> 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/trading-rules.md). # Trading Rules 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. The trading rules provided below include various limitations that apply to RWA markets listed on the exchange. Users can also access specific trading rules for each market through the 'Trading Rules' tab on the main trading screen. ## Order Book Markets All RWA markets on Extended are categorized into groups based on market type and/or liquidity characteristics. Extended applies both market-specific and group-specific trading rules. ### **Market-Specific Trading Rules** Market-specific trading rules include: * Minimum Trade Size: Users cannot place orders below the minimum trade size. * Minimum Change in Trade Size: Users cannot modify orders by an amount lower than minimum change in trade size. * Minimum Price Change: Prices on the exchange cannot change by an amount below minimum price change. * Limit Price Cap / Floor: Users cannot place a long limit order with a price greater than Mark Price \* (1 + Limit Order Price Cap) or a short limit order with a price lower than Mark Price \* (1 - Limit Order Floor Ratio). | Group | Market | Min Trade Size | Min Change in Trade Size | Min Price Change | Limit Price Cap / Floor | | ----------------- | ------ | -------------- | ------------------------ | ---------------- | ----------------------- | | FX | EUR | 10 EUR | 1 EUR | $0.00001 | 10% | | FX | USDJPY | 0.1 USDJPY | 0.01 USDJPY | $0.001 | 15% | | Indices / ETFs | SPX | 0.001 SPX | 0.001 SPX | $0.1 | 15% | | Indices / ETFs | NDX | 0.001 NDX | 0.0001 NDX | $1 | 15% | | Precious Metals | XAU | 0.001 XAU | 0.001 XAU | $0.1 | 15% | | Precious Metals | XAG | 0.1 XAG | 0.1 XAG | $0.001 | 15% | | Precious Metals | XPT | 0.01 XPT | 0.001 XPT | $0.1 | 15% | | Industrial Metals | XCU | 1 XCU | 0.1 XCU | $0.0001 | 15% | | Energy | XBR | 0.1 XBR | 0.1 XBR | $0.001 | 15% | | Energy | WTI | 0.1 WTI | 0.01 WTI | $0.001 | 15% | | Energy | NATGAS | 10 NATGAS | 1 NATGAS | $0.0001 | 15% | | Equities | NVDA | 0.1 NVDA | 0.01 NVDA | $0.01 | 15% | | Equities | MSTR | 0.1 MSTR | 0.01 MSTR | $0.01 | 15% | | Equities | MU | 0.01 MU | 0.001 MU | $0.01 | 15% | | Equities | SNDK | 0.01 SNDK | 0.001 SNDK | $0.01 | 15% | ### Group-Specific Trading Rules Group-specific trading rules include: * Maximum Market Order: Users cannot place a market order that exceeds the specified limit. * Maximum Limit Order: Users cannot place a limit order that exceeds the specified limit. * Maximum Position Value: Users cannot have a sum of their position value and the maximum value of either their long or short triggered orders that exceeds the specified Max Position Value. * Maximum № of open orders: Users cannot have more than the specified Max Number of Open Orders for a given market. | Group | Markets | Max Market