> 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/resources/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.

**Rates markets** track a rate rather than a price. The index is expressed in percent, margin and settlement remain in USDC, and a long position gains when the rate rises — long the yield is short the bond.

## Market Specifications

**Pre-Listing markets:** public filings and offering terms may be incomplete, preliminary, or later revised. The values shown for a Pre-Listing market should not be treated as indicative market capitalizations or fair-value references for the underlying issuer. The ultimate public price, or the number of fully diluted shares, may differ materially. See the [Pre-Listing Risk Disclosure](/legal/pre-listing-risk-disclosure.md).

<table><thead><tr><th width="110">Instrument</th><th width="120">Status</th><th width="450">Description</th><th width="175">Data Source</th><th width="120">Max Leverage</th><th width="95">OI Cap</th><th width="150">Funding Multiplier</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="150">Launch Reference Value</th><th width="150">Max Re-Anchorings</th><th width="160">Expected Listing Date</th><th width="130">Listing Buffer</th></tr></thead><tbody><tr><td>UNITREE</td><td>Listed</td><td>Tracks the USD value of one A share of Unitree Robotics Co., Ltd. (688836.SH), listed on the Shanghai Stock Exchange STAR Market. The CNY share price is converted to USD using the USD/CNH rate. Unitree develops quadruped and humanoid robots, motion-control actuators, and embodied AI systems for research, industrial, and consumer applications.</td><td><a href="https://app.pyth.com/explore/Equity.CN.688836%2FCNY">Equity.CN.688836/CNY</a> + USD/CNH</td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>09:30–11:30, 13:00–14:57 CST, Mon–Fri</td><td>Outside the Shanghai regular session, weekends, and <a href="/pages/e9JhNY4nuUCjwD1zGRJr">holidays</a></td><td>±10%</td><td>—</td><td>4</td><td>—</td><td>—</td></tr><tr><td>10Y</td><td>—</td><td>Tracks the yield on the most recently issued (on-the-run) 10-year US Treasury note, expressed in percent. The standard reference for long-term US dollar borrowing costs.</td><td><a href="https://app.pyth.com/explore/InterestRate.US10Y">Rates.US10Y</a></td><td>20x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>08:00–17:00 ET, Mon–Fri</td><td>17:00–08:00 ET, weekends, and <a href="/pages/3lF5zlHZYNFBvTYppn8K">holidays</a></td><td>±5%</td><td>—</td><td>0</td><td>—</td><td>—</td></tr><tr><td>BTC.D</td><td>—</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>$10M</td><td>0.6</td><td>Cross / Isolated</td><td>24/7</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>TOTAL2</td><td>—</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>$5M</td><td>0.6</td><td>Cross / Isolated</td><td>24/7</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>OTHERS</td><td>—</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>$5M</td><td>0.6</td><td>Cross / Isolated</td><td>24/7</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>AAOI</td><td>Listed</td><td>Tracks the value of one share of Applied Optoelectronics. Applied Optoelectronics designs and manufactures lasers, optical transceivers, and networking equipment used across AI data centers, cloud networks, cable broadband, telecom, and fiber access systems worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.AAOI%2FUSD">Equity.US.AAOI/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>AVGO</td><td>Listed</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>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>CIEN</td><td>Listed</td><td>CIEN tracks the value of one share of Ciena. Ciena builds optical networking systems, routing platforms, and software that help cloud providers, telecom operators, and data centers move large volumes of data across high-speed networks worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.CIEN%2FUSD">Equity.US.CIEN/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>COHR</td><td>Listed</td><td>Tracks the value of one share of Coherent. Coherent designs lasers, optical transceivers, and photonics components that power AI data center interconnects, optical networking, semiconductor manufacturing, and industrial systems worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.COHR%2FUSD">Equity.US.COHR/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>CRDO</td><td>Listed</td><td>Tracks the value of one share of Credo Technology. Credo provides high-speed connectivity solutions, including active electrical cables, SerDes, and retimers, that move data efficiently across AI data centers and hyperscale networks worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.CRDO%2FUSD">Equity.US.CRDO/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>CRWD</td><td>Listed</td><td>Tracks the value of one share of CrowdStrike. CrowdStrike provides cloud-native cybersecurity software that helps organizations protect endpoints, identities, cloud workloads, and data while detecting and responding to threats across enterprise environments worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.CRWD%2FUSD">Equity.US.CRWD/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>GLW</td><td>Listed</td><td>Tracks the value of one share of Corning. Corning manufactures specialty glass and optical fiber used in AI data center connectivity, telecom networks, display screens, and advanced materials worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.GLW%2FUSD">Equity.US.GLW/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>IREN</td><td>Listed</td><td>IREN tracks the value of one share of IREN Limited. IREN develops and operates renewable-powered data centers for AI cloud computing and Bitcoin mining, providing GPU infrastructure and high-performance computing capacity across North America.</td><td><a href="https://app.pyth.com/explore/Equity.US.IREN%2FUSD">Equity.US.IREN/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>LRCX</td><td>Listed</td><td>Tracks the value of one share of Lam Research. Lam Research builds wafer fabrication equipment for etch, deposition, and cleaning processes essential to manufacturing the advanced chips that power AI, data centers, and mobile devices worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.LRCX%2FUSD">Equity.US.LRCX/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>NET</td><td>Listed</td><td>Tracks the value of one share of Cloudflare. Cloudflare provides cloud networking, cybersecurity, content delivery, and developer infrastructure that helps businesses secure and accelerate websites, applications, and AI workloads worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.NET%2FUSD">Equity.US.NET/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>Regular only, Mon–Fri 9:30AM–4PM ET</td><td>Pre-Market, Post-Market, Overnight, weekends, and <a href="/pages/e9JhNY4nuUCjwD1zGRJr">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>RDDT</td><td>Listed</td><td>Tracks the value of one share of Reddit. Reddit operates a community-driven social platform organized around user-created forums covering news, entertainment, and niche interests, powering advertising, community commerce, and AI content licensing worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.RDDT%2FUSD">Equity.US.RDDT/USD</a></td><td>10x</td><td>$25M</td><td>0.6</td><td>Isolated</td><td>Regular only, Mon–Fri 9:30AM–4PM ET</td><td>Pre-Market, Post-Market, Overnight, weekends, and <a href="/pages/e9JhNY4nuUCjwD1zGRJr">holidays</a></td><td>±10%</td><td>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>SMCI</td><td>Listed</td><td>Tracks the value of one share of Supermicro. Supermicro designs and manufactures high-performance servers, GPU systems, storage, networking, and liquid-cooling infrastructure used to build and operate AI, cloud, high-performance computing, and enterprise data centers worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.SMCI%2FUSD">Equity.US.SMCI/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>STX</td><td>Listed</td><td>Tracks the value of one share of Seagate Technology. Seagate manufactures hard drives and mass-capacity storage systems used to store and manage data across AI infrastructure, cloud data centers, enterprise systems, and edge applications worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.STX%2FUSD">Equity.US.STX/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>TER</td><td>Listed</td><td>Tracks the value of one share of Teradyne. Teradyne makes automated test equipment and robotics used to validate semiconductors, powering quality assurance for the chips behind AI systems, data centers, and consumer electronics worldwide.</td><td><a href="https://app.pyth.com/explore/Equity.US.TER%2FUSD">Equity.US.TER/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</td></tr><tr><td>VST</td><td>Listed</td><td>Tracks the value of one share of Vistra. Vistra generates and sells electricity through a diverse fleet of nuclear, natural gas, coal, solar, and battery storage facilities, powering homes, businesses, and data centers across the United States.</td><td><a href="https://app.pyth.com/explore/Equity.US.VST%2FUSD">Equity.US.VST/USD</a></td><td>10x</td><td>$25M</td><td>0.6</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>—</td><td>1</td><td>—</td><td>—</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](/resources/links.md#stay-updated).


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