# Welcome to Markets

## Why Markets by Kinetiq?

Markets by Kinetiq is the first platform where perpetual futures on equity, index, currency, and commodity trade 24/7/365. Built completely onchain, on Hyperliquid — eliminating the arbitrary constraints of traditional finance.

> **All markets. All hours. All onchain.**

Anyone in the world can now trade perps 24/7/365, with up to 50x leverage.

Available now: [markets.xyz](/)

## Your advantage on Markets

Markets by Kinetiq changes everything:

| What you get | What it means |
| --- | --- |
| Trade 24/7/365 | React to Saturday news on Saturday, not Monday |
| No weekend gaps | Your positions are protected around the clock |
| Near-instant execution | Near-instant finality and no "pending" uncertainty |
| Self-custody | Your keys, your funds. Withdraw anytime, no approval needed |
| Full transparency | L4 orderbook shows every order, every participant |

> **The bottom line:** While traditional platform users watch futures and wait anxiously for market to open, you've already positioned, hedged, and moved on.

Open [Markets](/) in a new tab. Without connecting a wallet or signing up, you can:

- Browse all available equity, currency, and commodity perpetuals
- See real-time prices powered by Kaiko's institutional-grade oracle
- Explore the L4 orderbook and see individual orders
- Check funding rates across all markets

> **No gatekeepers. No approval process. No waiting.**

## How it works

Markets operates on Hyperliquid's high-performance L1 blockchain using the [HIP-3 framework](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals) for builder-deployed perpetuals. Here's the architecture:

| Specification | Details |
| --- | --- |
| Trading hours | 24/7/365 — Never closes |
| Settlement | USDC margined, instant settlement |
| Leverage | Up to 50x on select markets |
| Custody | Non-custodial, self-custody wallets |
| Finality | Near-instant via HyperBFT consensus |
| Order types | Market, Limit, Stop, TWAP, Scale |
| Oracle | Kaiko institutional-grade price feeds |

## Get started in minutes

1. Connect wallet — MetaMask, Rabby, or any Web3 wallet
2. Deposit funds — Fund your account with USDC directly with crypto
3. Select market — Choose from equity, currency, or commodity perpetuals
4. Place trade — Familiar order types with pro-level options
5. Manage position — Real-time P&L, margin monitoring, and 24/7 execution

## What’s new

- L4 orderbook — See individual orders and liquidity provider attribution
- Pro order types — TWAP and Scale orders for professional execution
- Expanded markets — More equity, FX, and commodity perpetuals
- Trading rewards — Earn while you trade

## Platform features at a glance

Markets by Kinetiq combines cutting-edge blockchain technology with professional trading infrastructure. Here's what sets us apart:

### 1. Market transparency

> 🚧 Feature Preview — Evolving Functionality\
> Our transparency features represent our vision for unprecedented market visibility. Capabilities described below are being progressively rolled out. Some features may evolve based on user feedback and market conditions.

Markets provides full transparency into order flow. Unlike traditional platforms that only show aggregated price levels, Markets reveals individual orders, queue priority, and liquidity attribution—giving you the same information edge previously reserved for institutional traders.

#### Key benefits:

- See individual orders, not just aggregated volumes
- Know your exact queue position before fills
- Identify stable vs. unstable liquidity providers
- Detect potential spoofing through order pattern analysis

### 2. Pro order types - institutional-grade execution

Beyond standard market and limit orders, Markets offers advanced order types designed for professional trading:

- TWAP Orders - Time-weighted execution minimizes market impact
- Scale Orders - Automate dollar-cost averaging strategies

### 3. Advanced margin & leverage - flexible capital management

- Up to 50x leverage on select markets
- Isolated margin - Risk-limit individual positions
- Real-time margin monitoring - Never miss a margin call

### 4. 24/7 Traditional asset perpetuals

Trade equity indices, individual stocks, and commodities around the clock. No more waiting for market opens or dealing with weekend gaps.

- Equity Perpetuals - Trade leading stocks 24/7
- Thematic Perpetuals - Broad market exposure without expiration
- Commodity Perpetuals - Gold, silver, oil and more
- FX
- Outside-hours oracle - Fair pricing when traditional markets close

[Learn more about trading mechanics & concepts]()

## Markets vs traditional platforms

The question isn't just "where to trade"—it's "when can I trade, and who controls my funds?"

> **Key insight:** Traditional brokerage platforms offer regulatory protections like SIPC, but you trade custody and time freedom for them. Markets gives you 24/7 access and full control of your funds—you're your own custodian.

## Market overview

Markets by Kinetiq offers perpetual futures contracts across traditional and digital asset classes. All contracts are USDC-margined with 24/7 trading availability.

### Market categories

**Table 3: HIP-3 contract specifications**

| Feature | Details | Why it matters |
| --- | --- | --- |
| Expiration | Perpetual (no expiry) | Hold positions as long as you want |
| Margin & settlement | USDC stablecoin | Cash-settled, no physical delivery |
| Trading hours | 24/7/365 continuous | Markets never close |
| Leverage | Up to 50x (asset-dependent) | Amplify capital efficiency |
| Directional trading | Long & short positions | Profit from up or down movements |
| Funding interval | 1 hour (every hour UTC) | Periodic payments between longs/shorts |
| Oracle provider | Kaiko institutional-grade | Reliable external price feeds |
| Minimum order size | 10 USDC | Varies by asset |
| Tick size | Varies by asset | Varies by asset |

Further [details on tick size](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/tick-and-lot-size)

**Asset classes:**

- Equity perpetuals - Individual equities (e.g. BABA)
- Broad exposure perpetuals - Basket-based equity exposure (global, regional, sector, factor or thematic)
- Currency perpetuals - Foreign exchange pairs (e.g., EUR/USD)
- Commodity perpetuals - Precious metals, industrial metals, energy, and soft commodities
- Bond perpetuals - Global rates, investment-grade bonds, high-yield bonds, and EM bonds
- Alternative perpetuals – Long/short equity, volatility, covered call, private equity, REITs, and cross-asset allocation strategies
- Crypto perpetuals - Major cryptocurrencies (BTC, ETH, SOL) via [Hyperliquid Builder Codes](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes)
- Spot trading - Direct digital asset trading via [Hyperliquid Builder Codes](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes)

> New markets are regularly added based on community demand and liquidity availability. Follow our social channels for announcements.

**Builder code integration:** Markets leverages Hyperliquid's builder code infrastructure to provide seamless access to crypto perpetuals and spot markets, creating a unified venue for both traditional and digital asset trading.

---

# Available assets

Markets by Kinetiq offers perpetual contracts on major equities, currencies, commodities and more. For certain broad exposure markets, we use high-liquidity, exchange-derived price references to ensure robust, manipulation-resistant oracle pricing.

## Equities – broad & sector exposure

| Market | Description | **Designated primary oracle reference** |
| --- | --- | --- |
| US500 | Provides broad exposure to 500 of the largest U.S. companies by market capitalisation, spanning all major sectors of the US equity market. | [NYSE:SPY](https://www.google.com/finance/quote/SPY:NYSEARCA) |
| USTECH | Provides exposure to 100 of the largest non-financial companies listed on U.S. exchanges, with a concentration in technology, communications, and high-growth sectors. | [NASDAQ:QQQ](https://www.google.com/finance/quote/QQQ:NASDAQ) |
| SMALL2000 | Provides exposure to approximately 2,000 smaller U.S. publicly traded companies, representing the small-capitalisation segment of the US equity market. | [NYSE:IWM](https://www.google.com/finance/quote/IWM:NYSEARCA) |
| USENERGY | Provides exposure to U.S.-listed companies in the energy sector, encompassing oil and gas exploration, production, refining, transportation, and energy equipment and services. | [NYSE:XLE](https://www.google.com/finance/quote/XLE:NYSEARCA) |
| GLDMINE | Provides exposure to a diversified basket of publicly listed companies engaged in gold mining, exploration, and production activities globally, spanning large- and mid-cap producers. | [NYSE:GDX](https://www.google.com/finance/quote/GDX:NYSEARCA) |
| SEMI | Provides exposure to publicly listed companies across the semiconductor value chain, including firms involved in chip design, fabrication, packaging, and the manufacture of semiconductor equipment. | [NASDAQ:SOXX](https://www.google.com/finance/quote/SOXX:NASDAQ) |

These markets are independently constructed synthetic instruments and are not affiliated with, endorsed by, or representative of any ETF issuer or index provider.

## Equities

| Market | Description | Designated primary oracle reference |
| --- | --- | --- |
| AAPL | **Apple Inc**. Global technology company that designs, manufactures, and markets consumer electronics, software, and digital services, including the iPhone, Mac, iPad, and Apple Services ecosystem. | [NASDAQ:AAPL](https://www.google.com/finance/quote/AAPL:NASDAQ) |
| TSLA | **Tesla, Inc.** Vertically integrated electric vehicle and clean energy company engaged in the design, manufacturing, and sale of EVs, battery storage systems, and solar energy products. | [NASDAQ:TSLA](https://www.google.com/finance/quote/TSLA:NASDAQ) |
| NVDA | **NVIDIA Corporation**. Leading semiconductor company specialising in the design of graphics processing units (GPUs), data center accelerators, and AI computing platforms. | [NASDAQ:NVDA](https://www.google.com/finance/quote/NVDA:NASDAQ) |
| GOOGL | **Alphabet Inc (Class A).** Parent company of Google, operating across internet search, digital advertising, cloud computing, autonomous vehicles, and artificial intelligence research. | [NASDAQ:GOOGL](https://www.google.com/finance/quote/GOOGL:NASDAQ) |
| BABA | **Alibaba Group Holding Limited (ADR).** Chinese multinational technology conglomerate operating across e-commerce, cloud computing, digital media, and financial services. | [NYSE:BABA](https://www.google.com/finance/quote/BABA:NYSE) |
| PLTR | **Palantir Technologies Inc.** Defence-focused data analytics and software company delivering AI-driven platforms for large-scale data integration and operational intelligence across government, national security, and commercial sectors. | [NASDAQ:PLTR](https://www.google.com/finance/quote/PLTR:NASDAQ) |
| MU | **Micron Technology, Inc.** Global semiconductor company specialising in the design and manufacture of memory and storage solutions, including DRAM, NAND flash, and solid-state drives. | [NASDAQ:MU](https://www.google.com/finance/quote/MU:NASDAQ) |
| RTX | RTX Corporation, formerly Raytheon Technologies Corporation, is an American multinational aerospace and defence conglomerate. | [NYSE:RTX](https://www.google.com/finance/quote/RTX:NYSE) |
| BMNR | Bitmine Immersion Technologies, Inc. is a technology company focused on acquiring, holding, and actively managing ETH as its primary treasury reserve asset. | [NYSE:BMNR](https://www.google.com/finance/quote/BMNR:NYSEAMERICAN) |
| TENCENT | **Tencent Holdings Ltd.** Chinese multinational technology conglomerate operating across social media, digital entertainment, and financial technology, with core platforms including WeChat and QQ, alongside a vast portfolio of gaming, cloud, and advertising businesses. | [0700.HK](https://www.google.com/finance/quote/0700:HKG) |
| XIAOMI | **Xiaomi Corporation**. Chinese consumer electronics and smart device manufacturer engaged in the design, development, and sale of smartphones, IoT devices, and lifestyle products, underpinned by an internet services ecosystem spanning advertising, fintech, and smart home platforms | [1810.HK](https://www.google.com/finance/quote/1810:HKG) |

> Note that HK Single Name Equities are quanto contracts, meaning they are priced in native currency (HKD), but cash settled in USDC.

