau = 150$$ seconds.

When external data becomes unavailable, the internal mechanism initializes from the last available external price. When external inputs resume, the oracle reverts to the externally derived price on the next tick.


# Mark Price

XYZ Mark Price mechanics.

The mark price—used for margining, liquidations, stop/limit triggers, and unrealized P\&L—is the median of three components:

1. The oracle price.
2. The sum of the oracle price and a 150-second continuous-time exponentially weighted moving average of the difference between the perpetual's mid-price and the oracle price.
3. The median of the best bid, best ask, and last trade.

In each update, the Relayer publishes components (1) and (2) for every asset. The Hyperliquid protocol computes (3) and uses the median of the three components as the mark price.

Relayer updates are clamped to ±50 bps of the current value to mitigate significant price jumps. This applies to the mark price as well as the oracle price.


# External Price

Mechanics related to external perp pricing.

The *External Price* is a separate price, included alongside oracle and mark in Relayer updates, which is equal to the last externally-derived fair price. When external markets are open, the external price is equal to the oracle price. When external markets are closed, the external price remains fixed at the external close price while the oracle advances via its internal pricing mechanism.

<br>


# Discovery Bounds

Mechanics related to discovery bounds.

A fundamental unlock of XYZ markets is the facilitation of 24/7 price discovery. When external markets close, XYZ traders continue to buy, sell, or otherwise speculate on the asset's fair price. As a result, XYZ is the primary venue for price discovery over weekends, holidays, and other extended sessions.

To provide a fair and safe venue for 24/7 price discovery, mark price movements are limited within a defined range around a reference price. By restricting the extent to which price moves can occur, market makers and traders can more confidently participate in extended-hours price discovery. If a trader’s liquidation price lies outside the active price bounds, their position cannot be liquidated while those bounds are in effect.

### How Discovery Bounds Work

#### Instantaneous Bounds

Discovery bounds restrict the mark price within ±(1/max leverage) of a reference price during both external and internal pricing sessions. For example, with WTIOIL at 20× leverage, the instantaneous bound is ±5% around the reference price.

During external sessions, the reference price is based on the last externally-derived fair price. During internal sessions, the reference price for markets is initially based on the last externally derived oracle price (e.g., the Friday close for assets that follow weekday market hours). For Pre-IPO Perpetual markets without external prices, the initial reference price is the XYZ-defined initial reference price for that market.

#### Re-Anchoring

When the oracle price approaches the edge of the current bound and reaches a configured trigger threshold (e.g., 90% of the distance from the reference price to the upper bound for WTIOIL), the reference price for the discovery bounds re-anchors to that bound, and a fresh bound is established around the new reference. This ratcheting mechanism allows the market to reflect genuine moves during extended periods without external data, rather than freezing at a static limit.

Each market has a configured number of permitted re-anchors per direction (referred to as "resets"), specified independently for upward and downward movement. The counter for each direction increments by one whenever a new bound and trigger is recalculated from a reference price. Once the configured maximum is reached, the bound becomes a hard cap until external pricing resumes. When external pricing resumes, the reference price reverts to the live externally derived price and all reset counters return to zero.

The number of resets per market is set on a per-asset basis and described in [Specification Index](/consolidated-resources/specification-index) and [Specification Index (IPOPs)](/consolidated-resources/specification-index-ipops). A market with zero resets behaves as a static bound around the external close.

#### Trigger Formulas

```
upper_trigger = reference_price × (1 + discovery_bound × oracle_threshold)
```

```
lower_trigger = reference_price × (1 - discovery_bound × oracle_threshold)
```

### Example: WTIOIL

| Parameters                                        | Value                       |
| ------------------------------------------------- | --------------------------- |
| Discovery Bound                                   | ±5% (from 20× max leverage) |
| Oracle Threshold                                  | 90%                         |
| Friday Closing External Price (initial reference) | $100                        |

#### Upward Path:

| Level        | Reference Price | Lower Bound | Upper Bound | Tradeable Range | Upper Trigger | Lower Trigger |
| ------------ | --------------- | ----------- | ----------- | --------------- | ------------- | ------------- |
| 0            | 100.00          | 95.00       | 105.00      | 95.00 – 105.00  | 104.50        | 95.50         |
| 1            | 105.00          | 99.75       | 110.25      | 99.75 – 110.25  | 109.73        | 100.28        |
| 2 (hard cap) | 110.25          | 104.74      | 115.76      | 104.74 – 115.76 | N/A           | N/A           |

**Step-by-step:**

1. The mark price trades within the Level 0 range of 95.00–105.00.
2. Over Saturday, the oracle price rises on genuine buying pressure and reaches 104.50 (the upper trigger at 100.00 × 1.045).
3. Re-anchor: the reference price moves to 105.00 (the upper bound). Upward level counter = 1.
4. New tradeable range: 99.75–110.25. The oracle price continues from where it was (\~104.50) with room to rise further.
5. Buying continues. The oracle price reaches 109.73 (the new upper trigger at 105.00 × 1.045).
6. Re-anchor: the reference price moves to 110.25. Upward level counter = 2.
7. New tradeable range: 104.74–115.76. This is the final level upward.
8. If the oracle price reaches 115.76, it hits the hard cap. No further upward movement until external pricing resumes.

$$
\text{Maximum price from origin} = 100.00 \times 1.05^3 \approx 115.76 , (+15.76%)
$$

$$
\text{Maximum price below origin} = 100.00 \times 0.95^3 \approx 85.74 , (-14.26%)
$$

**Reversal:** The mechanism is fully bidirectional. If the oracle price reverses and hits the lower trigger, the reference price re-anchors downward using the same logic. Upward and downward level counters are independent. Ratcheting up does not consume downward levels.

### Effect of Discovery Bounds in Practice

* **Broader price discovery during genuine events:** The discoverable range expands beyond the instantaneous bound to a wider total range that depends on the configured number of resets (e.g., from ±5% to approximately ±15.8% for WTIOIL), allowing the market to reflect large moves rather than freezing at the static limit.
* **The instantaneous range is static:** The tiers shift the window, they do not widen it. At any given moment, the mark price can only move within the instantaneous range (e.g. ±5% for WTIOIL) around the current reference price.
* **The window re-centers as it moves:** After an upward ratchet, the floor rises. The system commits to the move by shifting the entire window upward. This constrains reversal amplitude and reduces re-open gap risk.
* **Levels are independent per direction:** Upward ratchets do not consume downward budget and vice versa.
* **Risk management:** Traders should manage risk based on the maximum possible range (in the above WTIOIL example, approximately ±15.8% from the external close at the start of the internal session), not the instantaneous range.


# Fees

A note on fee structures.

### **Trading and Fees**

**Standard Fees**: Standard fees for all HIP-3 assets are currently [2x the usual fees on validator-operated perp markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals), with 50% of those fees going to Hyperliquid and 50% to trade\[XYZ].&#x20;

**Growth Mode**: Growth mode may be enabled on certain assets. With growth mode, all-in fees are reduced by ≥90% from the standard fee rate, and both rebates and volume-contribution credits are also reduced by ≥90%.&#x20;

The following are not eligible for growth mode:

* Crypto perps against any collateral&#x20;
* Perps on crypto indexes, ETFs, or other baskets of crypto assets
* Perps on mathematical combinations including crypto assets (e.g., BTC + X)
* Perps on vehicles or wrappers that hold primarily crypto assets (e.g. MSTR)
* Perps tracking gold, because PAXG-USDC already tracks gold price (e.g. Gold)

**Fee Tiers**: Fee tiers are based on rolling 14-day volume, assessed daily (UTC). One tier applies across all perps, HIP-3 perps, and spot. Maker rebates are paid continuously per trade.

Hyperliquid staking discounts apply. You can read more about fees in [Hyperliquid's documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees).

***

### HIP-3 Fee Tiers — Growth Mode

|      |                         | Base Rate |         | Diamond  |          | Platinum |          | Gold     |          | Silver   |          | Bronze   |          | Wood     |          |
| ---- | ----------------------- | --------- | ------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- |
| Tier | 14d weighted volume ($) | Taker     | Maker   | Taker    | Maker    | Taker    | Maker    | Taker    | Maker    | Taker    | Maker    | Taker    | Maker    | Taker    | Maker    |
| 0    | —                       | 0.0090%   | 0.0030% | 0.00540% | 0.00180% | 0.00630% | 0.00210% | 0.00720% | 0.00240% | 0.00766% | 0.00256% | 0.00810% | 0.00270% | 0.00856% | 0.00286% |
| 1    | >$5M                    | 0.0080%   | 0.0024% | 0.00480% | 0.00144% | 0.00560% | 0.00168% | 0.00640% | 0.00192% | 0.00680% | 0.00204% | 0.00720% | 0.00216% | 0.00760% | 0.00228% |
| 2    | >$25M                   | 0.0070%   | 0.0016% | 0.00420% | 0.00096% | 0.00490% | 0.00112% | 0.00560% | 0.00128% | 0.00596% | 0.00136% | 0.00630% | 0.00144% | 0.00666% | 0.00152% |
| 3    | >$100M                  | 0.0060%   | 0.0008% | 0.00360% | 0.00048% | 0.00420% | 0.00056% | 0.00480% | 0.00064% | 0.00510% | 0.00068% | 0.00540% | 0.00072% | 0.00570% | 0.00076% |
| 4    | >$500M                  | 0.0056%   | 0.0000% | 0.00336% | 0.00000% | 0.00392% | 0.00000% | 0.00448% | 0.00000% | 0.00476% | 0.00000% | 0.00504% | 0.00000% | 0.00532% | 0.00000% |
| 5    | >$2B                    | 0.0052%   | 0.0000% | 0.00312% | 0.00000% | 0.00364% | 0.00000% | 0.00416% | 0.00000% | 0.00442% | 0.00000% | 0.00000% | 0.00000% | 0.00494% | 0.00000% |
| 6    | >$7B                    | 0.0048%   | 0.0000% | 0.00288% | 0.00000% | 0.00336% | 0.00000% | 0.00384% | 0.00000% | 0.00408% | 0.00000% | 0.00432% | 0.00000% | 0.00456% | 0.00000% |

### HIP-3 Fee Tiers — Standard

|      |                         | Base Rate |        | Diamond |         | Platinum |         | Gold    |         | Silver  |         | Bronze  |         | Wood    |         |
| ---- | ----------------------- | --------- | ------ | ------- | ------- | -------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- |
| Tier | 14d weighted volume ($) | Taker     | Maker  | Taker   | Maker   | Taker    | Maker   | Taker   | Maker   | Taker   | Maker   | Taker   | Maker   | Taker   | Maker   |
| 0    | —                       | 0.090%    | 0.030% | 0.0540% | 0.0180% | 0.0630%  | 0.0210% | 0.0720% | 0.0240% | 0.0766% | 0.0256% | 0.0810% | 0.0270% | 0.0856% | 0.0286% |
| 1    | >$5M                    | 0.080%    | 0.024% | 0.0480% | 0.0144% | 0.0560%  | 0.0168% | 0.0640% | 0.0192% | 0.0680% | 0.0204% | 0.0720% | 0.0216% | 0.0760% | 0.0228% |
| 2    | >$25M                   | 0.070%    | 0.016% | 0.0420% | 0.0096% | 0.0490%  | 0.0112% | 0.0560% | 0.0128% | 0.0596% | 0.0136% | 0.0630% | 0.0144% | 0.0666% | 0.0152% |
| 3    | >$100M                  | 0.060%    | 0.008% | 0.0360% | 0.0048% | 0.0420%  | 0.0056% | 0.0480% | 0.0064% | 0.0510% | 0.0068% | 0.0054% | 0.0072% | 0.0570% | 0.0076% |
| 4    | >$500M                  | 0.056%    | 0.000% | 0.0336% | 0.0000% | 0.0392%  | 0.0000% | 0.0448% | 0.0000% | 0.0476% | 0.0000% | 0.0504% | 0.0000% | 0.0532% | 0.0000% |
| 5    | >$2B                    | 0.052%    | 0.000% | 0.0312% | 0.0000% | 0.0364%  | 0.0000% | 0.0416% | 0.0000% | 0.0442% | 0.0000% | 0.0468% | 0.0000% | 0.0494% | 0.0000% |
| 6    | >$7B                    | 0.048%    | 0.000% | 0.0288% | 0.0000% | 0.0336%  | 0.0000% | 0.0384% | 0.0000% | 0.0408% | 0.0000% | 0.0432% | 0.0000% | 0.0456% | 0.0000% |


# Stocks


# US

XYZ single name US equity assets.

### External Coverage

The Relayer derives external prices for stocks 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET.&#x20;

This is achieved by aggregating across the following sessions:

* Pre-Market: 4:00 AM - 9:30 AM ET
* Market: 9:30 AM - 4:00 PM ET
* Post-Market: 4:00 PM - 8:00 PM ET
* Overnight: 8:00 PM - 4:00 AM ET

The overnight trading session is provided by Blue Ocean ATS (BOATS).


# Korea

XYZ Korean Equity Assets.

#### **External Coverage (**&#x47;MT+9)

For Korean Indices/Equities, the relayer sources executable quotes from institutional data providers for market open sessions.&#x20;

* Pre-market Session - 8:10 AM – 8:50 AM&#x20;
* Main Session - 9:01 AM – 3:30 PM
* After-hours Session - 3:40 PM – 8:00 PM&#x20;

#### **Internal Coverage (GMT+9)**

* Weekdays
  * 8:50 AM to 9:00 AM
  * 3:30 PM - 3:40 PM
  * 8:00 PM - 8:00 AM
* Weekends
  * Friday 8:00 PM to Monday 8:00 AM&#x20;
* Holidays - [Holiday Closures](/consolidated-resources/holiday-closures)

Additionally, *Internal Pricing* will be used if there is a gap of more than 15 seconds between external oracle datapoints. This ensures continuous pricing coverage across all sessions, including after-hours. You can read more about the internal pricing mechanism [here](/perp-mechanics/oracle-price#internal-pricing).

#### **FX Conversion**

The relayer aggregates executable quotes for KRW-denominated instruments alongside real-time [USD/KRW](https://insights.pyth.network/price-feeds/FX.USD%2FKRW) FX rates. To maintain consistency with XYZ’s linear contract structure, which is margined and settled exclusively in USDC, the system automatically converts these quotes into USD pricing. This ensures a seamless trading experience and eliminates currency friction for users.

#### **Markets**

<table><thead><tr><th width="129.703125">Instrument</th><th>Description</th></tr></thead><tbody><tr><td>SKHX / USDC</td><td><p>SK Hynix Inc. perpetual contracts are listed under ticker $SKHX. SK Hynix Inc. provides products and services for the electronics components industries. The company manufactures semiconductors such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips. <br><br>The SKHX oracle price tracks the USD value of 1 common share of SK Hynix Inc. The oracle price can be replicated by dividing the KRW price of 000660 KS Equity by the USD/KRW exchange rate. </p><p></p><p>Example: </p><p>- KRW Price of 1 common share of SK Hynix Inc. (KRX Ticker 000660): 886,000 KRW </p><p>- USD/KRW Exchange Rate: 1,444.10 KRW/USD </p><p></p><p>SKHX Oracle = 886,000 KRW / 1,444.10 KRW/USD = $613.53 USD</p></td></tr><tr><td>SMSN / USDC</td><td><p>Samsung Electronics Co., Ltd. perpetual contracts are listed under the ticker $SMSN. Samsung Electronics Co., Ltd. is a global leader in consumer electronics and semiconductor manufacturing. The company produces memory chips (DRAM and NAND), logic chips, smartphones, display panels, home appliances, and other electronic components.</p><p></p><p>The SMSN oracle price tracks the USD value of 1 common share of Samsung Electronics Co., Ltd. The oracle price can be replicated by dividing the KRW price of 005930 KS Equity (Samsung Electronics common shares) by the USD/KRW exchange rate.</p><p></p><p>Example:</p><ul><li>KRW Price of 1 common share of Samsung Electronics (KRX Ticker 005930): 181,000 KRW</li><li>USD/KRW Exchange Rate: 1,444.10 KRW/USD</li></ul><p>SMSN Oracle = 181,000 KRW / 1,444.10 KRW/USD = $125.34 USD</p></td></tr><tr><td>HYUNDAI / USDC</td><td><p>Hyundai Motor Company perpetual contracts are listed under the ticker $HYUNDAI. Hyundai is a leading global automobile manufacturer headquartered in South Korea. Hyundai is also the majority owner of Boston Dynamics, a U.S.-based robotics company known for advanced humanoid and quadruped robots, reflecting Hyundai’s strategic expansion into robotics, automation, and next-generation mobility technologies.</p><p></p><p>The HYUNDAI oracle price tracks the USD value of 1 common share of Hyundai Motor Company.</p><p></p><p>The oracle price can be replicated by dividing the KRW price of 005380 KS Equity (Hyundai common shares) by the USD/KRW exchange rate.</p><p></p><p>Example:</p><ul><li>KRW Price of 1 common share of Hyundai Motor (KRX Ticker 005380): 499,000 KRW</li><li>USD/KRW Exchange Rate: 1,444.10 KRW/USD</li></ul><p>HYUNDAI Oracle = 499,000 KRW / 1,444.10 KRW/USD = $345.54 USD</p></td></tr><tr><td>EWY / USDC</td><td>The South Korea ETF perpetual contracts are listed under the ticker $EWY. The underlying ETF tracks the investment results of an index composed of large and mid-cap South Korean equities. No FX conversion is required at the contract level, as currency exposure (USD/KRW) is embedded within the ETF’s net asset value.</td></tr></tbody></table>


# Japan

XYZ single name Japan equity assets

#### **External Coverage**

For Japan-listed equities, the Relayer derives external prices during market open trading sessions (JST, UTC+9):

* **Morning Session:** 8:20 AM – 4:30 PM JST
* **Afternoon Session:** 5:00 PM – 11:59 PM JST

#### **Internal Pricing**

Internal pricing applies outside of the market open sessions, including:

* **Afternoon Break:** 4:30 PM – 5:00 PM JST
* **Market Closed:** 11:59 PM – 8:20 AM JST
* **Weekends and** [**Exchange Holidays**](https://www.jpx.co.jp/english/corporate/about-jpx/calendar/)

#### **FX Conversion**

The relayer aggregates executable quotes for JPY-denominated instruments alongside real-time [USD/JPY](https://app.pyth.com/explore/FX.Index.USD%2FJPY) FX rates. To maintain consistency with XYZ’s linear contract structure, which is margined and settled exclusively in USDC, the system automatically converts these quotes into USD pricing. This ensures a seamless trading experience and eliminates currency friction for users.


