> For the complete documentation index, see [llms.txt](https://docs.aftermath.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.aftermath.finance/perpetuals/architecture/market-specifications/24-5-equity-markets.md).

# 24/5 Equity Markets

Equity-referenced perpetuals track stock and equity index prices via oracle feeds sourced from U.S. exchange pricing. Because the underlying equity markets are not open around the clock, these perpetuals follow the trading session schedule of the relevant exchange.

### Instrument Specifications

| Market   | Ticker         | Description                                                                        | Settlement | Max Leverage | MMR | Liq. Leverage | Margin Mode | Oracle                                                                          |
| -------- | -------------- | ---------------------------------------------------------------------------------- | ---------- | ------------ | --- | ------------- | ----------- | ------------------------------------------------------------------------------- |
| NVIDIA   | NVDA/USD:USDC  | Tracks the price of NVIDIA Corporation (NVDA) common stock listed on NASDAQ.       | USDC       | 5×           | 10% | 10×           | Isolated    | [Pyth (NVDA)](https://insights.pyth.network/price-feeds/Equity.US.NVDA%2FUSD)   |
| Intel    | INTC/USD:USDC  | Tracks the price of Intel Corporation (INTC) common stock listed on NASDAQ.        | USDC       | 5×           | 10% | 10×           | Isolated    | [Pyth (INTC)](https://insights.pyth.network/price-feeds/Equity.US.INTC%2FUSD)   |
| Alphabet | GOOGL/USD:USDC | Tracks the price of Alphabet Inc. (GOOGL) Class A common stock listed on NASDAQ.   | USDC       | 5×           | 10% | 10×           | Isolated    | [Pyth (GOOGL)](https://insights.pyth.network/price-feeds/Equity.US.GOOGL%2FUSD) |
| Marvell  | MRVL/USD:USDC  | Tracks the price of Marvell Technology, Inc. (MRVL) common stock listed on NASDAQ. | USDC       | 5×           | 10% | 10×           | Isolated    | [Pyth (MRVL)](https://insights.pyth.network/price-feeds/Equity.US.MRVL%2FUSD)   |
| US500    | US500/USD:USDC | Tracks a market-cap weighted index of 500 leading U.S. publicly traded companies.  | USDC       | 10×          | 5%  | 20×           | Isolated    | [Pyth (US500)](https://insights.pyth.network/price-feeds/Equity.US.EMM6%2FUSD)  |

**MMR** (Maintenance Margin Ratio) is the minimum margin a position must hold before liquidation; **Liq. Leverage** = 1 / MMR. Liquidations are partial — only the amount needed to restore the position to max initial leverage is closed. See [Margin](/perpetuals/architecture/margin.md) and [Liquidations](/perpetuals/architecture/liquidations.md). Parameters are governance-configurable with an on-chain time delay.

### Session Hours

| Parameter                  | Value                                                                                                                                                                                      |
| -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| **External Session Hours** | Sunday 6:00 PM ET to Friday 5:00 PM ET                                                                                                                                                     |
| **Internal Session Hours** | Daily maintenance window: Monday–Thursday, 5:00–6:00 PM ET (market paused). Trading also follows [CME holiday closures](https://www.cmegroup.com/tools-information/holiday-calendar.html). |

### Notes

* Equity perpetuals are priced via [Pyth Network](https://pyth.network/) oracle feeds that reflect real-time U.S. equity exchange pricing.
* During off-hours when the oracle feed is stale, positions are protected from unfair liquidations by Aftermath's mark price mechanism — the mark price can never deviate more than **5% from the oracle index price**.


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