## Commodities

| Market | Description | Designated primary oracle reference |
| --- | --- | --- |
| GOLD | Represents the spot price of gold bullion, widely regarded as a store of value, inflation hedge, and safe-haven asset during periods of market uncertainty. | XAU/USD |
| SILVER | Represents the spot price of silver bullion, a precious and industrial metal with demand spanning investment, electronics, solar energy, and manufacturing applications. | XAG/USD |
| USOIL | Provides exposure to U.S. listed instrument(s) that seek to track daily price movements of WTI crude oil through near-month futures contracts. This listing does not reflect the spot price of crude oil. | [NYSE:USO](https://www.google.com/finance/quote/USO:NYSEARCA) |

For USOIL:

- USO is an oil futures ETF holding near-month WTI (West Texas Intermediate) contracts. West Texas Intermediate is a light, sweet crude oil grade produced in the U.S. and used as a primary global oil pricing benchmark. Does not reflect the spot price of crude oil.

#### Rates

| Market | Description | Designated primary oracle reference |
| --- | --- | --- |
| USBOND | Long-duration U.S. Treasury bonds with remaining maturities of 20 years or more, offering sensitivity to interest rate movements and typically used as a hedge against equity market volatility. | [NASDAQ:TLT](https://www.google.com/finance/quote/TLT:NASDAQ) |

Rate-based reference instruments reflect portfolio duration exposure and underlying bond market mechanics.

#### FX

| Market | Description | Designated primary oracle reference |
| --- | --- | --- |
| EUR | Represents EUR/USD exchange rate exposure, reflecting the relative value of the euro against the U.S. dollar. The euro is the common currency of the Eurozone and a core component of global FX markets. | EUR/USD |

---

# Funding your account

All trading on Markets is denominated in USDC, Hyperliquid's Aligned Quote Asset. USDC is issued by Circle and offers multiple funding options with deep, consolidated liquidity across the ecosystem.

## Deposit options

| Method | Details |
| --- | --- |
| Cash/Fiat on-ramp | KYC in minutes via Bridge → deposit fiat → receive USDC 1:1 with no fees |
| Cross-Chain Bridge | Bridge USDC from Ethereum, Arbitrum, Base, and Solana in seconds (via [Across](https://across.to/)) |
| DeFi Swap | Swap from 75+ chains to USDC permissionlessly (via [Relay](https://relay.link/)) |
| Direct Transfer | Send USDC directly from another wallet or CEX |
| Deposit with Card | On-Ramp funds directly using card (multiple providers) |

## What is USDC?

USDC is the dollar stablecoin issued by Circle, and Hyperliquid's Aligned Quote Asset under the AQAv2 framework. Coinbase serves as the official USDC treasury deployer for Hyperliquid, and Circle as technical deployer — handling mint, redemption, and cross-chain transfer via CCTP.

### Institutional-grade backing

- 1:1 Reserves: Fully backed by cash, US Treasuries, and cash equivalents
- Reserve Management: Held largely in the Circle Reserve Fund, a government money market fund managed by [BlackRock](https://www.blackrock.com/)
- Issuer: Issued by [Circle](https://www.circle.com), a regulated US stablecoin issuer

### Transparency & compliance

- Monthly Attestations: Third-party reserve attestations published by Circle at https://www.circle.com/transparency
- GENIUS-Ready: Operated in line with GENIUS Act requirements
- Regulated Issuer: Circle is a licensed US money transmitter and a regulated stablecoin issuer

## USDC as the aligned quote asset

All listings on Markets are natively paired with USDC under Hyperliquid's [Aligned Quote Asset (AQAv2) framework](https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/aligned-quote-assets).

### Ecosystem alignment

Under AQAv2, approximately 90% of cost-adjusted USDC reserve yield accrues in 30-day intervals and is transferred to the Hyperliquid Assistance Fund, where it funds HYPE buybacks. Trading costs on Markets are driven by Hyperliquid's HIP-3 fee schedule and the growth-mode fee reduction, not by the quote asset.

### Why this matters

For traders: USDC is the most widely held and instantly transferable dollar on Hyperliquid, so capital moves between venues with fewer conversions.

For Hyperliquid: [approximately 90% of cost-adjusted USDC reserve yield](https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/aligned-quote-assets) is transferred to the Hyperliquid Assistance Fund and converted to HYPE. In essence, as the liquidity and usage of Markets grows, the Hyperliquid ecosystem grows with it.

Result: Markets keeps trading costs low through Hyperliquid's HIP-3 growth-mode fee reduction, while USDC keeps your collateral liquid across the whole ecosystem.

Under AQAv2, approximately 90% of cost-adjusted USDC reserve yield is transferred to the Hyperliquid Assistance Fund and converted to HYPE. In essence, as the liquidity and usage of Markets grows, the Hyperliquid ecosystem grows with it.

---

# Fees & costs

Markets by Kinetiq operates on Hyperliquid infrastructure, inheriting Hyperliquid's transparent and competitive fee structure. As a HIP-3 venue, all trading fees follow Hyperliquid's base fee schedule, along with discounts which can and will change from time to time.

Current active discounts for markets:

| Item | Discounts |
| --- | --- |
| Growth mode | 90% fee reduction on all Hyperliquid HIP-3 markets provided on markets.xyz |

Additionally, a small builder fee will be applied on top of trading fees for trades through the Markets front end. Benefits to using the Markets front end include advanced analytics, advanced order types, and potential participation in various incentive programs.

## Base trading fees

### Fee structure overview

Fees are based on your rolling 14-day Hyperliquid volume, assessed at the end of each day in UTC. Perps and spot volume count together toward your fee tier, with spot volume counting double.

Formula:

$$
14d~weighted~volume = (14d~perps~volume) + 2 × (14d~spot~volume)
$$

### Perpetual fee tiers

The following table applies the relevant Growth Mode and Aligned Quote Asset discounts to the Hyperliquid base trading fees for perpetuals.

| 1**4d volume** | **Taker fee** | **Maker fee** |
| --- | --- | --- |
| $0+ | 0.0081% | 0.0030% |
| $5M+ | 0.0072% | 0.0024% |
| $25M+ | 0.0063% | 0.0016% |
| $100M+ | 0.0054% | 0.0008% |
| $500M+ | 0.0050% | 0.0000% |

Higher tiers available for institutional volumes—see [Hyperliquid fee documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees).

### HYPE staking discounts

HYPE tokens can be staked to unlock additional fee discounts on top of your volume tier:

| **HYPE staked** | **Trading fee discount** |
| --- | --- |
| 10+ | 5% |
| 100+ | 10% |
| 1,000+ | 15% |
| 10,000+ | 20% |
| 100,000+ | 30% |
| 500,000+ | 40% |

Discounts apply multiplicatively to your base fee tier.

## Builder fees

### Fee structure overview

These fees are charged in addition to base Hyperliquid fees when trading through Markets.xyz. Fees are based on your rolling 14-day Markets volume done via Markets' front end, assessed at the end of each day in UTC.

### Builder fee tiers

| 14d volume | Perps builder fee | Spot |
| --- | --- | --- |
| $0+ | 0.05% | 0.1% |
| $1M+ | 0.04% | 0.085% |
| $5M+ | 0.03% | 0.07% |
| $20M+ | 0.025% | 0.055% |
| $100M+ | 0.02% | 0.04% |
| $500M+ | 0.01% | 0.025% |
| $2.5B+ | 0.005% | 0.01% |

Spot trades conducted through Markets.xyz will incur a flat 0.1% Builder Fee. Validator operated perps (Non-HIP3 perps listed by Hyperliquid) will incur a flat 0.01% Builder Fee when traded through Markets.xyz.

## Other costs

### Funding rates

Perpetual positions incur funding payments every hour:

| **Condition** | **Who pays** |
| --- | --- |
| Perp > Spot (Premium) | Longs pay shorts |
| Perp < Spot (Discount) | Shorts pay longs |

### Gas & network fees

| **Action** | **Fee** |
| --- | --- |
| Trading | No gas fees (covered by Hyperliquid) |
| Deposits | Bridge gas on source chain |
| Withdrawals | Minimal Hyperliquid network fee |

---

# Rewards & incentives

## kPoints program

kPoints is Kinetiq's rewards program for Markets by Kinetiq users. The program recognizes and rewards healthy platform engagement across both HyperCore and HyperEVM activities.

> ⚠️ **Note:** Details around the kPoints program formula and methodology are kept entirely private, regardless of anyone's strategy or usage. This ensures fair distribution and prevents gaming of the system.

### Distribution details

| Parameter | Details |
| --- | --- |
| Program Start | November 13th, 2025 |
| Snapshots | Taken every Tuesday |
| Distributions | Occur every Thursday |
| Weekly distribution | 800,000 |

### Earning kPoints

Platforms and actions that feature the kPoints badge are the only confirmed components of the kPoints program.

While the exact formula remains confidential, healthy and consistent usage of Markets by Kinetiq is the primary factor when considering kPoints allocations. This includes:

- Usage of the Markets’ trading interface
- Active trading participation
- Providing liquidity
- Consistent platform engagement
- Contributing to market health

The program is designed to reward genuine users who contribute positively to the Markets ecosystem.

## Markets referral program

How it works:

1. Generate referral link in dashboard
2. Share with your friends and audience
3. Earn commission on referee trading fees

| KNTQ staked (sKNTQ) | % Referral share |
| --- | --- |
| 0+ | 1% |
| 50,000+ | 6% |
| 100,000+ | 7% |
| 500,000+ | 8% |
| 1,250,000+ | 10% |
| 2,500,000+ | 15% |

---

# Oracle prices

The **oracle price** is the external reference price derived from licensed market data sources which is used to anchor Markets by Kinetiq contracts to real-world market conditions.

The same data infrastructure powering CBOE & Bitstamp by Robinhood is the Oracle backbone of Markets. [Kaiko](https://www.kaiko.com/) provides institutional-grade pricing, granular tracking, and formal SLAs for 24/7 perpetual equity markets.

