> For the complete documentation index, see [llms.txt](https://degen-capital-1.gitbook.io/degen-capital-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://degen-capital-1.gitbook.io/degen-capital-docs/degen-capital/the-terminal/instruments.md).

# Instruments

Eleven markets, every one of them tradable both ways at up to 10×.

![Every board at 10×, and how much room each one gives you](https://3552858075-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FGyJ2fCw8mpbx6YAYcG8z%2Fuploads%2FSkIkZDLxNIUgPk7Zp1Qn%2Ffig-08-instruments-v2.svg?alt=media)

| Symbol     | Name              | Class     | Max leverage | Maintenance margin | Min size | Open     |
| ---------- | ----------------- | --------- | -----------: | -----------------: | -------: | -------- |
| `BTC-USD`  | Bitcoin Perpetual | crypto    |          10× |             75 bps |   0.0001 | Always   |
| `ETH-USD`  | Ether Perpetual   | crypto    |          10× |            100 bps |    0.001 | Always   |
| `SOL-USD`  | Solana Perpetual  | crypto    |          10× |            150 bps |     0.01 | Always   |
| `GOLD-USD` | Gold Perpetual    | commodity |          10× |            200 bps |     0.01 | 24/5     |
| `TSLA`     | Tesla             | equity    |          10× |            200 bps |     0.01 | US hours |
| `SPCX`     | SpaceX            | equity    |          10× |            250 bps |     0.01 | US hours |
| `NVDA`     | NVIDIA            | equity    |          10× |            150 bps |     0.01 | US hours |
| `HOOD`     | Robinhood         | equity    |          10× |            200 bps |     0.01 | US hours |
| `AMC`      | AMC Entertainment | equity    |          10× |            300 bps |     0.01 | US hours |
| `GME`      | GameStop          | equity    |          10× |            300 bps |     0.01 | US hours |
| `AAPL`     | Apple             | equity    |          10× |            100 bps |     0.01 | US hours |

## Every board works the same way

All eleven are **perpetuals**, all of them go to **10×**, and all of them can be traded **long or short**. There is no market here that is cheaper to enter or safer by design than another — the ticker you pick is a view, not a difficulty setting.

{% hint style="warning" %}
The stocks are perpetuals too, not shares. You are taking a position on the price, you can be short, and you can be liquidated. Nothing on this desk is a one-way bet that bottoms out at zero.
{% endhint %}

## What actually differs: maintenance margin

The one number that changes from market to market is how much equity a position has to keep behind it before it is closed out. It runs from **75 bps** to **300 bps**:

| Maintenance margin | Markets          |
| -----------------: | ---------------- |
|             75 bps | BTC              |
|            100 bps | ETH, AAPL        |
|            150 bps | SOL, NVDA        |
|            200 bps | Gold, TSLA, HOOD |
|            250 bps | SPCX             |
|            300 bps | AMC, GME         |

Bitcoin is the most forgiving book on the desk. AMC and GameStop are the least, which is the price of trading the loudest tickers in the room.

Margin is set per market rather than per asset class, so a single volatile name can be tightened without touching anything else. That is why Apple sits at 100 bps while GameStop sits at 300, even though both are stocks.

{% hint style="info" %}
**Same leverage, different rope.** At 10× on GameStop you are liquidated by a much smaller move than at 10× on Bitcoin. Leverage tells you how big a position you can open; maintenance margin tells you how long you can be wrong.
{% endhint %}

## When markets are open

| Open               | Which              |
| ------------------ | ------------------ |
| Always             | BTC, ETH, SOL      |
| 24 hours, weekdays | Gold               |
| US market hours    | The seven US names |

A closed market cannot be traded, whatever your own clock says.

## Prediction rounds

The desk also runs **Up/Down rounds every five minutes**, on six assets: BTC, ETH, SOL, XRP, DOGE and HYPE. The last three have no position market of their own, so a prediction round is the only way to take a view on them.

Each round is settled against the desk's own mark rather than the venue's call. A bet cannot risk more than the equity you are holding at the time, and carries its own fee separate from trading fees.


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