# Table of Contents - [XYZ Architecture | trade[XYZ] Docs](#xyz-architecture-trade-xyz-docs) - [Overview | trade[XYZ] Docs](#overview-trade-xyz-docs) - [Oracle Price | trade[XYZ] Docs](#oracle-price-trade-xyz-docs) - [Mark Price | trade[XYZ] Docs](#mark-price-trade-xyz-docs) - [Funding | trade[XYZ] Docs](#funding-trade-xyz-docs) - [External Price | trade[XYZ] Docs](#external-price-trade-xyz-docs) - [Fees | trade[XYZ] Docs](#fees-trade-xyz-docs) - [Equity Indices | trade[XYZ] Docs](#equity-indices-trade-xyz-docs) - [Commodities | trade[XYZ] Docs](#commodities-trade-xyz-docs) - [Discovery Bounds | trade[XYZ] Docs](#discovery-bounds-trade-xyz-docs) - [Japan | trade[XYZ] Docs](#japan-trade-xyz-docs) - [US | trade[XYZ] Docs](#us-trade-xyz-docs) - [Korea | trade[XYZ] Docs](#korea-trade-xyz-docs) - [FX | trade[XYZ] Docs](#fx-trade-xyz-docs) - [US | trade[XYZ] Docs](#us-trade-xyz-docs) - [Korea | trade[XYZ] Docs](#korea-trade-xyz-docs) - [Roll Schedules | trade[XYZ] Docs](#roll-schedules-trade-xyz-docs) - [Holiday Closures | trade[XYZ] Docs](#holiday-closures-trade-xyz-docs) - [Liquidation Mechanics | trade[XYZ] Docs](#liquidation-mechanics-trade-xyz-docs) - [Auto-Deleveraging | trade[XYZ] Docs](#auto-deleveraging-trade-xyz-docs) - [Oracle Time Constant Update | trade[XYZ] Docs](#oracle-time-constant-update-trade-xyz-docs) - [Funding Rate Formula Update | trade[XYZ] Docs](#funding-rate-formula-update-trade-xyz-docs) - [Margin Modes | trade[XYZ] Docs](#margin-modes-trade-xyz-docs) - [Discovery Bounds v2 | trade[XYZ] Docs](#discovery-bounds-v2-trade-xyz-docs) - [S&P 500 Disclaimers | trade[XYZ] Docs](#s-p-500-disclaimers-trade-xyz-docs) - [General Disclaimer | trade[XYZ] Docs](#general-disclaimer-trade-xyz-docs) - [Equity Indices v1 | trade[XYZ] Docs](#equity-indices-v1-trade-xyz-docs) - [Specification Index | trade[XYZ] Docs](#specification-index-trade-xyz-docs) - [XYZ Architecture | trade[XYZ] Docs](#xyz-architecture-trade-xyz-docs) - [Overview | trade[XYZ] Docs](#overview-trade-xyz-docs) - [Commodities | trade[XYZ] Docs](#commodities-trade-xyz-docs) - [US | trade[XYZ] Docs](#us-trade-xyz-docs) - [Discovery Bounds v2 | trade[XYZ] Docs](#discovery-bounds-v2-trade-xyz-docs) - [Margin Modes | trade[XYZ] Docs](#margin-modes-trade-xyz-docs) - [General Disclaimer | trade[XYZ] Docs](#general-disclaimer-trade-xyz-docs) - [Specification Index | trade[XYZ] Docs](#specification-index-trade-xyz-docs) --- # XYZ Architecture | trade[XYZ] Docs Hyperliquid is a performant blockchain that offers permissionless access to hundreds of perpetual trading markets. Trades, execution, and settlement are all handled on-chain and processed by Hyperliquid’s decentralized set of [validatorsarrow-up-right](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 [herearrow-up-right](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. * * * HIP-3 Metadata Value Name `xyz` Full Name `XYZ` Deployer `0x88806a71D74ad0a510b350545C9aE490912F0888` Oracle Updater `0x1234567890545d1Df9EE64B35Fdd16966e08aCEC` [NextOverviewchevron-right](https://docs.trade.xyz/perp-mechanics/overview) Last updated 15 days ago Was this helpful? --- # Overview | trade[XYZ] Docs 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_. 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`. [PreviousXYZ Architecturechevron-left](https://docs.trade.xyz/) [NextOracle Pricechevron-right](https://docs.trade.xyz/perp-mechanics/oracle-price) Last updated 1 day ago Was this helpful? --- # Oracle Price | trade[XYZ] Docs The oracle serves two critical functions: 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. ### [hashtag](https://docs.trade.xyz/perp-mechanics/oracle-price#external-pricing) 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. ### [hashtag](https://docs.trade.xyz/perp-mechanics/oracle-price#internal-pricing) 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 SSS the impact price difference (IPDIPDIPD) is defined as: IPD\=max(PimpactBid−S,0)−max(S−PimpactAsk,0)IPD = max(P\_{impactBid} - S, 0) - max(S-P\_{impactAsk}, 0)IPD\=max(PimpactBid​−S,0)−max(S−PimpactAsk​,0) where the impact bid price (PimpactBidP\_{impactBid}PimpactBid​) and impact ask price PimpactAskP\_{impactAsk}PimpactAsk​ 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 τ\=1\\tau = 1τ\=1 hour and updates as: St\=βt St−+(1−βt) xt,βt\=exp⁡ ⁣(−Δt∗τ),xt\=St−+IPDt 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}\_tSt​\=βt​St−​+(1−βt​)xt​,βt​\=exp(−τΔt∗​),xt​\=St−​+IPDt​ where Δt∗\=min⁡ ⁣(Δt, c τ)\\Delta t^\\ast = \\min\\!\\bigl(\\Delta t,\\, c\\,\\tau\\bigr)Δt∗\=min(Δt,cτ), Δt\=t−tprev\\Delta t = t - t\_{\\mathrm{prev}}Δt\=t−tprev​, and c\=0.1c = 0.1c\=0.1 (so 1−βt≤1−e−0.1≈9.5%1-\\beta\_t \\le 1 - e^{-0.1} \\approx 9.5\\%1−βt​≤1−e−0.1≈9.5%). > **Note:** This provides the more general form of the continuous-time EMA. Component (2) of the mark price samples the basis (xt\=St−Pmid,tx\_t = S\_t - P\_{mid,t}xt​\=St​−Pmid,t​) with a time constant τ\=150\\tau = 150τ\=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. [PreviousOverviewchevron-left](https://docs.trade.xyz/perp-mechanics/overview) [NextMark Pricechevron-right](https://docs.trade.xyz/perp-mechanics/mark-price) Last updated 21 days ago Was this helpful? --- # Mark Price | trade[XYZ] Docs 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. [PreviousOracle Pricechevron-left](https://docs.trade.xyz/perp-mechanics/oracle-price) [NextExternal Pricechevron-right](https://docs.trade.xyz/perp-mechanics/external-price) Last updated 2 months ago Was this helpful? --- # Funding | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/perp-mechanics/funding#overview) Overview Funding rates are a mechanism designed to prevent large price disparities between the perpetual contract and the oracle price. The funding rate is a periodic fee that is paid by one side of the contract (either long or short) to the other side. Funding is purely peer-to-peer, and no fees are collected on the payments. The rate is calculated based on the difference between the contract price and the oracle price. If the contract price is higher than the oracle price, the premium and hence the funding rate will be positive, and the long position will pay the short position. Conversely, if the contract price is lower than the spot price, the funding rate will be negative, and the short position will pay the long position. The funding rate is paid every hour. The funding rate is added or subtracted from the balance of contract holders at the funding interval. * * * ### [hashtag](https://docs.trade.xyz/perp-mechanics/funding#technical-details) Technical details **Interval**: Hourly **Formula**: `Funding Rate XYZ (F) = 0.5 [P + clamp (r - P, -0.0005, 0.0005)]`. _where_ * `P` = Average Premium Index = `impact_price_difference / oracle_price` * `r` = Interest rate * `impact_price_difference = max(impact_bid_px - oracle_px, 0) - max(oracle_px - impact_ask_px, 0)` * `impact_bid_px` and `impact_ask_px` = average execution prices to trade the configured impact notional on the bid and ask sides, respectively. _Note: See the contract specifications for the impact notional used and other contract-specific parameters._ **Payment**: `funding_payment = position_size * oracle_price * funding_rate`. _Note: Oracle price (not mark) is used to convert position size to notional._ **Cap**: ±4% / hour. **Notional used for impact\_bid and impact\_ask**: 1000.0 * * * ### [hashtag](https://docs.trade.xyz/perp-mechanics/funding#technical-details-1) Scaling Factor Rationale XYZ markets apply a 0.5× multiplier to Hyperliquid's baseline funding rate formula. This reduces baseline funding from a default of ~11% annualized to ~5.5%, better reflecting carry costs of traditional asset classes (typically closer to SOFR + 1-2%). This also dampens funding during weekend price discovery. [PreviousDiscovery Boundschevron-left](https://docs.trade.xyz/perp-mechanics/discovery-bounds) [NextFeeschevron-right](https://docs.trade.xyz/perp-mechanics/fees) Last updated 14 days ago Was this helpful? --- # External Price | trade[XYZ] Docs 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. [PreviousMark Pricechevron-left](https://docs.trade.xyz/perp-mechanics/mark-price) [NextDiscovery Boundschevron-right](https://docs.trade.xyz/perp-mechanics/discovery-bounds) Last updated 21 days ago Was this helpful? --- # Fees | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/perp-mechanics/fees#trading-and-fees) **Trading and Fees** **Standard Fees**: Standard fees for all HIP-3 assets are currently [2x the usual fees on validator-operated perp marketsarrow-up-right](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\[XYZ\]. **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%. The following are not eligible for growth mode: * Crypto perps against any collateral * 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 documentationarrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) . * * * ### [hashtag](https://docs.trade.xyz/perp-mechanics/fees#hip-3-fee-tiers-growth-mode) 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 \>$7B 0.0048% 0.0000% 0.00288% 0.00000% 0.00336% 0.00000% 0.00384% 0.00000% 0.00408% 0.00000% 0.00000% 0.00000% 0.00456% 0.00000% ### [hashtag](https://docs.trade.xyz/perp-mechanics/fees#hip-3-fee-tiers-standard) HIP-3 Fee Tiers — Standard Base Rate Diamond Platinum Gold Silver Bronze Wood Tier 14d weighted volume ($) 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% [PreviousFundingchevron-left](https://docs.trade.xyz/perp-mechanics/funding) [NextCommoditieschevron-right](https://docs.trade.xyz/asset-directory/commodities) Last