It serves as the foundational pricing input for mark price calculation, funding rates, and risk management.

The oracle system is designed to:

- Reflect institutional-grade market data
- Remain robust across regular and extended trading hours
- Enable 24/7 trading of traditional assets
- Protect against manipulation and liquidity events

## Price types overview

| Price type | What it is | Used for | Manipulation resistant? |
| --- | --- | --- | --- |
| **Oracle price** | External reference price from data providers | Funding rates, mark price component | ✅ Yes (multi-source) |
| **Mark price** | Median of 3 components | Liquidations, P&L, margin, stop triggers | ✅ Yes (median + EMA + bounding outside regular trading hours) |
| **Last trade price** | Most recent execution | Order fills, display | ❌ No (single trade can spike) |

### Trading sessions & coverage

All times referenced herein are **Eastern Time (ET)** and subject to U.S. exchange holiday schedules.

| Session | Time window | Oracle source |
| --- | --- | --- |
| **U.S. regular hours** | 9:30 AM – 4:00 PM ET (Mon–Fri) | Direct US exchange prices (NYSE, NASDAQ) |
| **Extended hours** | Pre-market & after-hours | Licensed exchange + ATS liquidity |
| **Overnight sessions** | When U.S. exchanges are closed | ATS liquidity where available |
| **Weekends & holidays** | Outside exchange hours | Internal pricing mechanism |

## Internal pricing (when external unavailable)

When external feeds are unavailable, the oracle advances via continuous-time exponentially weighted moving average:

### EMA update formula

$$
S_t = S_{t-1} + (1 - \beta) \times IPD
$$

Where:

| $$S_t$$ = New Oracle price at time t |
| --- |
| $$S_{t-1}$$ = Previous Oracle Price |
| β = Decay Factor (higher β = slower adjustment) |
| IPD = Impact Price Difference (orderbook pressure signal) |

### Impact price difference (IPD)

$$
\text{IPD} = \max(P^{Bid}{impact} - S, 0) - \max(S - P^{Ask}{impact}, 0)
$$

| IPD result | Interpretation | Effect |
| --- | --- | --- |
| IPD > 0 | Buying pressure (bid > oracle) | Oracle price moves up |
| IPD < 0 | Selling pressure (ask < oracle) | Oracle price moves down |
| IPD ≈ 0 | Balanced orderbook | Oracle price stable |

Impact bid/ask = average execution prices to trade a configured notional amount

### EMA parameters

| Time constant (**τ**): 1 hours |
| --- |
| Decay factor: β = exp(−Δt*/τ) |
| Δt capped at 0.1τ (≈6 min) to prevent overreaction after gaps |

### Illiquid markets protocol

Outside of regular trading hours, the oracle is designed for consensus price discovery even when primary orderbook sources are illiquid.

#### **How it works**

When the market spread exceeds the _SPREAD_THRESHOLD_ (0.5%), the protocol uses external bid and ask prices as bounds to constrain the offline price:

$$
S_t = \begin{cases} \text{External}_{BID} & \text{if } \tilde{S}_t < \text{External}_{BID} \\ \text{External}_{ASK} & \text{if }
  \tilde{S}_t > \text{External}_{ASK} \\ \tilde{S}_t & \text{otherwise} \end{cases}
$$

Where:

| $$S_t$$ = Final oracle price at time t |
| --- |
| $$\tilde{S}_t$$ = Offline (internally calculated) price |
| $$External_{BID} / External_{ASK}$$ = External market bid/ask bounds |

This ensures the oracle price remains within realistic market bounds even during low-liquidity periods.

---

# Markets vs Robinhood

## Markets vs Robinhood (& other stock apps)

You already know how to trade stocks. Markets gives you the same familiar assets — TSLA, NVDA, AAPL — but removes the constraints that legacy platforms built in decades ago.

This page is for traders coming from Robinhood, eToro, Trading 212, or any traditional brokerage.

### Side-by-side comparison

|  | Robinhood | Markets |
| --- | --- | --- |
| **When can I trade?** | Mon–Fri 9:30am–4pm ET | ✅ 24/7/365 |
| **Can I short sell?** | Margin accounts only | ✅ Yes — any market, any time |
| **Who holds my funds?** | Robinhood (custodial) | ✅ Your own wallet (self-custodial) |
| **Available globally**? | Primarily US | ✅ Global, no geographic restrictions |
| **Weekend trading?** | ❌ No | ✅ Yes |
| **What am I trading**? | Actual shares | Perpetuals (price exposure) |
| **Leverage?** | 2x margin accounts | ✅ Up to 10x (varies by asset) |
| **Settlement?** | T+1 (next business day) | ✅ Instant |
| **Asset types?** | Stocks, ETFs, options, crypto | Stocks, indices, FX, commodities, bonds |
| **SIPC protection?** | ✅ Yes (up to $500k) | ❌ No (self-custodial) |

### The honest trade-off

Robinhood has real advantages — SIPC insurance, regulatory protection, familiar UI. We're not here to pretend otherwise.

Here's the honest comparison:

**Choose Robinhood if:**

- You want to buy and hold shares long-term (dividends, ownership)
- You want regulatory protection on your funds
- You're a US resident and happy with market hours

**Choose Markets if:**

- You want to trade outside market hours — weekends, overnight, pre-market
- You want to go long AND short on any asset, anytime
- You believe in self-custody of your funds
- You want global access to macro trading (FX, commodities, indices)
- You trade actively and value 24/7 liquidity

### The one thing that's different: perpetuals vs stocks

On Robinhood, you **buy the stock**. If you buy 1 share of TSLA at $800, you own that share.

On Markets, you trade a **perpetual**, which is an instrument that tracks TSLA's price. You don't own the share, but your profit and loss moves exactly with Tesla's price.

**For active traders, this changes very little about the experience:**

- You see the same price moving up and down
- You open and close positions the same way
- Your P\&L is calculated the same way

**The key differences:**

- No dividends (you don't own the share)
- No voting rights
- You use leverage (which amplifies both gains and losses)
- You pay a small funding rate to hold positions overnight

### What Markets does NOT do

To be fully transparent:

- ❌ **No Options** — Markets trades perpetuals only. No calls, puts, strike prices, or expiry dates. Perpetuals are actually simpler.
- ❌ **No Traditional Futures** — No quarterly contracts that expire and require rollover
- ❌ **No Share Ownership** — If you need dividends or shareholder rights, use a brokerage
- ❌ **No SIPC** — Your funds are in your own wallet. Self-custody means you're responsible

### Common questions from Robinhood users

| **"Can I still trade Tesla?"** | Yes. TSLA is live on Markets. You can go long or short, 24/7, with up to 10x leverage. |
| --- | --- |
| "What happens to my money if Markets shuts down?" | Your funds are in your own wallet — not held by Markets. The platform is self-custodial, so you maintain control regardless. |
| "Is this riskier than Robinhood?" | Leverage makes it potentially higher risk. Going in at 1x leverage (no leverage) behaves similarly to a stock trade. Ratcheting up to 5x or 10x amplifies both gains and losses significantly. |
| "Do I need a crypto wallet?" | Yes — a Web3 wallet (MetaMask, Rabby, or similar). You can also sign up with email. |

---

# Mark price

The **mark price** is a manipulation-resistant internal valuation used for margining, liquidations, stop/limit triggers, and unrealized P&L. It is calculated as the median of three independently derived components.

## Mark price construction

## Mark price formula:

$$
\text{Mark Price} = \text{Median}(C1, C2, C3)
$$

| Component | Formula | Purpose |
| --- | --- | --- |
| $$C_1$$ | $$Oracle Price (S)$$ | Anchors to real-world external value |
| $$C_2$$ | $$S+EMA_{150S}(PerpMid − S)$$ | Smoothly incorporates orderbook sentiment$$S = Oracle price$$$$PerpMid = (Best Bid + Best Ask) / 2$$ $$EMA_{150s} = 150 second exponential moving average of the difference$$ |
| $$C_3$$ | $$Median(Best Bid, Best Ask, Last Trade)$$ | Reflects current on-chain market |

This allows mark price to track orderbook dynamics while staying anchored to the oracle.

## Why median? (protection mechanism)

| **Scenario** | **C₁** | **C₂** | **C₃** | **Mark price** |
| --- | --- | --- | --- | --- |
| Normal market | $100 | $100.50 | $100.25 | $100.25 |
| Oracle manipulation | $105 | $100.50 | $100.25 | $100.50 |
| Orderbook manipulation | $100 | $100.50 | $95.00 | $100 |

- Median prevents any single component from dominating
- Manipulation of one source doesn't skew the mark price
- 150-second EMA dampens sudden orderbook moves

## Fixed bounds

To prevent extreme deviations from the oracle, mark price is constrained within calculated bounds.

Mark price bounds use a fixed percentage based on maximum leverage:

$$
Bound=±1/L_{max}
$$

| Max leverage | Bound |
| --- | --- |
| **50×** | ±2% |
| **20×** | ±5% |
| **10×** | ±10% |

> Example: For an asset with 10x max leverage and oracle price of $100, mark price is bounded between $90 and $110.

### Purpose of bounds

- Prevent liquidation cascades caused by temporary distortions
- Maintain alignment with external reference pricing
- Provide predictable risk envelopes
- Reduce systemic instability during volatility

Bounds apply to the mark price, not the last trade price.

> Note that Markets by Kinetiq currently employs a "soft" bounding, which means that although Mark and Oracle are fixed at the limit (protecting from liquidations), trading is allowed beyond it. This approach is taken to allow traders to continue to open and close positions, with funding acting as an incentive to bring price back towards the limit.

## Planned enhancement: dynamic expanding bounds

Future versions will implement dynamic bounds that adapt to market conditions:

| Parameter | Value | Description |
| --- | --- | --- |
| **Initial width** | 0.66 × (1/L) | Starts at 66% of fixed bound (tighter) |
| **Behavior** | Expanding | Widens during sustained price moves |
| **Cap** | 1/(1.5 × L) | Maximum expansion limit |

This allows tighter bounds during normal conditions while accommodating legitimate large moves.

## Trader considerations

| What to watch | What it means |
| --- | --- |
| **Mark vs last trade spread** | Large spread = protection system active |
| **Oracle vs perp spread** | Indicates funding rate direction |
| **Weekend pricing** | Uses internal pricing; may have wider bounds |
| **Near ex-dividend dates** | Oracle adjusts for dividend; understand impact on funding |

> **Pro tip:** Your liquidation price is based on mark price, not the last traded price. In volatile conditions, check the mark-to-last-trade spread. If you see a flash crash in last trade but mark price stays stable, your position is safe.

---

# What is a perpetual?

A **perpetual** (also called a "perp") is the core trading instrument on Markets. It lets you bet on whether an asset's price will go up or down — **without an expiration date.**

Think of it like making a trade on Tesla's price — without actually buying Tesla stock, and without any deadline on when you need to close it.