Order | Max Limit Order | Max Position Value | Max № of Open Orders | | ---------------------------- | ----------- | ---------------- | --------------- | ------------------ | -------------------- | | FX | EUR | $ 500 k | $ 2,500 k | $ 5,000 k | 200 | | FX | USDJPY | $ 150 k | $ 750 k | $ 2,000 k | 200 | | Indices / ETFs | SPX, NDX | $ 150 k | $ 750 k | $ 1,500 k | 200 | | Precious Metals | XAU | $ 250 k | $ 1,250 k | $ 2,500 k | 200 | | Precious Metals | XAG | $ 100 k | $ 500 k | $ 3,000 k | 200 | | Precious Metals | XPT | $ 50 k | $ 250 k | $ 1,000 k | 200 | | Industrial Metals and Energy | NATGAS, XCU | $ 150 k | $ 750 k | $ 1,000 k | 200 | | Energy | XBR, WTI | $ 100 k | $ 500 k | $ 1,000 k | 200 | | Equities | All | $ 150 k | $ 750 k | $ 1,000 k | 200 | ## RFQ Markets All RFQ RWA markets are categorized into 11 Market Groups. ### Market-Specific Trading Rules The Limit Price Cap / Floor is set per market and shown in the table below. | Market | Group | Min Trade Size | Min Change in Trade Size | Min Price Change | Limit Price Cap / Floor | | --------- | -------- | -------------- | ------------------------ | ---------------- | ----------------------- | | GOOGL | Group 1 | 0.1 GOOGL | 0.01 GOOGL | $0.01 | 15% | | MSFT | Group 2 | 0.01 MSFT | 0.001 MSFT | $0.01 | 15% | | META | Group 2 | 0.01 META | 0.001 META | $0.01 | 15% | | SKHYNIX | Group 3 | 0.1 SKHYNIX | 0.001 SKHYNIX | $0.01 | 15% | | KLAC | Group 4 | 1 KLAC | 0.01 KLAC | $0.01 | 15% | | ON | Group 4 | 1 ON | 0.01 ON | $0.001 | 15% | | MRVL | Group 4 | 1 MRVL | 0.01 MRVL | $0.01 | 15% | | NBIS | Group 4 | 1 NBIS | 0.01 NBIS | $0.01 | 15% | | DRAM | Group 4 | 1 DRAM | 0.01 DRAM | $0.001 | 15% | | SPCX | Group 4 | 0.1 SPCX | 0.01 SPCX | $0.01 | 15% | | MCHP | Group 5 | 1 MCHP | 0.01 MCHP | $0.01 | 15% | | SNPS | Group 5 | 0.1 SNPS | 0.01 SNPS | $0.01 | 15% | | DDOG | Group 5 | 1 DDOG | 0.01 DDOG | $0.01 | 15% | | APP | Group 5 | 0.1 APP | 0.01 APP | $0.01 | 15% | | XEL | Group 5 | 1 XEL | 0.01 XEL | $0.001 | 15% | | TSM | Group 5 | 0.1 TSM | 0.01 TSM | $0.01 | 15% | | AVGO | Group 5 | 0.1 AVGO | 0.01 AVGO | $0.01 | 15% | | ARM | Group 5 | 1 ARM | 0.01 ARM | $0.01 | 15% | | CRWV | Group 5 | 1 CRWV | 0.01 CRWV | $0.01 | 15% | | QCOM | Group 5 | 1 QCOM | 0.01 QCOM | $0.01 | 15% | | RKLB | Group 5 | 1 RKLB | 0.01 RKLB | $0.001 | 15% | | SOXL | Group 5 | 1 SOXL | 0.01 SOXL | $0.01 | 15% | | LITE | Group 5 | 0.1 LITE | 0.001 LITE | $0.01 | 15% | | CBRS | Group 5 | 1 CBRS | 0.01 CBRS | $0.01 | 15% | | SAMSUNG | Group 5 | 1 SAMSUNG | 0.01 SAMSUNG | $0.01 | 15% | | NOK | Group 5 | 10 NOK | 0.1 NOK | $0.001 | 15% | | IBM | Group 5 | 1 IBM | 0.01 IBM | $0.01 | 15% | | BB | Group 5 | 10 BB | 0.1 BB | $0.0001 | 15% | | XIAOMI | Group 5 | 1 XIAOMI | 0.1 XIAOMI | $0.001 | 10% | | AMAT | Group 5 | 0.1 AMAT | 0.01 AMAT | $0.01 | 10% | | GLW | Group 5 | 0.1 GLW | 0.01 GLW | $0.01 | 10% | | KIOXIA | Group 5 | 0.1 KIOXIA | 0.01 KIOXIA | $0.01 | 10% | | MINIMAX | Group 5 | 1 MINIMAX | 0.1 MINIMAX | $0.001 | 10% | | MRNA | Group 5 | 0.1 MRNA | 0.01 MRNA | $0.01 | 10% | | NFLX | Group 5 | 1 NFLX | 0.1 NFLX | $0.001 | 10% | | SKHY | Group 5 | 0.1 SKHY | 0.01 SKHY | $0.01 | 10% | | SMCI | Group 5 | 1 SMCI | 0.1 SMCI | $0.001 | 10% | | WMT | Group 5 | 1 WMT | 0.1 WMT | $0.01 | 10% | | GFS | Group 6 | 1 GFS | 0.01 GFS | $0.001 | 15% | | LIN | Group 6 | 0.1 LIN | 0.001 LIN | $0.01 | 15% | | AXON | Group 6 | 0.1 AXON | 0.01 AXON | $0.01 | 15% | | MELI | Group 6 | 0.1 MELI | 0.001 MELI | $0.01 | 15% | | VRTX | Group 6 | 0.1 VRTX | 0.01 VRTX | $0.01 | 15% | | TTWO | Group 6 | 1 TTWO | 0.01 TTWO | $0.01 | 15% | | SHOP | Group 6 | 1 SHOP | 0.01 SHOP | $0.001 | 15% | | BKNG | Group 6 | 1 BKNG | 0.01 BKNG | $0.001 | 15% | | STLD | Group 6 | 1 STLD | 0.01 STLD | $0.01 | 15% | | CDNS | Group 6 | 0.1 CDNS | 0.01 CDNS | $0.01 | 15% | | HON | Group 6 | 1 HON | 0.01 HON | $0.01 | 15% | | REGN | Group 6 | 0.1 REGN | 0.001 REGN | $0.01 | 15% | | GEHC | Group 6 | 1 GEHC | 0.01 GEHC | $0.001 | 15% | | TMUS | Group 6 | 1 TMUS | 0.01 TMUS | $0.01 | 15% | | ISRG | Group 6 | 0.1 ISRG | 0.01 ISRG | $0.01 | 15% | | NXPI | Group 6 | 1 NXPI | 0.01 NXPI | $0.01 | 15% | | ADSK | Group 6 | 1 ADSK | 0.01 ADSK | $0.01 | 15% | | ODFL | Group 6 | 1 ODFL | 0.01 ODFL | $0.01 | 15% | | CDW | Group 6 | 1 CDW | 0.01 CDW | $0.001 | 15% | | SBUX | Group 6 | 1 SBUX | 0.01 SBUX | $0.01 | 15% | | ASML | Group 6 | 0.1 ASML | 0.001 ASML | $0.01 | 15% | | STXX | Group 6 | 0.1 STXX | 0.001 STXX | $0.01 | 15% | | DELL | Group 6 | 0.1 DELL | 0.01 DELL | $0.01 | 15% | | WDC | Group 6 | 0.1 WDC | 0.001 WDC | $0.01 | 15% | | BE | Group 6 | 1 BE | 0.01 BE | $0.01 | 15% | | USAR | Group 6 | 10 USAR | 0.1 USAR | $0.001 | 15% | | QNT | Group 6 | 1 QNT | 0.01 QNT | $0.001 | 15% | | AAOI | Group 6 | 1 AAOI | 0.01 AAOI | $0.001 | 15% | | AXTI | Group 6 | 1 AXTI | 0.01 AXTI | $0.001 | 15% | | COHR | Group 6 | 0.1 COHR | 0.01 COHR | $0.01 | 15% | | BMNR | Group 6 | 10 BMNR | 0.1 BMNR | $0.001 | 15% | | FLNC | Group 6 | 10 FLNC | 0.1 FLNC | $0.001 | 15% | | ASTS | Group 6 | 1 ASTS | 0.01 ASTS | $0.001 | 15% | | OPENAI | Group 6 | 0.1 OPENAI | 0.001 OPENAI | $0.1 | 15% | | ANTHROPIC | Group 6 | 0.1 ANTHROPIC | 0.001 ANTHROPIC | $0.1 | 15% | | PURR | Group 6 | 10 PURR | 0.1 PURR | $0.0001 | 15% | | LRCX | Group 6 | 0.1 LRCX | 0.01 LRCX | $0.01 | 10% | | ALAB | Group 6 | 0.1 ALAB | 0.01 ALAB | $0.01 | 10% | | CRWD | Group 6 | 0.1 CRWD | 0.01 CRWD | $0.01 | 10% | | CSCO | Group 6 | 1 CSCO | 0.1 CSCO | $0.01 | 10% | | TER | Group 6 | 0.1 TER | 0.01 TER | $0.01 | 10% | | ADBE | Group 6 | 0.1 ADBE | 0.01 ADBE | $0.01 | 10% | | ADI | Group 6 | 0.1 ADI | 0.01 ADI | $0.01 | 10% | | AMGN | Group 6 | 0.1 AMGN | 0.01 AMGN | $0.01 | 10% | | COST | Group 6 | 0.1 