updated 15 days ago Was this helpful? --- # Equity Indices | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices#external-price-derivation) 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. #### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices#cash-session) 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: dt\=1Ttln⁡(FtSt)d\_t = \\frac{1}{T\_t} \\ln\\left(\\frac{F\_t}{S\_t}\\right)dt​\=Tt​1​ln(St​Ft​​) where FtF\_tFt​​ is the concurrent futures price, StS\_tSt​​ is the spot index value, and TtT\_tTt​​ is the time to futures settlement in years. The net discount rate d\=r−qd = r-qd\=r−q implicitly captures the prevailing interest rate rrr and forward dividend yield qqq without requiring either to be specified independently. The relayer maintains a continuous-time exponentially weighted moving average of dtd\_tdt​ with a time constant τ\=1\\tau = 1τ\=1 hour: dˉt\=βt,dˉt−+(1−βt)dt,βt\=e−Δt/τ\\bar{d}\_t = \\beta\_t, \\bar{d}\_{t^-} + (1 - \\beta\_t) d\_t, \\qquad \\beta\_t = e^{-\\Delta t / \\tau}dˉt​\=βt​,dˉt−​+(1−βt​)dt​,βt​\=e−Δt/τ where Δt\=t−tprev\\Delta t = t - t\_{\\text{prev}}Δt\=t−tprev​​ is the elapsed time since the prior update. As a protective measure, each EMA update is clamped such that ∣dˉt−dˉt−∣≤0.01 bps|\\bar{d}\_t - \\bar{d}\_{t^-}| \\leq 0.01\\text{ bps}∣dˉt​−dˉt−​∣≤0.01 bps, ensuring no single observation produces a disproportionate rate adjustment. #### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices#extended-session) 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: St\=Fte−dˉtTtS\_t = F\_t e^{-\\bar{d}\_t T\_t}St​\=Ft​e−dˉt​Tt​ 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. #### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices#parameters) Parameters * Discount Rate EMA Time Constant (τ)(\\tau)(τ) : 1 hour * Discount Rate EMA Clamp: 0.01 bps per update Underlying Suffix Active Until (applies to both SP500 and XYZ100) Expiration (applies to both SP500 and XYZ100) 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` [PreviousCommoditieschevron-left](https://docs.trade.xyz/asset-directory/commodities) [NextUSchevron-right](https://docs.trade.xyz/asset-directory/equity-indices/us) Last updated 1 day ago Was this helpful? --- # Commodities | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/asset-directory/commodities#external-coverage) 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. ### [hashtag](https://docs.trade.xyz/asset-directory/commodities#external-price-derivation) External Price Derivation #### [hashtag](https://docs.trade.xyz/asset-directory/commodities#precious-metals) 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. #### [hashtag](https://docs.trade.xyz/asset-directory/commodities#industrial-metals-and-energy-commodities) 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. 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](https://docs.trade.xyz/consolidated-resources/roll-schedules) to see the specific schedule for markets that reference futures-based price feeds (e.g., WTIOIL, BRENTOIL, COPPER, NATGAS). ### [hashtag](https://docs.trade.xyz/asset-directory/commodities#designated-contract-schedule) Designated Contract Schedule The following schedule defines the active contract at the start of each month for each commodity Asset Underlying Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec COPPER 1lb of Copper H H K K N N U U Z Z Z H WTIOIL (CL) 1 barrel of WTI Light Sweet Crude Oil G H J K M N Q U V X Z F NATGAS 1 MMBtu of Henry Hub Natural Gas G H J K M N Q U V X Z F BRENTOIL 1 barrel of Brent Crude Oil H J K M N Q U V X Z F G ### [hashtag](https://docs.trade.xyz/asset-directory/commodities#data-source) **Data Source** See the [Specification Index](https://docs.trade.xyz/consolidated-resources/specification-index) page for pricing referencing sources. [PreviousFeeschevron-left](https://docs.trade.xyz/perp-mechanics/fees) [NextEquity Indiceschevron-right](https://docs.trade.xyz/asset-directory/equity-indices) Last updated 15 days ago Was this helpful? --- # Discovery Bounds | trade[XYZ] Docs 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 and holidays. To provide a fair and safe venue for weekend speculation, price discovery is limited within a specific range around the external price. By restricting the extent to which price moves can occur, market makers and speculators can more confidently participate in weekend price discovery. Importantly, if a trader’s liquidation price lies outside the active price bounds, their position cannot be liquidated while those bounds are in effect. ### [hashtag](https://docs.trade.xyz/perp-mechanics/discovery-bounds#how-discovery-bounds-work) How Discovery Bounds Work Discovery bounds on XYZ markets restrict the mark price to greater than or equal to ±(1/max leverage) of the last external close during internal pricing sessions. For example, with WTIOIL at 20× leverage, this is ±5%. This static bound provides a predictable range within which traders can confidently participate during weekends and holidays. However, when genuine macro events move an asset beyond the static bound, the market freezes at the limit, preventing price discovery until external markets reopen. The resulting gap on re-open can be more disruptive than the underlying move itself. With Discovery Bounds v2, when the oracle price reaches a configured threshold near the edge of the current discovery bound, the reference price for the discovery bounds re-anchors to the current bound, and a fresh discovery range is established around it. This means that the last external price only serves as an initial reference price for the discovery bounds, and subsequent reference prices may be adjusted as described in more detail below. This process can repeat up to 2 times in each direction (up and down independently), expanding the total discoverable range while keeping the immediate range unchanged. ### [hashtag](https://docs.trade.xyz/perp-mechanics/discovery-bounds#scope) Scope Asset Discovery Bound Resets SP500 ±2% 1 JPY ±2% 0 EUR ±2% 0 XYZ100 ±3.5% 1 GOLD ±4% 1 SILVER ±4% 2 NVDA ±5% 1 AAPL ±5% 1 COST ±5% 0 WTIOIL (CL) ±5% 2 BRENTOIL ±5% 2 COPPER ±5% 0 PLATINUM ±5% 0 PALLADIUM ±5% 0 EWY ±5% 0 EWJ ±5% 0 TSLA ±10% 0 HOOD ±10% 0 INTC ±10% 0 PLTR ±10% 0 COIN ±10% 0 META ±10% 0 MSFT ±10% 0 ORCL ±10% 0 GOOGL ±10% 0 AMZN ±10% 0 AMD ±10% 0 MU ±10% 0 SNDK ±10% 0 MSTR ±10% 0 CRCL ±10% 0 NFLX ±10% 0 SKHYNIX ±10% 0 TSM ±10% 0 RIVN ±10% 0 BABA ±10% 0 NATGAS ±10% 0 SAMSUNG ±10% 0 USAR ±10% 0 CRWV ±10% 0 URNM ±10% 0 HYUNDAI ±10% 0 ### [hashtag](https://docs.trade.xyz/perp-mechanics/discovery-bounds#how-it-works) How It Works When the oracle price reaches the upper trigger (e.g., 90% of the distance from the reference price to the upper bound for WTIOIL), the reference price re-anchors to the upper bound. New bounds and triggers are recalculated from this new reference price. The upward level counter increments by one. The same logic applies symmetrically to the downside. At max levels (2), no further re-anchoring occurs and the bound becomes a hard cap. When external pricing resumes, the external price reverts to the live externally-derived price and all level counters reset. ### [hashtag](https://docs.trade.xyz/perp-mechanics/discovery-bounds#trigger-formulas) Trigger Formulas Copy upper_trigger = reference_price × (1 + discovery_bound × oracle_threshold) Copy lower_trigger = reference_price × (1 - discovery_bound × oracle_threshold) ### [hashtag](https://docs.trade.xyz/perp-mechanics/discovery-bounds#example-wtioil) Example - WTIOIL Parameters Value Discovery Bound ±5% (from 20× max leverage) Oracle Threshold 90% Friday Closing External Price (initial reference) $100 #### [hashtag](https://docs.trade.xyz/perp-mechanics/discovery-bounds#upward-path) 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. Internal pricing begins. 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. Maximum price from origin\=100.00×1.053≈115.76 (+15.76%)\\text{Maximum price from origin} = 100.00 \\times 1.05^3 \\approx 115.76 \\, (+15.76\\%)Maximum price from origin\=100.00×1.053≈115.76(+15.76%) Maximum price below origin\=100.00×0.953≈85.74 (−14.26%)\\text{Maximum price below origin} = 100.00 \\times 0.95^3 \\approx 85.74 \\, (-14.26\\%)Maximum price below origin\=100.00×0.953≈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. ### [hashtag](https://docs.trade.xyz/perp-mechanics/discovery-bounds#effect-in-practice) Effect in Practice * **Broader price discovery during genuine events:** The discoverable range expands from ±5% to approximately ±15.8%, allowing the market to reflect large moves rather than freezing at the static limit. * **The instantaneous range is always ±5%:** The tiers shift the window, they do not widen it. At any given moment, the mark price can only move within a ±5% band around the current external 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 (approximately ±15.8% from the external close at the start of the internal session), not the instantaneous ±5% range. [PreviousExternal Pricechevron-left](https://docs.trade.xyz/perp-mechanics/external-price) [NextFundingchevron-right](https://docs.trade.xyz/perp-mechanics/funding) Last updated 15 days ago Was this helpful? --- # Japan | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/japan#external-coverage) 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. ### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/japan#internal-coverage) Internal Coverage * Weekdays (JST) * 6:00 AM - 7:00 AM * Weekends (JST) * Saturday 6:00 AM - Monday 7:00 AM * Holidays * [Holiday Closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) #### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/japan#jp225) 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. #### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/japan#roll-schedule) 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` [PreviousUSchevron-left](https://docs.trade.xyz/asset-directory/equity-indices/us) [NextKoreachevron-right](https://docs.trade.xyz/asset-directory/equity-indices/korea) Last updated 1 day ago Was this helpful? --- # US | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/us#external-coverage) 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. #### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/us#s-and-p-500) 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 Index1 to trade\[XYZ\] to launch the only officially licensed perpetual contract based on the S&P 500. #### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/us#xyz100) 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. #### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/us#roll-schedule) 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` * * * 1The “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”. [PreviousEquity Indiceschevron-left](https://docs.trade.xyz/asset-directory/equity-indices) [NextJapanchevron-right](https://docs.trade.xyz/asset-directory/equity-indices/japan) Last updated 1 day ago Was this helpful? --- # Korea | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/korea#external-coverage) 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. ### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/korea#internal-coverage) Internal Coverage * 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 * Holidays * [Holiday Closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) #### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/korea#kr200) 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. #### [hashtag](https://docs.trade.xyz/asset-directory/equity-indices/korea#roll-schedule) 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` [PreviousJapanchevron-left](https://docs.trade.xyz/asset-directory/equity-indices/japan) [NextFXchevron-right](https://docs.trade.xyz/asset-directory/fx) Last updated 1 day ago Was this helpful? --- # FX | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/asset-directory/fx#external-trading-sessions) **External Trading Sessions** 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 ### [hashtag](https://docs.trade.xyz/asset-directory/fx#internal-trading-sessions) **Internal Trading Sessions** 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](https://docs.trade.xyz/perp-mechanics/oracle-price#internal-pricing) . ### [hashtag](https://docs.trade.xyz/asset-directory/fx#data-source) **Data Source** See the [Specification Index](https://docs.trade.xyz/consolidated-resources/specification-index) page for pricing referencing sources. [PreviousKoreachevron-left](https://docs.trade.xyz/asset-directory/equity-indices/korea) [NextUSchevron-right](https://docs.trade.xyz/stocks/us) Last updated 15 days ago Was this helpful? --- # US | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/stocks/us#external-coverage) External Coverage The Relayer derives external prices for stocks 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET. 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). ### [hashtag](https://docs.trade.xyz/stocks/us#data-source) **Data Source** See the [Specification Index](https://docs.trade.xyz/consolidated-resources/specification-index) page for pricing referencing sources. [PreviousFXchevron-left](https://docs.trade.xyz/asset-directory/fx) [NextKoreachevron-right](https://docs.trade.xyz/stocks/korea) Last updated 1 day ago Was this helpful? --- # Korea | trade[XYZ] Docs #### [hashtag](https://docs.trade.xyz/stocks/korea#markets) **Markets** Instrument Description SKHX / USDC 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. 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. Example: \- KRW Price of 1 common share of SK Hynix Inc. (KRX Ticker 000660): 886,000 KRW \- USD/KRW Exchange Rate: 1,444.10 KRW/USD SKHX Oracle = 886,000 KRW / 1,444.10 KRW/USD = $613.53 USD SMSN / USDC 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. 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. Example: * KRW Price of 1 common share of Samsung Electronics (KRX Ticker 005930): 181,000 KRW * USD/KRW Exchange Rate: 1,444.10 KRW/USD SMSN Oracle = 181,000 KRW / 1,444.10 KRW/USD = $125.34 USD HYUNDAI / USDC 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. The HYUNDAI oracle price tracks the USD value of 1 common share of Hyundai Motor Company. The oracle price can be replicated by dividing the KRW price of 005380 KS Equity (Hyundai common shares) by the USD/KRW exchange rate. Example: * KRW Price of 1 common share of Hyundai Motor (KRX Ticker 005380): 499,000 KRW * USD/KRW Exchange Rate: 1,444.10 KRW/USD HYUNDAI Oracle = 499,000 KRW / 1,444.10 KRW/USD = $345.54 USD EWY / USDC 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. #### [hashtag](https://docs.trade.xyz/stocks/korea#fx-conversion) **FX Conversion** The relayer aggregates executable quotes for KRW-denominated instruments alongside real-time [USD/KRWarrow-up-right](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. #### [hashtag](https://docs.trade.xyz/stocks/korea#external-trading-sessions-gmt9) **External Trading Sessions (**GMT+9) For Korean Indices/Equities, the relayer sources executable quotes from institutional data providers for market open sessions. * Pre-market Session - 8:00 AM – 8:50 AM * Main Session - 9:00 AM – 3:30 PM * After-hours Session - 3:40 PM – 8:00 PM #### [hashtag](https://docs.trade.xyz/stocks/korea#internal-trading-sessions-gmt9) **Internal Trading Sessions (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 * Holidays - [Holiday Closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) Additionally, _Internal Pricing_ will be used if 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](https://docs.trade.xyz/perp-mechanics/oracle-price#internal-pricing) . #### [hashtag](https://docs.trade.xyz/stocks/korea#data-source) **Data Source** See the [Specification Index](https://docs.trade.xyz/consolidated-resources/specification-index) page for pricing referencing sources. [PreviousUSchevron-left](https://docs.trade.xyz/stocks/us) [NextSpecification Indexchevron-right](https://docs.trade.xyz/consolidated-resources/specification-index) Last updated 1 day ago Was this helpful? --- # Roll Schedules | trade[XYZ] Docs #### [hashtag](https://docs.trade.xyz/consolidated-resources/roll-schedules#roll-schedule) 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-10th 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** COPPER is currently referencing the HGK6 contract and will roll into HGN6. The transition occurs as follows: * **2026-04-08 5:30PM ET** — 80% front-month (**HGK6**), 20% next-month (**HGN6**) * **2026-04-09 5:30PM ET** — 60% front-month, 40% next-month * **2026-04-10 5:30PM ET** — 40% front-month, 60% next-month * **2026-04-13 5:30PM ET** — 20% front-month, 80% next-month * **2026-04-14 5:30PM ET** — 0% front-month, 100% next-month (roll complete) Instrument 2026-04-08 5:30PM to 2026-04-14 5:30PM ET 2026-05-07 5:30PM to 2026-05-13 5:30PM ET 2026-06-05 5:30PM to 2026-06-11 5:30PM ET 2026-07-08 5:30PM to 2026-07-14 5:30PM ET 2026-08-07 5:30PM to 2026-08-13 5:30PM ET 2026-09-08 5:30PM to 2026-09-14 5:30PM ET 2026-10-07 5:30PM to 2026-10-13 5:30PM ET 2026-11-06 5:30PM to 2026-11-12 5:30PM ET 2026-12-07 5:30PM to 2026-12-11 5:30PM ET COPPER `HGK6 to HGN6` `HGN6` `HGN6 to HGU6` `HGU6` `HGU6 to HGZ6` `HGZ6` `HGZ6` `HGZ6 to HGH7` `HGH7` WTIOIL (CL) `CLK6 to CLM6` `CLM6 to CLN6` `CLN6 to CLQ6` `CLQ6 to CLU6` `CLU6 to CLV6` `CLV6 to CLX6` `CLV6 to CLX6` `CLX6 to CLZ6` `CLZ6 to CLF7` BRENTOIL `BZM6 to BZN6` `BZN6 to BZQ6` `BZQ6 to BZU6` `BZU6 to BZV6` `BZV6 to BZX6` `BZX6 to BZZ6` `BZZ6 to BZF7` `BZF7 to BZG7` `BZG7 to BZH7` NATGAS `NGK26 to NGM26` `NGM26 to NGN26` `NGN26 to NGQ26` `NGQ26 to NGU26` `NGU26 to NGV26` `NGV26 to NGX26` `NGX26 to NGZ26` `NGZ26 to NGF27` `NGF27 to NGG27` [PreviousHoliday Closureschevron-left](https://docs.trade.xyz/consolidated-resources/holiday-closures) [NextMargin Modeschevron-right](https://docs.trade.xyz/risk-and-margining/margin-modes) Last updated 1 day ago Was this helpful? --- # Holiday Closures | trade[XYZ] Docs Futures Holiday closures: Copy 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: Copy 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: Copy 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: Copy 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: Copy January 18: CLOSED — Sunday before Martin Luther King Jr. Day 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 Korean Equities Holiday closures: Copy 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: Copy 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 [PreviousSpecification Indexchevron-left](https://docs.trade.xyz/consolidated-resources/specification-index) [NextRoll Scheduleschevron-right](https://docs.trade.xyz/consolidated-resources/roll-schedules) Last updated 1 day ago Was this helpful? --- # Liquidation Mechanics | trade[XYZ] Docs 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 [liquidationsarrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations) and [auto-deleveragingarrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/auto-deleveraging) works on all Hyperliquid markets. **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. * * * #### [hashtag](https://docs.trade.xyz/risk-and-margining/liquidation-mechanics#overview) How Liquidations Work on Hyperliquid A liquidation event occurs when a trader's positions move against them to the point where the account equity falls below the maintenance margin. 