# Hong Kong

XYZ single name HK equity assets

#### **External Coverage**

For Hong Kong-listed equities, the Relayer derives external prices during market open trading sessions (HKT / UTC+8):

* **Morning Session:** 9:30 AM – 12:00 PM HKT
* **Afternoon Session:** 1:00 PM – 4:00 PM HKT

#### **Internal Pricing**

Internal pricing applies outside of the market open sessions, including:

* **Lunch Break:** 12:00 PM – 1:00 PM HKT
* **Market Closed:** 4:00 PM – 9:30 AM HKT
* **Weekends and** [**exchange holidays**](/consolidated-resources/holiday-closures)

#### **FX Conversion**

The relayer aggregates executable quotes for HKD-denominated instruments alongside real-time [USD/HKD](https://app.pyth.com/explore/FX.USD%2FHKD) FX rates. To maintain consistency with XYZ’s linear contract structure, which is margined and settled exclusively in USDC, the system automatically converts these quotes into USD pricing. This ensures a seamless trading experience and eliminates currency friction for users.


# China

XYZ single name China equity assets

#### **External Coverage**

For China-listed equities on Shanghai Star Exchange, the Relayer derives external prices during market open trading sessions (UTC+8):

* **Monday through Friday:** 9:30 – 11:30 am and 1:00 – 2:57 pm.

#### **Internal Pricing**

Internal pricing applies outside of the market open sessions, including:

* **Monday through Friday:**&#x20;
  * 12:00 am – 9:30 am.
  * 11:30 am – 1:00 pm.
  * 2:57 pm – 12:00 am.
* Weekends and [exchange holidays](/consolidated-resources/holiday-closures)

#### **FX Conversion**

The relayer aggregates executable quotes for CNH-denominated instruments alongside real-time USD/CNH FX rates. To maintain consistency with XYZ’s linear contract structure, which is margined and settled exclusively in USDC, the system automatically converts these quotes into USD pricing. This ensures a seamless trading experience and eliminates currency friction for users.


# Updates

*11/21 Update (Oracle Time Constant)*:

We reduced the internal oracle time constant from 8 hours to 1 hour for equity perpetuals.&#x20;

Effect in Practice

* Faster reflection of price discovery - during closed sessions, the oracle now tracks orderflow with a shorter time constant, reducing the gap between “traded price” and oracle.
* Lower funding drag on genuine moves - traders who are directionally right on gap moves keep more of the move (87% vs 10%); shorts who sit through those gaps receive much less funding compensation.
* Same safety properties - the 1 / max\_leverage band on mark vs last external spot still limits single-tick jumps and weekend bands in mark.

<figure><img src="/files/wcmVSWHZOkAuF5IfYe7z" alt=""><figcaption></figcaption></figure>

*12/19 Update (scaling factor for funding rate formula)*:

The default funding rate for crypto perps has remained unchanged at 0.01% / 8 hours since Bitmex first introduced the mechanism in 2016. Borrow rates for traditional asset classes (e.g., equities, commodities) are typically closer to SOFR + 1-2%. We reduced the funding rate across all XYZ markets by applying a scaling factor of 0.5 to Hyperliquid’s funding rate formula. This lowers baseline funding to \~5.5% annualized and results in less aggressive funding during weekend price discovery as well.

The specific formula is `Funding Rate XYZ (F) = 0.5 [Average Premium Index (P) + clamp (interest rate - Premium Index (P), -0.0005, 0.0005)]`.&#x20;


# Commodities

XYZ commodities assets.

### External Coverage

The Relayer derives external prices for commodities 23/5, from Sunday 6:00 PM ET to Friday 5:00 PM ET, with daily gaps from 5:00 PM to 6:00 PM ET.&#x20;

### External Price Derivation

#### Precious Metals

Liquid spot markets are available for GOLD, SILVER, PLATINUM, and PALLADIUM. These markets are used to source an external price for the respective asset.

#### Industrial Metals & Energy Commodities

Industrial metals and energy commodities do not have "spot" markets as other assets do. The "underlying" price of these assets often varies on a variety of factors, including geography.&#x20;

Thus, to derive external prices for these assets, the relayer uses an industry standard approach - referencing a fixed set of designated futures contracts. The underlying contract is rolled from the 5th to the 10th business day of the month, at predefined timestamps which correspond to internal pricing sessions, such that:

* on the 5th business day, the external price is 100% front contract
* on the 6th business day, the external price is 80% front contract, 20% next contract
* on the 7th business day, the external price is 60% front contract, 40% next contract
* on the 8th business day, the external price is 40% front contract, 60% next contract
* on the 9th business day, the external price is 20% front contract, 80% next contract
* on the 10th business day, the external price is 100% next contract

Please see [Roll Schedules](/consolidated-resources/roll-schedules) to see the specific schedule for markets that reference futures-based price feeds (e.g., WTIOIL, BRENTOIL, COPPER, NATGAS).&#x20;

### Designated Contract Schedule

The following schedule defines the active contract at the start of each month for each commodity

<table><thead><tr><th width="103.37890625">Asset</th><th width="178.53515625">Underlying</th><th width="79.1500244140625">Jan</th><th width="76.34765625">Feb</th><th width="77">Mar</th><th width="75.08984375">Apr</th><th width="79.16015625">May</th><th width="77.75390625">Jun</th><th width="75.5">Jul</th><th width="77.98828125">Aug</th><th width="78.87890625">Sep</th><th width="74.3125">Oct</th><th width="78.5">Nov</th><th width="76.39453125">Dec</th></tr></thead><tbody><tr><td>COPPER</td><td>1lb of Copper</td><td>H</td><td>H</td><td>K</td><td>K</td><td>N</td><td>N</td><td>U</td><td>U</td><td>Z</td><td>Z</td><td>Z</td><td>H</td></tr><tr><td>WTIOIL (CL)</td><td>1 barrel of WTI Light Sweet Crude Oil</td><td>G</td><td>H</td><td>J</td><td>K</td><td>M</td><td>N</td><td>Q</td><td>U</td><td>V</td><td>X</td><td>Z</td><td>F</td></tr><tr><td>NATGAS</td><td>1 MMBtu of Henry Hub Natural Gas</td><td>G</td><td>H</td><td>J</td><td>K</td><td>M</td><td>N</td><td>Q</td><td>U</td><td>V</td><td>X</td><td>Z</td><td>F</td></tr><tr><td>BRENTOIL</td><td>1 barrel of Brent Crude Oil</td><td>H</td><td>J</td><td>K</td><td>M</td><td>N</td><td>Q</td><td>U</td><td>V</td><td>X</td><td>Z</td><td>F</td><td>G</td></tr></tbody></table>

### **Data Source**

See the [Specification Index](/consolidated-resources/specification-index) page for pricing referencing sources.


# Equity Indices

Oracle Methodology for Equity Indices

### External Price Derivation

For equity indices such as SP500® and XYZ100, the relayer consumes executable quotes for both the underlying spot index and the corresponding traditional (dated) equity index futures from institutional liquidity providers. During the cash session, the spot index value is used directly as the oracle price. Outside the cash session, the futures price is discounted to an implied spot value using an empirically observed discount rate. This two-source design extends spot pricing coverage.

#### Cash Session

During the cash session, the spot index value serves as the oracle price. Simultaneously, the relayer observes the spot–futures basis and derives the implied annualized net discount rate:

$$
d\_t = \frac{1}{T\_t} \ln\left(\frac{F\_t}{S\_t}\right)
$$

where $$F\_t$$​ is the concurrent futures price, $$S\_t$$​ is the spot index value, and $$T\_t$$​ is the time to futures settlement in years. The net discount rate $$d = r-q$$ implicitly captures the prevailing interest rate $$r$$ and forward dividend yield $$q$$ without requiring either to be specified independently.

The relayer maintains a continuous-time exponentially weighted moving average of $$d\_t$$ with a time constant $$\tau = 1$$ hour:

$$
\bar{d}*t = \beta\_t, \bar{d}*{t^-} + (1 - \beta\_t) d\_t, \qquad \beta\_t = e^{-\Delta t / \tau}
$$

where $$\Delta t = t - t\_{\text{prev}}$$​ is the elapsed time since the prior update. As a protective measure, each EMA update is clamped such that $$|\bar{d}*t - \bar{d}*{t^-}| \leq 0.01\text{ bps}$$, ensuring no single observation produces a disproportionate rate adjustment.

#### Extended Session

Outside the cash session — but within futures trading hours — the oracle price is derived by discounting the futures price at the prevailing EMA discount rate:

$$
S\_t = F\_t e^{-\bar{d}\_t T\_t}
$$

The EMA rate established during the prior cash session carries forward unchanged until the next cash session opens, at which point the EMA resumes updating with live basis observations.

#### Parameters

* Discount Rate EMA Time Constant $$(\tau)$$ : 1 hour
* Discount Rate EMA Clamp: 0.01 bps per update

| Underlying Suffix | Active Until (applies to both SP500 and XYZ100) |
| ----------------- | ----------------------------------------------- |
| H6                | `2026-03-16T14:00:00 UTC`                       |
| M6                | `2026-06-15T14:00:00 UTC`                       |
| U6                | `2026-09-14T14:00:00 UTC`                       |
| Z6                | `2026-12-14T15:00:00 UTC`                       |


# US

US Equity Indices

### External Coverage

Spot Index values for US indices are available during the cash session (9:30 AM - 4:00 PM ET, Monday through Friday).

Traditional futures quotes from institutional liquidity providers are available 23/5 (Sunday 6:00 PM ET through Friday 5:00 PM ET, with daily gaps from 5:00–6:00 PM ET).

TradeXYZ's equity index pricing methodology combines these sources to derive external spot pricing 23/5.

#### S\&P 500

The S\&P 500 Index is a free-float capitalization-weighted equity index that tracks the performance of 500 leading publicly traded companies listed in the United States. The index represents large capitalization U.S. equities across all major sectors, including technology, healthcare, financials, consumer discretionary, energy, and industrials, and accounts for approximately 80% of total U.S. market capitalization. It is widely regarded as the primary benchmark for the U.S. large-cap equity market. S\&P Dow Jones Indices has exclusively licensed the S\&P 500 Index<sup>1</sup> to trade\[XYZ] to launch the only officially licensed perpetual contract based on the S\&P 500.

#### XYZ100

The XYZ U.S. 100 Index (XYZ100) is a modified capitalization-weighted equity index that tracks 100 large, non-financial companies listed on a U.S. exchange. The index is designed to concentrate exposure in growth oriented sectors while excluding traditional financial institutions, resulting in a more technology tilted profile relative to broad U.S. benchmarks.

#### Roll Schedule

| Underlying Suffix | Active Until              | Expiration                |
| ----------------- | ------------------------- | ------------------------- |
| H6                | `2026-03-16T14:00:00 UTC` | `2026-03-20T13:30:00 UTC` |
| M6                | `2026-06-15T14:00:00 UTC` | `2026-06-18T13:30:00 UTC` |
| U6                | `2026-09-14T14:00:00 UTC` | `2026-09-18T13:30:00 UTC` |
| Z6                | `2026-12-14T15:00:00 UTC` | `2026-12-18T14:30:00 UTC` |

***

<sup>1</sup>The “S\&P 500” is a product of S\&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by trade\[XYZ]. Standard & Poor’s® and S\&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S\&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by trade\[XYZ]. Trade\[XYZ] is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S\&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the “S\&P 500”.


# Japan

Japan Equity Indices

### External Coverage

Spot index values for Japan indices are available during the local cash session (9:00 AM - 11:30 AM and 12:30 PM - 3:30 PM JST, Monday through Friday).

Traditional futures quotes from institutional liquidity providers are available 23/5 (Sunday 6:00 PM ET through Friday 5:00 PM ET, with daily gaps from 5:00–6:00 PM ET).

TradeXYZ's equity index pricing methodology combines these sources to derive external spot pricing 23/5.

### Internal Coverage

* Weekdays (JST)
  * 6:00 AM - 7:00 AM&#x20;
* Weekends (JST)
  * Saturday 6:00 AM - Monday 7:00 AM&#x20;
* Holidays
  * [Holiday Closures](/consolidated-resources/holiday-closures)

#### JP225

Japan 225 (JP225) tracks a JPY-denominated, price-weighted index of 225 leading Japanese companies and serves as a widely followed benchmark for the Japanese equity market. The oracle follows the index’s native local-currency level without FX conversion. JP225 is a quanto derivative: P\&L is based on JPY index movement and is cash-settled in USDC.

#### Roll Schedule

| Underlying Suffix | Active Until (applies to both SP500 and XYZ100) | Expiration (applies to both SP500 and XYZ100) |
| ----------------- | ----------------------------------------------- | --------------------------------------------- |
| H6                | `2026-03-09T00:30:00 UTC`                       | `2026-03-13T00:00:00 UTC`                     |
| M6                | `2026-06-08T00:30:00 UTC`                       | `2026-06-12T00:00:00 UTC`                     |
| U6                | `2026-09-07T00:30:00 UTC`                       | `2026-09-11T10:00:00 UTC`                     |
| Z6                | `2026-12-07T00:30:00 UTC`                       | `2026-12-11T00:00:00 UTC`                     |


# Korea

Korea Equity Indices

### External Coverage

Spot index values for Korea indices are available during the local cash session (9:00 AM - 3:30 PM KST, Monday through Friday).

Traditional futures quotes from institutional liquidity providers are available during the KRX derivatives trading session, including the day session (8:45 AM - 3:35 PM KST) and the night session (6:00 PM - 5:50 AM KST on the following calendar day), from Monday open through Saturday morning Korea time, subject to exchange holidays and special closes.

TradeXYZ's equity index pricing methodology combines these sources to derive external spot pricing across the full trading week. During the local cash session, external pricing is anchored to the cash index. Outside cash hours, pricing is derived from the relevant futures market and used to infer spot-equivalent index levels until the next cash session resumes.

### Internal Coverage&#x20;

* Weekdays (KST)
  * 5:50 AM to 8:45 AM
  * 3:35 PM to 6:00 PM
* Weekends (KST)
  * Saturday 5:50 AM to Monday 8:45 AM&#x20;
* Holidays
  * [Holiday Closures](/consolidated-resources/holiday-closures)

#### KR200

Korea 200 (KR200) tracks a KRW-denominated, capitalization-weighted basket of 200 leading South Korean equities that serves as a major benchmark for Korea’s equity market. The oracle follows the basket’s native local-currency level without FX conversion. KR200 is a quanto derivative with KRW-based P\&L cash-settled in USDC.

#### Roll Schedule

| Underlying Suffix | Active Until              | Expiration                |
| ----------------- | ------------------------- | ------------------------- |
| H6                | `2026-03-09T00:30:00 UTC` | `2026-03-13T00:00:00 UTC` |
| M6                | `2026-06-08T00:30:00 UTC` | `2026-06-12T00:00:00 UTC` |
| U6                | `2026-09-07T00:30:00 UTC` | `2026-09-11T00:00:00 UTC` |
| Z6                | `2026-12-07T00:30:00 UTC` | `2026-12-11T00:00:00 UTC` |


# FX

XYZ FX Assets.

### **External Coverage**

For FX, the relayer sources executable quotes from institutional liquidity providers for market open sessions. Trading continues during most US holidays.

| Instrument | Week Start (ET) | Week End (ET)  |
| ---------- | --------------- | -------------- |
| EUR / USD  | Sunday 5:00 PM  | Friday 5:00 PM |
| USD / JPY  | Sunday 5:00 PM  | Friday 5:00 PM |

### **Internal Coverage**

Internal pricing is used from Friday 5:00 PM to Sunday 5:00 PM ET, or at any time there is a gap of more than 30 seconds between external oracle datapoints. This ensures continuous pricing coverage across all sessions, including after-hours. You can read more about the internal pricing mechanism [here](/perp-mechanics/oracle-price#internal-pricing).

### **Data Source**

See the [Specification Index](/consolidated-resources/specification-index) page for pricing referencing sources.


# Pre-IPO Perpetuals (IPOPs)

Understanding XYZ Pre-IPO Perpetuals.

Pre-IPO Perpetuals (IPOPs) are cash-settled perpetual derivative contracts that reference the anticipated public listing of a private company. They are designed to create a continuous market for pre-listing price discovery: the market’s evolving view of where a company’s future public equity may trade before the company is freely tradable on a traditional public exchange.

*Pre-IPO Perpetuals are not shares. They are not IPO allocations. They are not tokenized equity, securities entitlements, or rights to receive any security. A position in a Pre-IPO Perpetual does not give the holder ownership, voting rights, information rights, dividends, allocation rights, or any claim against the referenced issuer.*

### Why IPOPs Exist

IPO pricing is one of the most important valuation events in public markets, but the process leading into that price is not itself a continuous public market.

During the listing process, information may emerge through filings, investor meetings, bookbuilding, private-market activity, price-range updates, press reports, and exchange-opening data. These signals can be meaningful, but they do not form a continuous public market.

That absence matters. A market price can aggregate dispersed information, reveal changes in demand, and convert competing views into a single observable signal. For issuers, that signal may help contextualize demand. For underwriters and market makers, it may improve risk assessment. For public market participants, it may provide a way to evaluate an event that is often difficult to access directly.

IPOPs create a venue for that price formation. They are cash-settled derivatives that allow participants to trade and hedge views on a referenced issuer’s anticipated public equity value before, during, and after the listing process.

They do not provide IPO shares, ownership, allocation rights, or any claim on the issuer. They are not a replacement for the IPO process. Their role is to make pre-listing price discovery open, continuous, and risk-bearing.

