> ## Documentation Index
> Fetch the complete documentation index at: https://docs.quantdesk.app/llms.txt
> Use this file to discover all available pages before exploring further.

# Perpetual market coverage

> QuantDesk V2 synthetic perp markets — asset classes, leverage caps, listing policy, and v1 scope boundaries. Solana-native clearing only; no CFD or MT5.

# Perpetual market coverage

QuantDesk routes **all** leveraged products through one on-chain V2 clearing layer (`place_order_v2` on Solana). Markets are defined in a **program-governed registry** — not deployer discretion or CeFi bridges.

## Asset classes

| Class             | v1 status                 | Examples                                           | Clearing             |
| ----------------- | ------------------------- | -------------------------------------------------- | -------------------- |
| **Crypto**        | Live                      | `BTC-PERP`, `ETH-PERP`, `SOL-PERP`, ecosystem alts | `native_v2`          |
| **Index**         | Pilot                     | `US500-PERP`, `US100-PERP`                         | `native_v2`          |
| **TradFi equity** | API ready, **0 listings** | —                                                  | Deferred to v2 queue |
| **Commodity**     | API ready, **0 listings** | —                                                  | Post-index           |
| **FX**            | API ready, **0 listings** | —                                                  | Deferred             |

Filter markets: `GET /api/v2/markets?asset_class=index` — see [V2 API](../developers/api-v2).

## Leverage caps (v1)

| Asset class          | Max leverage                | Notes                                           |
| -------------------- | --------------------------- | ----------------------------------------------- |
| Crypto majors        | Up to **100×** platform cap | Per-market registry `max_leverage` may be lower |
| Crypto alts          | **10×–30×** typical         | Registry row governs                            |
| **Index synthetics** | **50×** hard cap            | US500 / US100 pilots — no broker-style 500×     |

Leverage tiers API: `GET /api/v2/markets/leverage-tiers`.

## Listing policy (summary)

New markets must pass a **checklist** before registry write and on-chain `initialize_market_v2`:

1. **Oracle tier** approved for the asset class (`pyth_index_a` for index pilots).
2. **OI cap** and **max leverage** set from risk review.
3. **Session rules** documented (`continuous_24_7` crypto; `pyth_futures_continuous` for index off-hours).
4. **Multisig / Security Council** sign-off for TradFi pilots (v1 governance).
5. **No prelaunch or self-referential oracle** for TradFi rows.

`listing_status` values: `pilot` (limited), `production` (GA), `halted`, `deprecated`.

## Synthetic perp disclaimer

Index products (`US500-PERP`, `US100-PERP`) are **synthetic perpetuals** margined and settled on Solana. They track **oracle marks** — v1 pilots use **Pyth SPY/QQQ equity proxies**; E-mini continuous feeds are a follow-on upgrade.

* **Cash session:** Marks may align with US cash RTH when open.
* **Off-hours:** Marks use Pyth 24/7 futures continuous feeds per registry `off_hours_policy`.
* **Telemetry:** Pro terminal shows `CASH OPEN` or `CASH CLOSED — ORACLE MARK` on TradFi perps.

This is not securities brokerage, stock trading, or CFD execution.

## v1 scope boundaries

### In Epic 14 v1

* Crypto perps (registry backfill from seeded majors + alts)
* **US500-PERP** and **US100-PERP** index pilots only

### Explicitly out of v1

* Single-name US equities (NVDA, TSLA, …)
* Pre-IPO / private-name perps
* Commodities (e.g. gold), FX, regional singles
* HIP-3-style permissionless deployer markets

## No CFD / MT5 (permanent)

QuantDesk **never** routes perp execution through:

* CeFi CFD platforms
* MetaTrader (MT5) bridges
* Off-chain matching with synthetic on-chain claims

All fills settle through **`place_order_v2`** and the unified `PortfolioAccount` on Solana.

## Verify before release

Engineers run the [Epic 14 market smoke checklist](https://github.com/dextrorsal/quantdesk/blob/main/docs/development/testing/EPIC_14_DEVNET_MARKET_SMOKE_CHECKLIST.md):

```bash theme={null}
cd contracts && pnpm test:smoke
cd backend && pnpm test
pnpm epic14:market-smoke   # fleet API with backend running
```

## Related docs

* [Trading overview](./overview)
* [Order entry](./order-entry)
* [V2 API — markets](../developers/api-v2)
* [Unified portfolio](../overview/unified-portfolio)