> For the complete documentation index, see [llms.txt](https://docs.extended.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.extended.exchange/extended-resources/trading/rwa-markets.md). # RWA Markets Trading perpetuals involves significant risk, including the risk of liquidation and partial or total loss of assets. Review the Risk Disclosures and ensure you understand the risks before trading. In addition to crypto markets, Extended offers perpetual contracts on a range of traditional financial (RWA) assets, under two execution models: * **Order book markets** - matched on Extended's central limit order book. * **RFQ markets** - executed via market-maker quotes - see [RFQ Execution](/extended-resources/trading/rfq-execution.md). Trading fees currently follow the same structure as crypto markets, although this may be revised in the future. For market specifications and implementation details related to RWA markets, please refer to the following pages: * [Trading Rules](/extended-resources/trading/rwa-markets/trading-rules.md) * [Margin Schedule](/extended-resources/trading/rwa-markets/margin-schedule.md) * [Funding Payments](/extended-resources/trading/funding-payments.md) * [Oracle Prices](/extended-resources/trading/oracle-prices.md) * [Corporate Actions](/extended-resources/trading/rwa-markets/corporate-actions.md) * [Pre-IPO Markets](/extended-resources/trading/rwa-markets/pre-ipo-markets.md) ## Trading Sessions All **order book** RWA markets are available for trading 24/7, including weekends and public holidays, though spreads may be significantly wider outside of traditional market trading hours. **RFQ** RWA markets come in two categories: **standard RWA markets**, which trade 24/7, and **Prime RWA markets**. Prime markets themselves come in three types: * 24/5 (continuous, no weekend/holidays) * Pre-market, regular, and post-market sessions, with no overnight sessions (and no weekend/holidays) * Regular trading hours only (no extended hours trading) | Market type | Session | Availability | | ----------------- | ------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | | RWA markets | 24/7 | Around the clock, including weekends and public holidays | | Prime RWA markets | 24/5 | Around the clock from Monday to Friday; halted over weekends and underlying market public holidays | | Prime RWA markets | Pre-market, regular, and post-market sessions, with no overnight sessions | All trading sessions without overnight, weekends and underlying market public holidays | | Prime RWA markets | Regular market hours | Only while the underlying exchange's trading session is open | While a market is halted, order placement and execution are unavailable; open positions remain open, and margin requirements continue to apply. ## Supported Markets ### Order Book Markets | Category | Markets | | ----------------- | ------------------------------------------------------------------- | | Indices / ETFs | SPX (S\&P 500), NDX (Nasdaq-100) | | Precious Metals | XAU (Gold), XAG (Silver), XPT (Platinum) | | Industrial Metals | XCU (Copper) | | Energy | XBR (Brent Crude Oil), WTI (WTI Crude Oil), NATGAS (US Natural Gas) | | Equities | NVDA, MSTR, MU, SNDK | | FX | EUR, USDJPY | ### RFQ Markets | Category | Markets | | -------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Indices / ETFs | SOXL, DRAM, EWY, JP225, KORU | | Equities | TSM, ASML, AVGO, ARM, MRVL, NBIS, CRWV, STXX, DELL, WDC, QCOM, RKLB, SKHYNIX, LITE, CBRS, SAMSUNG, NOK, BE, USAR, QNT, IBM, BB, AAOI, AXTI, COHR, BMNR, FLNC, ASTS, PURR, SPCX, INTC, CRCL, TSLA, AMD, GOOGL, HOOD, COIN, META, ORCL, AAPL, MSFT, BABA, AMZN, PLTR, XIAOMI, AMAT, GLW, KIOXIA, MINIMAX, UNITREE, MRNA, NFLX, SKHY, SMCI, WMT | | Pre-IPO | OPENAI, ANTHROPIC | **Quanto Perpetuals (JP225, XIAOMI)** JP225 and XIAOMI are quanto perpetuals. For these markets, the oracle tracks the asset's price in its native local currency - JPY for JP225 and HKD for XIAOMI - without any FX conversion to USD. This means your P\&L is driven purely by the movement of the underlying index or asset in its local currency, while the contract is margined and cash-settled in USDC. Each point of movement in the local-currency price translates 1:1 into USDC, with no foreign exchange adjustment applied. In practice: * Your exposure is to the local-currency price of the underlying (e.g. the Nikkei 225 level in JPY), not to the JPY/USD or HKD/USD exchange rate. * A move in the underlying produces the same USDC P\&L regardless of how the local currency moves against the US dollar. * All margin, funding, and settlement remain in USDC. ### Prime RWA Markets Prime RWA markets either trade 24/5 or follow the trading hours of the underlying asset's market. For 24/5 markets, trading on Extended is unavailable during weekends and public holidays of the underlying market. For regular-hours markets, trading on Extended is unavailable outside those hours - orders cannot be placed until the market reopens. Trading hours vary by asset, so check a specific asset's schedule below before placing an order.\ \ **24/5 Prime markets:** | Category | Markets | | -------- | ----------------------------------------------------------------------- | | Equities | IREN, KLAC, PDD, APP, ON, RGTI, LRCX, ALAB, CRWD, CSCO, TER, ADBE, CRDO | **Prime markets with no overnight session:** | Category | Markets | | -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Equities | MCHP, GFS, SNPS, DDOG, LIN, MARA, RIOT, CLSK, TTD, AXON, TTWO, MELI, VRTX, SHOP, BKNG, STLD, CDNS, CEG, HON, XEL, REGN, GEHC, TMUS, ISRG, NXPI, ADSK, ODFL, CDW, FANG, SBUX, ADI, AMGN, COST, INTU, TXN, MPWR, SOFI |