> For the complete documentation index, see [llms.txt](https://docs.paragon.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.paragon.trade/markets/specifications.md).

# Contract Specifications

Consolidated reference for every Paragon market — shared contract mechanics and market specifications.

## Contract Basics

All Paragon markets share the same contract mechanics:

| Parameter      | Value                                      |
| -------------- | ------------------------------------------ |
| Contract Type  | Perpetual futures (no expiry)              |
| Quote Currency | USDC                                       |
| Settlement     | Cash-settled                               |
| Position Unit  | USDC notional value                        |
| PnL Formula    | (Exit Price − Entry Price) × Position Size |

**Example:** a $1,000 position at 10x leverage requires $100 margin and yields $10 PnL per 1% move in the underlying.

## Market Specifications

<table><thead><tr><th width="110">Instrument</th><th width="300">Description</th><th width="175">Data Source</th><th width="120">Max Leverage</th><th width="140">Margin Mode</th><th width="205">External Pricing Session</th><th width="245">Fallback Pricing Hours</th><th width="120">Bounds</th><th width="95">OI Cap</th></tr></thead><tbody><tr><td>BTC.D</td><td>Tracks Bitcoin's share of total crypto market capitalization (0–100%). A core gauge of capital rotation between Bitcoin and the broader altcoin market.</td><td><a href="/pages/jLqBbnemvnDU21oBFwga">Pyth + exchanges</a></td><td>20x</td><td>Cross / Isolated</td><td>24/7</td><td>—</td><td>—</td><td>$10M</td></tr><tr><td>TOTAL2</td><td>Tracks the aggregate market capitalization of all crypto assets excluding Bitcoin. A broad proxy for altcoin market direction.</td><td><a href="/pages/jLqBbnemvnDU21oBFwga">Pyth + exchanges</a></td><td>20x</td><td>Cross / Isolated</td><td>24/7</td><td>—</td><td>—</td><td>$5M</td></tr><tr><td>OTHERS</td><td>Tracks the aggregate market capitalization of all crypto assets excluding the top 10. Exposure to mid- and small-cap rotation.</td><td><a href="/pages/jLqBbnemvnDU21oBFwga">Pyth + exchanges</a></td><td>10x</td><td>Cross / Isolated</td><td>24/7</td><td>—</td><td>—</td><td>$5M</td></tr><tr><td>AVGO</td><td>Tracks the value of one share of Broadcom. Broadcom designs and supplies a broad range of semiconductors and infrastructure software, powering data centers, AI systems, cloud networks, and wireless devices worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.AVGO%2FUSD">Equity.US.AVGO/USD</a></td><td>10x</td><td>Isolated</td><td>24/5, Sun 8PM–Fri 8PM ET</td><td>Fri 8PM–Sun 8PM ET, and <a href="/pages/e9JhNY4nuUCjwD1zGRJr">holidays</a></td><td>±10%</td><td>$10M</td></tr></tbody></table>

All market parameters are subject to change as liquidity and market conditions evolve — OI caps, in particular, are expected to rise over time. Updates are published in advance through Paragon's [official channels](/community/links.md#stay-updated).


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