### Specification

Each Pre-IPO Perpetual has a market-specific specification. Users should review the applicable specification in [Specification Index (IPOPs)](/consolidated-resources/specification-index-ipops) before trading.

<table><thead><tr><th width="272.65234375">Item</th><th>Description</th></tr></thead><tbody><tr><td>Instrument</td><td>Cash-settled linear perpetual contract</td></tr><tr><td>Reference</td><td>Anticipated public equity of a named issuer</td></tr><tr><td>Pricing Methodology</td><td>XYZ Internal Oracle Mechanism</td></tr><tr><td>Trading Hours</td><td>24/7 continuous trading</td></tr><tr><td>Ownership Rights</td><td>None</td></tr><tr><td>IPO Allocation Rights</td><td>None</td></tr><tr><td>Post-listing treatment</td><td>The contract converts to a standard equity perp shortly after the underlying begins regular trading</td></tr><tr><td>Alternative event treatment</td><td>Market may settle under predefined market-specific rules</td></tr></tbody></table>

### Market Design

A standard listed-equity perpetual references an equity that already trades on an external market. A Pre-IPO Perpetual begins earlier.

Before listing, there is no public equity price to use as an external oracle. The market therefore operates with an internal pricing mechanism. After a qualifying public listing, and once sufficient external data is available, the market is expected to convert to the standard oracle and funding methodology for the listed equity.

The result is a single derivative market that can span the pre-listing and post-listing phases of an issuer’s transition to public trading.

#### Initial Reference

At launch, XYZ initializes the market at a discretionary reference price for each IPOP market. The reference is a starting value from which the market begins to trade, and serves as the anchor price to which *Discovery Bound* market protections are enforced.&#x20;

*The initial reference price is not a forecast and not an indication of a public listing price. It may differ significantly from any IPO price range, final IPO price, opening public trade, or post-listing market price.*

XYZ may also display an initial reference share count and an implied initial reference market cap. These figures are intended solely as initial references and may be estimates based on the best available public information at launch, which may be incomplete, preliminary, or later revised.

Any displayed reference share count or implied initial reference market cap is indicative only. It is not guaranteed. It is not a fair value reference. It may differ materially from the issuer’s actual, eventual, or market-implied fully diluted share count or market capitalization.

#### Pre-Listing Mechanism

IPOPs trade via XYZ's internal pricing mechanism, similar to how standard XYZ perpetuals operate over weekends.&#x20;

**The oracle price** is derived from a 30-minute exponentially-weighted moving average which advances via the market's impact price difference.&#x20;

**Funding rate** premium samples are computed as 1% of the standard XYZ perpetual funding calculation. This is a funding multiplier of $$0.005$$ on [HyperCore's](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding) clamped interest rate and premium formula.

**Discovery Bounds** are in place to mitigate risk and reduce high velocity movements while facilitating continuous price discovery.

#### **Conversion to Normal XYZ Equity Perpetual**

When the referenced issuer completes its public listing, the corresponding IPOP is expected to convert into a normal equity perpetual with external pricing and the standard ($$0.5$$) funding multiplier. Conversion occurs after the underlying asset begins regular trading and external market data is sufficient to support standard oracle pricing, typically the first regular session after listing. External pricing begins similar to how it resumes for standard XYZ perpetuals at the start of the traditional trading week.

Conversion presumes a public listing on a recognized exchange, in the expected jurisdiction, in the expected structure. Where the listing diverges materially (e.g., a foreign exchange, depositary receipts, a direct listing, a SPAC combination), XYZ may treat the event as a conversion with an adjusted reference asset, a settlement trigger, or a composite of the two, depending on which best preserves the economics of the original market. Treatment is specified in the corresponding announcement.

### Risks

IPOP markets are cash-settled perpetual contracts and do not represent ownership of shares, rights to IPO allocation, or any claim on the underlying equity. IPOP markets carry risks beyond those of standard XYZ markets, and users should review the [Pre-IPO Perpetual Markets Risks and Disclaimers](/legal-and-disclaimers/pre-ipo-perpetual-markets-risks-and-disclaimers) before trading IPOP markets.

\ <br>


# Alternative Events

Extraordinary events, IPO cancellations, and alternative settlement.

IPOP markets are designed to operate through the period leading up to an expected listing. Each market is configured with two parameters that govern non-listing scenarios:

* **Anticipated Listing Date:** The expected public listing date. This date may reflect an estimate, it may differ from the actual listing date, and the estimate itself may be subject to change. The anticipated listing date may be referenced for alternative settlement on the basis of Extraordinary Delay, to prevent an  IPOP market from continuing indefinitely in the wake if unforseen events including repeated or significant delays.
* **Listing Grace Period:** The period following the Scheduled Listing Date during which a postponement, deferral or non-occurrence of the Listing shall not, by itself, constitute an Extraordinary Delay or otherwise invoke Alternative Settlement.

By default, the alternative settlement price is the time-weighted average price (TWAP) of the IPOP market from the market launch date through the settlement date. This design is intended to reduce reliance on a short lookback window or single point-in-time price and instead reflect the market’s broader price discovery over the full course of price discovery. It will also be applied to the point at which a decision to invoke alternative settlement has been made, such that there is no incentive to trade or manipulate the price to influence alternative settlement once such information has been made available.

#### Settlement Considerations

XYZ may apply an alternative settlement methodology where the default would not reasonably reflect fair value at settlement. The principal cases:

* **Transaction Events**: The referenced issuer is acquired, taken private, recapitalized, or otherwise consummates a transaction that establishes a transaction price prior to or in lieu of a public listing, in which case settlement may reference that transaction price. A transaction that does not foreclose a subsequent public listing (such as a partial tender or minority recapitalization) is not expected to trigger settlement on its own.
* **Extended IPOP Markets:** The market has been active long enough that full-life TWAP no longer reasonably reflects current fair value. Settlement may reference a shorter, more recent TWAP, or another methodology specified in the settlement announcement.
* **Adverse Events**: The referenced issuer experiences a material adverse event (such as insolvency, regulatory enforcement, or material restatement) that effectively forecloses the expected listing, in which case settlement may reference an alternative price that reflects fair value following the event.

Any alternative methodology, or conversion treatment for non-standard listing outcomes, will be specified in the settlement announcement for the affected market.

### Example Settlement

| Parameter                 | Value        |
| ------------------------- | ------------ |
| IPOP Contract Launch Date | May 1, 2026  |
| Anticipated Listing Date  | May 30, 2026 |
| Listing Grace Period      | 60 days      |

**Step-by-step:**

1. On May 1, 2026, an IPOP market launches at a reference price set by XYZ. Trading begins; the market price evolves with order flow.
2. The IPOP's expected listing date is May 30, 2026. The market is configured with an Anticipated Listing Date of May 30, 2026 and a 60-day Grace Period.
3. If the underlying issuer lists by July 29, the market converts to a standard externally-priced perpetual.
4. If the underlying issuer has not completed its public listing by May 30, and there have been no material guidance to suggest a revise near term listing date, the market may resolved via alternative settlement on July 29.
5. During the Listing Grace Period, if the underlying issuer lists, the market may still convert to a standard externally-priced perpetual.
6. The settlement price would be calculated using a TWAP of the underlying issuer's IPOP market price from May 1 through July 29, unless otherwise specified.


# Specification Index

A consolidated specification table of all active XYZ contracts.

