Markets

The terminal lists over 50 perpetual markets referencing real-world assets, plus a growing set of spot pairs. Every perpetual market trades 24/7, nights, weekends, and holidays included.

Asset classes

Leverage

Maximum leverage is set per market: it runs up to 50x on deep markets like gold, and lower on thinner ones (for example 10x on some single stocks). The limit is shown as a tag next to the symbol everywhere it appears, and the leverage control in the trade ticket will not let you exceed it. Leverage limits can change as a market's liquidity changes, so treat the tag on the ticket as the current source of truth rather than a fixed number.

Perpetuals in one paragraph

A perpetual future tracks its underlying index without an expiry date. To keep the contract price near the index, longs and shorts exchange periodic funding payments: when the perp trades above the index, longs pay shorts, and when it trades below, shorts pay longs. The current funding rate and countdown to the next payment are shown in the instrument header of every market.

Spot trading

Alongside perpetuals, the terminal supports spot trading of tokenized stock pairs against USDG (for example AAPL/USDG), settled on the robinhood chain. A spot trade exchanges one asset for another directly: there is no leverage, no funding rate, and no liquidation price to manage, because you hold the position outright rather than a margined derivative of it. Spot pairs sit in the same market selector as perpetuals and are marked accordingly.

Pricing while the underlying is closed

Tokenized stock and ETF markets keep trading while the underlying exchange is closed. During those hours the perp price reflects genuine price discovery: it can and does deviate from the last close, and it can gap when the underlying market reopens. Size leverage with that gap risk in mind, especially into a weekend or a holiday.