> 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

Specifications for crypto-native and tokenized asset perpetuals that trade around the clock.

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 | Oracle                                                          |
| ---------------- | -------------- | ---------- | ------------ | ---- | ------------- | ----------- | ------------- | --------------------------------------------------------------- |
| Bitcoin          | BTC/USD:USDC   | USDC       | 20×          | 2.5% | 40×           | Isolated    | 0.000000001   | [Pyth (BTC)](https://app.pyth.com/explore/Crypto.BTC%2FUSD)     |
| Ethereum         | ETH/USD:USDC   | USDC       | 20×          | 2.5% | 40×           | Isolated    | 0.0000001     | [Pyth (ETH)](https://app.pyth.com/explore/Crypto.ETH%2FUSD)     |
| Sui              | SUI/USD:USDC   | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.00001       | [Pyth (SUI)](https://app.pyth.com/explore/Crypto.SUI%2FUSD)     |
| Tether Gold      | XAUT/USD:USDC  | USDC       | 20×          | 2.5% | 40×           | Isolated    | 0.0000001     | [Pyth (XAUT)](https://app.pyth.com/explore/Crypto.XAUT%2FUSD)   |
| Hyperliquid      | HYPE/USD:USDC  | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.00001       | [Pyth (HYPE)](https://app.pyth.com/explore/Crypto.HYPE%2FUSD)   |
| Solana           | SOL/USD:USDC   | USDC       | 20×          | 2.5% | 40×           | Isolated    | 0.00001       | [Pyth (SOL)](https://app.pyth.com/explore/Crypto.SOL%2FUSD)     |
| Zcash            | ZEC/USD:USDC   | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.000001      | [Pyth (ZEC)](https://app.pyth.com/explore/Crypto.ZEC%2FUSD)     |
| pump.fun         | PUMP/USD:USDC  | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.01          | [Pyth (PUMP)](https://app.pyth.com/explore/Crypto.PUMP%2FUSD)   |
| Monad            | MON/USD:USDC   | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.1           | [Pyth (MON)](https://app.pyth.com/explore/Crypto.MON%2FUSD)     |
| XRP              | XRP/USD:USDC   | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.00001       | [Pyth (XRP)](https://app.pyth.com/explore/Crypto.XRP%2FUSD)     |
| Lighter          | LIT/USD:USDC   | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.00001       | [Pyth (LIT)](https://app.pyth.com/explore/Crypto.LIT%2FUSD)     |
| Uniswap          | UNI/USD:USDC   | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.00001       | [Pyth (UNI)](https://app.pyth.com/explore/Crypto.UNI%2FUSD)     |
| Monero           | XMR/USD:USDC   | USDC       | 10×          | 5%   | 20×           | Isolated    | 0.000001      | [Pyth (XMR)](https://app.pyth.com/explore/Crypto.XMR%2FUSD)     |
| USD.AI           | CHIP/USD:USDC  | USDC       | 5×           | 10%  | 10×           | Isolated    | 0.1           | [Pyth (CHIP)](https://app.pyth.com/explore/Crypto.CHIP%2FUSD)   |
| Collector Crypto | CARDS/USD:USDC | USDC       | 5×           | 10%  | 10×           | Isolated    | 0.00001       | [Pyth (CARDS)](https://app.pyth.com/explore/Crypto.CARDS%2FUSD) |

**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.

### About CHIP/USD and LIT/USD

**CHIP/USD** references the [USD.AI](https://usd.ai/) governance token (CHIP), and **LIT/USD** references the [Lighter](https://lighter.xyz/) token (LIT). Both are crypto-native tokens — neither ticker refers to a semiconductor equity or a lithium index.