<table><thead><tr><th width="128.7740478515625">Instrument</th><th width="270.5343017578125">Description</th><th width="121.611083984375">Underlying</th><th width="108.0216064453125">Max Leverage</th><th width="113.296875">Discovery Bound</th><th width="114.2630615234375" data-type="number">Discovery Bound Resets</th><th width="146.5078125">Margin Mode</th><th width="166.0078125">External Session Hours</th><th width="224.755859375">Internal Session Hours</th><th width="117.57421875">Funding Rate Multiplier</th></tr></thead><tbody><tr><td>SP500</td><td>S&#x26;P500 references the S&#x26;P 500 Index, a free-float-capitalization-weighted benchmark of 500 leading publicly-traded U.S. companies, widely regarded as the best single gauge of large-cap U.S. equities. The S&#x26;P 500 Index is a product of S&#x26;P Dow Jones Indices LLC and has been licensed for use by trade[XYZ]; see https://docs.trade.xyz/legal-and-disclaimers/s-and-p-500-disclaimers.</td><td>See <a data-mention href="/pages/38NEh2rhfM2rwTHo8n3e#external-price-derivation">/pages/38NEh2rhfM2rwTHo8n3e#external-price-derivation</a></td><td>50x</td><td>±2%</td><td>1</td><td>Cross Margin</td><td>From Sunday 6:00 PM ET to Friday 5:00 PM ET</td><td>Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">futures holiday closures</a>.</td><td>0.5</td></tr><tr><td>XYZ100</td><td>XYZ100 tracks a modified market-capitalization-weighted index of 100 of the largest, most actively-traded, non-financial companies that are listed on a U.S. stock exchange, serving as a benchmark for large-cap U.S. technology and growth equities.</td><td>See <a data-mention href="/pages/38NEh2rhfM2rwTHo8n3e#external-price-derivation">/pages/38NEh2rhfM2rwTHo8n3e#external-price-derivation</a></td><td>30x</td><td>±3.5%</td><td>1</td><td>Cross Margin</td><td>From Sunday 6:00 PM ET to Friday 5:00 PM ET</td><td>Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">futures holiday closures</a>. </td><td>0.5</td></tr><tr><td>BRENTOIL</td><td>BRENTOIL references the USD price of 1 barrel of Brent crude oil. Brent is the world's primary oil benchmark, used to price the majority of globally traded crude.</td><td>1 barrel of Brent crude oil.<br><br>For current reference contract, see <a data-mention href="/pages/2IeXkpSuMDulv5mSYODL">/pages/2IeXkpSuMDulv5mSYODL</a></td><td>20x</td><td>±5%</td><td>2</td><td>Cross Margin</td><td>From Sunday 6PM ET to Friday 6PM ET</td><td>Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">futures holiday closures</a>. </td><td>0.5</td></tr><tr><td>WTIOIL</td><td>WTIOIL references the USD price of 1 barrel of WTI Light Sweet Crude Oil. WTI serves as a primary global benchmark for oil prices due to its high quality (low density, low sulfur).</td><td>1 barrel of WTI Light Sweet Crude Oil.<br><br>For current reference contract, see <a data-mention href="/pages/2IeXkpSuMDulv5mSYODL">/pages/2IeXkpSuMDulv5mSYODL</a></td><td>20x</td><td>±5%</td><td>2</td><td>Cross Margin</td><td>From Sunday 6PM ET to Friday 5PM ET</td><td>Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">futures holiday closures</a>. </td><td>0.5</td></tr><tr><td>NATGAS</td><td>NATGAS references the USD price of 1 MMBtu of Henry Hub natural gas. Henry Hub serves as the primary U.S. benchmark for natural gas pricing and is widely referenced in global energy markets.</td><td>1 MMBtu of Henry Hub natural gas.<br><br>For current reference contract, see <a data-mention href="/pages/2IeXkpSuMDulv5mSYODL">/pages/2IeXkpSuMDulv5mSYODL</a></td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>From Sunday 6PM ET to Friday 5PM ET</td><td>Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">futures holiday closures</a>. </td><td>0.5</td></tr><tr><td>GOLD</td><td>GOLD references the USD spot price of 1 troy ounce of gold (XAU/USD).</td><td>XAU / USD </td><td>25x</td><td>±4%</td><td>2</td><td>Cross Margin</td><td>From Sunday 6PM ET to Friday 5PM ET</td><td>Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">futures holiday closures</a>. </td><td>0.5</td></tr><tr><td>SILVER</td><td>SILVER references the USD spot price of 1 troy ounce of silver (XAG/USD).</td><td>XAG / USD</td><td>25x</td><td>±4%</td><td>2</td><td>Cross Margin</td><td>From Sunday 6PM ET to Friday 5PM ET</td><td>Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">futures holiday closures</a>. </td><td>0.5</td></tr><tr><td>PLATINUM</td><td>PLATINUM references the USD spot price of 1 troy ounce of platinum (XPT/USD).</td><td>XPT / USD</td><td>20x</td><td>±5%</td><td>1</td><td>Normal Isolated</td><td>From Sunday 6PM ET to Friday 5PM ET</td><td>Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">futures holiday closures</a>. </td><td>0.5</td></tr><tr><td>PALLADIUM</td><td>PALLADIUM references the USD spot price of 1 troy ounce of palladium (XPD/USD).</td><td>XPD / USD</td><td>20x</td><td>±5%</td><td>1</td><td>Normal Isolated</td><td>From Sunday 6PM ET to Friday 5PM ET</td><td>Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">futures holiday closures</a>.</td><td>0.5</td></tr><tr><td>COPPER</td><td>COPPER references the USD price of 1 pound of high-grade copper. Copper is a core industrial metal and a widely followed barometer of global manufacturing and infrastructure demand.</td><td>1 pound of high-grade copper.<br><br>For current reference contract, see <a data-mention href="/pages/2IeXkpSuMDulv5mSYODL">/pages/2IeXkpSuMDulv5mSYODL</a></td><td>20x</td><td>±5%</td><td>1</td><td>Normal Isolated</td><td>From Sunday 6PM ET to Friday 5PM ET</td><td>Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">futures holiday closures</a>. </td><td>0.5</td></tr><tr><td>JPY</td><td>USDJPY references the USD/JPY spot exchange rate: Japanese yen per 1 U.S. dollar. The Japanese yen is the official currency of Japan.</td><td>USD / JPY </td><td>50x</td><td>±2%</td><td>1</td><td>Normal Isolated</td><td>From Sunday 5PM ET to Friday 5PM ET</td><td>Trading continues during most US holidays</td><td>0.5</td></tr><tr><td>EUR</td><td>EURUSD references the EUR/USD spot exchange rate: U.S. dollars per 1 euro. The euro is the official currency of the euro area.</td><td>EUR / USD</td><td>50x</td><td>±2%</td><td>1</td><td>Normal Isolated</td><td>From Sunday 5PM ET to Friday 5PM ET</td><td>Trading continues during most US holidays</td><td>0.5</td></tr><tr><td>GBP</td><td>GBPUSD references the GBP/USD spot exchange rate: U.S. dollars per 1 pound sterling. The pound sterling is the official currency of the United Kingdom.</td><td>GBP / USD</td><td>50x</td><td>±2%</td><td>0</td><td>Normal Isolated</td><td>From Sunday 5PM ET to Friday 5PM ET</td><td>Trading continues during most US holidays</td><td>0.5</td></tr><tr><td>URNM</td><td>URNM references 1 share of the Sprott Uranium Miners ETF (NYSE Arca: URNM), quoted in USD. The fund holds uranium-mining equities and physical uranium exposure.</td><td>URNM / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET, and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>TSLA</td><td>TSLA references 1 share of Tesla, Inc. common stock (Nasdaq: TSLA), quoted in USD. Tesla designs electric vehicles, energy-storage systems, and related products.</td><td>TSLA / USD </td><td>20x </td><td>±5%</td><td>2</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET, and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>NVDA</td><td>NVDA references 1 share of NVIDIA Corporation common stock (Nasdaq: NVDA), quoted in USD. NVIDIA designs accelerated-computing hardware, software, and platforms.</td><td>NVDA / USD</td><td>20x</td><td>±5%</td><td>2</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>GOOGL</td><td>GOOGL references 1 share of Alphabet Inc. Class A common stock (Nasdaq: GOOGL), quoted in USD. Alphabet operates Google and businesses spanning advertising, cloud computing, and AI.</td><td>GOOGL / USD</td><td>20x</td><td>±5%</td><td>2</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>INTC</td><td>INTC references 1 share of Intel Corporation common stock (Nasdaq: INTC), quoted in USD. Intel designs and manufactures semiconductors and computing platforms.</td><td>INTC / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>MU</td><td>MU references 1 share of Micron Technology, Inc. common stock (Nasdaq: MU), quoted in USD. Micron manufactures memory and storage products, including DRAM and NAND.</td><td>MU / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>PLTR</td><td>PLTR references 1 share of Palantir Technologies Inc. Class A common stock (Nasdaq: PLTR), quoted in USD. Palantir develops data-integration, analytics, and AI software.</td><td>PLTR / USD </td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>ORCL</td><td>ORCL references 1 share of Oracle Corporation common stock (NYSE: ORCL), quoted in USD. Oracle provides database software, enterprise applications, and cloud infrastructure.</td><td>ORCL / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET, and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>MSTR</td><td>MSTR references 1 share of Strategy Inc Class A common stock (Nasdaq: MSTR), quoted in USD. Strategy operates a Bitcoin treasury and enterprise-analytics software business.</td><td>MSTR / USD </td><td>10x</td><td>±10%</td><td>2</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>MSFT</td><td>MSFT references 1 share of Microsoft Corporation common stock (Nasdaq: MSFT), quoted in USD. Microsoft provides software, cloud computing, devices, and enterprise services.</td><td>MSFT / USD </td><td>20x</td><td>±5%</td><td>2</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>META</td><td>META references 1 share of Meta Platforms, Inc. Class A common stock (Nasdaq: META), quoted in USD. Meta operates Facebook, Instagram, WhatsApp, and related advertising and computing businesses.</td><td>META / USD </td><td>20x</td><td>±5%</td><td>2</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>AMZN</td><td>AMZN references 1 share of Amazon.com, Inc. common stock (Nasdaq: AMZN), quoted in USD. Amazon operates e-commerce, cloud-computing, advertising, and logistics businesses.</td><td>AMZN / USD </td><td>20x</td><td>±5%</td><td>2</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>AMD</td><td>AMD references 1 share of Advanced Micro Devices, Inc. common stock (Nasdaq: AMD), quoted in USD. AMD designs processors, graphics chips, and data-center accelerators.</td><td>AMD / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>AAPL</td><td>AAPL references 1 share of Apple Inc. common stock (Nasdaq: AAPL), quoted in USD. Apple designs consumer devices, software, and services.</td><td>AAPL / USD</td><td>20x</td><td>±5%</td><td>1</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>COIN</td><td>COIN references 1 share of Coinbase Global, Inc. Class A common stock (Nasdaq: COIN), quoted in USD. Coinbase provides digital-asset trading, custody, and infrastructure services.</td><td>COIN / USD </td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>HOOD</td><td>HOOD references 1 share of Robinhood Markets, Inc. Class A common stock (Nasdaq: HOOD), quoted in USD. Robinhood operates a financial-services platform for individual investors.</td><td>HOOD / USD </td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>NFLX</td><td>NFLX references 1 share of Netflix, Inc. common stock (Nasdaq: NFLX), quoted in USD. Netflix provides subscription video entertainment and advertising-supported streaming.</td><td>NFLX / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>CRCL</td><td>CRCL references 1 share of Circle Internet Group, Inc. Class A common stock (NYSE: CRCL), quoted in USD. Circle provides stablecoin and digital-asset payment infrastructure, including USDC.</td><td>CRCL / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>SNDK</td><td>SNDK references 1 share of Sandisk Corporation common stock (Nasdaq: SNDK), quoted in USD. Sandisk develops NAND flash-memory and data-storage products.</td><td>SNDK / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>RIVN</td><td>RIVN references 1 share of Rivian Automotive, Inc. Class A common stock (Nasdaq: RIVN), quoted in USD. Rivian designs and manufactures electric vehicles and related products.</td><td>RIVN / USD </td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>USAR</td><td>USAR references 1 share of USA Rare Earth, Inc. Class A common stock (Nasdaq: USAR), quoted in USD. USA Rare Earth develops rare-earth mining, processing, and magnet-production assets.</td><td>USAR / USD</td><td>10x </td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>TSM</td><td>TSM references 1 Taiwan Semiconductor Manufacturing Company Limited ADS (NYSE: TSM), representing 5 common shares (TWSE: 2330), quoted in USD. TSMC manufactures semiconductors for third-party customers.</td><td>TSM / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET, and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>SKHYNIX</td><td>SKHYNIX references 1 SK hynix Inc. common share (KRX: 000660). The oracle converts the KRW share price to USD at the prevailing USD/KRW FX rate. SK hynix manufactures DRAM and NAND memory semiconductors used in data centers, AI hardware, mobile devices, and computing systems.</td><td>000660.KS / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Cross Margin</td><td>Refer to <a href="/pages/E01nT8Uqp8mHeH8oxqt5#external-trading-sessions-gmt9">Korea External Session</a></td><td>Refer to <a href="/pages/E01nT8Uqp8mHeH8oxqt5#internal-trading-sessions-gmt9">Korea Internal Session</a></td><td>0.5</td></tr><tr><td>SAMSUNG</td><td>SAMSUNG references 1 Samsung Electronics Co., Ltd. common share (KRX: 005930). The oracle converts the KRW share price to USD at the prevailing USD/KRW FX rate. Samsung Electronics makes semiconductors, displays, and consumer electronics.</td><td>005930.KS / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>Refer to <a href="/pages/E01nT8Uqp8mHeH8oxqt5#external-trading-sessions-gmt9">Korea External Session</a></td><td>Refer to <a href="/pages/E01nT8Uqp8mHeH8oxqt5#internal-trading-sessions-gmt9">Korea Internal Session</a></td><td>0.5</td></tr><tr><td>HYUNDAI</td><td>HYUNDAI references 1 Hyundai Motor Company common share (KRX: 005380). The oracle converts the KRW share price to USD at the prevailing USD/KRW FX rate. Hyundai Motor manufactures vehicles and mobility products.</td><td>005380.KS / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>Refer to <a href="/pages/E01nT8Uqp8mHeH8oxqt5#external-trading-sessions-gmt9">Korea External Session</a></td><td>Refer to <a href="/pages/E01nT8Uqp8mHeH8oxqt5#internal-trading-sessions-gmt9">Korea Internal Session</a></td><td>0.5</td></tr><tr><td>EWY</td><td>EWY references 1 share of the iShares MSCI South Korea ETF (NYSE Arca: EWY), quoted in USD. The fund provides exposure to large- and mid-cap South Korean equities; local-currency exposure is embedded in the ETF.</td><td>EWY / USD</td><td>20x</td><td>±5%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET, and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>EWJ</td><td>EWJ references 1 share of the iShares MSCI Japan ETF (NYSE Arca: EWJ), quoted in USD. The fund provides exposure to large- and mid-cap Japanese equities; local-currency exposure is embedded in the ETF.</td><td>EWJ / USD</td><td>20x </td><td>±5%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET, and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>EWT</td><td>EWT references 1 share of the iShares MSCI Taiwan ETF (NYSE Arca: EWT), quoted in USD. The fund provides exposure to large- and mid-cap Taiwanese equities; local-currency exposure is embedded in the ETF.</td><td>EWT / USD</td><td>20x </td><td>±5%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET, and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a></td><td>0.5</td></tr><tr><td>BABA</td><td>BABA references 1 Alibaba Group Holding Limited ADS (NYSE: BABA), representing 8 ordinary shares (HKEX: 9988), quoted in USD. Alibaba operates commerce, cloud-computing, and logistics businesses.</td><td>BABA / USD</td><td>10x </td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET, and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>CRWV</td><td>CRWV references 1 share of CoreWeave, Inc. Class A common stock (Nasdaq: CRWV), quoted in USD. CoreWeave provides GPU-based cloud infrastructure.</td><td>CRWV / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>DKNG</td><td>DKNG references 1 share of DraftKings Inc. Class A common stock (Nasdaq: DKNG), quoted in USD. DraftKings provides online sports betting, gaming, and digital sports-entertainment products.</td><td>DKNG / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>HIMS</td><td>HIMS references 1 share of Hims &#x26; Hers Health, Inc. Class A common stock (NYSE: HIMS), quoted in USD. Hims &#x26; Hers operates a consumer health and telehealth platform.</td><td>HIMS / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>COST</td><td>COST references 1 share of Costco Wholesale Corporation common stock (Nasdaq: COST), quoted in USD. Costco operates membership-based warehouse retail stores.</td><td>COST / USD</td><td>20x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>LLY</td><td>LLY references 1 share of Eli Lilly and Company common stock (NYSE: LLY), quoted in USD. Eli Lilly develops and manufactures pharmaceutical products.</td><td>LLY / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>JP225</td><td>JP225 references the native JPY level of the Japan 225, a price-weighted index of 225 leading Japanese equities. No FX conversion is applied; index-point P&#x26;L is cash-settled in USDC.</td><td>JP225 / JPY</td><td>20x</td><td>±5%</td><td>0</td><td>Normal Isolated</td><td>Refer to <a data-mention href="/pages/kVjSHa3YGnzIi43olgIT#external-coverage">/pages/kVjSHa3YGnzIi43olgIT#external-coverage</a></td><td>Refer to <a data-mention href="/pages/kVjSHa3YGnzIi43olgIT#internal-coverage">/pages/kVjSHa3YGnzIi43olgIT#internal-coverage</a></td><td>0.5</td></tr><tr><td>KR200</td><td>KR200 references the native KRW level of the Korea 200, a capitalization-weighted index of 200 leading South Korean equities. No FX conversion is applied; index-point P&#x26;L is cash-settled in USDC.</td><td>KR200 / KRW</td><td>20x</td><td>±5%</td><td>0</td><td>Normal Isolated</td><td>Refer to <a data-mention href="/pages/R0Qv4SO2UES6Xv6JL2Ss#external-coverage">/pages/R0Qv4SO2UES6Xv6JL2Ss#external-coverage</a></td><td>Refer to <a data-mention href="/pages/R0Qv4SO2UES6Xv6JL2Ss#internal-coverage">/pages/R0Qv4SO2UES6Xv6JL2Ss#internal-coverage</a></td><td>0.5</td></tr><tr><td>BIRD</td><td>BIRD references 1 share of Smartbird, Inc. Class A common stock (Nasdaq: BIRD), quoted in USD. Smartbird develops AI compute infrastructure.</td><td>BIRD / USD</td><td>10x </td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>DRAM</td><td>DRAM references 1 share of the Roundhill Memory ETF (Cboe BZX: DRAM), quoted in USD. The actively managed fund invests in companies involved in semiconductor memory and storage.</td><td>DRAM / USD</td><td>20x</td><td>±5%</td><td>1</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>XLE</td><td>XLE references 1 share of the State Street Energy Select Sector SPDR ETF (NYSE Arca: XLE), quoted in USD. The fund tracks large U.S. energy companies in the Energy Select Sector Index.</td><td>XLE / USD</td><td>20x</td><td>±5%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>BX</td><td>BX references 1 share of Blackstone Inc. common stock (NYSE: BX), quoted in USD. Blackstone is an alternative asset manager investing across private equity, real estate, credit, and infrastructure.</td><td>BX / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>LITE</td><td>LITE references 1 share of Lumentum Holdings Inc. common stock (Nasdaq: LITE), quoted in USD. Lumentum develops optical and photonic components for communications, computing, and industrial applications.</td><td>LITE / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>GME</td><td>GME references 1 share of GameStop Corp. Class A common stock (NYSE: GME), quoted in USD. GameStop is a retailer of video games, collectibles, and consumer electronics.</td><td>GME / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>RKLB</td><td>RKLB references 1 share of Rocket Lab Corporation common stock (Nasdaq: RKLB), quoted in USD. Rocket Lab provides launch services, spacecraft, satellite components, and related systems.</td><td>RKLB / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>MRVL</td><td>MRVL references 1 share of Marvell Technology, Inc. common stock (Nasdaq: MRVL), quoted in USD. Marvell develops semiconductors for data infrastructure, networking, storage, and computing.</td><td>MRVL / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>ZM</td><td>ZM references 1 share of Zoom Communications, Inc. Class A common stock (Nasdaq: ZM), quoted in USD. Zoom provides video, voice, contact-center, and workplace collaboration software.</td><td>ZM / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>EWZ</td><td>EWZ references 1 share of the iShares MSCI Brazil ETF (NYSE Arca: EWZ), quoted in USD. The fund provides exposure to large- and mid-cap Brazilian equities; local-currency exposure is embedded in the ETF.</td><td>EWZ / USD</td><td>20x</td><td>±5%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>EBAY</td><td>EBAY references 1 share of eBay Inc. common stock (Nasdaq: EBAY), quoted in USD. eBay operates online marketplaces connecting buyers and sellers.</td><td>EBAY / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>CBRS</td><td>CBRS references 1 share of Cerebras Systems Inc. Class A common stock (Nasdaq: CBRS), quoted in USD. Cerebras develops wafer-scale AI processors, computing systems, and cloud services.</td><td>CBRS / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>PURRDAT</td><td>PURRDAT references 1 share of Hyperliquid Strategies Inc. common stock (Nasdaq: PURR), quoted in USD. Hyperliquid Strategies is a digital-asset treasury company focused on HYPE, Hyperliquid's native token.</td><td>PURRDAT / USD</td><td>10x</td><td>±10%</td><td>2</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>ARM</td><td>ARM references 1 Arm Holdings plc ADS (Nasdaq: ARM), representing 1 ordinary share, quoted in USD. Arm designs and licenses processor architectures and related computing technology.</td><td>ARM / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>BB</td><td>BB references 1 share of BlackBerry Limited common stock (NYSE: BB), quoted in USD. BlackBerry provides cybersecurity, secure communications, and embedded software.</td><td>BB / USD</td><td>10x</td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>ASML</td><td>ASML references 1 registered ordinary share of ASML Holding N.V. (Nasdaq: ASML), quoted in USD. The Nasdaq line consists of New York Registry Shares, each representing one ordinary share (Euronext Amsterdam: ASML). ASML develops lithography systems used in semiconductor manufacturing.</td><td>ASML / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>IBM</td><td>IBM references 1 share of International Business Machines Corporation common stock (NYSE: IBM), quoted in USD. IBM provides hybrid-cloud, AI, software, infrastructure, and consulting services.</td><td>IBM / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>DELL</td><td>DELL references 1 share of Dell Technologies Inc. Class C common stock (NYSE: DELL), quoted in USD. Dell provides computers, servers, storage, networking, and enterprise infrastructure.</td><td>DELL / USD</td><td>10x</td><td>±10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>AVGO</td><td>AVGO references 1 share of Broadcom Inc. common stock (Nasdaq: AVGO), quoted in USD. Broadcom provides semiconductors and infrastructure software.</td><td>AVGO / USD</td><td>10x </td><td>±10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>QNT</td><td>QNT references 1 share of Quantinuum Inc. Class A common stock (Nasdaq: QNT), quoted in USD. Quantinuum develops trapped-ion quantum computers, software, and related applications.</td><td>QNT / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated </td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>NOW</td><td>NOW references 1 share of ServiceNow, Inc. common stock (NYSE: NOW), quoted in USD. ServiceNow provides cloud-based workflow and enterprise automation software.</td><td>NOW / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>WDC</td><td>WDC references 1 share of Western Digital Corporation common stock (Nasdaq: WDC), quoted in USD. Western Digital manufactures hard-disk drives and data-storage products.</td><td>WDC / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated </td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>NBIS</td><td>NBIS references 1 Nebius Group N.V. Class A ordinary share (Nasdaq: NBIS), quoted in USD. Nebius provides GPU-based cloud and AI infrastructure.</td><td>NBIS / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated </td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>SPCX</td><td>SPCX references 1 share of Space Exploration Technologies Corp. Class A common stock (Nasdaq: SPCX), quoted in USD. SpaceX develops launch vehicles, spacecraft, satellite communications, and AI technology.</td><td>SPCX / USD</td><td>20x </td><td>5%</td><td>5</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>BE</td><td>BE references 1 share of Bloom Energy Corporation Class A common stock (NYSE: BE), quoted in USD. Bloom Energy develops solid-oxide fuel-cell systems for on-site power generation.</td><td>BE / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>SMH</td><td>SMH references 1 share of the VanEck Semiconductor ETF (Nasdaq: SMH), quoted in USD. The fund tracks U.S.-listed companies involved in semiconductor production and equipment.</td><td>SMH / USD</td><td>20x</td><td>5%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>NOK</td><td>NOK references 1 Nokia Corporation ADS (NYSE: NOK), representing 1 share (Nasdaq Helsinki: NOKIA), quoted in USD. Nokia provides telecommunications networks, infrastructure, software, and related services.</td><td>NOK / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>MINIMAX</td><td>MINIMAX references 1 MiniMax Group Inc. Class A ordinary share (HKEX: 0100). The oracle converts the HKD share price to USD at the prevailing USD/HKD FX rate. MiniMax develops multimodal AI models and applications.</td><td>HKEX 0100 / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated </td><td>Mon - Fri: 9:30 AM – 12:00 PM HKT; 1:00 PM – 4:00 PM HKT</td><td><p></p><ul><li><strong>Lunch Break:</strong> 12:00 PM – 1:00 PM HKT</li><li><strong>Market Closed:</strong> 4:00 PM – 9:30 AM HKT</li><li><strong>Weekends and exchange holidays</strong></li></ul></td><td>0.5</td></tr><tr><td>ZHIPU</td><td>ZHIPU references 1 H-share of Knowledge Atlas Technology Joint Stock Company Limited (HKEX: 2513). The oracle converts the HKD share price to USD at the prevailing USD/HKD FX rate. The company, also known as Zhipu AI or Z.ai, develops AI models and applications.</td><td>HKEX 2513 / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated </td><td>Mon - Fri: 9:30 AM – 12:00 PM HKT; 1:00 PM – 4:00 PM HKT</td><td><p></p><p></p><ul><li><strong>Lunch Break:</strong> 12:00 PM – 1:00 PM HKT</li><li><strong>Market Closed:</strong> 4:00 PM – 9:30 AM HKT</li><li><strong>Weekends and exchange holidays</strong></li></ul></td><td>0.5</td></tr><tr><td>QCOM</td><td>QCOM references 1 share of QUALCOMM Incorporated common stock (Nasdaq: QCOM), quoted in USD. Qualcomm develops semiconductors, wireless technology, and related software and licensing.</td><td>QCOM / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated </td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>STRC </td><td>STRC references 1 share of Strategy Inc's Variable Rate Series A Perpetual Stretch Preferred Stock (Nasdaq: STRC), quoted in USD. Stretch, the underlying security, pays cumulative monthly cash dividends at a variable rate on a $100 stated amount. Strategy, formerly MicroStrategy, holds bitcoin as its primary treasury asset.</td><td>STRC / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated </td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>KIOXIA</td><td>KIOXIA references 1 Kioxia Holdings Corporation ordinary share (TSE: 285A). The oracle converts the JPY share price to USD at the prevailing USD/JPY FX rate. Kioxia manufactures NAND flash-memory and storage products.</td><td>TSE 285A / USD</td><td>10x</td><td>10%</td><td>2</td><td>Normal Isolated </td><td><p></p><p><strong>Morning Session:</strong> 8:20 AM – 4:30 PM JST</p><p><br><strong>Afternoon Session:</strong> 5:00 PM – 11:59 PM JST</p></td><td><p></p><p><strong>Afternoon Break:</strong> 4:30 PM – 5:00 PM JST</p><p><br><strong>Market Closed:</strong> 11:59 PM – 8:20 AM JST</p><p><br><strong>Weekends and</strong> <a href="https://www.jpx.co.jp/english/corporate/about-jpx/calendar/"><strong>Exchange Holidays</strong></a></p></td><td>0.5</td></tr><tr><td>SOFTBANK</td><td>SOFTBANK references 1 SoftBank Group Corp. ordinary share (TSE: 9984). The oracle converts the JPY share price to USD at the prevailing USD/JPY FX rate. SoftBank Group is an investment holding company.</td><td>TSE 9984 / USD</td><td>10x</td><td>10%</td><td>2</td><td>Normal Isolated</td><td><p></p><p><strong>Morning Session:</strong> 8:20 AM – 4:30 PM JST</p><p><br><strong>Afternoon Session:</strong> 5:00 PM – 11:59 PM JST</p></td><td><p></p><p><strong>Afternoon Break:</strong> 4:30 PM – 5:00 PM JST</p><p><br><strong>Market Closed:</strong> 11:59 PM – 8:20 AM JST</p><p><br><strong>Weekends and</strong> <a href="https://www.jpx.co.jp/english/corporate/about-jpx/calendar/"><strong>Exchange Holidays</strong></a></p></td><td>0.5</td></tr><tr><td>BOT</td><td>BOT references 1 share of RoboStrategy, Inc. common stock (Nasdaq: BOT), quoted in USD. RoboStrategy is a closed-end investment company focused on robotics and embodied AI.</td><td>BOT / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated </td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>AMAT</td><td>AMAT references 1 share of Applied Materials, Inc. common stock (Nasdaq: AMAT), quoted in USD. Applied Materials provides equipment and services for semiconductor and display manufacturing.</td><td>AMAT / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated </td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>SHAZ</td><td>SHAZ references 1 share of SharonAI Holdings Inc. Class A common stock (Nasdaq: SHAZ), quoted in USD. Sharon AI provides GPU cloud and high-performance computing infrastructure.</td><td>SHAZ / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>SKHY</td><td>SKHY references 1 SK hynix Inc. ADS (Nasdaq: SKHY), representing one-tenth of 1 common share (KRX: 000660), quoted in USD. SK hynix manufactures DRAM and NAND memory semiconductors used in data centers, AI hardware, mobile devices, and computing systems.</td><td>SKHY / USD</td><td>10x</td><td>10%</td><td>1</td><td>Cross Margin</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>GIGADEV</td><td>GIGADEV references 1 GigaDevice Semiconductor Inc. A-share (SSE: 603986). The oracle converts the CNY share price to USD at the prevailing offshore USD/CNH rate. GigaDevice is a fabless designer of NOR flash memory, specialty DRAM, microcontrollers, and sensor chips.</td><td>SSE 603986/ USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated </td><td><p></p><p>Monday through Friday: 9:30–11:30 a.m. and 1:00–2:57 p.m.</p><p></p></td><td><p>Monday through Friday: </p><ul><li>12:00 a.m.–9:30 a.m.</li><li>11:30 a.m.–1:00 p.m.</li><li>2:57 p.m.–12:00 a.m.</li></ul><p>Saturday and Sunday: Closed</p></td><td>0.5</td></tr><tr><td>CXMT</td><td>CXMT references 1 CXMT Corporation A-share (SSE STAR: 688825). The oracle converts the CNY share price to USD at the prevailing offshore USD/CNH rate. CXMT Corporation, operating as ChangXin Memory Technologies, is a Chinese developer and manufacturer of DRAM chips.</td><td>SSE 688825/ USD</td><td>10x</td><td>10%</td><td>2</td><td>Normal Isolated</td><td><p></p><p>Monday through Friday: 9:30–11:30 a.m. and 1:00–2:57 p.m.</p><p></p></td><td><p>Monday through Friday: </p><ul><li>12:00 a.m.–9:30 a.m.</li><li>11:30 a.m.–1:00 p.m.</li><li>2:57 p.m.–12:00 a.m.</li></ul><p>Saturday and Sunday: Closed</p></td><td>0.5</td></tr><tr><td>KORU</td><td>KORU references 1 share of the Direxion Daily MSCI South Korea Bull 3X ETF (NYSE Arca: KORU), quoted in USD. The fund seeks daily investment results, before fees and expenses, of 300% of the performance of the MSCI Korea 25/50 Index; local-currency exposure is embedded in the ETF.</td><td>KORU / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated </td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>GEV</td><td>GEV references 1 share of GE Vernova Inc. common stock (NYSE: GEV), quoted in USD. GE Vernova provides equipment, software, and services for power generation, wind energy, and grid electrification.</td><td>GEV / USD</td><td>10x</td><td>10%</td><td>0</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>LYTE</td><td>LYTE references 1 share of the Roundhill Photonics &#x26; Optics ETF (Cboe BZX: LYTE), quoted in USD. The actively managed fund invests in companies involved in photonics and optics, including optical interconnects, lasers, and photonic chips.</td><td>LYTE / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>NCLD</td><td>NCLD references 1 share of the Roundhill Neocloud ETF (Nasdaq: NCLD), quoted in USD. The actively managed fund invests in neocloud companies, including GPU-as-a-Service platforms and data centers built for AI and high-performance computing.</td><td>NCLD / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>SOXL</td><td>SOXL references 1 share of the Direxion Daily Semiconductor Bull 3X Shares (NYSE Arca: SOXL), quoted in USD. The fund seeks daily investment results of 300% of the daily performance of the ICE Semiconductor Index, an index of the 30 largest U.S.-listed semiconductor companies; leverage resets daily.</td><td>SOXL / USD</td><td>10x </td><td>10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>IREN</td><td>IREN references 1 IREN Limited ordinary share (Nasdaq: IREN), quoted in USD. IREN develops and operates data centers supporting AI cloud computing.</td><td>IREN / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>AAOI </td><td>AAOI references 1 share of Applied Optoelectronics, Inc. common stock (Nasdaq: AAOI), quoted in USD. Applied Optoelectronics develops and manufactures fiber-optic networking products for data centers, broadband, and telecommunications.</td><td>AAOI / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>RDDT</td><td>RDDT references 1 share of Reddit, Inc. Class A common stock (NYSE: RDDT), quoted in USD. Reddit operates an online platform organized into user-created communities where users share and discuss content.</td><td>RDDT / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>NET</td><td>NET references 1 share of Cloudflare, Inc. Class A common stock (NYSE: NET), quoted in USD. Cloudflare provides cloud-based network, security, and developer services for websites, applications, and internet infrastructure.</td><td>NET / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>CRWD</td><td>CRWD references 1 share of CrowdStrike Holdings, Inc. Class A common stock (Nasdaq: CRWD), quoted in USD. CrowdStrike provides cloud-native cybersecurity software through its Falcon platform for endpoint, identity, cloud, and data protection.</td><td>CRWD / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>MAGS</td><td>MAGS references 1 share of the Roundhill Magnificent Seven ETF (Cboe BZX: MAGS), quoted in USD. The fund invests in Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla and targets approximately equal weighting across the seven companies.</td><td>MAGS / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr><tr><td>UNITREE</td><td>UNITREE references 1 Yushu Technology Co., Ltd. A-share (SSE STAR: 688836). The oracle converts the CNY share price to USD at the prevailing offshore USD/CNH rate. Yushu Technology, operating as Unitree Robotics, develops and manufactures humanoid robots, quadruped robots, and robot components.</td><td>688836.SS /  USD</td><td>10x</td><td>20%</td><td>2</td><td>Normal Isolated</td><td><p></p><p>Monday through Friday: 9:30 – 11:30 a.m. and 1:00 – 2:57 p.m.</p><p></p></td><td><p>Monday through Friday: </p><ul><li>12:00 a.m.–9:30 a.m.</li><li>11:30 a.m.–1:00 p.m.</li><li>2:57 p.m.–12:00 a.m.</li></ul><p>Saturday and Sunday: Closed</p></td><td>0.5</td></tr><tr><td>MRNA</td><td>MRNA references 1 share of Moderna, Inc. common stock (Nasdaq: MRNA), quoted in USD. Moderna develops messenger RNA (mRNA) medicines, including infectious-disease vaccines and oncology therapeutics.</td><td>MRNA / USD</td><td>10x</td><td>10%</td><td>1</td><td>Normal Isolated</td><td>24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET</td><td>Friday 8:00 PM to Sunday 8:00 PM ET,  and follows <a href="/pages/gVCkSeFZ0v7kwr01lD48">equities holidays &#x26; trading hours</a>.</td><td>0.5</td></tr></tbody></table>

