> For the complete documentation index, see [llms.txt](https://docs.jaawle.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.jaawle.xyz/product/markets.md).

# Markets

Every market has a perpetual, a pool that backs it, and a price feed. Stock and ETF markets also have the share itself, which can be bought and staked.

## Stocks and ETFs

| Market | Underlying              | Max leverage | Hours        | Backed by                         |
| ------ | ----------------------- | ------------ | ------------ | --------------------------------- |
| AAPL   | Apple Inc.              | 10×          | NYSE session | tokenized shares held by the pool |
| MSFT   | Microsoft Corporation   | 10×          | NYSE session | tokenized shares held by the pool |
| NVDA   | NVIDIA Corporation      | 10×          | NYSE session | tokenized shares held by the pool |
| TSLA   | Tesla, Inc.             | 10×          | NYSE session | tokenized shares held by the pool |
| META   | Meta Platforms, Inc.    | 10×          | NYSE session | tokenized shares held by the pool |
| RIOT   | Riot Platforms, Inc.    | 10×          | NYSE session | tokenized shares held by the pool |
| SPY    | SPDR S\&P 500 ETF Trust | 10×          | NYSE session | tokenized shares held by the pool |
| QQQ    | Invesco QQQ Trust       | 10×          | NYSE session | tokenized shares held by the pool |

A stock market's pool holds about 60 % of its value in the market's shares and the rest in USDC. Longs are backed by those shares, so a market can never be more long than the shares its pool holds. Dividends paid on the shares flow to the pool and to open positions. See [Dividends](/protocol/dividends.md).

Any other share in the issuer's catalogue can be bought and held even without a perp market. See [Buy and stake stocks](/product/buy-and-stake-stocks.md).

## Crypto

| Market | Max leverage | Hours | Backed by       |
| ------ | ------------ | ----- | --------------- |
| BTC    | 10×          | 24/7  | the pool's USDC |
| ETH    | 10×          | 24/7  | the pool's USDC |
| SOL    | 10×          | 24/7  | the pool's USDC |
| DOGE   | 10×          | 24/7  | the pool's USDC |
| PEPE   | 10×          | 24/7  | the pool's USDC |
| WIF    | 10×          | 24/7  | the pool's USDC |

Crypto pools hold USDC only. Both sides are backed by cash, and there are no dividends or sessions.

## The index

The index is a basket of every market's pool at target weights, with its own token. One deposit spreads across the platform. See [Provide liquidity](/product/provide-liquidity.md).

## Common terms across markets

|                    |                                                 |
| ------------------ | ----------------------------------------------- |
| Collateral         | USDC                                            |
| Taker fee          | 5 bps, 2× outside the regular session on stocks |
| Maintenance margin | 0.5 % of size, 1.5× outside the regular session |
| Price              | Pyth, mid plus or minus the confidence band     |
| Settlement         | on-chain, on Base                               |

Listing a market is a governance action. New stocks arrive as the issuer tokenizes them; new crypto markets as pools are funded.


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