## How it differs from what you know

### If you're coming from stock trading (Robinhood, eToro)

When you buy TSLA on Robinhood, you own the share. If Tesla goes up, you profit when you sell.

On Markets, you open a **perpetual position** on TSLA. You don't own the share, but your position rises and falls in perfect sync with Tesla's price. You can hold it for 5 minutes or 5 months — entirely your choice.

### If you've heard of futures contracts

Traditional futures work like this: "I agree to buy oil at $80 per barrel in 3 months." They have a fixed expiry date and require rollover when they expire.

Perpetuals remove all of that complexity:

## Perpetuals vs traditional futures vs spot

|  | Perpetuals (Markets) | Traditional Futures | Spot (Stocks) |
| --- | --- | --- | --- |
| **Expires?** | ❌ Never | ✅ Quarterly/Monthly | N/A |
| **Rollover needed?** | ❌ No | ✅ Yes — annoying | N/A |
| **Physical delivery?** | ❌ No | Sometimes | N/A |
| **Price tracking** | Tracks underlying asset | Near-term futures price | Actual asset price |
| **Leverage available?** | ✅ Up to 10x | Varies | No (1x only) |
| .**Can you short?** | ✅ Yes | ✅ Yes | Limited |
| **Settlement** | USDC stablecoin | Cash or physical | Instant delivery |
| **Best for** | Active 24/7 trading | Hedging with specific dates | Long-term holding |

> ✅ **Perpetuals are simpler than traditional futures.** No expiry. No rollover. No delivery. You open a position, you close it when you want.

## The one extra thing: funding rate

Because perpetuals never expire, a small balancing mechanism keeps the perp price anchored to the real asset price. This is called the **funding rate** — a small hourly payment between longs and shorts.

It's usually tiny. But you should know it exists.

## In plain English

> A perpetual is a trade that says: *"I think Tesla's price is going up (or down), and I want exposure to that move — without owning the stock, without an expiry date, and with the ability to use leverage."*

## Key facts about perps on Markets

- **Settled in USDC** — a stablecoin (stable $1 value). No physical assets, no share delivery.
- **24/7/365** — you can open or close any position at any time
- **Min position size:** 10 USDC
- **Leverage:** up to 10x on most assets (varies)
- **Funding:** every hour, a small rate is exchanged between longs and shorts

---

# Long vs short

Trading is fundamentally about one question: **do you think the price is going up, or going down?**

On Markets, you can profit from either direction. That's the power of perpetuals.

## Long

**Long** = you open a position expecting the price to increase.

If you're right and the price rises, your position gains value. If you're wrong and the price falls, your position loses value.

**Example:**

> NVDA is trading at $800.\You think it'll rise to $900 after earnings.\You go **Long** at $800.\NVDA hits $900 → you close and profit $100 per unit (before fees).

## Short

**Short** = you open a position expecting the price to decrease.

If the price falls, your position gains value. If the price rises, your position loses value.

**Example:**

> NVDA is at $800.\You think earnings will disappoint and it'll drop to $700.\You go **Short** at $800.\NVDA drops to $700 → you close and profit $100 per unit (before fees).

## The quick cheatsheet

|  | Long | Short |
| --- | --- | --- |
| **Your view** | Price goes up | Price goes down |
| **You profit when...** | Price rises | Price falls |
| **You lose when...** | Price falls | Price rises |
| **Available on Robinhood**? | ✅ Yes | ❌ Limited |
| **Available on Markets?** | ✅ Yes | ✅ Yes — any asset, 24/7 |

## Why this matters: A real scenario

**Scenario: Tesla earnings are coming up.**

- A **Bull** (optimistic) goes Long — betting Tesla beats expectations and the stock pops.
- A **Bear** (pessimistic) goes Short — betting Tesla misses and the stock drops.

On Robinhood, only the bull has a trade. The bear has to sit out. **On Markets, both can trade.** The market is always two-sided.

## Leverage changes the maths

Without leverage (1x), your gains and losses match the asset's price movement 1-to-1.

With leverage, they're amplified:

| Leverage | Price moves +10% | Price moves -10% |
| --- | --- | --- |
| **1x** (no leverage) | +10% | -10% |
| **3x** | +30% | -30% |
| **5x** | +50% | -50% |
| **10x** | +100% (doubles) | -100% (**liquidated**) |

> ⚠️ **Liquidation** happens when your losses eat through your deposit. At 10x leverage, a 10% move against you wipes your position. Always know your liquidation price before opening a trade.

### Your first trade, step by step

1. Go to [markets.xyz](https://markets.xyz) and pick a ticker (e.g. TSLA)
2. Choose **long** (you think it rises) or **short** (you think it falls)
3. Enter your position size (e.g. 100 USD)
4. Choose leverage — start at **1x or 2x** while learning
5. Set a stop loss to protect your position
6. Set a take profit if you have a price target
7. Click **long** or **short**

> ⚠️ **Take profit tip:** When setting a Take Profit, you'll choose between **market** (fills immediately when triggered, price not guaranteed) and **limit** (fills only at your target price, but may not fill on fast-moving markets). On thin markets, a Take Profit Market can fill significantly away from your target.

---

# Trading concepts

## Perpetual futures trading

Perpetual futures are the primary trading instrument on Markets by Kinetiq. Unlike traditional futures, perpetuals never expire, allowing you to hold positions indefinitely while maintaining leverage.

### What are perpetual contracts?

Definition: A derivative contract that tracks the price of an underlying asset but has no expiration date or settlement.

#### Perpetuals vs traditional futures vs spot

| Feature | Perpetuals | Traditional futures | Spot |
| --- | --- | --- | --- |
| Expiration | Never | Quarterly/Monthly | N/A (instant settlement) |
| Rollover | Not needed | Required | Not applicable |
| Funding | Every hour | None | N/A |
| Leverage | Up to 50× initially | Varies | 1× (no leverage) |
| Settlement | USDC margined | Physical or cash | Instant delivery |
| Liquidity | High | Varies by expiry | Asset dependent |
| Best for | Active trading | Hedging with dates | Long-term holding |

Additional information on funding can be read here via the Hyperliquid documentation: [Hyperliquid funding documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)

## Spot trading

24/7 trading of existing Hyperliquid crypto spot listings are available through Markets by Kinetiq, with the ability to trade broader spot assets soon.

Spot trading lets you buy and sell assets directly at the current market price. When you trade spot on Markets by Kinetiq, you're exchanging assets outright with no leverage, no expiration. Unlike perpetuals, spot trades result in immediate and complete ownership of the asset you purchase.

---

# Funding rate

The funding rate is a small periodic payment that keeps perpetual prices anchored to real-world asset prices. It's exchanged directly between traders holding long and short positions — every hour.

You don't need to think about it much on short-term trades. But if you're holding a position for days or weeks, it adds up.

## Why does it exist?

Perpetuals never expire. Without a settlement date, there's no natural mechanism to force the perp price back in line with the real asset price (called the "spot price" or "index price").

The funding rate creates that mechanism.

If too many people are long (bullish), it becomes expensive to stay long — which pushes the price back down toward reality.

## Who pays who?

Every hour on Markets, one of three things happens:

### 1. Market is bullish (more longs than shorts)

→ **Longs pay shorts** a small fee

This makes it slightly expensive to hold a long position, which naturally balances the market.

### 2. Market is bearish (more shorts than longs)

→ **Shorts pay longs** a small fee

### 3. Market is balanced

→ **Nobody pays anything.** Rate = 0.

## The numbers in practice

Funding rates are usually tiny — often between **0.01% and 0.1% per hour.**

**Example at 0.05% per hour:**

| Position size | Funding per hour | Per day (24hr) | Per week |
| --- | --- | --- | --- |
| $1,000 long | $0.50 | $12 | $84 |
| $5,000 long | $2.50 | $60 | $420 |
| $10,000 long | $5.00 | $120 | $840 |

> Funding rates spike during high-volatility events (earnings, macro data) when sentiment gets very one-sided.

## When funding works FOR you

Funding isn't always a cost. If you're on the right side, it's income.

**Example:** The market is extremely bullish on NVDA. Funding rate is 0.08%/hour (longs paying shorts).

If you go **short on NVDA**, you're **collecting** 0.08% per hour from longs while waiting for the trade to play out.

This is sometimes called a **funding rate arbitrage** or **delta-neutral yield strategy.**

## Key things to know

- ✅ Funding is settled every **1 hour** on Markets
- ✅ You can see the current funding rate on every ticker page
- ✅ If the rate is positive, longs pay shorts
- ✅ If the rate is negative, shorts pay longs
- ✅ Funding only applies to open positions — if you close before the hour mark, you don't pay

## Practical checklist before holding overnight

Before holding a perpetual position overnight or for multiple days:

- [ ] Check the current funding rate on your ticker
- [ ] Estimate the daily cost (rate × 24)
- [ ] Factor this into your profit target
- [ ] Consider whether a stop loss adequately protects you

These are some basic things to consider when conducting any trade.

---

# Trading basics

## How to place an order

Placing orders on Markets is straightforward. This guide walks through the complete order placement process from selection to execution.

### 1. Select your market

- Use left sidebar to browse available markets
- Search by ticker symbol or name
- Click on desired market to load trading interface
- Verify you're on correct pair (check top of chart)

### 2. Choose order type

In the order entry panel (right side), select order type:

- Market - Execute immediately at current price
- Limit - Specify your price, wait for market to reach it
- Stop - Trigger order when price hits specified level

### 3. Select direction

- Long (Buy) - Profit when price goes up
- Short (Sell) - Profit when price goes down

### 4. Set position size

Enter the amount you want to trade:

- In USDC - Specify dollar amount (e.g., $1,000)
- In units - Specify quantity (e.g., 0.1 US500)
- Leverage adjusted - Platform shows actual exposure

> Position sizing example: $1,000 USDC with 10× leverage means you can manage a position of up to $10,000

### 5. Set leverage

Adjust leverage slider from 1× to 50×.

> ⚠️ **Leverage warning:** Higher leverage amplifies both gains AND losses.

