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 for grouping of markets.