Open interest is capped for all XYZ deployed perps markets, with each market having a dedicated OI cap. Once this cap is reached, new positions cannot be opened until open interest falls below the specified limit — only existing positions may be reduced or closed. These caps are subject to change and will likely be increased over time.&#x20;


# Specification Index (IPOPs)

A consolidated specification table of all Pre-IPO Perpetual Markets

{% hint style="info" %}
Anticipated Listing Date is for reference purposes only, and may differ significantly from the actual IPO date.

Listing Grace Period defines the period following the expected listing date during which the underlying security may be delayed from listing without causing the market to enter Alternative Settlement procedures on the basis of Extraordinary Delay.

Public filings and offering terms may be incomplete, preliminary, or later revised. These figures should not be treated as indicative market capitalizations or fair value references for the underlying issuer. The ultimate public price or number of fully diluted shares may differ materially.
{% endhint %}

<table><thead><tr><th>Market</th><th width="106.2423095703125">Status</th><th width="253.36981201171875">Description</th><th width="97.6171875">Initial Price</th><th width="113.9453125">Discovery Bound</th><th width="117.4375">Max Discovery Range  Resets</th><th>Funding Rate Multiplier</th><th>Margin Mode</th><th width="110.48260498046875">Max Leverage</th><th>Anticipated Listing Event</th><th width="127.908447265625">Anticipated Listing Date</th><th>Listing Grace Period</th></tr></thead><tbody><tr><td>UNITREE</td><td>Converted </td><td>UNITREE is a pre-IPO market reflecting the market-implied expected price per A-share of Unitree Technology Co., Ltd., expected to list on the Shanghai STAR Market (code 688836). Unitree designs and manufactures quadruped and humanoid robots and robotic arms. After the IPO, the oracle will convert the CNY share price to USD at the prevailing offshore USD/CNH rate.</td><td>$75</td><td>±50%</td><td>2</td><td>0.005</td><td>Normal Isolated</td><td>5x</td><td>IPO </td><td>August 14, 2026</td><td>Up to 60 days (no later than October 13, 2026)</td></tr><tr><td>CXMT</td><td>Converted</td><td>CXMT is a pre-IPO market reflecting the market-implied value of 1 ordinary share (A-share) of ChangXin Technology Group Co., Ltd. (SHE: 688825) in USD terms. CXMT manufactures semiconductor DRAM memory chips. After the IPO, the oracle will convert the underlying stock’s Renminbi price to USD at the prevailing FX rate.</td><td>$5</td><td>50%</td><td>2</td><td>0.005</td><td>Normal Isolated</td><td>5x</td><td>IPO</td><td>July 27, 2026</td><td>Up to 60 days (no later than September 25, 2026)</td></tr><tr><td>SKHY</td><td>Converted</td><td>SKHY tracks the value of 1 SK Hynix American Depositary Share — the Nasdaq-listed security representing one-tenth of a SK Hynix common share held on deposit with a depositary bank. It launches as a pre-IPO contract and converts to a standard XYZ perpetual after the ADS begins trading on Nasdaq.<br><br>TradeXYZ’s existing SKHYNIX market (xyz:SKHX) is unchanged. It tracks 1 common share of SK hynix Inc. (KRX: 000660) and continues to operate normally against the company’s primary listing in Seoul.</td><td>$150</td><td>10%</td><td>4</td><td>0.005</td><td>Normal Isolated</td><td>10x</td><td>IPO</td><td>July 10, 2026</td><td>Up to 60 days (no later than September 7, 2026)</td></tr><tr><td>SpaceX (SPCX)</td><td>Converted</td><td>SPCX is a pre-IPO market reflecting the market-implied expected price per share of Space Exploration Technologies Corp. Class A common stock. SpaceX designs, manufactures, and launches rockets and spacecraft; operates Starlink, a satellite internet network providing global broadband connectivity; and wholly owns xAI, an artificial intelligence company developing frontier AI models.</td><td>$150</td><td>±30%</td><td>3</td><td>0.5</td><td>Strict Isolated</td><td>5x</td><td>IPO</td><td>June 12, 2026</td><td>Up to 60 days (no later than August 12, 2026)</td></tr><tr><td>Quantinuum (QNT)</td><td>Converted</td><td>Quantinuum is a pre-IPO market reflecting the market-implied expected price per share of Quantinuum Inc. Class A common stock. Quantinuum develops quantum computing hardware, software, and applications, including trapped-ion quantum computers, quantum software tools, and solutions for cryptography, chemistry, optimization, and machine learning.</td><td>$75</td><td>±25%</td><td>8</td><td>0.5</td><td>Strict Isolated</td><td>5x </td><td>IPO</td><td>June 4, 2026</td><td>Up to 60 days (no later than August 3, 2026)</td></tr><tr><td>Cerebras (CBRS)</td><td>Converted</td><td>CBRS is a pre-IPO market reflecting the market-implied expected price per share of Cerebras Systems Class A common stock. Cerebras develops AI chips, supercomputing systems, and cloud infrastructure designed to power large-scale artificial intelligence workloads.<br><br>Converted on 5/14. See <a href="/pages/sddGfSODmuM0EEU5Jj21">Specification Index</a> for current specifications.</td><td>$175</td><td>±25%</td><td>5</td><td>0.5</td><td>Strict Isolated</td><td>5x</td><td>IPO</td><td>May 14, 2026</td><td>Up to 60 days (no later than July 14, 2026)</td></tr></tbody></table>


# Holiday Closures

A consolidated specification of holiday closures (all times in ET).

Futures Holiday closures:

```
January 1: CLOSED — New Year’s Day
January 19: Open 00:00–13:00, 18:00–24:00 — Martin Luther King Jr. Day
February 16: Open 00:00–13:00, 18:00–24:00 — Presidents’ Day
April 3: Open 00:00–09:15 — Good Friday
May 25: Open 00:00–13:00, 18:00–24:00 — Memorial Day
June 19: Open 00:00–13:00 — Juneteenth
July 3: Open 00:00–13:00 — Independence Day
September 7: Open 00:00–13:00, 18:00–24:00 — Labor Day
November 26: Open 00:00–13:00, 18:00–24:00 — Thanksgiving
November 27: Open 00:00–13:15 — Day after Thanksgiving (early close)
December 24: Open 00:00–13:15 — Christmas Eve (early close)
December 25: CLOSED — Christmas Day
December 31: Open 00:00–17:00 — New Year’s Eve 
```

Base Metals Holiday closures:

```
January 1: CLOSED — New Year’s Day
January 19: Open 00:00–14:30, 18:00–24:00 — Martin Luther King Jr. Day
February 16: Open 00:00–14:30, 18:00–24:00 — Presidents’ Day
April 2: Open 00:00–17:00 — Day before Good Friday
April 3: CLOSED — Good Friday
May 25: Open 00:00–14:30, 18:00–24:00 — Memorial Day
June 19: Open 00:00–13:00 — Juneteenth
July 3: Open 00:00–13:00 — Independence Day
September 7: Open 00:00–14:30, 18:00–24:00 — Labor Day
November 26: Open 00:00–14:30, 18:00–24:00 — Thanksgiving
November 27: Open 00:00–14:45 — Day after Thanksgiving
December 24: Open 00:00–13:45 — Christmas Eve
December 25: CLOSED — Christmas Day
December 31: Open 00:00–17:00 — New Year’s Eve 
```

Energy Holiday closures:

```
January 1: CLOSED — New Year’s Day
January 19: Open 00:00–14:30, 18:00–24:00 — Martin Luther King Jr. Day
February 16: Open 00:00–14:30, 18:00–24:00 — Presidents’ Day
April 2: Open 00:00–17:00 — Day before Good Friday
April 3: CLOSED — Good Friday
May 25: Open 00:00–14:30, 18:00–24:00 — Memorial Day
June 19: Open 00:00–13:00 — Juneteenth
July 3: Open 00:00–13:00 — Independence Day
September 7: Open 00:00–14:30, 18:00–24:00 — Labor Day
November 26: Open 00:00–14:30, 18:00–24:00 — Thanksgiving
November 27: Open 00:00–14:45 — Day after Thanksgiving
December 24: Open 00:00–13:45 — Christmas Eve
December 25: CLOSED — Christmas Day
```

Equities Holiday closures:

```
January 1: CLOSED — New Year’s Day
January 19: CLOSED — Martin Luther King Jr. Day
February 16: CLOSED — Presidents’ Day
April 3: CLOSED — Good Friday
May 25: CLOSED — Memorial Day
June 19: CLOSED — Juneteenth
July 3: CLOSED — Independence Day (Observed)
September 7: CLOSED — Labor Day
November 26: CLOSED — Thanksgiving Day
November 27: Open 04:00–09:30, 09:30–13:00 — Day after Thanksgiving (early close)
December 24: Open 04:00–09:30, 09:30–13:00 — Christmas Eve (early close)
December 25: CLOSED - Christmas Day 
```

Overnight Equities Holiday closures:

<pre><code><strong>January 18: CLOSED — Sunday before Martin Luther King Jr. Day
</strong>February 15: CLOSED — Sunday before Presidents’ Day
April 2: CLOSED — Thursday before Good Friday
May 24: CLOSED — Sunday before Memorial Day
June 18: CLOSED — Thursday before Juneteenth
July 3: CLOSED — Thursday before Independence Day
September 6: CLOSED — Sunday before Labor Day
November 25: CLOSED — Wednesday before Thanksgiving
December 24: CLOSED - Christmas Day 
</code></pre>

Korean Equities Holiday closures:

```
January 1: CLOSED — New Year’s Day
February 16: CLOSED — Seollal (Lunar New Year)
February 17: CLOSED — Seollal (Lunar New Year)
February 18: CLOSED — Seollal (Lunar New Year)
March 2: CLOSED — Substitution Holiday 
May 1: CLOSED — Labor Day
May 5: CLOSED — Children's Day
May 25: CLOSED — Substitution Holiday 
August 17: CLOSED — Substitution Holiday
September 24: CLOSED — Chuseok (Korean Thanksgiving)
September 25: CLOSED — Chuseok (Korean Thanksgiving) 
October 5: CLOSED — Substitution Holiday
October 9: CLOSED — Hangeul Proclamation Day
December 25: CLOSED — Christmas Day
December 31: CLOSED - End of Year Holiday 
```