### 6. Set price (for limit orders)

If using limit order:

- Enter desired entry price
- Must be below current price for longs
- Must be above current price for shorts
- Platform shows % from current market price

### 7. Review order details

Before submitting, verify:

- Correct market/pair
- Correct direction (long/short)
- Position size as intended
- Leverage setting appropriate
- Price (for limit orders) makes sense
- Sufficient balance for margin requirement

### 8. Submit order

- Click "Buy/Long" or "Sell/Short" button
- Review confirmation modal showing:
- Entry price (market or limit)
- Position size and leverage
- Margin required
- Estimated liquidation price
- Fees
- Wait for confirmation (near-instant)

### 9. Monitor order

After submission:

- Market orders - Execute immediately, position appears in "Positions" tab
- Limit orders - Appear in "Open orders" tab until filled
- Partial fills - May execute in chunks as liquidity available

## Modifying open orders

To edit a pending limit order:

1. Go to "Open orders" tab (bottom panel)
2. Click on order to edit
3. Modify price or size
4. Click "Update order"
5. Confirm in wallet

Or use quick actions:

- Cancel - Remove order completely
- Replace - Cancel and create new order simultaneously

---

# Leverage and liquidation

Leverage lets you control a larger position than your actual deposit. It amplifies gains — and losses — by the same multiple. Liquidation is what happens when those losses exceed your deposit.

This page covers both clearly, so you can trade with eyes wide open.

## What is leverage?

When you trade at **1× leverage** (no leverage), your position moves 1-to-1 with the asset price. You deposit $100, you control $100 worth of TSLA. If TSLA goes up 10%, you make $10.

With **10× leverage**, your $100 deposit controls a $1,000 position. If TSLA goes up 10%, you make $100 — doubling your deposit. But if TSLA goes down 10%, you lose your entire $100 deposit.

**Leverage is a multiplier on both sides.**

## Leverage examples

### Long NVDA at $800 — $500 deposit

| Leverage | Position size | NVDA +10% = $880 | NVDA -10% = $720 |
| --- | --- | --- | --- |
| **1×** | $500 | +$50 (+10%) | -$50 (-10%) |
| **3×** | $1,500 | +$150 (+30%) | -$150 (-30%) |
| **5×** | $2,500 | +$250 (+50%) | -$250 (-50%) |
| **10×** | $5,000 | +$500 (+100%) | **Liquidated** ❌ |

> At 10×, a 10% move against you = 100% of your deposit gone. The position is automatically closed.

## What is liquidation?

**Liquidation** is the automatic closure of your position when your losses have consumed your margin (your deposit).

Markets closes the position automatically to prevent you from going into negative balance. Think of it as a forced stop-loss at zero.

### Why it exists

Without liquidation, a losing position could theoretically owe more money than you deposited. Liquidation caps your downside at your deposit.

### Your liquidation price

Before opening any trade, you should check your **liquidation price** — the exact price level at which your position would be closed.

**Example:**

> You go Long TSLA at $800 with $500 deposit at 5× leverage.\Your position size: $2,500.\A 20% move against you (-$500) wipes your deposit.\Liquidation price ≈ $800 × (1 - 0.20) = **~$640**

Markets shows your liquidation price on every open position. Check it before you click confirm.

## Isolated margin vs cross margin

Markets uses **Isolated margin by default** — the safest approach.

|  | Isolated margin | Cross margin |
| --- | --- | --- |
| **What's at risk** | Only that position's deposit | Your entire account balance |
| **Liquidation affects** | Just that trade | Could wipe your whole account |
| **Best for** | Beginners and most traders | Advanced multi-position strategies |

> ✅ **Recommendation:** Use isolated margin while learning. It limits your maximum loss to what you put into that specific trade.

## Leverage risk guide

| Leverage | Risk level | Who it's for |
| --- | --- | --- |
| **1×** | ⬜ Minimal | First trade, learning the platform |
| **2×–3×** | 🟡 Low-Moderate | Confident directional traders |
| **5×** | 🟠 Moderate | Experienced traders with clear thesis |
| **10×+** | 🔴 High | Short-term scalpers who monitor closely |

> **For most traders, 2×–5× is the practical range.** 10×+ is for experienced traders who are watching positions closely.

## The safeguards: use all of them

### 1. Set a stop loss

A Stop Loss automatically closes your position if price reaches a level you define — before you hit liquidation. This limits your loss to a number you're comfortable with.

### 2. Know your liquidation price

Always visible on your open position. If the current price is close to your liquidation price, consider closing or adding margin.

### 3. Size positions appropriately

A common rule: never risk more than **1–2% of your total account** on a single trade. If you have $1,000, that's $10–20 per trade.

### 4. Use isolated margin

Keeps each trade's risk contained. One bad trade can't cascade into your whole account.

## Warning signs you're over-leveraged

- Your liquidation price is less than 5% away from the current price
- A single news headline could wipe your position
- You're checking the price every 10 minutes out of anxiety
- You've increased leverage to "recover" a losing position

---

# Order types

Every trade on Markets starts with an order. The order type you choose determines **how** and **at what price** your trade executes. Getting this right matters — especially when setting Take Profits and Stop Losses.

## The six order types

### 1. Market order

Execute immediately at the best available price.

- ✅ Guaranteed to fill
- ⚠️ You don't control the exact price — you pay the spread
- **Best for:** Entering or exiting quickly when speed matters more than price precision

> ⚠️ **On thin markets**, market orders can fill significantly away from the displayed price. If a stock has low liquidity on Markets, use a Limit order instead.

### 2. Limit order

Set the exact price you want to buy or sell at. Only executes if the market reaches your price.

- ✅ You control your entry/exit price
- ⚠️ Not guaranteed to fill — if price never reaches your level, nothing happens
- **Best for:** Entering at a specific price, or exiting with price certainty

> **Example:** NVDA is at $190. You place a limit buy at $185. Your order only fills if NVDA drops to $185.

### 3. Scale order

Automatically splits your order across a price range, filling at multiple levels.

- ✅ Great for dollar-cost averaging into or out of a position
- ✅ Reduces market impact on larger sizes
- **Best for:** Building or unwinding a position gradually without moving the market

> **Example:** Buy 100 units of TSLA between $200 and $195, split into 5 equal chunks every $1.

### 4. TWAP (Time-Weighted Average Price)

Splits your order into smaller pieces and executes them at regular intervals over a set time period.

- ✅ Minimises slippage on large positions
- ✅ Mimics how institutional traders enter the market
- **Best for:** Large position sizes where a single market order would move the price against you

> **Example:** Buy 500 units of NVDA over 30 minutes in equal increments every 5 minutes.

### 5. Stop limit

Triggers a **limit order** when price reaches a specified level.

- ✅ You control the fill price
- ⚠️ If price moves through your limit too fast, the order may not fill at all
- **Best for:** Stop Losses where you want to avoid bad fills, in liquid markets

> **Example:** You're long NVDA at $193. You set a Stop limit at $188 with a limit of $187.50. If price drops to $188, a sell limit fires at $187.50 — you won't fill below that, but may not fill at all if price falls faster.

### 6. Stop market

Triggers a **market order** when price reaches a specified level.

- ✅ Guaranteed to trigger and fill once price is hit
- ⚠️ Fill price is not guaranteed — fill happens at whatever the book offers at trigger time
- **Best for:** Stop Losses where you prioritise exiting the position over the exact exit price

> **Example:** You're long NVDA at $193. You set a Stop market at $188. If price drops to $188, a market sell fires immediately — you'll fill near $188 but not exactly.

## Take profit orders — market vs limit

When you set a take profit on an open position, you choose between two execution types:

|  | Take profit market | Take profit limit |
| --- | --- | --- |
| **Triggers when** | Mark price crosses your take profit level | Mark price crosses your take profit level |
| **Fills a**t | Best available market price | Your specified price or better |
| **Guaranteed fill?** | ✅ Yes | ⚠️ No — may not fill if price reverts fast |
| **Best for** | Volatile markets, when exit > price matters | When you need a specific price |

> ⚠️ **Important:** A take profit market order does **not** guarantee you fill at your target price. It guarantees you fill *near* that price under normal conditions — but on thin markets or during fast price spikes, the fill can be significantly lower (for longs) or higher (for shorts).

## Quick reference

| Order type | Fills at | Guaranteed fill? | Use case |
| --- | --- | --- | --- |
| **Market** | Best available price | ✅ Yes | Fast entry/exit |
| **Limit** | Your price or better | ⚠️ No | Price-controlled entry/exit |
| **Scale** | Range of prices | ⚠️ Partial | DCA entry/exit |
| **TWAP** | Avg. over time | ⚠️ Partial | Large size, low impact |
| **Stop limit** | Your price or better | ⚠️ No | Stop Loss, price priority |
| **Stop market** | Market at trigger | ✅ Yes (at trigger) | Stop Loss, exit priority |

## Order options & parameters

| **Option** | **Description** |
| --- | --- |
| ALO (Post-Only) | Only add liquidity, rejected if would match |
| IOC | Fill what's available, cancel rest |
| GTC | Good till canceled |
| Reduce-only | Only closes existing position |

---

# Glossary - Key terms A-Z

Quick reference for every term you'll encounter trading on Markets. Each term links to its full explainer page where available.

## A

**Ask price** 

The lowest price a seller is willing to accept. When you buy at market, you pay the ask.

## B

**Basis**

The difference between the perpetual price and the underlying spot/index price. Funding rates keep this close to zero.

**Bid price**

The highest price a buyer will pay. When you sell at market, you receive the bid.

**Bid-ask spread**

The gap between bid and ask. Tighter spreads = better liquidity = cheaper to trade.

## C

**Cross margin**\
A margin mode where your entire account balance backs all open positions. Higher risk — one trade can affect others. See [cross margin](https://markets.xyz/docs/leverage-and-liquidation?highlight=Markets%20uses%20Isolated%20margin%20by%20default%20%E2%80%94%20the%20safest%20approach.%20Isolated%20margin%20Cross%20margin%20What%27s%20at%20risk%20Only%20that%20position%27s%20deposit%20Your#isolated-margin-vs-cross-margin).

## D

**Delta** 

How much your position value changes for a $1 move in the underlying. A $1,000 position at 1× has a delta of ~$10 per 1% move.

## E

**Entry price**

The price at which you opened your position. Your P&L is calculated relative to this.

## F

**Funding rate**\
A small periodic payment exchanged between long and short position holders every hour. Keeps perpetual prices anchored to real asset prices.

- Positive rate = Longs pay Shorts (bullish market)
- Negative rate = Shorts pay Longs (bearish market)

## G

**Going long**

Opening a position that profits when the asset price rises. You believe the price is going up.

**Going short**

Opening a position that profits when the asset price falls. You believe the price is going down.

## H

**HIP-3** 

Hyperliquid Improvement Proposal 3 — the framework that allows third parties like Kinetiq to deploy custom perpetual markets on Hyperliquid's infrastructure.

**Hyperliquid** 

The high-performance Layer 1 blockchain that powers Markets. Provides sub-second finality, deep liquidity, and an on-chain orderbook.

## I

**Index price**

The reference price of the underlying asset (e.g. the actual Tesla stock price). Used to calculate funding rates and mark prices.

**Isolated Margin**

A margin mode where each position's risk is contained to its own deposit. The safest approach for most traders. Recommended for beginners. See Leverage & Liquidation.

## K

**KNTQ**

Kinetiq's platform token. 