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. 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. * * * #### [hashtag](https://docs.trade.xyz/risk-and-margining/liquidation-mechanics#computing-liquidation-price) Computing Liquidation Price 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 `liq_price = price - side * margin_available / position_size / (1 - l * side)` where `l = 1 / MAINTENANCE_LEVERAGE` . For assets with margin tiers, maintenance leverage depends on the unique margin tier corresponding to the position value at the liquidation price. [PreviousMargin Modeschevron-left](https://docs.trade.xyz/risk-and-margining/margin-modes) [NextAuto-Deleveragingchevron-right](https://docs.trade.xyz/risk-and-margining/auto-deleveraging) Last updated 16 days ago Was this helpful? --- # Auto-Deleveraging | trade[XYZ] Docs #### [hashtag](https://docs.trade.xyz/risk-and-margining/auto-deleveraging#auto-deleveraging) Auto-Deleveraging: 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 Hyperliquid-native assets) fail to close a position that has become under-collateralized. **Remember: XYZ Assets are not protected by the Hyperliquid vault and therefore, if market liquidations fail, ADL will ensure system solvency.** 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. While users affected by ADL are typically in profit overall, individual ADL events can occur at unfavorable prices. The system minimizes the frequency of ADL events through conservative maintenance margin settings and by routing most liquidations through market orders or, if necessary (only applicable for Hyperliquid native-perps), the Hypercore liquidator vault. ADL is therefore a rare, last-resort settlement mechanism. ADL exists because liquidity and solvency must be preserved in a derivatives system, even when market depth and backstop capacity are exhausted. 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 [PreviousLiquidation Mechanicschevron-left](https://docs.trade.xyz/risk-and-margining/liquidation-mechanics) [NextDiscovery Bounds v2chevron-right](https://docs.trade.xyz/changelog/discovery-bounds-v2) Last updated 1 day ago Was this helpful? --- # Oracle Time Constant Update | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/changelog/oracle-time-constant-update#november-21-2025-oracle-time-constant-update) _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. ![](https://docs.trade.xyz/~gitbook/image?url=https%3A%2F%2F3922315282-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F5p3wcpw1W9gDfXen988X%252Fuploads%252FmaI9dQu6WRkt3brrB139%252Fimage.png%3Falt%3Dmedia%26token%3Dce7ad75d-3e01-4386-95ce-de503b99517d&width=768&dpr=3&quality=100&sign=f9dfc806&sv=2) [PreviousDiscovery Bounds v2chevron-left](https://docs.trade.xyz/changelog/discovery-bounds-v2) [NextFunding Rate Formula Updatechevron-right](https://docs.trade.xyz/changelog/funding-rate-formula-update) Last updated 21 days ago Was this helpful? --- # Funding Rate Formula Update | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/changelog/funding-rate-formula-update#december-19-2025-scaling-factor-for-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)]`. [PreviousOracle Time Constant Updatechevron-left](https://docs.trade.xyz/changelog/oracle-time-constant-update) [NextEquity Indices v1chevron-right](https://docs.trade.xyz/changelog/equity-indices-v1) Last updated 2 months ago Was this helpful? --- # Margin Modes | trade[XYZ] Docs XYZ inherits its margining mechanisms from Hypercore. #### [hashtag](https://docs.trade.xyz/risk-and-margining/margin-modes#margin-mode) Margin Mode _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. Currently, _Normal Isolated Margin_ is enabled for XYZ100, Gold, and Silver. _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. Currently, all markets outside of XYZ100, Gold, and Silver are set to _Strict Isolated Margin._ #### [hashtag](https://docs.trade.xyz/risk-and-margining/margin-modes#initial-margin-and-leverage) Initial Margin and Leverage 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). **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). [PreviousRoll Scheduleschevron-left](https://docs.trade.xyz/consolidated-resources/roll-schedules) [NextLiquidation Mechanicschevron-right](https://docs.trade.xyz/risk-and-margining/liquidation-mechanics) Last updated 2 months ago Was this helpful? --- # Discovery Bounds v2 | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/changelog/discovery-bounds-v2#march-13-2026-updated-discovery-bounds-methodology) 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](https://docs.trade.xyz/perp-mechanics/external-price) > section of the documentation; the following is an archive of the v1 discovery bounds design with which CL was launched. [hashtag](https://docs.trade.xyz/changelog/discovery-bounds-v2#how-it-works) 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. #### [hashtag](https://docs.trade.xyz/changelog/discovery-bounds-v2#bound-range) 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](https://docs.trade.xyz/consolidated-resources/specification-index) for the max leverage and discovery bounds per market. #### [hashtag](https://docs.trade.xyz/changelog/discovery-bounds-v2#example) 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. [PreviousAuto-Deleveragingchevron-left](https://docs.trade.xyz/risk-and-margining/auto-deleveraging) [NextOracle Time Constant Updatechevron-right](https://docs.trade.xyz/changelog/oracle-time-constant-update) Last updated 27 days ago Was this helpful? --- # S&P 500 Disclaimers | trade[XYZ] Docs 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. [PreviousGeneral Disclaimerchevron-left](https://docs.trade.xyz/legal-and-disclaimers/general-disclaimer) Last updated 9 days ago Was this helpful? --- # General Disclaimer | trade[XYZ] Docs 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. [PreviousEquity Indices v1chevron-left](https://docs.trade.xyz/changelog/equity-indices-v1) [NextS&P 500 Disclaimerschevron-right](https://docs.trade.xyz/legal-and-disclaimers/s-and-p-500-disclaimers) Last updated 9 days ago Was this helpful? --- # Equity Indices v1 | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/changelog/equity-indices-v1#february-19-2026-updated-index-methodology) 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](https://docs.trade.xyz/asset-directory/equity-indices) > section of the documentation; the following is an archive of the v1 oracle design with which XYZ100 was launched. #### [hashtag](https://docs.trade.xyz/changelog/equity-indices-v1#external-coverage) 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. #### [hashtag](https://docs.trade.xyz/changelog/equity-indices-v1#external-price-derivation) 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\=Fe−(r−q)TS = F e^{-(r-q)T}S\=Fe−(r−q)T where SSS is the spot (oracle) price, FFF is the externally-sourced dated-futures price, TTT is the time to settlement (in years), rrr is the interest rate, and qqq is the forward dividend yield. The discount rate d\=(r−q)d = (r-q)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. #### [hashtag](https://docs.trade.xyz/changelog/equity-indices-v1#xyz100) 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−qr-qr−q): 4% * Primary Datasource: [https://insights.pyth.network/price-feeds/Equity.US.NMH6%2FUSDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.NMH6%2FUSD) Underlying Suffix Active Until Expiration H6 Copy 2026-03-15T22:00:00Z Copy 2026-03-20T13:30:00Z M6 Copy 2026-06-14T22:00:00Z Copy 2026-06-19T13:30:00Z U6 Copy 2026-09-13T22:00:00Z Copy 2026-09-18T13:30:00Z Z6 Copy 2026-12-13T22:00:00Z Copy 2026-12-18T13:30:00Z #### [hashtag](https://docs.trade.xyz/changelog/equity-indices-v1#example-deriving-oracle-price-for-xyz100) 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\=4.0r-q=4.0%r−q\=4.0. Plugging in the following values into our equation. * F\=24904.2F = 24904.2F\=24904.2 * r−q\=0.04r-q = 0.04r−q\=0.04 * T\=0.180285473T = 0.180285473T\=0.180285473 We calculate S\=24725.25S = 24725.25S\=24725.25 Thus, we've derived the spot price to be $24,725.25 [PreviousFunding Rate Formula Updatechevron-left](https://docs.trade.xyz/changelog/funding-rate-formula-update) [NextGeneral Disclaimerchevron-right](https://docs.trade.xyz/legal-and-disclaimers/general-disclaimer) Last updated 15 days ago Was this helpful? --- # Specification Index | trade[XYZ] Docs Instrument Description Underlying Max Leverage Discovery Bound Margin Mode External Session Hours Internal Session Hours Open Interest Cap (1) SP500 SP500 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 [EMM6 / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.EMM6%2FUSD) (extended session); SPX (cash session) 50x ±2% Cross Margin From Sunday 6:00 PM ET to Friday 5:00 PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $500m XYZ100 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. [NMM6 / USD arrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.NMM6%2FUSD) (extended session); spot index value (cash session) 30x ±3.5% Cross Margin From Sunday 6:00 PM ET to Friday 5:00 PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $400m BRENTOIL