COST | 0.01 COST | $0.01 | 10% | | INTU | Group 6 | 0.1 INTU | 0.01 INTU | $0.01 | 10% | | TXN | Group 6 | 0.1 TXN | 0.01 TXN | $0.01 | 10% | | MPWR | Group 6 | 0.01 MPWR | 0.001 MPWR | $0.01 | 10% | | JP225 | Group 7 | 0.001 JP225 | 0.00001 JP225 | $1 | 15% | | PDD | Group 8 | 1 PDD | 0.01 PDD | $0.001 | 15% | | IREN | Group 9 | 1 IREN | 0.01 IREN | $0.001 | 15% | | KORU | Group 9 | 10 KORU | 1 KORU | $0.001 | 15% | | UNITREE | Group 9 | 0.1 UNITREE | 0.01 UNITREE | $0.01 | 10% | | CRDO | Group 9 | 0.1 CRDO | 0.01 CRDO | $0.01 | 10% | | SOFI | Group 9 | 1 SOFI | 0.1 SOFI | $0.001 | 10% | | MARA | Group 10 | 10 MARA | 0.1 MARA | $0.001 | 15% | | RIOT | Group 10 | 10 RIOT | 0.1 RIOT | $0.001 | 15% | | CLSK | Group 10 | 10 CLSK | 0.1 CLSK | $0.001 | 15% | | TTD | Group 10 | 10 TTD | 0.1 TTD | $0.001 | 15% | | CEG | Group 10 | 1 CEG | 0.01 CEG | $0.01 | 15% | | RGTI | Group 10 | 10 RGTI | 0.1 RGTI | $0.001 | 15% | | FANG | Group 10 | 1 FANG | 0.01 FANG | $0.001 | 15% | | INTC | Group 11 | 0.1 INTC | 0.01 INTC | $0.001 | 15% | | CRCL | Group 11 | 0.1 CRCL | 0.01 CRCL | $0.001 | 15% | | EWY | Group 11 | 0.1 EWY | 0.01 EWY | $0.001 | 15% | | TSLA | Group 11 | 0.1 TSLA | 0.01 TSLA | $0.01 | 15% | | AMD | Group 11 | 0.1 AMD | 0.01 AMD | $0.01 | 15% | | HOOD | Group 11 | 0.1 HOOD | 0.01 HOOD | $0.001 | 15% | | COIN | Group 11 | 0.1 COIN | 0.01 COIN | $0.01 | 15% | | ORCL | Group 11 | 0.1 ORCL | 0.01 ORCL | $0.01 | 15% | | AAPL | Group 11 | 0.1 AAPL | 0.01 AAPL | $0.01 | 15% | | BABA | Group 11 | 0.1 BABA | 0.01 BABA | $0.01 | 15% | | AMZN | Group 11 | 0.1 AMZN | 0.01 AMZN | $0.01 | 15% | | PLTR | Group 11 | 0.1 PLTR | 0.01 PLTR | $0.01 | 15% | ### Group-Specific Trading Rules * **OI Cap:** The maximum total open interest for a given market - see RFQ Execution for the behaviour when the cap is reached. "No cap" means the group has no OI Cap. | Group | Max Market Order | Max Limit Order | Max Position Value | OI Cap | Max № of Open Orders | | -------- | ---------------- | --------------- | ------------------ | --------- | -------------------- | | Group 1 | $ 150 k | $ 750 k | $ 1,000 k | $ 2,000 k | 200 | | Group 2 | $ 150 k | $ 750 k | $ 1,000 k | No cap | 200 | | Group 3 | $ 300 k | $ 1,500 k | $ 3,000 k | $ 6,000 k | 200 | | Group 4 | $ 150 k | $ 750 k | $ 1,000 k | $ 2,000 k | 200 | | Group 5 | $ 75 k | $ 375 k | $ 500 k | $ 1,000 k | 200 | | Group 6 | $ 50 k | $ 200 k | $ 250 k | $ 500 k | 200 | | Group 7 | $ 50 k | $ 200 k | $ 250 k | $ 500 k | 200 | | Group 8 | $ 150 k | $ 750 k | $ 1,000 k | $ 2,000 k | 200 | | Group 9 | $ 75 k | $ 375 k | $ 500 k | $ 1,000 k | 200 | | Group 10 | $ 50 k | $ 200 k | $ 250 k | $ 500 k | 200 | | Group 11 | $ 150 k | $ 750 k | $ 1,000 k | No cap | 200 | *\*Refer to the* [*Margin Schedule*](/extended-resources/trading/rwa-markets/margin-schedule.md#rfq-markets) *for grouping of markets.*