**kmHYPE**

Kinetiq's Liquid Staking Token for HYPE. Used to community-fund Markets via crowdfunding.

## L

**Leverage**

A multiplier that lets you control a larger position than your deposit. 10× leverage = $100 deposit controls a $1,000 position. Amplifies both gains and losses.

**Limit order**

An order to buy or sell at a specific price — only executes if the market reaches your price.

**Liquidation**

The automatic closure of a position when losses have consumed your margin. Prevents negative balances. Always check your liquidation price before trading.

**Liquidation price**

The exact asset price at which your position will be automatically closed. Displayed on every open position.

**Long** 

see Going long

## M

**Margin**

The deposit you put up to open a leveraged position. Your "skin in the game" that absorbs losses before liquidation.

**Mark price** 

The oracle-derived fair value price used to calculate unrealised P&L, liquidation price**, and trigger Take Profit and Stop Loss orders**. Calculated from institutional data sources (Kaiko) to prevent manipulation. Note: mark price and order book price can diverge briefly — take profit/stop loss triggers fire on mark price, but fills happen at the order book price.

**Market order**

An order that executes immediately at the best available price. Fast, but you pay the spread and can't control your exact fill — especially on thin markets. → Order Types →

## O

**Open interest**

The total value of all open positions on a given market. Higher open interest = more active market.

**Oracle price**

The external reference price fed into Markets from institutional data providers (Kaiko). Used to calculate mark price and funding rates.

## P

**P&L (profit and loss)**

Your unrealised or realised gain/loss on a position. Unrealised = position still open. Realised = position closed.

**Perpetual**

A derivative contract that tracks an asset's price with no expiration date. The primary trading instrument on Markets.

**Position size**

The total notional value of your trade (deposit × leverage). A $100 deposit at 5× = $500 position size.

## S

**Scale order**

An order type that automatically splits your trade across a price range, filling at multiple levels. Useful for dollar-cost averaging into or out of a position with reduced market impact.

**Short** → see going short

**Slippage**

The difference between your expected fill price and your actual fill price. Most common with market orders in low-liquidity markets or during fast-moving price spikes. On thin markets, slippage on a Take Profit Market order can be significant even if the trigger price was hit.

**Stop loss** 

An order that automatically closes your position if price reaches a defined level — cuts losses before they reach liquidation. Available as **stop market** (fills immediately at market) or **stop limit** (fills only at your specified price, may not fill in fast moves).

**Stop limit**

A stop order that becomes a limit order when triggered — you control the fill price, but there's no guarantee of execution if price moves through your level too quickly.

**Stop market**

A stop order that becomes a market order when triggered — guaranteed to fill, but at whatever price the book offers at trigger time.

**Spot price**

The current real-world market price of an underlying asset (e.g. actual Tesla stock price on Nasdaq).

## T

**Take profit**

An order that automatically closes your position when price reaches your profit target. Available as two types:

- **Take profit market** — triggers on mark price, fills immediately at market. Fill price is **not** guaranteed to match the trigger price — on thin markets it can differ significantly.
- **Take profit limit** — triggers on mark price, fills only at your specified price or better. Price-certain but may not fill if price reverts quickly. → Order Types →

**TWAP (Time-Weighted Average Price) order**

Splits your trade into equal chunks executed at regular intervals over a set time period. Minimises slippage and market impact for larger position sizes. → Order Types →

## U

**USDC**

The primary stablecoin on Markets and Hyperliquid's Aligned Quote Asset. All positions are margined and settled in USDC. Issued by Circle and pegged to $1 USD.

**Unrealised P&L**

Your current gain or loss on an open position that hasn't been closed yet.

## W

**Wallet**

A Web3 wallet (MetaMask, Rabby, etc.) used to connect to Markets and hold your funds. Markets is non-custodial — your wallet, your funds.

*Something missing?* [*Join the community →*](https://x.com/markets_xyz)

---

# Liquidations & auto-deleveraging

Markets by Kinetiq operates on Hyperliquid infrastructure, which handles all liquidation and risk management processes. This section provides a brief overview—for complete technical details, refer to [Hyperliquid's official documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations).

| Concept | Description |
| --- | --- |
| Trigger | Account equity falls below maintenance margin |
| Method | Positions sent to orderbook as market orders |
| Price used | Mark price (not last trade price) |
| Partial liquidations | Large positions (>100k USDC) liquidated incrementally |

> **Key point:** Liquidations are based on mark price, which protects you from flash crashes in the last traded price. See [oracles & pricing]() for how mark price is calculated for Markets assets.

## Auto-deleveraging (ADL)

If market liquidations cannot fill, Hyperliquid's ADL system activates as a last-resort safeguard:

- Profitable opposing traders are selectively deleveraged to cover losses
- Ranking prioritizes most profitable and most leveraged positions
- No insurance fund—solvency maintained through position rebalancing
- Fully on-chain, transparent, and non-discretionary

> **Key point:** Unlike native Hyperliquid perps, Markets perps proceed directly from market liquidations to ADL without an intermediate liquidator vault step. ADL remains intentionally rare and designed to activate only in extreme market conditions.

## Protecting your positions

| Action | Benefit |
| --- | --- |
| Use stop-loss orders | Exit before liquidation threshold |
| Monitor margin ratio | Stay above maintenance requirements |
| Use appropriate leverage | Lower leverage = further liquidation price |

Full Documentation: [Hyperliquid liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations)

---

# API trading

Markets by Kinetiq is built on Hyperliquid infrastructure, giving developers and algorithmic traders full access to Hyperliquid's powerful API for programmatic trading.

## Getting started

All trading on Markets uses the Hyperliquid API. This provides:

| Capability | Description |
| --- | --- |
| REST API | Query market data, account info, place/cancel orders |
| WebSocket | Real-time orderbook, trades, user data streams |
| Full Access | Same functionality as the web interface |

## Official SDKs

| Language | Repository | Status |
| --- | --- | --- |
| Python | [hyperliquid-python-sdk](https://github.com/hyperliquid-dex/hyperliquid-python-sdk) | Official, maintained |
| TypeScript | [nktkas/hyperliquid](https://github.com/nktkas/hyperliquid) | Community |
| TypeScript | [nomeida/hyperliquid](https://github.com/nomeida/hyperliquid) | Community |
| Rust | [hyperliquid-rust-sdk](https://github.com/hyperliquid-dex/hyperliquid-rust-sdk) | Official (not maintained) |
| CCXT | [CCXT Hyperliquid](https://docs.ccxt.com/#/exchanges/hyperliquid) | Multi-language support |

## API endpoints

| Endpoint type | URL | Purpose |
| --- | --- | --- |
| Mainnet | [https://api.hyperliquid.xyz](https://api.hyperliquid.xyz) | Production trading |
| Testnet | [https://api.hyperliquid-testnet.xyz](https://api.hyperliquid-testnet.xyz) | Development/testing |

## Key API concepts

### Authentication

API trading uses wallet signatures for authentication:

1. Generate an API wallet or use your main wallet
2. Sign actions with your private key
3. Include signature in API requests

See [nonces and API wallets](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/nonces-and-api-wallets)

### Rate limits

| Limit Type | Value |
| --- | --- |
| Orders per second | Variable based on account |
| WebSocket connections | Multiple supported |
| Info requests | Higher limits for read-only |

For more information see [rate limits](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/rate-limits-and-user-limits)

## Quick start example (python)

```python
from hyperliquid.info import Info
from hyperliquid.exchange import Exchange

# Initialize
info = Info(base_url="https://api.hyperliquid.xyz")
exchange = Exchange(wallet, base_url="https://api.hyperliquid.xyz")

# Get market data
meta = info.meta()
user_state = info.user_state(wallet.address)

# Place order
order_result = exchange.order(
    coin="BTC",
    is_buy=True,
    sz=0.01,
    limit_px=50000,
    order_type={"limit": {"tif": "Gtc"}}
)
```

## API documentation resources

For complete API documentation, refer to Hyperliquid's official resources:

| Resource | Link |
| --- | --- |
| API Overview | [Hyperliquid API Docs](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api) |
| Info Endpoint | [Info Endpoint Reference](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/info-endpoint) |
| Exchange Endpoint | [Exchange Endpoint Reference](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/exchange-endpoint) |
| WebSocket | [WebSocket Streams](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/websocket) |
| Error Handling | [Error Responses](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/error-responses) |
| Signing | [Request Signing](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/signing) |
| HIP-3 Actions | [HIP-3 Deployer Actions](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-3-deployer-actions) |

---

# What is the Markets mobile app?

Markets is a global trading app that lets you trade the world's most popular assets, 24/7.

Markets is a global trading app that lets you trade the world's most popular assets, 24/7. We eliminate the arbitrary constraints of traditional finance, giving anyone the freedom to trade right from their phone without limits.

All markets. All hours. All onchain. Whether you are looking to trade mainstream stocks or global commodities, Markets is always open, allowing you to increase the impact of your trades with multipliers.

## Key features

> 💡 **24/7 market access**\
> Traditional markets close, but Markets remains open 24 hours a day.

> 🔒 **No identity verification required**\
> You do not need to complete identity verification (KYC) to create an account. This is possible because Markets does not custody your funds, you interact directly with the markets from your own wallet.

> 🎁 **Welcome credit on signup**\
> New users receive $11 in Credits when they sign up, so you can place your first trade without using your own cash.

> 👥 **Social by default**\
> See what other traders are doing in the Social Feed, follow top performers on the Leaderboard, and stay informed with Pulse, our in-app news.

---

# How to deposit & withdraw funds

Where and how you can fund your Markets account, plus how to withdraw. See exactly what deposit methods and fees are available in your country.

## Depositing funds

Markets App charges no fees for deposits. The tables below lay out fees that may be charged by our partners depending on your deposit method.

### International deposit methods

| **Methods** | **Details** | **Partner Fees** |
| --- | --- | --- |
| Crypto deposit | USDC, USDT, ETH, BTC, SOL across ten networks. Instant, no verification | from 0.05% |
| Transfer from exchange | From Coinbase, Binance or Robinhood | Varies by exchange |
| Card, Apple Pay, Google Pay | Available in 150+ countries | from 3% |

Note: Hyperliquid protocol charges $1 on each user's first deposit.

### Local deposit methods

| **Geography** | **Countries** | **Method** | **Partner Fees** |
| --- | --- | --- | --- |
| Europe | All EU and EEA countries | SEPA bank transfer | ~1.0% |
| Americas | Canada | Interac | ~1.5% |
| ​ | Brazil | PIX | ~2.9% |
| ​ | Mexico | SPEI | ~2.3% |
| ​ | Chile | Khipu | ~2.3% |
| Asia Pacific | Indonesia | QRIS | ~3.4% |
| ​ | Vietnam | VietQR | ~3.2% |
| ​ | India | IMPS | ~1.9% |
| ​ | Philippines | PayMaya | ~1.1% |
| Africa | Nigeria | Bank Transfer | ~1.5% |
| ​ | Kenya | Mobile Money | ~1.6% |

Fees are live quotes and vary with amount and market conditions. The exact fee always shows in the app before you confirm. For small amounts, flat minimum fees may apply.