BRENTOIL tracks the value of 1 barrel of Brent Crude Oil. Brent serves as the primary international benchmark for oil prices; its priced off North Sea production and is used to price the majority of the world's internationally traded crude supplies. BZM6 / USD 20x ±5% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $750m WTIOIL WTIOIL (CL) tracks the value of 1 barrel of West Texas Intermediate (WTI) Light Sweet Crude Oil. WTI serves as a primary global benchmark for oil prices due to its high quality (low density, low sulfur). CLK6 / USD 20x ±5% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $1bn NATGAS NATGAS tracks the value 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. NGK26 / USD 10x ±10% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $100m GOLD GOLD tracks the value of 1 troy ounce of gold. Gold is a globally traded precious metal widely used as a store of value, an inflation hedge, and a central bank reserve asset. [XAU / USDarrow-up-right](https://insights.pyth.network/price-feeds/Metal.XAU%2FUSD) 25x ±4% Cross Margin From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $500m SILVER SILVER tracks the value of 1 troy ounce of silver. Silver is both a precious and industrial metal with demand across investment markets, electronics, solar energy, and jewelry. [XAG / USDarrow-up-right](https://insights.pyth.network/price-feeds/Metal.XAG%2FUSD) 25x ±4% Cross Margin From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $500m PLATINUM PLATINUM tracks the value of 1 troy ounce of platinum. Platinum is a precious metal with major demand from automotive catalysts, jewelry, and industrial applications. [XPT / USDarrow-up-right](https://insights.pyth.network/price-feeds/Metal.XPT%2FUSD) 20x ±5% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m PALLADIUM PALLADIUM tracks the value of 1 troy ounce of Palladium. Palladium is a precious metal primarily used in automotive catalytic converters to reduce vehicle emissions, as well as in electronics, dentistry, and jewelry. It trades globally as both an industrial metal and a financial asset. [XPD / USDarrow-up-right](https://insights.pyth.network/price-feeds/Metal.XPD%2FUSD) 20x ±5% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m COPPER COPPER tracks the value of 1 pound of copper. Copper is a core industrial metal and a widely followed barometer of global manufacturing and infrastructure demand. HGK6 / USD 20x ±5% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $300m JPY JPY tracks the USD/JPY exchange rate. The Japanese yen (JPY) is the official currency of Japan and one of the most actively traded currencies in global foreign exchange markets. [USD / JPYarrow-up-right](https://insights.pyth.network/price-feeds/FX.USD%2FJPY) 50x ±2% Strict Isolated From Sunday 5PM ET to Friday 5PM ET Trading continues during most US holidays $25m EUR EUR tracks the EUR/USD exchange rate. The euro (EUR) is the official currency of the Eurozone and one of the most actively traded currencies in global foreign exchange markets. [EUR / USDarrow-up-right](https://insights.pyth.network/price-feeds/FX.EUR%2FUSD) 50x ±2% Strict Isolated From Sunday 5PM ET to Friday 5PM ET Trading continues during most US holidays $25m URNM URNM tracks the value of 1 share of Sprott Uranium Miners ETF. The fund provides exposure to uranium mining companies and physical uranium holdings. URNM ETF 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m TSLA TSLA tracks the value of 1 share of common stock in Tesla, Inc. Tesla designs and manufactures electric vehicles, battery energy storage systems, and solar products. The company is a global leader in EV production and autonomous driving technology. [TSLA / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.TSLA%2FUSD) 10x ±10% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $100m NVDA NVDA tracks the value of 1 share of common stock in NVIDIA Corporation. NVIDIA designs graphics processing units (GPUs) and AI computing platforms. Its chips power gaming, data centers, artificial intelligence, and advanced computing applications worldwide. [NVDA / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.NVDA%2FUSD) 20x ±5% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $250m GOOGL GOOGL tracks the value of 1 share of Class A common stock in Alphabet Inc. Alphabet is the parent company of Google, operating search, advertising, cloud computing, and AI businesses, along with various technology subsidiaries. [GOOGL / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.GOOGL%2FUSD) 10x ±10% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $100m INTC INTC tracks the value of 1 share of common stock in Intel Corporation. Intel designs and manufactures semiconductors and computing platforms. The company produces CPUs and related hardware for personal computers, servers, and data centers. [INTC / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.INTC%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $100m MU MU tracks the value of 1 share of common stock in Micron Technology, Inc. Micron manufactures DRAM and NAND flash memory for data centers, consumer electronics, and industrial systems. [MU / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.MU%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $150m PLTR PLTR tracks the value of 1 share of common stock in Palantir Technologies, Inc. Palantir develops data analytics and artificial intelligence software platforms used by governments and enterprises for large-scale data integration and analysis. [PLTR / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.PLTR%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m ORCL ORCL tracks the value of 1 share of common stock in Oracle Corporation. Oracle provides enterprise software, cloud infrastructure, and database management systems. [ORCL / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.ORCL%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m MSTR MSTR tracks the value of 1 share of common stock in Strategy Inc (formerly MicroStrategy Incorporated). Strategy is a major corporate holder of Bitcoin as part of its treasury strategy. [MSTR / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.MSTR%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m MSFT MSFT tracks the value of 1 share of common stock in Microsoft Corporation. Microsoft develops software, cloud computing services, and hardware. Its products include Windows, Office, Azure cloud infrastructure, and enterprise software solutions. [MSFT / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.MSFT%2FUSD) 10x ±10% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m META META tracks the value of 1 share of common stock in Meta Platforms, Inc. Meta operates social media and digital advertising platforms including Facebook, Instagram, and WhatsApp, and invests in virtual reality and metaverse technologies. [META / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.META%2FUSD) 10x ±10% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m AMZN AMZN tracks the value of 1 share of common stock in Amazon.com, Inc. Amazon operates a global e-commerce marketplace and cloud computing platform (AWS), alongside digital media and logistics services. [AMZN / USDarrow-up-right](ttps://insights.pyth.network/price-feeds/Equity.US.AMZN%2FUSD) 10x ±10% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m AMD AMD tracks the value of 1 share of common stock in Advanced Micro Devices, Inc. AMD designs high-performance processors and graphics chips used in PCs, gaming consoles, data centers, and AI workloads. [AMD / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.AMD%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m AAPL AAPL tracks the value of 1 share of common stock in Apple Inc. Apple designs consumer electronics, software, and services including the iPhone, Mac, iPad, and Apple Watch, generating revenue across hardware, digital services, and ecosystem products. [AAPL / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.AAPL%2FUSD) 20x ±5% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m COIN COIN tracks the value of 1 share of common stock in Coinbase Global, Inc. Coinbase operates a cryptocurrency exchange providing trading, custody, and digital asset infrastructure. [COIN / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.COIN%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m HOOD HOOD tracks the value of 1 share of common stock in Robinhood Markets, Inc. Robinhood operates a retail brokerage platform offering commission-free trading in equities, options, and cryptocurrencies to individual investors. [HOOD / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.HOOD%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m NFLX NFLX tracks the value of 1 share of common stock in Netflix, Inc. Netflix operates a global subscription-based streaming service offering original and licensed film and television content. [NFLX / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.NFLX%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m CRCL CRCL tracks the value of 1 share of common stock in Circle Internet Group, Inc. Circle issues and manages USDC, a U.S. dollar-backed stablecoin, and provides digital asset infrastructure for payments and financial services. [CRCL / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.CRCL%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $100m SNDK SNDK tracks the value of 1 share of common stock in Sandisk Corporation. Sandisk develops and manufactures flash memory storage solutions used in