> 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 | Contract Size | Oracle                                                                                                                        |
| --------- | -------------- | -------------------------------------------------------------------------------- | ---------- | ------------ | --- | ------------- | ----------- | ------------- | ----------------------------------------------------------------------------------------------------------------------------- |
| NVIDIA    | NVDA/USD:USDC  | Tracks the price of NVIDIA Corporation (NVDA) common stock listed on NASDAQ.     | USDC       | 10×          | 5%  | 20×           | Isolated    | 0.00001       | [Pyth (NVDA)](https://app.pyth.com/explore/Equity.US.NVDA%2FUSD)                                                              |
| Intel     | INTC/USD:USDC  | Tracks the price of Intel Corporation (INTC) common stock listed on NASDAQ.      | USDC       | 10×          | 5%  | 20×           | Isolated    | 0.00001       | [Pyth (INTC)](https://app.pyth.com/explore/Equity.US.INTC%2FUSD)                                                              |
| Alphabet  | GOOGL/USD:USDC | Tracks the price of Alphabet Inc. (GOOGL) Class A common stock listed on NASDAQ. | USDC       | 10×          | 5%  | 20×           | Isolated    | 0.00001       | [Pyth (GOOGL)](https://app.pyth.com/explore/Equity.US.GOOGL%2FUSD)                                                            |
| Tesla     | TSLA/USD:USDC  | Tracks the price of Tesla, Inc. (TSLA) common stock listed on NASDAQ.            | USDC       | 10×          | 5%  | 20×           | Isolated    | 0.00001       | [Pyth (TSLA)](https://app.pyth.com/explore/Equity.US.TSLA%2FUSD)                                                              |
| Micron    | MU/USD:USDC    | Tracks the price of Micron Technology, Inc. (MU) common stock listed on NASDAQ.  | USDC       | 10×          | 5%  | 20×           | Isolated    | 0.00001       | [Pyth (MU)](https://app.pyth.com/explore/Equity.US.MU%2FUSD)                                                                  |
| Eli Lilly | LLY/USD:USDC   | Tracks the price of Eli Lilly and Company (LLY) common stock listed on the NYSE. | USDC       | 5×           | 10% | 10×           | Isolated    | 0.00001       | [Pyth (LLY)](https://app.pyth.com/explore/Equity.US.LLY%2FUSD)                                                                |
| DRAM      | DRAM/USD:USDC  | Tracks the Roundhill Memory & Storage ETF (DRAM).                                | USDC       | 5×           | 10% | 10×           | Isolated    | 0.00001       | [Pyth (DRAM)](https://app.pyth.com/explore/Equity.US.DRAM%2FUSD)                                                              |
| SpaceX    | SPCX/USD:USDC  | Tracks Space Exploration Technologies Corp. pricing through Pyth.                | USDC       | 10×          | 5%  | 20×           | Isolated    | 0.00001       | [Pyth (SPCX)](https://app.pyth.com/explore/Equity.US.SPCX%2FUSD)                                                              |
| US500     | US500/USD:USDC | Tracks the S\&P 500 through rolling E-mini futures feeds.                        | USDC       | 10×          | 5%  | 20×           | Isolated    | 0.0000001     | [Pyth (front)](https://app.pyth.com/explore/Equity.US.EMU6%2FUSD) / [next](https://app.pyth.com/explore/Equity.US.EMZ6%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

Public-equity and ETF feeds have feed-specific schedules shown on their linked Pyth pages. US500 follows the E-mini futures schedule:

| Parameter                    | Value                                  |
| ---------------------------- | -------------------------------------- |
| **US500 Session Hours**      | Sunday 6:00 PM ET to Friday 5:00 PM ET |
| **US500 Maintenance Window** | Monday–Thursday, 5:00–6:00 PM ET       |

The rolling integration consumes Pyth's market-session state, including exchange holiday closures.

### Oracle Roll (US500)

US500 is priced from rolling S\&P 500 E-mini futures feeds. The rolling oracle uses the front contract before the on-chain roll window, linearly blends the front and next contracts during the window, and uses the next contract after the window ends. This prevents a discrete feed switch from causing the index to jump. Unlike WTI's monthly cadence, E-mini S\&P 500 contracts roll quarterly.

The feeds configured on August 19, 2026 are:

* Front contract: [EMU6/USD](https://app.pyth.com/explore/Equity.US.EMU6%2FUSD), expiring September 18, 2026
* Next contract: [EMZ6/USD](https://app.pyth.com/explore/Equity.US.EMZ6%2FUSD), expiring December 18, 2026

The current on-chain roll window begins September 7, 2026 at 9:00 PM UTC and completes September 14, 2026 at 9:00 PM UTC.

### Notes

* Public-equity perpetuals are priced via [Pyth Network](https://pyth.network/) feeds that reflect U.S. equity exchange pricing. US500 uses E-mini index futures, while SPCX references private-company pricing through its configured Pyth feed.
* The linked Pyth pages show the current feed schedule and contract metadata.