> For the complete documentation index, see [llms.txt](https://elysia.gitbook.io/elysia-perps/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://elysia.gitbook.io/elysia-perps/trading/markets.md). # Markets The live Elysia Perps markets and their per-market settings, including order size, tick size, leverage and margin requirements. Elysia Perps matches orders through a **central limit order book (CLOB)**, the price-time-priority model used by major centralized exchanges, combined with on-chain custody of your collateral. > **Elysia Perps is a perpetuals module.** The parameters on this page are **set per market**. The figures shown are the current values on the live Elysia Perps markets, which the app always displays; a market launched on the module sets its own. The module's direction is for each market to configure its own parameters and, over time, evolve them through multi-party governance. ## Live markets Elysia Perps currently runs two live perpetual markets: **BTC-PERP-EL** and **US500-PERP-EL**. More markets are planned. The values below are each market's current settings: | | BTC-PERP-EL | US500-PERP-EL | | ------------------ | ------------------------------------------- | ----------------------------- | | Underlying | Bitcoin | US 500 index (priced via SPY) | | Type | Perpetual future | Perpetual future | | Minimum order size | 0.00001 BTC | 0.0001 US500 | | Price tick | $0.1 | $0.01 | | Default leverage | 2× | 2× | | Maximum leverage | 5× | 5× | | Taker / Maker fee | 0.05% / 0.02% | 0.05% / 0.02% | | Maintenance margin | 2.5% | 3.0% | | Funding | Accrues hourly (rate quoted on an 8h basis) | Accrues hourly | Every row above is a **per-market** setting, not a platform-wide constant. Another market on the module can set a different size increment, tick, leverage, fee, or margin requirement. **US500-PERP-EL in three lines** * It tracks a price for the US 500 index. You do not own the index, any shares, or any fund. * It trades 24/7, including when US stock markets are closed, so its price can move and positions can be liquidated at any hour. * Its index price is the median of several external price sources. ## Trading hours US500-PERP-EL trades 24/7. Outside US market hours the index follows each venue's off-hours pricing, so a price gap can occur at the Monday open. ## How a market is priced * Each market tracks an **index price** and a **mark price** used for margin and liquidation. The index is a **median of several venues**: major spot venues (Binance, Bybit, OKX) for BTC-PERP-EL, and SPY perpetual index prices (Binance, Bitget, Lighter) for US500-PERP-EL. The details are in **Mechanics → Mark & Oracle Price**. * Orders match by **price, then time** (FIFO): better-priced orders fill first, and at the same price, the earlier order fills first. ## Order size and price limits A **normal order** must satisfy **both** limits at once: * **Minimum size.** At least the market's minimum order size: **0.00001 BTC** on BTC-PERP-EL and **0.0001 US500** on US500-PERP-EL (see the table). * **Minimum notional.** At least **$1** in notional value (price × size), and no more than **$1,000,000,000**. Because both apply together, the two can interact. A minimum-size order clears the $1 notional floor only when BTC trades at or above $100,000, since 0.00001 BTC at $100,000 is worth exactly $1. Below that price, a 0.00001 BTC order is worth less than $1 and is rejected by the notional floor, so the effective minimum is a slightly larger size. For example, with BTC at $90,000 the smallest accepted order is about 0.0000112 BTC ($1 divided by $90,000, rounded up to the size increment), not 0.00001 BTC. A [**reduce-only**](/elysia-perps/trading/order-types.md#reduce-only) order (one that only shrinks or closes an existing position) is exempt from the $1 notional floor. It only has to meet the **minimum size** (see the table), so you can always trim a position down to the size increment even when its remaining notional is under $1. * **Precision.** Orders snap to the market's minimum order size and price tick (see the table). ## Collateral and settlement Perpetual positions are margined and settled in the protocol's **$1 unit** (EL$ on the live markets). See [Collateral](/elysia-perps/getting-started/collateral.md). ## Markets can grow Because Elysia Perps is a perpetuals module, the market list is not fixed: a new market can be added once it has a reference price source, precision settings, and margin parameters, each chosen by whoever launches that market. BTC-PERP-EL and US500-PERP-EL are the first two markets, not a ceiling. More markets are planned to follow. ## Where to go next * Place your first order: [Order Types](/elysia-perps/trading/order-types.md). * Understand leverage and margin: [Margin & Leverage](/elysia-perps/trading/margin-and-leverage.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. 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