consumer electronics, enterprise systems, and data infrastructure. [SNDK / USDarrow-up-right](https://s.pyth.network/price-feeds/Equity.US.SNDK%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $150m RIVN RIVN tracks the value of 1 share of common stock in Rivian Automotive, Inc. Rivian designs and manufactures electric adventure vehicles and commercial delivery vans. [RIVN / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.RIVN%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m USAR USAR tracks the value of 1 share of common stock in USA Rare Earth, Inc. The company develops domestic rare earth supply chains for critical technologies and defense applications. USAR / USD 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m TSM TSM tracks the value of 1 American depositary share of Taiwan Semiconductor Manufacturing Company (TSMC). TSMC is the world's largest dedicated semiconductor foundry, manufacturing advanced chips for global technology companies. [TSM / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.TSM%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m SKHYNIX SKHYNIX (SKHX) tracks the value of 1 share of common stock in SK hynix Inc. The oracle converts the underlying Korean stock's KRW 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 000660.KS 10x ±10% Normal Isolated Refer to [Korea External Session](https://docs.trade.xyz/stocks/korea#external-trading-sessions-gmt9) Refer to [Korea Internal Session](https://docs.trade.xyz/stocks/korea#internal-trading-sessions-gmt9) $50m SAMSUNG SAMSUNG (SMSN) tracks the value of 1 share of common stock in Samsung Electronics Co., Ltd. The oracle converts the underlying Korean stock's KRW price to USD at the prevailing USD/KRW FX rate. Samsung is a global leader in semiconductors, consumer electronics, and display technology. 005930.KS 10x ±10% Normal Isolated Refer to [Korea External Session](https://docs.trade.xyz/stocks/korea#external-trading-sessions-gmt9) Refer to [Korea Internal Session](https://docs.trade.xyz/stocks/korea#internal-trading-sessions-gmt9) $25m HYUNDAI HYUNDAI tracks the value of 1 share of common stock in Hyundai Motor Company. The oracle converts the underlying Korean stock's KRW price to USD at the prevailing USD/KRW FX rate. Hyundai is a global automobile manufacturer; Hyundai Motor Group holds an 80% stake in robotics firm Boston Dynamics. 005380.KS 10x ±10% Strict Isolated Refer to [Korea External Session](https://docs.trade.xyz/stocks/korea#external-trading-sessions-gmt9) Refer to [Korea Internal Session](https://docs.trade.xyz/stocks/korea#internal-trading-sessions-gmt9) $5m EWY EWY tracks the investment results of an index composed of large and mid-cap South Korean equities. The ETF trades in USD during U.S. market hours. No FX conversion is required at the contract level, as currency exposure (USD/KRW) is embedded within the ETF’s net asset value. EWY / USD 20x ±5% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m EWJ EWJ tracks the investment results of an index composed of large and mid-cap Japanese equities. The ETF trades in USD during U.S. market hours. No FX conversion is required at the contract level, as currency exposure (USD/JPY) is embedded within the ETF’s net asset value. EWJ / USD 20x ±5% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m BABA BABA tracks the value of 1 American depositary share of Alibaba Group Holding Ltd. Alibaba operates e-commerce marketplaces, cloud services, and digital payments in China. [BABA / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.BABA%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m CRWV CRWV tracks the value of 1 share of common stock in CoreWeave, Inc. CoreWeave provides GPU cloud infrastructure optimized for AI and high-performance computing workloads. [CRWV / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.CRWV%2FUSD) 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m DKNG DKNG tracks the value of 1 share of common stock in DraftKings Inc. DraftKings is a leading online sports betting and iGaming operator, offering sportsbook, daily fantasy sports, and casino products across regulated markets. DKNG / USD 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m HIMS HIMS tracks the value of shares in Hims & Hers Health, a digital health platform offering direct to consumer access to telehealth services, prescriptions, and wellness products. HIMS / USD 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m COST COST tracks the value of 1 share of common stock in Costco Wholesale Corporation. Costco is a global membership based warehouse retailer, focused on bulk goods and private-label products. COST / USD 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m LLY LLY tracks the value of shares in Eli Lilly and Company, a global pharmaceutical firm focused on developing treatments for diabetes, obesity, oncology, and immunology, with recent growth driven by demand for GLP-1 based therapies. LLY / USD 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m 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. JP225 / USD 20x ±5% Normal Isolated Refer to [External Coverage](https://docs.trade.xyz/asset-directory/equity-indices/japan#external-coverage) Refer to [Internal Coverage](https://docs.trade.xyz/asset-directory/equity-indices/japan#internal-coverage) $25m 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. KR200 / USD 20x ±5% Normal Isolated Refer to [External Coverage](https://docs.trade.xyz/asset-directory/equity-indices/korea#external-coverage) Refer to [Internal Coverage](https://docs.trade.xyz/asset-directory/equity-indices/korea#internal-coverage) $25m 1. 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. [PreviousKoreachevron-left](https://docs.trade.xyz/stocks/korea) [NextHoliday Closureschevron-right](https://docs.trade.xyz/consolidated-resources/holiday-closures) Last updated 1 day ago Was this helpful? --- # XYZ Architecture | trade[XYZ] Docs Hyperliquid is a performant blockchain that offers permissionless access to hundreds of perpetual trading markets. Trades, execution, and settlement are all handled on-chain and processed by Hyperliquid’s decentralized set of [validatorsarrow-up-right](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 [herearrow-up-right](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. * * * HIP-3 Metadata Value Name `xyz` Full Name `XYZ` Deployer `0x88806a71D74ad0a510b350545C9aE490912F0888` Oracle Updater `0x1234567890545d1Df9EE64B35Fdd16966e08aCEC` [NextOverviewchevron-right](https://docs.trade.xyz/perp-mechanics/overview) Last updated 15 days ago Was this helpful? --- # Overview | trade[XYZ] Docs 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_. 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`. [PreviousXYZ Architecturechevron-left](https://docs.trade.xyz/) [NextOracle Pricechevron-right](https://docs.trade.xyz/perp-mechanics/oracle-price) Last updated 1 day ago Was this helpful? --- # Commodities | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/asset-directory#external-coverage) 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. ### [hashtag](https://docs.trade.xyz/asset-directory#external-price-derivation) External Price Derivation #### [hashtag](https://docs.trade.xyz/asset-directory#precious-metals) 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. #### [hashtag](https://docs.trade.xyz/asset-directory#industrial-metals-and-energy-commodities) 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. 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](https://docs.trade.xyz/consolidated-resources/roll-schedules) to see the specific schedule for markets that reference futures-based price feeds (e.g., WTIOIL, BRENTOIL, COPPER, NATGAS). ### [hashtag](https://docs.trade.xyz/asset-directory#designated-contract-schedule) Designated Contract Schedule The following schedule defines the active contract at the start of each month for each commodity Asset Underlying Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec COPPER 1lb of Copper H H K K N N U U Z Z Z H WTIOIL (CL) 1 barrel of WTI Light Sweet Crude Oil G H J K M N Q U V X Z F NATGAS 1 MMBtu of Henry Hub Natural Gas G H J K M N Q U V X Z F BRENTOIL 1 barrel of Brent Crude Oil H J K M N Q U V X Z F G ### [hashtag](https://docs.trade.xyz/asset-directory#data-source) **Data Source** See the [Specification Index](https://docs.trade.xyz/consolidated-resources/specification-index) page for pricing referencing sources. [PreviousFeeschevron-left](https://docs.trade.xyz/perp-mechanics/fees) [NextEquity Indiceschevron-right](https://docs.trade.xyz/asset-directory/equity-indices) Last updated 15 days ago Was this helpful? --- # US | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/stocks#external-coverage) External Coverage The Relayer derives external prices for stocks 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET. 