Japan Equities Holiday closures:

```
January 1: CLOSED — New Year’s Day
January 2: CLOSED — Market Holiday 
January 3: CLOSED — Market Holiday 
January 12: CLOSED — Coming of Age Day 
February 11: CLOSED — National Foundation Day
February 23: CLOSED — Emperor's Birthday
March 20: CLOSED — Vernal Equinox 
April 29: CLOSED — Showa Day
May 3: CLOSED — Constitution Memorial Day
May 4: CLOSED — Greenery Day
May 5: CLOSED — Children's Day
May 6: CLOSED — Constitution Memorial Day
July 20: CLOSED — Marine Day
August 11: CLOSED — Mountain Day
September 21: CLOSED — Respect for the Aged Day
September 22: CLOSED — Holiday
September 23: CLOSED — Autumnal Equinox
October 12: CLOSED — Sports Day
November 3: CLOSED — Culture Day
November 23: CLOSED — Labor Thanksgiving Day
December 31: CLOSED — Market Holiday
```

Hong Kong Equities Holiday closures:

<pre><code>January 1: CLOSED — New Year’s Day
February 16: HALF DAY — Eve of Lunar New Year; morning session only, 9:30 AM – 12:00 PM HKT
February 17: CLOSED — Lunar New Year’s Day
February 18: CLOSED — The Second Day of Lunar New Year
February 19: CLOSED — The Third Day of Lunar New Year
April 3: CLOSED — Good Friday
April 6: CLOSED — The Day Following Ching Ming Festival
April 7: CLOSED — The Day Following Easter Monday
May 1: CLOSED — Labour Day
May 25: CLOSED — The Day Following the Birthday of the Buddha
<a data-footnote-ref href="#user-content-fn-1">June 19:</a> CLOSED — Tuen Ng Festival
July 1: CLOSED — Hong Kong Special Administrative Region Establishment Day
October 1: CLOSED — National Day
October 19: CLOSED — The Day Following Chung Yeung Festival
December 24: HALF DAY — Eve of Christmas Day; morning session only, 9:30 AM – 12:00 PM HKT
December 25: CLOSED — Christmas Day
December 31: HALF DAY — Eve of New Year; morning session only, 9:30 AM – 12:00 PM HKT
</code></pre>

Shanghai Star Exchange Holiday closures:

```
January 1–2: CLOSED — New Year’s Day
February 16–20 and February 23: CLOSED — Spring Festival / Chinese New Year
April 6: CLOSED — Qingming Festival / Tomb-Sweeping Day
May 1 and May 4–5: CLOSED — Labour Day / International Workers’ Day
June 19: CLOSED — Dragon Boat Festival
September 25: CLOSED — Mid-Autumn Festival
October 1–2 and October 5–7: CLOSED — National Day / Golden Week
```

[^1]:


# Roll Schedules

#### Roll Schedule:

The following table denotes the active contract month for markets that reference futures-based price feeds (e.g., COPPER, WTIOIL, BRENTOIL, and NATGAS), at the start of each month. The roll period is the 5th-9th business day of the month, wherein the reference contract transitions from the month-start active contract to the next active contract. Updated weightings take effect when the oracle switches back to external pricing at 6pm ET.

**Example Roll**&#x20;

WTIOIL is currently referencing the U6 contract and will roll into V6. The transition occurs as follows:

* **2026-08-07 5:30PM ET** — 80% front-month (**U6**), 20% next-month (**V6**)
* **2026-08-10 5:30PM ET** — 60% front-month, 40% next-month
* **2026-08-11 5:30PM ET** — 40% front-month, 60% next-month
* **2026-08-12 5:30PM ET** — 20% front-month, 80% next-month
* **2026-08-13 5:30PM ET** — 0% front-month, 100% next-month (roll complete)

<table><thead><tr><th width="161.5711669921875">Instrument</th><th width="204.123291015625">2026-04-08 5:30PM to 2026-04-14 5:30PM ET</th><th width="202.2066650390625">2026-05-07 5:30PM to 2026-05-13 5:30PM ET</th><th width="228.71435546875">2026-06-05 5:30PM to 2026-06-11 5:30PM ET</th><th width="201.125">2026-07-08 5:30PM to 2026-07-14 5:30PM ET</th><th width="202.57470703125">2026-08-07 5:30PM to 2026-08-13 5:30PM ET</th><th width="201.3941650390625">2026-09-08 5:30PM to 2026-09-14 5:30PM ET</th><th width="207.1798095703125">2026-10-07 5:30PM to 2026-10-13 5:30PM ET</th><th width="200.9122314453125">2026-11-06 5:30PM to 2026-11-12 5:30PM ET</th><th width="194.4842529296875">2026-12-07 5:30PM to 2026-12-11 5:30PM ET</th><th width="199.3984375">2027-01-08 5:30PM to 2027-01-14 5:30PM ET</th><th width="198.05078125">2027-02-05 5:30PM to 2027-02-11 5:30PM ET</th><th width="199.93359375">2027-03-05 5:30PM to 2027-03-11 5:30PM ET</th><th width="198.6640625">2027-04-07 5:30PM to 2027-04-13 5:30PM ET</th><th width="200.0703125">2027-05-07 5:30PM to 2027-05-13 5:30PM ET</th><th width="210.16796875">2027-06-07 5:30PM to 2027-06-011 5:30PM ET</th><th width="200.40234375">2027-07-08 5:30PM to 2027-07-14 5:30PM ET</th><th width="197.265625">2027-08-06 5:30PM to 2027-08-11 5:30PM ET</th><th width="199.765625">2027-09-08 5:30PM to 2027-09-14 5:30PM ET</th><th width="195.2578125">2027-10-07 5:30PM to 2027-10-13 5:30PM ET</th><th width="198.08984375">2027-11-05 5:30PM to 2027-11-11 5:30PM ET</th><th width="195.6875">2027-12-07 5:30PM to 2027-12-13 5:30PM ET</th></tr></thead><tbody><tr><td>COPPER</td><td><code>K6 to N6</code></td><td><code>N6</code></td><td><code>N6 to U6</code></td><td><code>U6</code></td><td><code>U6 to Z6</code></td><td><code>Z6</code></td><td><code>Z6 to H7</code></td><td><code>H7</code> </td><td><code>H7 to M7</code> </td><td><code>M7</code> </td><td><code>M7 to U7</code> </td><td><code>U7</code> </td><td><code>U7 to Z7</code></td><td><code>Z7</code></td><td><code>Z7 to H8</code></td><td><code>H8</code></td><td><code>H8 to M8</code></td><td><code>M8</code></td><td><code>M8 to U8</code></td><td><code>U8</code> </td><td><code>U8 to Z8</code></td></tr><tr><td>WTIOIL (CL)</td><td><code>K6 to M6</code></td><td><code>M6 to N6</code></td><td><code>N6 to Q6</code></td><td><code>Q6 to U6</code></td><td><code>U6 to V6</code></td><td><code>V6 to X6</code></td><td><code>X6 to Z6</code></td><td><code>Z6 to F7</code></td><td><code>F7 to G7</code></td><td><code>G7 to H7</code></td><td><code>H7 to J7</code></td><td><code>J7 to K7</code></td><td><code>K7 to M7</code> </td><td><code>M7 to N7</code></td><td><code>N7 to Q7</code></td><td><code>Q7 to U7</code></td><td><code>U7 to V7</code></td><td><code>V7 to X7</code></td><td><code>X7 to Z7</code></td><td><code>Z7 to F8</code></td><td><code>F8 to G8</code></td></tr><tr><td>BRENTOIL</td><td><code>M6 to N6</code></td><td><code>N6 to Q6</code></td><td><code>Q6 to U6</code></td><td><code>U6 to V6</code></td><td><code>V6 to X6</code></td><td><code>X6 to Z6</code></td><td><code>Z6 to F7</code></td><td><code>F7 to G7</code></td><td><code>G7 to H7</code></td><td><code>H7 to J7</code></td><td><code>J7 to K7</code></td><td><code>K7 to M7</code></td><td><code>M7 to N7</code></td><td><code>N7 to Q7</code></td><td><code>Q7 to U7</code></td><td><code>U7 to V7</code></td><td><code>V7 to X7</code></td><td><code>X7 to Z7</code></td><td><code>Z7 to F8</code></td><td><code>F8 to G8</code></td><td><code>G8 to H8</code></td></tr><tr><td>NATGAS</td><td><code>K26 to M26</code></td><td><code>M26 to N26</code></td><td><code>N26 to Q26</code></td><td><code>Q26 to U26</code></td><td><code>U26 to V26</code></td><td><code>V26 to X26</code></td><td><code>X26 to Z26</code></td><td><code>Z26 to F27</code></td><td><code>F27 to G27</code></td><td><code>G27 to H27</code></td><td><code>H27 to J27</code></td><td><code>J27 to K27</code></td><td><code>K27 to M27</code></td><td><code>M27 to N27</code></td><td><code>N27 to Q27</code></td><td><code>Q27 to U27</code></td><td><code>U27 to V27</code></td><td><code>V27 to X27</code></td><td><code>X27 to Z27</code></td><td><code>Z27 to F28</code></td><td><code>F28 to G28</code></td></tr></tbody></table>


# Margin Modes

XYZ margin modes and related margining mechanics.

XYZ inherits its margining mechanisms from Hypercore.

#### Margin Mode

When opening a position, a margin mode is selected. Refer to the 'Margin Mode' column on [Specification Index](/consolidated-resources/specification-index) to see the default margin mode for each market.

*Cross Margin:* is the default for markets where cross margin is enabled. Cross margin allows for maximal capital efficiency by sharing collateral between all other cross margin positions.&#x20;

*Normal Isolated Margin:* allows an asset's collateral to be constrained to that asset. Liquidations in that asset do not affect other isolated positions or cross positions. Similarly, cross liquidations or other isolated liquidations do not affect the original isolated position.&#x20;

*Strict Isolated Margin*: functions the same as isolated margin, with the additional constraint that margin cannot be removed. Margin is proportionally removed as the position is closed.&#x20;

#### Initial Margin and Leverage <a href="#initial-margin-and-leverage" id="initial-margin-and-leverage"></a>

Leverage can be set by a user to any integer between 1 and the max leverage. Max leverage depends on the asset.

The margin required to open a position is `position_size * mark_price / leverage`. *Normal Isolated Margin* positions support adding and removing margin after opening the position. Isolated positions will apply unrealized pnl as additional margin for the open position. The leverage of an existing position can be increased without closing the position. Leverage is only checked upon opening a position. Afterwards, the user is responsible for monitoring the leverage usage to avoid liquidation. Possible actions to take on positions with negative unrealized pnl include partially or fully closing the position or adding margin (if isolated).&#x20;

**Maintenance Margin:** the minimum collateral you must keep to avoid liquidation. If your account equity (collateral + PnL) falls below the maintenance level, you'll be liquidated. The maintenance level is currently determined by multiplying the maintenance margin by the total open notional position. The maintenance margin is set to half of the initial margin at max leverage for that asset, which varies from 3-40x. In other words, the maintenance margin ranges from 1.25% (at 40x max leverage) to 16.7 (at 3x max leverage).


# Liquidation Mechanics

XYZ Liquidation Mechanics

As a HIP-3 Market, we inherit our liquidation and auto-deleveraging mechanisms from Hypercore. You should review Hyperliquid's documentation in detail to better understand how [liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations) and [auto-deleveraging](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/auto-deleveraging) works on all Hyperliquid markets.&#x20;

**I**MPORTANT NOTE: The onchain backstop liquidator is live for cross margin enabled XYZ assets. As a reminder, this is a fully onchain strategy that takes over backstop liquidatable positions from XYZ. The onchain backstop liquidators only accept assets where cross margin is enabled, making those assets significantly less likely to experience ADL going forward during high volatility events. Once scaled out, the backstop liquidator will absorb undecollateralized positions while simultaneously avoiding bad debt and reducing the need for ADL.&#x20;

***

#### How Liquidations Work on Hyperliquid <a href="#overview" id="overview"></a>

A liquidation event occurs when a trader's positions move against them to the point where the account equity falls below the maintenance margin.&#x20;

When account equity drops below the maintenance margin, the positions are first attempted to be entirely closed by sending market orders to the book. These orders are the full size of the position, although they may only be partially closed depending on market liquidity. After a position is partially or fully closed, the trader retains any remaining collateral if maintenance margin requirements have been met.

If the account equity drops below 2/3 of the maintenance margin without successful liquidation through market orders on the book, a backstop liquidation happens through the liquidator vault (only applicable for cross-margin enabled assets). During backstop liquidation, the maintenance margin is not returned to the user. You can read more about the Liquidator Vault in Hyperliquid's documentation.&#x20;

In Hyperliquid's system, when a cross position is backstop liquidated, the trader's cross positions and cross margin are all transferred to the liquidator. Cross margin and other positions are not impacted by isolated positions that are backstop liquidated.

Liquidations use the mark price. Hyperliquid-native perps specifically use Hyperliquid's mark price, while XYZ assets use the XYZ Relayer Mark price.&#x20;

***

#### Computing Liquidation Price <a href="#computing-liquidation-price" id="computing-liquidation-price"></a>

When entering a trade, an estimated liquidation price is shown. This estimation may be inaccurate compared to the position's estimated liquidation price due to changing liquidity on the book. Even after a position is opened, a liquidation price may be shown which is not the actual liquidation price due to funding payments or changes in unrealized PnL in other positions (for cross margin positions).

The actual liquidation price is independent on the leverage set for cross margin positions. However, the liquidation price does depend on leverage set for isolated margin positions, because the amount of isolated margin allocated depends on the initial margin set.

The precise formula for the liquidation price of a position is&#x20;

`liq_price = price - side * margin_available / position_size / (1 - l * side)`

where

`l = 1 / MAINTENANCE_LEVERAGE` .&#x20;

For assets with margin tiers, maintenance leverage depends on the unique margin tier corresponding to the position value at the liquidation price.

<br>


# Auto-Deleveraging

Auto-deleveraging and XYZ Assets.

#### Backstop Liquidator:

The onchain backstop liquidator is live for XYZ markets where cross margin is enabled. This is a fully onchain strategy that takes over backstop liquidatable positions from assets where cross margin is enabled, making those assets less likely to experience ADL during high volatility events. The XYZ backstop liquidator helps manage undercollateralized positions in a way that is intended to reduce bad debt and minimize reliance on ADL. If market liquidations are insufficient, ADL serves as a final mechanism to help preserve system solvency.

#### Auto-Deleveraging:&#x20;

Auto-deleveraging (ADL) is the final safeguard in the liquidation waterfall and exists to ensure system solvency under all conditions. It occurs only when both market and backstop liquidations (for cross margin assets) fail to close a position that has become under-collateralized.

In a perpetual derivatives market, every long is matched by a short, and all positions are collateralized with margin from a shared collateral pool. When a trader’s account equity or an isolated position value becomes negative, the system must rebalance by closing positions on the profitable side. Otherwise, the system would accrue bad debt and violate the zero-sum constraint that total long notional equals total short notional.

When ADL is triggered, users on the profitable side are ranked and selected for forced deleveraging based on a composite index that accounts for both profitability and leverage:

`sorting_index = (mark_price / entry_price) * (notional_position / account_value)`

Users with the highest ranking index (most profitable and most leveraged) are deleveraged first. Their positions are closed at the previous mark price against the insolvent side of the market. This transfer of position value ensures that aggregate system equity remains constant and that the platform has no bad debt.

The system minimizes the frequency of ADL events through conservative maintenance margin settings and by routing most liquidations through market orders or, if necessary, the XYZ backstop liquidator (for cross margin assets). ADL is therefore a rare, last-resort settlement mechanism.

In practical terms, ADL is similar to a system-wide rebalancing event that closes the loop when no external liquidity remains. It is mechanical, transparent, and non-discretionary. Every ADL event can be independently verified on-chain via Hypercore’s settlement records


# General Disclaimer

A general disclaimer about perpetual contracts.

Trading perpetual contracts involves substantial risk of loss, particularly when using leverage. Crypto-assets and derivatives referencing traditional assets can be highly volatile. Do your own research before engaging in any trading activity.

XYZ perpetuals are deployed on the Hyperliquid blockchain via HIP-3. Hyperliquid is a decentralized, permissionless protocol operated by an independent validator set. XYZ markets are accessible via the Hyperliquid API and other compatible clients. trade\[XYZ] is a non-custodial trading interface; it does not hold user funds, intermediate trades, or control trade execution.

trade\[XYZ] is not available in the United States or to U.S. persons, or in other restricted jurisdictions.

Nothing on this site constitutes legal, financial, tax, or investment advice, nor an invitation to act. Returns are not guaranteed and you may lose your entire investment.


# S\&P 500 Disclaimers

Disclaimers regarding the S\&P 500 perpetual contract

The "S\&P 500 Index" is a product of S\&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by trade\[XYZ]. S\&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S\&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by trade\[XYZ]. The S\&P 500 perpetual contract is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S\&P, any of their respective affiliates (collectively, “S\&P Dow Jones Indices”). S\&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the S\&P 500 perpetual contract or any member of the public regarding the advisability of investing in securities generally or in the S\&P 500 perpetual contract particularly or the ability of the S\&P 500 Index to track general market performance. S\&P Dow Jones Indices' only relationship to trade\[XYZ] with respect to the S\&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S\&P Dow Jones Indices and/or its licensors. The S\&P 500 Index is determined, composed and calculated by S\&P Dow Jones Indices without regard to trade\[XYZ] or the S\&P 500 perpetual contract. S\&P Dow Jones Indices has no obligation to take the needs of trade\[XYZ] or the owners of the S\&P 500 perpetual contract into consideration in determining, composing or calculating the S\&P 500 Index. S\&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the S\&P 500 perpetual contract or the timing of the issuance or sale of the S\&P 500 perpetual contract or in the determination or calculation of the equation by which the S\&P 500 perpetual contract is to be converted into cash, surrendered or redeemed, as the case may be. S\&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the S\&P 500 perpetual contract. There is no assurance that investment products based on the S\&P 500 Index will accurately track index performance or provide positive investment returns. S\&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S\&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S\&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S\&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S\&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S\&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY TRADE\[XYZ], OWNERS OF THE S\&P 500 PERPETUAL CONTRACT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S\&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S\&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S\&P DOW JONES INDICES AND TRADE\[XYZ], OTHER THAN THE LICENSORS OF S\&P DOW JONES INDICES.