Availability changes from time to time, and a method that is unavailable in your country will not appear in the app. The payment method list on the deposit screen is always the accurate one. Where no cash method is available, you can always fund your account with crypto.

## Withdrawals

You can always withdraw, in any country, no matter how you deposited. Timing and partner fees depend on the method and your bank (for bank and card methods).

| **Methods** | **Countries** | **Partner Fees** | **Processing Time** |
| --- | --- | --- | --- |
| Crypto withdrawal (currently USDC-only) | Every country | Hypercore: Free Arbitrum: $1 Other networks: ~0.05% | Minutes |
| Bank transfer | Europe (SEPA) | ~1.8% | Varies by bank |
| ​ | Brazil (PIX) | ~2.7% | ​ |
| ​ | Mexico (SPEI) | ~2.0% | ​ |
| Card payout | Most other countries | ~3.0% | Varies by bank |

Cash-out methods and exact quotes are shown on the withdrawal screen where they are available to you. Where none appears, withdraw in USDC. If using USDC, make sure the receiving wallet or exchange supports USDC on one of the networks listed above before withdrawing.

## FAQ

**Do I have to withdraw the same way I deposited?** No. Crypto withdrawals are always available, whichever way you funded your account.

**How fast will my deposit arrive?** Most deposits land in minutes. Cards and Apple Pay are usually instant. Bank transfers depend on the provider and your bank.

**What will I pay?** We pull quotes in real time across our payment partners and route your deposit for the lowest fees. Exact pricing shows in the app before you confirm.

**Do I need to verify?** Never for crypto or exchange transfers. For fiat methods you may need to verify your identity inside the deposit flow, depending on the provider and the amount.

**Why can't I see a payment method that is listed here?** Availability is set by our payment partners and can change. If a method does not appear in the app, it is not currently available in your country.

---

# How trading works

Learn how to use perpetuals and multipliers to trade price movements, and follow our step-by-step guide to placing your first trade.

## How trading works on Markets

Trading on Markets is a bit different from buying stocks or crypto on a traditional exchange. Here is a simple breakdown of how it works and how you can boost your trading power.

## Trading up or down

Because you do not actually own the underlying asset, you have the flexibility to trade on price movements in either direction.

- If you believe the asset's price will rise, you place an **Up** trade.
- If you believe the asset's price will fall, you place a **Down** trade.

Your profit or loss is determined by the difference between the asset's price when you open the trade and the price when you close it.

## No expiration dates

In traditional finance, many trading contracts have a strict expiration date. The word "perpetual" means these contracts never expire. As long as your account has enough funds to support your position, you can keep your trade open for as long as you like.

## Understanding multipliers

Multipliers are a powerful tool that allow you to increase your trading power using your existing cash balance. Instead of trading with just the cash you have on hand, you can multiply your position size to capture larger market movements.

When you place a trade, you can select a multiplier level. The default multiplier is 10x, with options up to 50x.

**A simple example:** You place a $100 trade with a 10x multiplier. This gives you the buying power of a $1,000 trade.

- If the asset's price moves in your favor by 1%, you earn a $10 profit (a 10% gain on your $100).
- If the asset's price moves against you by 1%, you take a $10 loss (a 10% loss on your $100).

## Multipliers cut both ways

Multipliers increase the impact of both profits and losses. The higher the multiplier, the faster your trade reacts to small price changes, and the greater the risk. If the market moves far enough against you, your trade will automatically close. This is called a **liquidation.**

You can adjust your multiplier using the slider before confirming your trade.

## How to place your first trade

Placing a trade is designed to be straightforward. Follow these steps to execute your first trade:

### 1. Select a market\


From the home screen, browse Popular markets or use the Search tab to find a specific asset (Stocks, Crypto, Commodities, etc.).

### 2. Choose your direction

Decide how you expect the asset's price to move:

- **Tap Up** - if you believe the price will rise.
- **Tap Down** - if you believe the price will fall.

### 3. Enter your trade amount

Use the slider to select the dollar amount you want to allocate. If you have Credits available, you can toggle the switch to use them for your trade.

### 4. Select a multiplier

Use the slider to select your desired level, up to 50x. Remember to review the potential impact on your position before proceeding.

### 5. Confirm your trade

Review your trade details, then swipe the Slide to confirm button at the bottom of the screen. Once processed, you will instantly earn XP and Gems for your volume.

## Liquidation and Auto Cash Out

To ensure the platform remains stable, every trade has a "Liquidation Price." If the market moves too far in the opposite direction of your trade, your position will be automatically closed to prevent you from losing more than your initial trade amount.

To manage this, we offer an **Auto Cash Out (ACO)** feature which allows you to set specific price targets where your trade will automatically close at a profit or to limit a loss.

## Price protection: large trade warnings

When you place a trade, Markets works to get you the best available price. For most trades, the price you see is the price you get. However, very large trades can sometimes experience "slippage"—a difference between the expected price and the final execution price caused by the size of the order.

To protect you, Markets includes a built-in warning system:

- **The warning:** If a trade is large enough that the estimated slippage exceeds **2%** or **$500** (whichever is lower), a warning will appear before you confirm.
- **Your options:** You can choose to **Adjust Size** to reduce the price impact or **Proceed** if you are comfortable with the estimate.
- **Pro tip:** If you see this warning, consider splitting your large trade into a few smaller, separate orders to ensure you get the best possible price.

---

# What is auto cash out (ACO)?

Learn how to use our built-in risk management tool to automatically close your trades at a profit or limit a loss.

Auto Cash Out (ACO) is a built-in feature designed to help you manage risk and lock in profits automatically. It allows you to set specific dollar targets for your open trades so you do not have to watch the market constantly.

ACO is commonly referred to as take profit and stop loss in traditional trading platforms.

## How auto cash out works

When you modify a trade's Auto Cash Out settings, you can define two key parameters:

- **Take profit:** You can set a specific dollar amount to lock in your gains. If your trade reaches this positive amount, the app will automatically close the position and secure your profit. Four preset values are available, and you can enter a custom amount.
- **Limit loss:** You can set a specific dollar amount to act as a safety net. If your trade drops to this negative amount, the app will automatically close the position to prevent further losses. One preset value is available, and you can enter a custom amount.

## Automatic defaults

Every trade you place comes with a default Limit Loss set at 50% of your margin. This gives you built-in downside protection from the moment your trade opens. You can adjust or remove this default at any time.

## How to set or modify your ACO

You can set or adjust your ACO levels at any time:

- Navigate to your open trade.
- Tap the **edit** button below your trade
- Tap **Set** next to Take Profit or Limit Loss.
- Enter your desired positive or negative dollar amount, or select from the preset values.
- Swipe the **Slide to Confirm** button to save your new settings.

## Seeing your trade at a glance

When you open a trade, the asset page displays three key levels:

- Your **entry price** (where your trade opened)
- Your **take profit** and **limit loss** targets (if set)
- Your **liquidation pric**e (where your trade would automatically close due to losses)

This gives you a clear picture of the range your trade is operating in.

---

# Fees & costs

Our fee structure is simple, upfront, and designed to reward our most active traders.

## Understanding fees on Markets

At Markets, we believe in transparency. Our fee structure is simple, upfront, and designed to reward our most active traders.

## Fees at a glance

| **Fee type** | **Rate** | **Applied to** |
| --- | --- | --- |
| Trading fee | Advanced mode: scales with your 14-day volume (see tiers), plus 0.10% of your margin. Simple mode: a flat 0.10% of your trade size. | Every time you open, close, or modify a trade |
| Markets account fees | $0 | Holding your balance |

## Keeping costs low

We’ve removed the platform fees common in traditional trading so you keep more of what you earn:

- ​**$0 Markets deposit & withdrawal fees:** Markets does not add any extra charges when you move your money.
- ​**$0 account maintenance:** No monthly subscriptions, platform fees, or inactivity penalties.

## The trading fee

Markets App charges one trading fee every time you open, close, or modify a position. What it is depends on your trading mode:

- Advanced mode: a percentage of your total trade size (your notional), which gets lower as your trading volume grows, plus 0.10% (10 bps) of the margin you put up (the cash or credits backing the trade).
- Simple mode: a flat 0.10% (10 bps) of your total trade size. No tiers, no margin component.

## Volume tiers (advanced mode)

Your trade-size rate is set by how much you've traded over the last 14 days. As your volume grows, your rate drops automatically.

| **14-day volume** | **Rate on trade size** |
| --- | --- |
| **$0+** | 0.05% (5 bps) |
| **$1M+** | 0.04% (4 bps) |
| **$5M+** | 0.03% (3 bps) |
| **$20M+** | 0.025% (2.5 bps) |
| **$100M+** | 0.02% (2 bps) |
| **$500M+** | 0.01% (1 bp) |
| **$2.5B+** | 0.005% (0.5 bps) |

The 0.10% margin component is the same across every tier.

## Example

You open a $2,000 position using $200 of margin at a 10x multiplier, at the entry tier:

- 0.02% of $2,000 (trade size) = $0.40
- 0.10% of $200 (margin) = $0.20

**Total fee: $0.60, or 0.03% of your trade size.**

Your trade-size rate updates as your 14-day volume moves between tiers. Your total trade size is your margin multiplied by your multiplier.

---

# Rewards system

Earn XP and Gems every time you trade, and climb the leaderboard to unlock exclusive benefits.

The rewards system on Markets is designed to give back to you as you trade. Our ecosystem is built on three core elements: **XP**, **Gems**, and **Credits**. These work together to help you climb our 10-level ladder and unlock premium perks.

## XP (Experience Points)

XP is your primary progress tracker. You earn **1 XP for every $1** you allocate to a trade, alongside bonuses for maintaining daily streaks and referring friends.

- **Leveling up:** Accumulating XP moves you up our 10-level ladder.
- **Exclusive giveaways:** As you reach higher levels, you gain access to exclusive giveaways and rewards.
- **Account perks:** Higher levels unlock permanent benefits like fee discounts and priority support.

## Gems

Gems are our spendable in-app currency. You earn **1 Gem for every $5** you allocate to a trade, with additional Gems awarded for daily streaks, referrals, and leveling up.

- **The Store:** You can spend your Gems in the Store to purchase items like XP boosts, loss rebate tokens, and profile cosmetics.

## Credits

Credits are promotional trading funds used when opening positions. **1 Credit equals $1** in trading power.

