> 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/24-7-tokenized-and-crypto-markets.md).

# 24/7 Tokenized & Crypto Markets

These instruments reference crypto-native or tokenized assets with continuous on-chain pricing. Markets are open **24 hours a day, 7 days a week** with no session breaks or weekend closures.

### Instrument Specifications

| Market      | Ticker        | Settlement | Max Leverage | MMR  | Liq. Leverage | Margin Mode | Contract Size |
| ----------- | ------------- | ---------- | ------------ | ---- | ------------- | ----------- | ------------- |
| Bitcoin     | BTC/USD:USDC  | USDC       | 20×          | 2.5% | 40×           | Isolated    | 0.000000001   |
| Ethereum    | ETH/USD:USDC  | USDC       | 20×          | 2.5% | 40×           | Isolated    | 0.0000001     |
| Solana      | SOL/USD:USDC  | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.00001       |
| Sui         | SUI/USD:USDC  | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.00001       |
| Tether Gold | XAUT/USD:USDC | USDC       | 20×          | 2.5% | 40×           | Isolated    | 0.0000001     |
| Hyperliquid | HYPE/USD:USDC | USDC       | 5×           | 10%  | 10×           | Isolated    | 0.00001       |
| Monad       | MON/USD:USDC  | USDC       | 5×           | 10%  | 10×           | Isolated    | 0.000001      |
| Zcash       | ZEC/USD:USDC  | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.00001       |
| BNB         | BNB/USD:USDC  | USDC       | 5×           | 10%  | 10×           | Isolated    | 0.00001       |

**MMR** (Maintenance Margin Ratio) is the minimum margin a position must hold to avoid liquidation. Once effective leverage exceeds **Liq. Leverage** (1 / MMR), the position becomes eligible for partial liquidation — only the amount needed to restore it to max initial leverage is closed, not the whole position. See [Margin](/perpetuals/architecture/margin.md) and [Liquidations](/perpetuals/architecture/liquidations.md) for details. Parameters are governance-configurable with an on-chain time delay.

### About XAUT/USD

**XAUT/USD** references [Tether Gold (XAUT)](https://gold.tether.to/), a tokenized gold product backed 1:1 by physical gold held in Swiss vaults. Because XAUT is an ERC-20 token with continuous on-chain liquidity, its oracle feed is always available — making it a 24/7 market despite tracking the price of a physical commodity.

This is a key distinction from raw commodity perpetuals like XAG/USD (Silver), which follow exchange session hours because their oracle feeds reflect real-world commodity exchange pricing.


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