# Pre-IPO Perpetual Markets Risks and Disclaimers

Risks and disclaimers regarding XYZ Pre-IPO Perpetual Markets

### Pre-IPO Perpetual Markets

Certain XYZ markets may be designated as Pre-IPO Perpetual (IPOP) markets. An IPOP is a perpetual derivative market that references the anticipated public listing or other public trading event of a referenced issuer. The unique nature of IPOP markets entails certain risks you should be aware of and accept if you are participating in an IPOP market.

#### No Ownership or Other Rights; No Issuer Affiliation

IPOPs are intended to provide synthetic price exposure only. They do not represent shares, pre-IPO securities, IPO allocations, tokenized equity, beneficial ownership, or any right to receive or acquire any security. Holding a position in an IPOP does not give you any rights associated with ownership of securities, including voting rights, dividend rights, information rights, appraisal rights, subscription rights, allocation rights, rights to participate in an IPO, or claims on corporate assets.

No referenced issuer, underwriter, exchange, broker, transfer agent, market maker, or other third party associated with a public listing is responsible for, affiliated with, or sponsor of any IPOP, unless expressly stated otherwise.

#### Pricing Risk

Before the referenced issuer’s securities begin public trading, there may be no continuous, public, liquid, or reliable market price for the referenced asset. Prices for an IPOP may be based on the applicable market methodology, order book activity, available public information, expected listing terms, external data sources, or other inputs described in the applicable market specifications.

IPOPs may rely on pricing methodologies that are more uncertain than those used for assets with continuous public trading. Any oracle, mark price, conversion, or settlement methodology may be affected by limited data, stale data, erroneous data, delayed listings, listing venue changes, corporate action changes, market disruption, or extreme volatility.

IPOP prices may differ materially from any announced IPO price range, final IPO price, public opening price, intraday trading price, closing price, private-market transaction price, analyst estimate, media report, or valuation attributed to the referenced issuer. Public filings, offering terms, share counts, valuation, float, lock-up arrangements, underwriter information, and expected listing timing may change without notice.

### Listing event, conversion, and settlement risk

An IPOP may be designed to convert into, reference, or settle by reference to a post-listing market after the referenced issuer’s securities begin public trading. The timing, methodology, reference price, and source of any post-listing reference price will be described in the applicable market specifications.

The anticipated listing may be delayed, repriced, amended, withdrawn, cancelled, suspended, or completed through a different structure than expected, including a direct listing, merger, acquisition, spin-off, foreign listing, depositary receipt, or other transaction. If the expected listing does not occur by the applicable outside date, if no reliable public reference price becomes available, or if extraordinary circumstances affect the referenced issuer or listing event, trading in the market may be halted and settled or closed.

Settlement or conversion may occur at a price that differs materially from the market price at which you entered a position, from your expected value, from public valuations or offering prices associated with the referenced issuer, or from any subsequent public market price for the referenced issuer's securities.

### Liquidity, volatility, and liquidation risk

IPOPs may have limited liquidity, wider bid-ask spreads, lower market depth, higher volatility, lower open interest caps, and fewer market participants than established perpetual markets. Market orders, stop orders, and liquidations may execute at unfavorable prices or may move the market.

You may be unable to open, reduce, or close positions at expected prices. In low-liquidity conditions, the mark price may be moved by relatively small orders, and the resulting price movements may trigger further liquidations. In addition, the transition from internal to external pricing may produce a step change in mark price, which can result in immediate P\&L changes for open positions and may trigger liquidations if positions are close to maintenance margin.

\
\
\
\ <br>


# Discovery Bounds v2

An update to discovery bounds.

### March 13, 2026 - Updated Discovery Bounds Methodology

> We upgraded the discovery bounds methodology, starting with CL. The v2 methodology is described in the [External Price](/perp-mechanics/external-price) section of the documentation; the following is an archive of the v1 discovery bounds design with which CL was launched.

## How it works

Discovery Bounds are leverage-based limits that restrict how far the mark price may deviate from the external oracle price. Enabled by default on all markets, these bounds provide clearly defined price levels within which market makers and other market participants can confidently participate, without risk of liquidation. Their purpose is to prevent price movements that exceed what may reasonably constitute true price discovery.

#### Bound Range

The mark price is restricted to move within `1 / max leverage` of the last externally derived oracle price. Discovery Bounds are enforced 24/7, but are particularly relevant during internal pricing sessions (e.g., weekends or holidays), in which the external reference price may remain unchanged for extended periods. Market participants can use this information to manage their risk and margin accordingly.

Refer to the [Specification Index](/consolidated-resources/specification-index)for the max leverage and discovery bounds per market.&#x20;

#### Example

If the Silver oracle price is $75 at Friday’s 17:00 ET close, given 25× max leverage, the applicable Discovery Bound is ±4%. As a result, both the mark price and oracle price are restricted to the range $72 – $78 until external pricing resumes on Sunday at 18:00 ET.

If Silver is trading above Friday’s last externally-derived fair price and a trader believes the move does not reflect fair value, they may enter a short position. Once external pricing resumes, the market may reprice toward the externally-derived reference price depending on prevailing market conditions. Importantly, if a trader’s liquidation price lies outside the active price bounds, their position cannot be liquidated while those bounds are in effect.


# Oracle Time Constant Update

### *April 30, 2026 - Oracle Time Constant Update*

We reduced the internal oracle time constant from 1 hour to 30 minutes for equity perpetuals.

### *November 21, 2025 - Oracle Time Constant Update*

We reduced the internal oracle time constant from 8 hours to 1 hour for equity perpetuals.

Effect in Practice

* Faster reflection of price discovery - during closed sessions, the oracle now tracks orderflow with a shorter time constant, reducing the gap between “traded price” and oracle.
* Lower funding drag on genuine moves - traders who are directionally right on gap moves keep more of the move (87% vs 10%); shorts who sit through those gaps receive much less funding compensation.
* Same safety properties - the 1 / max\_leverage band on mark vs last external spot still limits single-tick jumps and weekend bands in mark.

<figure><img src="/files/Ntxswhr6MdQVnMYGtlJq" alt=""><figcaption></figcaption></figure>


# Funding Rate Formula Update

### *December 19, 2025 - Scaling Factor for Funding Rate Formula Update*

The default funding rate for crypto perps has remained unchanged at 0.01% / 8 hours since Bitmex first introduced the mechanism in 2016. Borrow rates for traditional asset classes (e.g., equities, commodities) are typically closer to SOFR + 1-2%. We reduced the funding rate across all XYZ markets by applying a scaling factor of 0.5 to Hyperliquid’s funding rate formula. This lowers baseline funding to \~5.5% annualized and results in less aggressive funding during weekend price discovery as well.

The specific formula is `Funding Rate XYZ (F) = 0.5 [Average Premium Index (P) + clamp (interest rate - Premium Index (P), -0.0005, 0.0005)]`.


# Equity Indices v1

### February 19, 2026 - Updated Index Methodology

> We upgraded the oracle derivation for equity indices (applicable to XYZ100). The v2 methodology is described in the [Equity Indices](/asset-directory/equity-indices) section of the documentation; the following is an archive of the v1 oracle design with which XYZ100 was launched.

#### External Coverage

The Relayer derives external prices for equity indices 23/5, from Sunday 6:00 PM ET to Friday 5:00 PM ET, with daily gaps from 5:00 PM to 6:00 PM.

#### External Price Derivation

For equity indices such as XYZ100, the relayer consumes executable quotes for the underlying traditional (dated) equity index futures from institutional liquidity providers. This provides robust external pricing nearly 23 hours per day, five days per week, extending external coverage beyond daytime cash sessions.

The futures quote is adjusted to an implied spot value which is then included as the oracle price in a relayer update to HyperCore. The conversion of external prices from futures to spot follows the cost-of-carry model (spot—futures parity):

$$
S = F e^{-(r-q)T}
$$

where $$S$$ is the spot (oracle) price, $$F$$ is the externally-sourced dated-futures price, $$T$$ is the time to settlement (in years), $$r$$ is the interest rate, and $$q$$ is the forward dividend yield.

The discount rate $$d = (r-q)$$ takes into account the prevailing borrow rates, as well as the forward dividend yield of the underlying. The discount rate may be updated periodically in accordance with changing market conditions.

#### XYZ100

The XYZ U.S. 100 Index (XYZ100) tracks the value of a modified capitalization-weighted index of 100 large non-financial companies listed on a U.S. exchange.

**Parameters**

* Discount Rate ( $$r-q$$): 4%
* Primary Datasource: <https://insights.pyth.network/price-feeds/Equity.US.NMH6%2FUSD>

<table><thead><tr><th width="131.71484375">Underlying Suffix</th><th>Active Until</th><th>Expiration</th></tr></thead><tbody><tr><td>H6</td><td><pre class="language-yaml"><code class="lang-yaml">2026-03-15T22:00:00Z
</code></pre></td><td><pre class="language-yaml"><code class="lang-yaml">2026-03-20T13:30:00Z
</code></pre></td></tr><tr><td>M6</td><td><pre class="language-yaml"><code class="lang-yaml">2026-06-14T22:00:00Z
</code></pre></td><td><pre class="language-yaml"><code class="lang-yaml">2026-06-19T13:30:00Z
</code></pre></td></tr><tr><td>U6</td><td><pre class="language-yaml"><code class="lang-yaml">2026-09-13T22:00:00Z
</code></pre></td><td><pre class="language-yaml"><code class="lang-yaml">2026-09-18T13:30:00Z
</code></pre></td></tr><tr><td>Z6</td><td><pre class="language-yaml"><code class="lang-yaml">2026-12-13T22:00:00Z
</code></pre></td><td><pre class="language-yaml"><code class="lang-yaml">2026-12-18T13:30:00Z
</code></pre></td></tr></tbody></table>

#### Example: Deriving Oracle Price for XYZ100

It is important for market participants to be able to independently replicate and verify oracle prices. Below, we walk through an example of deriving the external oracle (spot) price of XYZ100.

From the equity index calendar, we see that the active contract suffix is Z5, with an expiration time `2025-12-19 13:30:00 UTC`.

The Pyth NMZ5 feed is reporting a price of `$24,904.2` at the current time, `2025-10-14 17:06:05 UTC`.

The time to expiry is `0.180285473` years.

At the time of writing, the discount rate $$r-q=4.0%$$. Plugging in the following values into our equation.

* $$F = 24904.2$$
* $$r-q = 0.04$$
* $$T = 0.180285473$$

We calculate $$S = 24725.25$$

Thus, we've derived the spot price to be $24,725.25<br>


# Market Parameters

Tracking of market parameter changes


# 6/24

| Instrument | Change                                                                                      |
| ---------- | ------------------------------------------------------------------------------------------- |
| SPCX       | Margin mode updated from normal isolated to cross margin                                    |
| SKHX       | Margin mode updated from normal isolated to cross margin                                    |
| WTIOIL     | Margin mode updated from normal isolated to cross margin                                    |
| SNDK       | Margin mode updated from normal isolated to cross margin                                    |
| DRAM       | <p>Margin mode updated from normal isolated to cross margin.<br><br>OI updated to $250m</p> |
| COIN       | OI updated to $50m                                                                          |
| MSFT       | OI updated to $150m                                                                         |
| SMSN       | OI updated to $100m                                                                         |
| ZHIPU      | OI updated to $50m                                                                          |
| EWY        | OI updated to $100m                                                                         |


# 6/12

**Increased Discovery Bound Resets.** The number of price-discovery bounds was increased for nearly all assets:

* **1 reset:** HOOD, INTC, PLTR, COIN, ORCL, AMD, MU, SNDK, CRCL, NFLX, SKHX, TSM, JPY, EUR, BABA, COPPER, NATGAS, SMSN, PLATINUM, CRWV, PALLADIUM, EWY, EWJ, LITE, MRVL, DRAM, CBRS, ARM, BB, QNT, AVGO, NBIS.
* **2 resets:** TSLA, META, MSFT, GOOGL, AMZN, MSTR, PURRDAT, NVDA, GOLD.

**Higher Leverage + Tighter Discovery Bounds.** For **TSLA, META, MSFT, GOOGL, AMZN**:

* Max leverage raised **10× → 20×**
* Discovery band tightened **0.10 → 0.05**

SPCX IPOP had it's discovery bound set to **0.30** from **0.20** and discovery bound resets to **3** from **7**.


# 7/28

The following adjustment applies to external oracle coverage for Korean equity assets:

<table><thead><tr><th width="149.9765625">Session</th><th>Previous Window (GMT+9)</th><th>New Window (GMT+9)</th></tr></thead><tbody><tr><td>Pre-market</td><td>8:00 AM – 8:50 AM </td><td>8:10 AM – 8:50 AM</td></tr><tr><td>Main</td><td>9:00:30 AM – 3:30 PM</td><td>9:01 AM – 3:30 PM</td></tr></tbody></table>


# Ghost Mode

Ghost Mode leverages Hyperliquid’s onchain and transparent nature to let you observe real trading activity from other wallets onchain in near real-time.

#### Overview

Ghost Mode allows you to spectate a public address’s trading activity. When you enter an address (or select one from a leaderboard or example list), you can see that trader’s orders and fills stream in as they happen on the blockchain. You can also build a Watchlist of addresses to follow multiple traders. Ghost Mode does not let you interact with the trader and you are limited to observing their onchain activity.

#### How to Use Ghost Mode:

* Entering Ghost Mode: Find the Ghost Mode icon in the upper right corner or select Ghost Mode from the Connect Wallet menu options.

<figure><img src="/files/ueIr9zwVrmCnsaQLQWCA" alt=""><figcaption></figcaption></figure>

* Following a Wallet: Enter any public Hyperliquid wallet address (0x1234... style for Hyperliquid addresses) that you know is active, or choose from the leaderboard options in the selection menu. You can also use the Watchlist feature to save addresses you’re interested in (e.g. known market maker or whales).

<figure><img src="/files/uaQxNHTfOe5xWw08cF2c" alt="" width="563"><figcaption></figcaption></figure>

* Ghost Mode Interface: Once active, the interface will update, and a banner indicating you are spectating a wallet will appear. The interface will display the Positions panel and various other interactions of the wallet you are watching.

<figure><img src="/files/z7nmFTnUj4cxNMOqygYo" alt="" width="563"><figcaption></figcaption></figure>

* **Exit Ghost Mode**: When you’re done, you can exit spectating to return to your own account’s view by clicking Exit Ghost Mode in the order ticket window, or by clicking the Ghost Mode icon or Connect Wallet drop down.

<figure><img src="/files/Q7EzwWL2HQxV933VeXYH" alt="" width="171"><figcaption></figcaption></figure>

#### Good Practices and Warnings:

* **Learning not Signal**: Ghost Mode can be great for getting insight into how other traders operate. You might observe things like how they scale into positions or set stops. However, be cautious about copying trades blindly. Their risk tolerance and strategy might not suit you, and what you see may also be slightly delayed.
* **Respect**: Remember that these traders are not asking to be “followed” and this is public data. Understand that they do not owe you any explanation or guidance. Don’t harass or spam them on social platforms.
* **Privacy and Ethics**: All information shown is already public onchain. We do not reveal any personal identities, just the blockchain addresses. We also do not show the trader actively moving their cursor or inputting keystrokes and only displays onchain information. In no event should you try to dox or otherwise uncover a trader you are following on Ghost Mode (or in any other context).
* **Technical limitations**: There may be a slight delay (a few seconds) between a trade occurring onchain and it showing in Ghost Mode, due to block times and processing. Also, if an address has a huge amount of activity, you might not see absolutely everything in real time. Leaderboards, if present, may be updated on a schedule or imported from third party services outside of our control. They are meant for general insight, not real-time ranking.
* **Caution after Exiting Ghost Mode:** Be careful not to inadvertently misclick after exiting Ghost Mode when you are back in your account!


# Accessing trade\[XYZ]

The basics of accessing trade\[XYZ].

You must use a non-custodial wallet to connect with trade\[XYZ]. This wallet acts as your trading account. If you’re new to crypto, read this section to understand the basics.

Terms to Remember:

* **Wallet**: A hardware device or software that holds your private keys and signs transactions. Examples include MetaMask, Phantom, Rabby, Keplr, etc.
* **Address**: Your wallet’s public identifier on a blockchain network. This is what is shared to receive funds on-chain.
* **Private key / Seed Phrase**: Proves ownership and enables signing of transactions. Never share it with anyone. We will never ask for seed phrases or remote access.
* **Non‑custodial**: You control keys and funds. We can’t move your funds. trade\[XYZ] is a tool that enables you to use your wallet to trade on Hyperliquid markets.

*Security Basics*

* *Always verify the trade\[XYZ] URL before connecting and consider bookmarking it. Scammers may create fake sites with similar names*
* *Use a hardware wallet as an extra layer of security if you manage larger balances.*
* *Be cautious of phishing when reaching out for support. We will never message you first or ask for private keys.*


# Creating or Connecting Your Wallet

How to create or connect a wallet to trade\[XYZ].

You can create a new wallet directly in our interface via Privy or connect an existing wallet to start trading with trade\[XYZ]. Either method will link an address to trade on the platform, and you can switch methods or wallets later.

1. **Create a new wallet with Privy (email)**

This is the fastest option for new users without a crypto wallet. You can use Privy’s third party key management solution to generate a new secure wallet directly in your browser using an email address. Your keys are encrypted and stored securely, allowing you to sign trades without worrying about managing seed phrases yourself.

This is generally good for first-time crypto users or anyone who prefers a simplified setup or email recovery.

You can create a Privy wallet as follows:

* Click Connect Wallet in the top right or within the order window.

<figure><img src="/files/fhtbt0CPWbl9uOb93yRU" alt="Click Connect Wallet in the Top Right or Order Window"><figcaption><p align="center">Click Connect Wallet in the Top Right or Order Window</p></figcaption></figure>

* Follow the prompt to enter an email address; a window will appear to request a code

<figure><img src="/files/VmRH4d8tXfK0rnsWEz2n" alt="" width="375"><figcaption><p>Enter your email address and click submit</p></figcaption></figure>

* &#x20;You should receive the code from Privy.io in your email address; enter it into the window.

