> 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

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.

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.

| Group             | Market | Min Trade Size | Min Change in Trade Size | Min Price Change |
| ----------------- | ------ | -------------- | ------------------------ | ---------------- |
| FX                | EUR    | 10 EUR         | 1 EUR                    | $0.00001         |
| FX                | USDJPY | 0.1 USDJPY     | 0.01 USDJPY              | $0.001           |
| Indices / ETFs    | SPX    | 0.01 SPX       | 0.001 SPX                | $0.1             |
| Indices / ETFs    | NDX    | 0.001 NDX      | 0.0001 NDX               | $1               |
| Indices / ETFs    | EWY    | 0.1 EWY        | 0.01 EWY                 | $0.001           |
| Precious Metals   | XAU    | 0.01 XAU       | 0.001 XAU                | $0.1             |
| Precious Metals   | XAG    | 1 XAG          | 0.1 XAG                  | $0.001           |
| Precious Metals   | XPT    | 0.01 XPT       | 0.001 XPT                | $0.1             |
| Industrial Metals | XCU    | 1 XCU          | 0.1 XCU                  | $0.0001          |
| Energy            | XBR    | 0.1 XBR        | 0.1 XBR                  | $0.001           |
| Energy            | WTI    | 0.1 WTI        | 0.01 WTI                 | $0.001           |
| Energy            | NATGAS | 10 NATGAS      | 1 NATGAS                 | $0.0001          |
| Equities          | GOOG   | 0.1 GOOG       | 0.01 GOOG                | $0.01            |
| Equities          | NVDA   | 0.1 NVDA       | 0.01 NVDA                | $0.01            |
| Equities          | AMZN   | 0.1 AMZN       | 0.01 AMZN                | $0.01            |
| Equities          | TSLA   | 0.1 TSLA       | 0.01 TSLA                | $0.01            |
| Equities          | AMD    | 0.1 AMD        | 0.01 AMD                 | $0.01            |
| Equities          | MSTR   | 0.1 MSTR       | 0.01 MSTR                | $0.01            |
| Equities          | COIN   | 0.1 COIN       | 0.01 COIN                | $0.01            |
| Equities          | HOOD   | 0.1 HOOD       | 0.01 HOOD                | $0.001           |
| Equities          | INTC   | 0.1 INTC       | 0.01 INTC                | $0.001           |
| Equities          | PLTR   | 0.1 PLTR       | 0.01 PLTR                | $0.01            |
| Equities          | AAPL   | 0.1 AAPL       | 0.01 AAPL                | $0.01            |
| Equities          | CRCL   | 0.1 CRCL       | 0.01 CRCL                | $0.001           |
| Equities          | MU     | 0.01 MU        | 0.001 MU                 | $0.01            |
| Equities          | MSFT   | 0.01 MSFT      | 0.001 MSFT               | $0.01            |
| Equities          | SNDK   | 0.01 SNDK      | 0.001 SNDK               | $0.01            |
| Equities          | META   | 0.01 META      | 0.001 META               | $0.01            |
| Equities          | BABA   | 0.1 BABA       | 0.01 BABA                | $0.01            |
| Pre-IPO           | SPCX   | 0.1 SPCX       | 0.01 SPCX                | $0.01            |

### 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.
* 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).
* Maximum № of open orders: Users cannot have more than the specified Max Number of Open Orders for a given market.

<table><thead><tr><th>Group</th><th width="160.10546875">Markets</th><th width="164.46875">Max Market Order</th><th width="149.74609375">Max Limit Order</th><th width="171.14453125">Max Position Value</th><th width="118.84375">Limit Price Cap / Floor</th><th width="195.20703125">Max № of Open Orders</th></tr></thead><tbody><tr><td>FX</td><td>EUR</td><td>$ 500 k</td><td>$ 2,500 k</td><td>$ 10,000 k</td><td>15%</td><td>200</td></tr><tr><td>FX</td><td>USDJPY</td><td>$ 150 k</td><td>$ 750 k</td><td>$ 2,000 k</td><td>15%</td><td>200</td></tr><tr><td>Indices / ETFs</td><td>SPX, NDX, EWY</td><td>$ 150 k</td><td>$ 750 k</td><td>$ 3,000 k for SPX and NDX<br><br>$ 1,000 k for EWY</td><td>15%</td><td>200</td></tr><tr><td>Precious Metals</td><td>XAU</td><td>$ 250 k</td><td>$ 1,250 k</td><td>$ 6,000 k</td><td>15%</td><td>200</td></tr><tr><td>Precious Metals</td><td>XAG</td><td>$ 150 k</td><td>$ 750 k</td><td>$ 3,000 k</td><td>15%</td><td>200</td></tr><tr><td>Precious Metals</td><td>XPT</td><td>$ 50 k</td><td>$ 250 k</td><td>$ 1,000 k</td><td>15%</td><td>200</td></tr><tr><td>Industrial Metals and Energy</td><td>XBR, WTI, NATGAS, XCU</td><td>$ 150 k</td><td>$ 750 k</td><td>$ 1,000 k</td><td>15%</td><td>200</td></tr><tr><td>Equities</td><td>All</td><td>$ 150 k</td><td>$ 750 k</td><td>$ 1,000 k</td><td>15%</td><td>200</td></tr><tr><td>Pre-IPO</td><td>SPCX</td><td>$ 10 k</td><td>$ 50 k</td><td>$ 100 k</td><td>15%</td><td>200</td></tr></tbody></table>