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). ### [hashtag](https://docs.trade.xyz/stocks#data-source) **Data Source** See the [Specification Index](https://docs.trade.xyz/consolidated-resources/specification-index) page for pricing referencing sources. [PreviousFXchevron-left](https://docs.trade.xyz/asset-directory/fx) [NextKoreachevron-right](https://docs.trade.xyz/stocks/korea) Last updated 1 day ago Was this helpful? This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://trade.xyz/privacyPolicy) . close AcceptReject --- # Discovery Bounds v2 | trade[XYZ] Docs ### [hashtag](https://docs.trade.xyz/changelog#march-13-2026-updated-discovery-bounds-methodology) 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](https://docs.trade.xyz/perp-mechanics/external-price) > section of the documentation; the following is an archive of the v1 discovery bounds design with which CL was launched. [hashtag](https://docs.trade.xyz/changelog#how-it-works) 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. #### [hashtag](https://docs.trade.xyz/changelog#bound-range) 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](https://docs.trade.xyz/consolidated-resources/specification-index) for the max leverage and discovery bounds per market. #### [hashtag](https://docs.trade.xyz/changelog#example) 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. [PreviousAuto-Deleveragingchevron-left](https://docs.trade.xyz/risk-and-margining/auto-deleveraging) [NextOracle Time Constant Updatechevron-right](https://docs.trade.xyz/changelog/oracle-time-constant-update) Last updated 27 days ago Was this helpful? This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://trade.xyz/privacyPolicy) . close AcceptReject --- # Margin Modes | trade[XYZ] Docs XYZ inherits its margining mechanisms from Hypercore. #### [hashtag](https://docs.trade.xyz/risk-and-margining#margin-mode) Margin Mode _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. Currently, _Normal Isolated Margin_ is enabled for XYZ100, Gold, and Silver. _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. Currently, all markets outside of XYZ100, Gold, and Silver are set to _Strict Isolated Margin._ #### [hashtag](https://docs.trade.xyz/risk-and-margining#initial-margin-and-leverage) Initial Margin and Leverage 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). **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). [PreviousRoll Scheduleschevron-left](https://docs.trade.xyz/consolidated-resources/roll-schedules) [NextLiquidation Mechanicschevron-right](https://docs.trade.xyz/risk-and-margining/liquidation-mechanics) Last updated 2 months ago Was this helpful? This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://trade.xyz/privacyPolicy) . close AcceptReject --- # General Disclaimer | trade[XYZ] Docs 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. [PreviousEquity Indices v1chevron-left](https://docs.trade.xyz/changelog/equity-indices-v1) [NextS&P 500 Disclaimerschevron-right](https://docs.trade.xyz/legal-and-disclaimers/s-and-p-500-disclaimers) Last updated 9 days ago Was this helpful? --- # Specification Index | trade[XYZ] Docs Instrument Description Underlying Max Leverage Discovery Bound Margin Mode External Session Hours Internal Session Hours Open Interest Cap (1) SP500 SP500 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 [EMM6 / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.EMM6%2FUSD) (extended session); SPX (cash session) 50x ±2% Cross Margin From Sunday 6:00 PM ET to Friday 5:00 PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $500m XYZ100 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. [NMM6 / USD arrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.NMM6%2FUSD) (extended session); spot index value (cash session) 30x ±3.5% Cross Margin From Sunday 6:00 PM ET to Friday 5:00 PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $400m BRENTOIL BRENTOIL tracks the value of 1 barrel of Brent Crude Oil. Brent serves as the primary international benchmark for oil prices; its priced off North Sea production and is used to price the majority of the world's internationally traded crude supplies. BZM6 / USD 20x ±5% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $750m WTIOIL WTIOIL (CL) tracks the value of 1 barrel of West Texas Intermediate (WTI) Light Sweet Crude Oil. WTI serves as a primary global benchmark for oil prices due to its high quality (low density, low sulfur). CLK6 / USD 20x ±5% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $1bn NATGAS NATGAS tracks the value 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. NGK26 / USD 10x ±10% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $100m GOLD GOLD tracks the value of 1 troy ounce of gold. Gold is a globally traded precious metal widely used as a store of value, an inflation hedge, and a central bank reserve asset. [XAU / USDarrow-up-right](https://insights.pyth.network/price-feeds/Metal.XAU%2FUSD) 25x ±4% Cross Margin From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $500m SILVER SILVER tracks the value of 1 troy ounce of silver. Silver is both a precious and industrial metal with demand across investment markets, electronics, solar energy, and jewelry. [XAG / USDarrow-up-right](https://insights.pyth.network/price-feeds/Metal.XAG%2FUSD) 25x ±4% Cross Margin From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $500m PLATINUM PLATINUM tracks the value of 1 troy ounce of platinum. Platinum is a precious metal with major demand from automotive catalysts, jewelry, and industrial applications. [XPT / USDarrow-up-right](https://insights.pyth.network/price-feeds/Metal.XPT%2FUSD) 20x ±5% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m PALLADIUM PALLADIUM tracks the value of 1 troy ounce of Palladium. Palladium is a precious metal primarily used in automotive catalytic converters to reduce vehicle emissions, as well as in electronics, dentistry, and jewelry. It trades globally as both an industrial metal and a financial asset. [XPD / USDarrow-up-right](https://insights.pyth.network/price-feeds/Metal.XPD%2FUSD) 20x ±5% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m COPPER COPPER tracks the value of 1 pound of copper. Copper is a core industrial metal and a widely followed barometer of global manufacturing and infrastructure demand. HGK6 / USD 20x ±5% Normal Isolated From Sunday 6PM ET to Friday 5PM ET Daily maintenance window applies from 5PM ET to 6PM ET, Monday to Thursday. Trading also follows [futures holiday closures](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $300m JPY JPY tracks the USD/JPY exchange rate. The Japanese yen (JPY) is the official currency of Japan and one of the most actively traded currencies in global foreign exchange markets. [USD / JPYarrow-up-right](https://insights.pyth.network/price-feeds/FX.USD%2FJPY) 50x ±2% Strict Isolated From Sunday 5PM ET to Friday 5PM ET Trading continues during most US holidays $25m EUR EUR tracks the EUR/USD exchange rate. The euro (EUR) is the official currency of the Eurozone and one of the most actively traded currencies in global foreign exchange markets. [EUR / USDarrow-up-right](https://insights.pyth.network/price-feeds/FX.EUR%2FUSD) 50x ±2% Strict Isolated From Sunday 5PM ET to Friday 5PM ET Trading continues during most US holidays $25m URNM URNM tracks the value of 1 share of Sprott Uranium Miners ETF. The fund provides exposure to uranium mining companies and physical uranium holdings. URNM ETF 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m TSLA TSLA tracks the value of 1 share of common stock in Tesla, Inc. Tesla designs and manufactures electric vehicles, battery energy storage systems, and solar products. The company is a global leader in EV production and autonomous driving technology. [TSLA / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.TSLA%2FUSD) 10x ±10% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $100m NVDA NVDA tracks the value of 1 share of common stock in NVIDIA Corporation. NVIDIA designs graphics processing units (GPUs) and AI computing platforms. Its chips power gaming, data centers, artificial intelligence, and advanced computing applications worldwide. [NVDA / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.NVDA%2FUSD) 20x ±5% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $250m GOOGL GOOGL tracks the value of 1 share of Class A common stock in Alphabet Inc. Alphabet is the parent company of Google, operating search, advertising, cloud computing, and AI businesses, along with various technology subsidiaries. [GOOGL / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.GOOGL%2FUSD) 10x ±10% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $100m INTC INTC tracks the value of 1 share of common stock in Intel Corporation. Intel designs and manufactures semiconductors and computing platforms. The company produces CPUs and related hardware for personal computers, servers, and data centers. [INTC / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.INTC%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $100m MU MU tracks the value of 1 share of common stock in Micron Technology, Inc. Micron manufactures DRAM and NAND flash memory for data centers, consumer electronics, and industrial systems. [MU / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.MU%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $150m PLTR PLTR tracks the value of 1 share of common stock in Palantir Technologies, Inc. Palantir develops data analytics and artificial intelligence software platforms used by governments and enterprises for large-scale data integration and analysis. [PLTR / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.PLTR%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m ORCL ORCL tracks the value of 1 share of common stock in Oracle Corporation. Oracle provides enterprise software, cloud infrastructure, and database management systems. [ORCL / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.ORCL%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m MSTR MSTR tracks the value of 1 share of common stock in Strategy Inc (formerly MicroStrategy Incorporated). Strategy is a major corporate holder of Bitcoin as part of its treasury strategy. [MSTR / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.MSTR%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m MSFT MSFT tracks the value of 1 share of common stock in Microsoft Corporation. Microsoft develops software, cloud computing services, and hardware. Its products include Windows, Office, Azure cloud infrastructure, and enterprise software solutions. [MSFT / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.MSFT%2FUSD) 10x ±10% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m META META tracks the value of 1 share of common stock in Meta Platforms, Inc. Meta operates social media and digital advertising platforms including Facebook, Instagram, and WhatsApp, and invests in virtual reality and metaverse technologies. [META / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.META%2FUSD) 10x ±10% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m AMZN AMZN tracks the value of 1 share of common stock in Amazon.com, Inc. Amazon operates a global e-commerce marketplace and cloud computing platform (AWS), alongside digital media and logistics services. [AMZN / USDarrow-up-right](ttps://insights.pyth.network/price-feeds/Equity.US.AMZN%2FUSD) 10x ±10% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m AMD AMD tracks the value of 1 share of common stock in Advanced Micro Devices, Inc. AMD designs high-performance processors and graphics chips used in PCs, gaming consoles, data centers, and AI workloads. [AMD / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.AMD%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m AAPL AAPL tracks the value of 1 share of common stock in Apple Inc. Apple designs consumer electronics, software, and services including the iPhone, Mac, iPad, and Apple Watch, generating revenue across hardware, digital services, and ecosystem products. [AAPL / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.AAPL%2FUSD) 20x ±5% Cross Margin 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m COIN COIN tracks the value of 1 share of common stock in Coinbase Global, Inc. Coinbase operates a cryptocurrency exchange providing trading, custody, and digital asset infrastructure. [COIN / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.COIN%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m HOOD HOOD tracks the value of 1 share of common stock in Robinhood Markets, Inc. Robinhood operates a retail brokerage platform offering commission-free trading in equities, options, and cryptocurrencies to individual investors. [HOOD / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.HOOD%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m NFLX NFLX tracks the value of 1 share of common stock in Netflix, Inc. Netflix operates a global subscription-based streaming service offering original and licensed film and television content. [NFLX / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.NFLX%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m CRCL CRCL tracks the value of 1 share of common stock in Circle Internet Group, Inc. Circle issues and manages USDC, a U.S. dollar-backed stablecoin, and provides digital asset infrastructure for payments and financial services. [CRCL / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.CRCL%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $100m SNDK SNDK tracks the value of 1 share of common stock in Sandisk Corporation. Sandisk develops and manufactures flash memory storage solutions used in consumer electronics, enterprise systems, and data infrastructure. [SNDK / USDarrow-up-right](https://s.pyth.network/price-feeds/Equity.US.SNDK%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $150m RIVN RIVN tracks the value of 1 share of common stock in Rivian Automotive, Inc. Rivian designs and manufactures electric adventure vehicles and commercial delivery vans. [RIVN / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.RIVN%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m USAR USAR tracks the value of 1 share of common stock in USA Rare Earth, Inc. The company develops domestic rare earth supply chains for critical technologies and defense applications. USAR / USD 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m TSM TSM tracks the value of 1 American depositary share of Taiwan Semiconductor Manufacturing Company (TSMC). TSMC is the world's largest dedicated semiconductor foundry, manufacturing advanced chips for global technology companies. [TSM / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.TSM%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m SKHYNIX SKHYNIX (SKHX) tracks the value of 1 share of common stock in SK hynix Inc. The oracle converts the underlying Korean stock's KRW 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 000660.KS 10x ±10% Normal Isolated Refer to [Korea External Session](https://docs.trade.xyz/stocks/korea#external-trading-sessions-gmt9) Refer to [Korea Internal Session](https://docs.trade.xyz/stocks/korea#internal-trading-sessions-gmt9) $50m SAMSUNG SAMSUNG (SMSN) tracks the value of 1 share of common stock in Samsung Electronics Co., Ltd. The oracle converts the underlying Korean stock's KRW price to USD at the prevailing USD/KRW FX rate. Samsung is a global leader in semiconductors, consumer electronics, and display technology. 005930.KS 10x ±10% Normal Isolated Refer to [Korea External Session](https://docs.trade.xyz/stocks/korea#external-trading-sessions-gmt9) Refer to [Korea Internal Session](https://docs.trade.xyz/stocks/korea#internal-trading-sessions-gmt9) $25m HYUNDAI HYUNDAI tracks the value of 1 share of common stock in Hyundai Motor Company. The oracle converts the underlying Korean stock's KRW price to USD at the prevailing USD/KRW FX rate. Hyundai is a global automobile manufacturer; Hyundai Motor Group holds an 80% stake in robotics firm Boston Dynamics. 005380.KS 10x ±10% Strict Isolated Refer to [Korea External Session](https://docs.trade.xyz/stocks/korea#external-trading-sessions-gmt9) Refer to [Korea Internal Session](https://docs.trade.xyz/stocks/korea#internal-trading-sessions-gmt9) $5m EWY EWY tracks the investment results of an index composed of large and mid-cap South Korean equities. The ETF trades in USD during U.S. market hours. No FX conversion is required at the contract level, as currency exposure (USD/KRW) is embedded within the ETF’s net asset value. EWY / USD 20x ±5% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $50m EWJ EWJ tracks the investment results of an index composed of large and mid-cap Japanese equities. The ETF trades in USD during U.S. market hours. No FX conversion is required at the contract level, as currency exposure (USD/JPY) is embedded within the ETF’s net asset value. EWJ / USD 20x ±5% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m BABA BABA tracks the value of 1 American depositary share of Alibaba Group Holding Ltd. Alibaba operates e-commerce marketplaces, cloud services, and digital payments in China. [BABA / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.BABA%2FUSD) 10x ±10% Normal Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m CRWV CRWV tracks the value of 1 share of common stock in CoreWeave, Inc. CoreWeave provides GPU cloud infrastructure optimized for AI and high-performance computing workloads. [CRWV / USDarrow-up-right](https://insights.pyth.network/price-feeds/Equity.US.CRWV%2FUSD) 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m DKNG DKNG tracks the value of 1 share of common stock in DraftKings Inc. DraftKings is a leading online sports betting and iGaming operator, offering sportsbook, daily fantasy sports, and casino products across regulated markets. DKNG / USD 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m HIMS HIMS tracks the value of shares in Hims & Hers Health, a digital health platform offering direct to consumer access to telehealth services, prescriptions, and wellness products. HIMS / USD 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m COST COST tracks the value of 1 share of common stock in Costco Wholesale Corporation. Costco is a global membership based warehouse retailer, focused on bulk goods and private-label products. COST / USD 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m LLY LLY tracks the value of shares in Eli Lilly and Company, a global pharmaceutical firm focused on developing treatments for diabetes, obesity, oncology, and immunology, with recent growth driven by demand for GLP-1 based therapies. LLY / USD 10x ±10% Strict Isolated 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET Friday 8:00 PM to Sunday 8:00 PM ET, and follows [equities holidays & trading hours](https://docs.trade.xyz/consolidated-resources/holiday-closures) . $25m 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. JP225 / USD 20x ±5% Normal Isolated Refer to [External Coverage](https://docs.trade.xyz/asset-directory/equity-indices/japan#external-coverage) Refer to [Internal Coverage](https://docs.trade.xyz/asset-directory/equity-indices/japan#internal-coverage) $25m 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. KR200 / USD 20x ±5% Normal Isolated Refer to [External Coverage](https://docs.trade.xyz/asset-directory/equity-indices/korea#external-coverage) Refer to [Internal Coverage](https://docs.trade.xyz/asset-directory/equity-indices/korea#internal-coverage) $25m 1. 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. [PreviousKoreachevron-left](https://docs.trade.xyz/stocks/korea) [NextHoliday Closureschevron-right](https://docs.trade.xyz/consolidated-resources/holiday-closures) Last updated 1 day ago Was this helpful? ---