<figure><img src="/files/135tlKoUYjmAnZmp4WYq" alt="" width="375"><figcaption></figcaption></figure>

* You will then be asked to accept our terms and privacy policy. You may not use our interface if you do not accept these.

<figure><img src="/files/tgU7XrgeFEdEuDayflPB" alt="" width="375"><figcaption></figcaption></figure>

* Once accepted, your new wallet is connected and ready to trade once you’ve deposited funds.

Note that your use of this option is subject to Privy’s [terms](https://www.privy.io/user-terms-of-service) and [privacy policy](https://www.privy.io/privacy-policy).

2. **Connecting an existing wallet**

If you already use a wallet like MetaMask, Phantom, Rabby, or any of the other supported wallets, you can connect it to trade\[XYZ] and trade using existing funds you hold.

To connect your existing wallet:

* Click “Connect Wallet” in the upper right or in the order ticket window and choose your wallet from the list of supported options.

<figure><img src="/files/ueIr9zwVrmCnsaQLQWCA" alt="" width="272"><figcaption></figcaption></figure>

* Your wallet extension/app will prompt you to approve the connection to trade\[XYZ].

<figure><img src="/files/Sx2peLcPLroOJVYleovp" alt="" width="375"><figcaption></figcaption></figure>

* Once connected, you will then be asked to sign a transaction to verify control of that wallet.

<figure><img src="/files/zb2gmZnRSHwKFRFt3uzx" alt="" width="375"><figcaption></figcaption></figure>

* You will then be asked to accept our terms and privacy policy. You may not use our interface if you do not accept these.
* Once accepted, ensure you are on the Hyperliquid network (your wallet interface may switch it automatically or prompt you).
* In order to begin trading, you will need to [Deposit](/getting-started/funding-your-wallet/deposits) funds. You will need to click “Deposit to Get Started” and deposit funds.&#x20;

<figure><img src="/files/faSKoFjLQTGYtHkcTyoc" alt="" width="331"><figcaption></figcaption></figure>

* Once funds are deposited, you may see the deposit button change to "Enable Trading." If so, you will need to click this button and sign a confirmation to enable trading on the interface.
* You will then be fully connected and ready to trade. Your Wallet address and balances will be visible in the app.


# Account Types

An explanation of different accounts that are part of your Hyperliquid balance.

Account Types

After your wallet is connected, the app will display multiple account balances within your wallet. These represent how funds are allocated for different purposes on Hyperliquid:

* **Perps**: This is the margin account for trading Hyperliquid-native crypto perpetuals.
* **Equities \[XYZ]**: This is the margin account for trading XYZ equity perps. It is a separate account from your Hyperliquid perps account and does not share balances.
* **Spot**: This is the default account for spot crypto assets. Assets here cannot be used as collateral for either perps account.

<figure><img src="/files/scMvoRAQIpv4XrHuIfPQ" alt="" width="294"><figcaption></figcaption></figure>

You can instantly transfer funds between these accounts within the app at no cost. For example, if you deposit USDC and it appears in Spot, you can transfer some to your Crypto Perps account using the “Transfer” button.


# Funding Your Wallet

How to fund your wallets.

To trade on trade\[XYZ], you need to fund your wallet. This section describes options for funding your wallet as well as withdrawing funds.

***CRITICAL NOTE: All minimum deposit amounts and required confirmation counts are shown in the interface for each route. Always check those before sending funds. If you send less than the minimum amount or send assets on the wrong network, you may experience delays or lose all of your funds.***


# Deposits

Depositing assets into your trade\[XYZ] wallet.

## Bridge USDC from Arbitrum

If you have USDC on Arbitrum:

1. **Open the Deposit Window**: In the app, click Deposit and select USDC as the deposit asset.

<figure><img src="/files/rMfmKY5JqoXMvQAW19Qf" alt="" width="375"><figcaption></figcaption></figure>

2. **Choose the amount to deposit**: Choose an amount to deposit. If you do not see funds here, you may not have USDC on Arbitrum. Also check to see if you are connected to the Arbitrum network in your wallet.

<figure><img src="/files/aRU0AkCxrWi2UgvlKvHC" alt="" width="375"><figcaption></figcaption></figure>

3. **Approve and Send**: Click deposit and follow the prompts to approve and sign the deposit transaction. If this is your first time depositing, you may need to approve the bridge contract to deposit USDC as well as the deposit transaction itself. &#x20;
4. **Wait for completion**: After confirming, you’ll see a pending status. The transfer may take a couple of minutes. Once completed, your USDC will show up in your crypto perps balance.
5. **Move to other accounts**: If you plan to trade equities perpetuals or spot markets, use the Transfer button and transfer funds to one of the other accounts (see Transfers).

## Deposit Spot Crypto Assets

If you have BTC, ETH, SOL, or other crypto assets that are shown in the interface, you can deposit them into your spot account directly on the trade\[XYZ] frontend via Unit Protocol:

1. **Open the Deposit Window**: In the app, click Deposit and select one of the crypto spot assets as the deposit asset.
2. **Copy your Unique Deposit Address**: The interface will display a deposit address for the asset you chose. This address is generated by the Unit Protocol and is unique to your account and asset.
3. &#x20;**Send the funds**: From your external wallet or exchange, initiate a transfer of the chosen asset to the address provided. Double-check the network and any minimum amount requirements, otherwise, your funds may be lost permanently. Make sure to include the memo or tag if one is provided.
4. **Wait for completion**: The deposit will be credited after a certain number of blockchain confirmations. The estimated time to reach these confirmations is shown in the deposit window, but are not guaranteed. Once reached, the equivalent asset amount will appear in your spot account balance.
5. &#x20;**Move to other accounts**: If you plan to trade crypto or equities perpetuals markets, use the Transfer button and transfer funds to one of the other accounts (see Transfers).

## Common Deposit Mistakes:

* **Wrong network or asset selection**: For USDC deposits or crypto asset deposits, make sure you have sent the correct asset on the correct network (Arbitrum for USDC, the native network for crypto assets). If you accidentally send from a different chain, or you send the wrong asset on that chain, the funds won’t arrive.
* **Insufficient gas on Arbitrum**: If you don’t have ETH for gas, the bridge transaction can’t be sent. Keep at least a few USD worth of ETH in the wallet for bridging.
* **Below minimum amount**: There are minimum amount requirements for depositing USDC or spot assets using the Hyperliquid bridge or the Unit Protocol (displayed in the interface). If you send less, the deposit will not be credited.&#x20;


# Transfers

Transferring assets between your trade\[XYZ] wallet accounts.

You can transfer funds between your accounts in order to trade different markets. Transfers are free and require only a signature without paying network fees.

Note that equities and crypto perp balances are different, and you will not be able to use the collateral in one account to trade in the other account’s markets without transferring funds.

To transfer funds between accounts:

1. **Open the Transfer Window**: Click “Transfer” on the interface to open the Transfer window.

<figure><img src="/files/vSoEPksHXmaIStFMVt6A" alt="" width="292"><figcaption></figcaption></figure>

2. **Select Accounts**: Choose the 'from account' and 'to account' to transfer (e.g., Perps to Spot

<figure><img src="/files/XdYvJZ3C6z2gODuPSCDB" alt="" width="375"><figcaption></figcaption></figure>

3. **Enter Transfer Amount**: Enter the amount to transfer between accounts.
4. **Approve Transfer**: Click transfer and sign the transaction to approve the transfer between accounts.


# Withdrawals

Withdrawing funds from your trade\[XYZ] account.

When you’re ready to withdraw funds back to an external wallet or another chain:

1. **Open the Withdraw Window**: Click Withdraw, then select the asset you want to withdraw.

<figure><img src="/files/3icASegsOZaAYjJk3cQ5" alt="" width="294"><figcaption></figcaption></figure>

2. **USDC on Arbitrum Withdrawal**: If withdrawing USDC on Arbitrum, enter the amount you wish to withdraw, then click Withdraw. The withdrawal does not cost gas but does incur a minimum $1 fee, based on Hyperliquid's protocol design. You must therefore have at least $1 in your crypto perps balance in addition to the amount to withdraw, otherwise, your withdrawal will fail. If you see an error like “Insufficient quote token balance for token transfer gas” when trying to withdraw, it means you did not have the required USDC to pay the fee. Deposit or transfer at least $1 into the perps account, then try withdrawing again.
3. **Spot Asset Withdrawal**: If withdrawing a crypto asset other than USDC on Arbitrum, carefully paste the receiving address on the destination chain, then click Withdraw. Double-check this address for accuracy. Also, ensure you are sending the correct asset and meet the minimum withdrawal requirements. Withdrawing to a wrong or incompatible address or below the minimum requirements may result in permanent loss of funds


# How to Place an Order

A guide to the order pane and placing orders.

## Navigating the Order Pane

Below is a guide to what each part of the order form means:

* **Side**: Reflects which side of the market you intend to take. If you think prices will rise or want to acquire and hold an asset, select Long/Buy (for perps/spot assets, respectively). If you think prices will fall or want to sell an asset, select Short/Sell (for perps/spot assets, respectively). Going long means you profit from upward price moves; going short means you profit from downward moves.

<figure><img src="/files/3xIIZ6Gs4fUdtDfhhmzM" alt="" width="333"><figcaption></figcaption></figure>

* **Order Type**: Select Market for immediate execution at the current price, or Limit to specify a price. If placing a limit, you can also check Reduce-Only (the order will only decrease or close an existing position, never increase it), Take Profit/Stop Loss (to enable take profits or stop loss orders) and certain timing options. You can also select Pro for additional order types, including Scale, TWAP, Stop Limit, and Stop Market. For more on Order Types and Options, see Order Types and Order Options.

<figure><img src="/files/MJ8Cddd9ystwlTmMgKx0" alt="" width="334"><figcaption></figcaption></figure>

* **Amount**: Enter the amount of the asset you wish to sell or the amount you want to trade. For perps, you can toggle between the Notional Value or “Order Value” denomination in kind or in USD based on the current price, so you know how large the trade is in dollar terms.

<figure><img src="/files/yMrkUCS9RPbdprq1Eaf2" alt="" width="325"><figcaption></figcaption></figure>

* **Leverage**: For perps markets, you can choose your leverage level. This can be done by selecting the leverage input option and sliding the bar or typing in a number. Leverage is how many times more than your collateral you are trading. For example, at 5× leverage, a $100 deposit can control a $500 position. The pane will display your required Initial Margin for the trade.

<figure><img src="/files/VTM04eeavFrTdgXUlJrR" alt="" width="375"><figcaption></figcaption></figure>

* **Summary**: This area reflects summary details. You’ll see the Liquidation Price, Order Value, Margin Required, Estimated Fees for the trade, and Slippage (for market orders, an estimate of price impact if the market has limited liquidity). If you’re using a limit order, ensure your price is correct and within the allowed tick size (the minimum price increment). For certain types of other Pro orders, you will be presented with unique information for those Order Types.

<figure><img src="/files/fkAyg3q2ypTmwgja8LR0" alt="" width="329"><figcaption></figcaption></figure>

* **Order Button**: Click Place Order. If it’s a market order, it should fill immediately and your position will appear in the Positions panel in the Positions tab. If it’s a limit, it will appear in Open Orders until it fills or you cancel it.

<figure><img src="/files/jL741yXhF7ctNWm2bQCr" alt="" width="330"><figcaption></figcaption></figure>


# Positions Panel

A guide to the positions panel.

## Understanding the Positions Panel

Once a perps order is executed, you’ll have an open position. You can monitor it and see details about your position the Positions panel.&#x20;

<figure><img src="/files/5LQph4OAUZqq0mEo0gyf" alt=""><figcaption></figcaption></figure>

In the Positions panel, you’ll find:

* Balances: A tab showing your current balances across all of your accounts. Note that if you operate a vault on Hyperliquid, it will not show up in the trade\[XYZ] positions panel.
* Positions: A tab showing your current open positions. Included in this tab are columns reflecting the asset, size, position value, entry price, mark price, liquidation price, unrealized PnL, and margin.
* Open Orders: A tab showing your current open orders with relevant information for the order type, including but not limited to order type, asset, direction, size ,and value.
* TWAP: A tab showing active and historical TWAP orders.
* Trade History: A tab reflecting all executed trade history for the wallet connected to the interface.
* &#x20;Funding History: A tab reflecting historical funding fees paid.
* Order History: A tab reflecting all order history for the wallet connected to the interface, including unexecuted trades.
* Account Activity:   It will show all activity associated with the connected wallet that has on-chain transaction data. This includes order placement, but also other transactions, including transfers, deposits, and withdrawals.


# Order Book, Order Types and Order Options

A note on the order book and orders.

The order book as well as the various order types and options available on trade\[XYZ] are provided by Hypercore. You can read more about the operation of the [order book](https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/order-book) or the [different types and options](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/order-types#order-types) in their documentation.


# Overview

Overview of trading on TradeXYZ

There are currently three types of markets you can access through trade\[XYZ].&#x20;

1. Hyperliquid Crypto Perpetuals (Perps)
2. XYZ Equity Perpetuals (Equities\[XYZ])
3. Crypto Spot Assets (Spot)

A user has three account balances associated with each market (see [Account Types](/getting-started/account-types)).&#x20;

Users can transfer USDC collateral between balances using the account module in the bottom-right hand corner of the application. See [Transfers](/getting-started/funding-your-wallet/transfers) for more.


# Perpetual Assets

An overview of perps.

Perpetual Assets

A perpetual contract (perp) is a derivative product with no expiration date. It tracks the price of an underlying asset and stays near that price through a funding mechanism. Features of Hyperliquid perps include:

* **No expiry**: You don’t have to roll over or settle perps on a certain date. You can hold a position indefinitely as long as you have enough margin.
* **Funding rate**: To keep the perp’s price aligned with the real market price, traders make periodic payments to each other. If the perp price is above the index, longs pay shorts. If below, shorts pay longs. The funding rate shown in the interface tells you the next expected payment % (it can be positive or negative). This rate is charged at regular intervals (e.g., hourly or 8-hourly).
* **Oracle Price**: The oracle price is used to calculate funding rates. For crypto perps, it’s derived as described in Hyperliquid’s documentation [here](http://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/oracle). For XYZ perps, it’s determined as set out under the XYZ Perpetuals, Oracle and Mark Price section of this documentation.
* **Mark price**: The mark price is a fair price for the asset used to calculate your PnL, margining, triggering TP/SL orders, and liquidation purposes. For crypto perps, it’s derived as described in Hyperliquid’s documentation [here](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/robust-price-indices). For XYZ perps, it's detailed in the [Relayer](/relayer) section of this documentation.&#x20;
* **Margin**:  For crypto perps, Hyperliquid has one main style of margining for perpetual contracts: USDC margining, USDT-denominated linear contracts. This means that the oracle price is denominated in USDT, but the collateral is USDC. For equities perps, collateral remains USDC, but the oracle price is denominated in USD. On trade\[XYZ], currently, margin is isolated to each market on our platform. That means your crypto perps account and equities account are separate. Within a specific wallet account (e.g. crypto perps), you may have the option to choose between cross-margining and isolated margin (see Margin for more).

<br>


# Margin and Leverage

Understanding Margin, Leverage, and Liquidation.

**IMPORTANT NOTE: Currently, all \[XYZ] Markets are Isolated-Only Hyperliquid markets. This means you cannot remove margin from an open \[XYZ] position.**

Trading with leverage means you can amplify gains and losses, so understanding margin is critical. Our margin and leverage logic are provided by Hyperliquid as a HIP-3 DEX. As such, while we provide a general summary of these mechanics below, you should review Hyperliquid's documentation related to [margining and leverage](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining):

* **Margin Mode**: A default margin mode is selected when opening any position. For Hyperliquid perps, cross margin is the default.&#x20;
  * *Cross Margin*: For Hyperliquid perps, cross margin is the default. This allows for maximal capital efficiency by sharing collateral between other cross margin positions but also means that liquidations in that asset may effect other cross positions.&#x20;
  * *Isolated Margin*. Isolated margin allows an asset's collateral to be constrained to that asset. This prevents liquidations in that asset from affecting other isolated positions or cross positions. It also ensures that position is not affected by other cross liquidations or isolated liquidations.&#x20;
  * *Isolated-Only*. Some assets are isolated-only, which are the same as isolated margin, but with an additional constraint that margin cannot be removed. In isolated-only markets, margin is proportionally removed as the position is closed.&#x20;


# Hyperliquid Perps

Perpetual futures on TradeXYZ

You can access hundreds of Hyperliquid perpetual markets using trade\[XYZ]. When you trade these markets on trade\[XYZ], you are trading directly on Hypercore markets.

Hyperliquid perpetuals are derivatives products without an expiry and instead rely on funding payments to ensure convergence to the underlying spot price over time. Hyperliquid has one main style of margining for perpetual contracts: USDC margining, USDT denominated linear contracts. This means the oracle price is denominated in USDT, but the collateral is USDC. Note that no conversions with the USDC/USDT exchange rate are applied, so these contracts are technically *quanto* contracts where USDT PnL is denominated in USDC.

You can read more about Hyperliquid perps, their mechanics including funding rates, contract specifications, and general market dynamics around Hyperliquid perps in the [Trading](https://hyperliquid.gitbook.io/hyperliquid-docs/trading) section of the Hyperliquid documentation. Please check their documents frequently if you are trading Hyperliquid perps markets, as things are subject to change from time to time.&#x20;


# Spot

TradeXYZ spot markets

You can also access spot markets for crypto assets powered by the [Unit Protocol.](https://docs.hyperunit.xyz/)&#x20;

Spot assets on Hyperliquid are assets on native chains (e.g. BTC on Bitcoin) that have been tokenized for use on Hyperliquid using the Unit Protocol. These assets trade on separate spot markets than Hyperliquid perps or HIP-3 DEXs. They cannot be used as collateral for your perps accounts.&#x20;

When you trade spot assets through trade\[XYZ], you're interacting directly with the Unit Protocol and Hyperliquid.

You can read more about Unit Protocol assets in [their documentation](https://docs.hyperunit.xyz/).&#x20;