Credits are primarily earned through:

- Reaching new levels
- Inviting friends to join Markets
- Promotional campaigns or special events

> **Important Note on Credits** When opening a position, Credits are applied before your cash balance. Any profits generated from trades using Credits belong to you. Credits are for trading purposes only and cannot be withdrawn as cash.

## kPoints

kPoints represent your overall contribution and engagement within the Markets ecosystem. You can earn kPoints through various activities on the platform.

## Progression levels

Markets features **10 progression levels**, which you can track at any time in the **Rewards** tab. As you climb, you unlock:

- Increased rewards and giveaways.
- More opportunities to earn Gems and Credits.
- Cosmetic upgrades and identity items.
- Permanent account perks such as trading fee discounts.

> **Max level benefit** At the highest progression levels, users can unlock premium features and trading fee discounts of up to 25%.

---

# Referral program

Learn how to invite friends to Markets and earn XP, Gems, and Credits for every person who joins and starts trading.

## How the referral program works

The referral program is one of the fastest ways to accelerate your progression and earn additional rewards. When you invite friends to Markets, both you and your friend receive bonuses once they join and begin trading.

### Your referral link

Every Markets account has a referral code tied to your username. You can find your referral code in the **Rewards** tab by tapping Invite.

You can share your referral in two ways:

1. **Share a referral link:** This link contains your referral code automatically.
2. **Share your referral code directly:** Your friend can enter this manually during signup.

*Note: If you change your username, your referral code will update to match your new username.*

> **Important: Entering the referral code**\
> To receive referral rewards, the new user must enter the referral code during signup. If the code is not entered during account creation, the referral will not be tracked.

### What you earn

You can earn up to **$100 per referral**. Credits unlock progressively as your invited friend trades on Markets and levels up. The more active they are, the more you earn.

- **Level 1:** Rewards unlock when your friend places their first trade.
- **Level 5:** Additional rewards unlock as your friend continues to trade and level up.
- **Level 10:** Final rewards unlock when your friend reaches the top of the ladder.

### What your friend earns

Your friend can earn up to **$1,365** in rewards as they level up on Markets. Their rewards unlock across the same level ladder, so you and your friend progress together.

When your friend joins using your code, they also receive a welcome package to help them get started:

- **Starting Credits:** A set of Credits is added to their account so they can place their first trade without using their own cash.
- **XP Bonus:** They receive an initial XP boost to jumpstart their progress on the level ladder.

### Tracking your referrals

You can monitor the status of your invites in the **Rewards** tab. Here you will see:

- Friends who have signed up using your referral code.
- Which referrals have completed their first trade.
- When rewards have been credited to your account.

There is no limit to the number of friends you can invite. You can continue earning as your network grows!

### Affiliate program

Markets also offers an invite only affiliate program for select users. It is separate from the standard referral program. Approved affiliates earn ongoing commissions on the trading fees generated by users they bring to Markets.

- Tier 1: Earn 10% of the trading fees paid by users who join Markets through your affiliate code.
- Tier 2 : Earn 3% of the trading fees paid by users your direct referrals invite. By default, Tier 2 commissions apply to up to 20 users.

To participate, you must apply and be approved by Markets. For full conditions, see the Markets Terms of Use.

---

# Social feed

See what other traders are doing, catch up on Pulse news, and share your own trades with the community.

## What is the social feed?

The social feed is the home of Markets. It is where you see what other traders are doing, catch up on market news, and share your own trades with the community.

## What appears in your feed

Your feed pulls together two main types of content:

- **Trades from other users:** When someone opens or closes a trade, it can appear in the feed. You can see the market, direction, multiplier, and result.
- **Pulse news:** Pulse is our in-app news feature. It surfaces timely market updates, trending stories, and relevant headlines so you can stay informed without leaving the app.

## Interacting with trades and posts

You can engage with any trade or post in the feed:

- **Like:** Show appreciation for a good call.
- **Share:** Send a trade or post outside the app to X, messaging apps, or anywhere else you want to share it.
- **Copy trade:** Open a similar position for yourself with a single tap. See the Copy Trading article for details.

## Posting your own trades

When you place or close a trade, you can post it to the feed with a caption. Your post will appear for your followers and may show up on the wider feed.

## Filtering your feed

You can narrow the feed to show only the content that matters to you. Tap the filter options at the top of the feed to sort by:

- **Market or category:** See only trades on specific assets or asset classes.
- **Status:** Filter by **All**, **Live** (open trades), or **Cashed Out** (closed trades).

Filters are applied instantly and you can reset them at any time.

---

# Copy trading

Open a similar position to a trade you see in the feed, plus how fees and earnings work for both sides.

## How copy trading works

Copy trading lets you open a similar position to a trade you see in the feed. It is designed to make it easy to follow experienced traders or jump on an idea you find interesting.

### How to copy a trade

- Find a trade you want to copy in your feed, on a trader's profile, or on the Leaderboard.
- Tap the **Copy Trade** button.
- The trade ticket will open. You set your own trade size; the app prefills the market, direction, and multiplier from the original.
- Swipe the **Slide to Confirm** button to open your position.

### Copy trade fees

A 25% in-app fee is applied to profits earned from copied trades. This fee goes to the original trader as a way to reward them for sharing their ideas.

If you are the one being copied, you earn 25% of the profits generated from trades that copied yours.

### Important notes

- Copy trading does not guarantee the same outcome as the original trade. Markets move continuously, and the price at which you open your position may differ from when the original trade was placed.
- Copied trades are treated as your own. You are responsible for managing the position, including setting your own Take Profit or Limit Loss targets.

---

# Leaderboard

Find top traders on Markets, rank by top gainers, top losers, or XP earned, and filter by week, month, or all time.

The Leaderboard ranks traders on Markets so you can discover who is performing well and find traders to follow or copy. It is a great place to find new ideas and see how your performance stacks up.

### How rankings work

You can sort the Leaderboard by several categories:

- **Top gainers:** Traders with the highest profit.
- **Top losers:** Traders with the largest losses. Useful for understanding what is not working.
- **XP earned:** Traders with the most XP gained in the selected time window.

### Time windows

Switch between the following time windows to adjust the ranking:

- **This week** (default)
- **This month**
- **All time**

### Filters

At the top of the Leaderboard, you can toggle between:

- **All:** Every trader on Markets.
- **Following:** Only traders you already follow.

The "Following" filter is useful for keeping tabs on a personal circle of traders without the noise of the broader platform.

### Following traders from the Leaderboard

Tap any trader's profile to see their recent activity, performance stats, and past trades. From their profile, you can:

- Follow them to see their trades in your feed.
- Copy any of their open or closed trades.

### Profile stats you will see

Each trader's profile shows a snapshot of their performance:

- **Win rate:** The percentage of their closed trades that were profitable.
- **Best trade:** Their highest-performing trade of all time.
- **Weekly PNL:** Profit and loss over the last 7 days.

---

# Account deletion

Instructions on how to permanently close your account and remove your data from the Markets platform.

If you wish to permanently delete your Markets account and associated data, you can do so directly within the app. Please read the warning below carefully, as this action cannot be undone.

## How to delete your account

Follow these steps to permanently delete your account:

1. Open the **Markets app**.
2. Tap the **Profile** icon located in the bottom right corner of the menu.
3. Tap the **Settings** (gear icon) in the top right corner.
4. Select **Account Settings**.
5. Tap **Delete Account**.
6. A pop-up window will appear asking you to confirm. Select **Confirm** to finalize the deletion.

> ⚠️ **Warning**\
> This action is permanent Deleting your account will permanently remove your Markets account and all associated data, including your profile information, trading history, and rewards.\
> **Important:** Any cash balances, open positions, or assets held in your account **must be closed or withdrawn** before deleting your account. Once deleted, any remaining funds or positions will no longer be accessible and cannot be recovered.

## Can’t access the app?

If you have deleted the app or cannot access your account on your device, you may request account deletion by contacting our support team.

- **Email:** <support@markets.xyz>
- **Subject:** Account Deletion Request

*Please send the email from the address associated with your Markets account so we can verify your identity.*

---

# Support

How to reach our team with tips for a faster response.

## Web app

If you need further assistance, the fastest way to get support is to join our [Discord](https://discord.kinetiq.xyz/) community and open a support ticket. Alternatively, you may send us a direct message on [X (Twitter)](https://x.com/markets_xyz).

Our team actively monitors support channels and can assist with platform questions, troubleshooting, and general guidance.

## Mobile app

If you need help with your account, a trade, or anything else, our support team is available through multiple channels.

- Open the Markets app.
- Tap your profile, then **Settings**.
- Tap **Contact Support**.
- Choose your preferred channel.

## Tips for a faster response

- Include your wallet address or username so we can look up your account.
- If your question is about a specific trade, include the market and approximate time of the trade.
- Include screenshots of the UI and of any error.

---

# Troubleshooting

## Common issues & solutions

| Issue | Solution |
| --- | --- |
| Wallet not connecting | Refresh page, ensure wallet unlocked, try different browser |
| Wrong network | Switch to Hyperliquid network in wallet settings |
| Order rejected | Check balance, verify margin requirements, reduce leverage |
| Order not filling | Check limit price, consider market order, verify liquidity |
| Deposit not showing | Wait 15-20 min, check bridge status, verify on explorer |
| Withdrawal failed | Ensure no positions using funds, check gas, try smaller amount |
| Slow loading | Clear cache, disable extensions, check connection |
| Price lag | Refresh page, check network status |

## Frequently asked questions

### Getting started

| Question | Answer |
| --- | --- |
| What is Markets by Kinetiq? | 24/7 perpetual futures platform for equity, index, currency, commodity trading |
| Is KYC required? | No. Connect wallet and trade immediately |
| Do I need a w allet to sign up? | Not required. Users may sign up with email |
| Which wallets work? | Any Ethereum-compatible (MetaMask, Rabby, etc.) |

### Trading

| Question | Answer |
| --- | --- |
| Perpetuals vs spot? | Perpetuals offer leverage, no expiry, funding rates |
| How does leverage work? | Borrow capital to amplify position. 10x = $1k controls $10k |
| What are funding rates? | Periodic payments between longs/shorts |
| How to avoid liquidation? | Lower leverage, stop-losses, margin buffer |
| Trading hours? | 24/7/365 |

### Fees & technical

| Question | Answer |
| --- | --- |
| How are fees calculated? | Maker/taker type + volume tier. See [Fees & costs](https://markets.xyz/docs/fees-and-costs) |
| Hidden fees? | No. All transparent |
| Mark price source? | Oracle + EMA smoothing. See [Oracle prices & data sources](https://markets.xyz/docs/oracle-prices-and-data-sources?highlight=The%20oracle%20price%20is%20the%20external%20reference%20price%20derived%20from%20licensed%20market) |
| Oracle provider? | Kaiko institutional-grade |
| API available? | Yes, REST + WebSocket |