> For the complete documentation index, see [llms.txt](https://docs.reya.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.reya.xyz/developers/pricing-and-funding/rwa-markets.md). # RWA Markets Reya lists perpetual markets on real-world assets (RWAs): gold, silver, crude oil, US equities and US ETFs. Once a market is `TRADING`, it is open **24/7**, including weekends and while the underlying market is closed (trading can still be interrupted, for example during maintenance or when prices stop updating), and are priced and settled in **rUSD**. {% hint style="warning" %} **Know the risks.** These are leveraged derivatives: you don't own the asset or share, receive no dividends or votes, and can lose all the margin you post. Prices are in USDC terms, so they can differ slightly from USD prices on the stock or commodity exchange. While that exchange is closed (nights, weekends, holidays), prices come from other 24/7 perpetual venues, where liquidity is thinner; prices can jump when the exchange reopens, and liquidations can happen at any time, including weekends. {% endhint %} {% hint style="info" %} Read each market's status, order increments, margins, maximum leverage and `oiCap` from `GET /v2/perpMarketDefinitions`. The tables on this page are for orientation; the API is the source of truth. A market with `status: PREOPEN` is listed but doesn't accept orders yet. It switches to `TRADING` when it opens. {% endhint %} ## Markets | Market | Market ID | API symbol | Type | Mainnet status | | ------ | --------: | --------------- | --------- | -------------- | | XAU | 76 | `XAURUSDPERP` | Commodity | `PREOPEN` | | XAG | 77 | `XAGRUSDPERP` | Commodity | `PREOPEN` | | AAPL | 78 | `AAPLRUSDPERP` | Equity | `TRADING` | | MSFT | 79 | `MSFTRUSDPERP` | Equity | `TRADING` | | GOOGL | 80 | `GOOGLRUSDPERP` | Equity | `TRADING` | | AMZN | 81 | `AMZNRUSDPERP` | Equity | `TRADING` | | NVDA | 82 | `NVDARUSDPERP` | Equity | `TRADING` | | META | 83 | `METARUSDPERP` | Equity | `TRADING` | | TSLA | 84 | `TSLARUSDPERP` | Equity | `TRADING` | | SPY | 85 | `SPYRUSDPERP` | ETF | `TRADING` | | QQQ | 86 | `QQQRUSDPERP` | ETF | `TRADING` | | WTI | 87 | `WTIRUSDPERP` | Commodity | `PREOPEN` | | SPCX | 88 | `SPCXRUSDPERP` | Equity | `TRADING` | | MU | 89 | `MURUSDPERP` | Equity | `TRADING` | | CRCL | 90 | `CRCLRUSDPERP` | Equity | `TRADING` | | INTC | 91 | `INTCRUSDPERP` | Equity | `TRADING` | | HOOD | 92 | `HOODRUSDPERP` | Equity | `TRADING` | | AMD | 93 | `AMDRUSDPERP` | Equity | `TRADING` | | MSTR | 94 | `MSTRRUSDPERP` | Equity | `TRADING` | In the API's `categories` field, XAU, XAG and WTI are `COMMODITIES`, the single stocks are `EQUITIES`, and SPY and QQQ are `INDICES`. Market IDs are the same on mainnet and devnet. New RWA markets are listed as `PREOPEN` before they open; see [What's Next](/developers/under-development/whats-next.md) for the listed `PREOPEN` markets. ## Contract and quote convention These are perpetual derivatives. Positions provide price exposure; they don't deliver physical commodities or ownership of the underlying shares or ETFs. Quantity is measured in the units below. Fractional quantities use the quantity steps in the order-entry table, and an order must also meet the market's minimum order quantity. Prices, PnL and fees use **rUSD**, on Reya's **USDC quote and settlement basis**. The reference prices for these markets are quoted in USDC, so they can differ slightly from USD prices for the same asset. ## Underlyings and Stork feeds | Market | Underlying (quantity unit) | Exchange-index feed | External actual-mark feed | | ------ | -------------------------------------------- | ------------------- | ------------------------- | | XAU | 1 troy ounce of gold | `XAUUSDC_IDX` | `XAUUSDC_MK` | | XAG | 1 troy ounce of silver | `XAGUSDC_IDX` | `XAGUSDC_MK` | | AAPL | 1 Apple Inc. share | `AAPLUSDC_IDX` | `AAPLUSDC_MK` | | MSFT | 1 Microsoft Corporation share | `MSFTUSDC_IDX` | `MSFTUSDC_MK` | | GOOGL | 1 Alphabet Inc. Class A share | `GOOGLUSDC_IDX` | `GOOGLUSDC_MK` | | AMZN | 1 Amazon.com, Inc. share | `AMZNUSDC_IDX` | `AMZNUSDC_MK` | | NVDA | 1 NVIDIA Corporation share | `NVDAUSDC_IDX` | `NVDAUSDC_MK` | | META | 1 Meta Platforms, Inc. Class A share | `METAUSDC_IDX` | `METAUSDC_MK` | | TSLA | 1 Tesla, Inc. share | `TSLAUSDC_IDX` | `TSLAUSDC_MK` | | SPY | 1 SPDR S\&P 500 ETF Trust share | `SPYUSDC_IDX` | `SPYUSDC_MK` | | QQQ | 1 Invesco QQQ Trust, Series 1 share | `QQQUSDC_IDX` | `QQQUSDC_MK` | | WTI | 1 barrel equivalent of WTI crude | `WTIUSDC_IDX` | `WTIUSDC_MK` | | SPCX | 1 Space Exploration Technologies Corp. share | `SPCXUSDC_IDX` | `SPCXUSDC_MK` | | MU | 1 Micron Technology, Inc. share | `MUUSDC_IDX` | `MUUSDC_MK` | | CRCL | 1 Circle Internet Group, Inc. share | `CRCLUSDC_IDX` | `CRCLUSDC_MK` | | INTC | 1 Intel Corporation share | `INTCUSDC_IDX` | `INTCUSDC_MK` | | HOOD | 1 Robinhood Markets, Inc. share | `HOODUSDC_IDX` | `HOODUSDC_MK` | | AMD | 1 Advanced Micro Devices, Inc. share | `AMDUSDC_IDX` | `AMDUSDC_MK` | | MSTR | 1 Strategy Inc share | `MSTRUSDC_IDX` | `MSTRUSDC_MK` | SPY and QQQ reference the **ETF shares**, rather than S\&P 500 or Nasdaq-100 index points. XAU and XAG give gold and silver exposure in troy ounces; they are not tokenized-gold or tokenized-silver contracts. ### Index, external mark and Reya mark Stork supplies median aggregates of three perpetual venues' published index and actual-mark prices per market: Binance, Hyperliquid and OKX for the metals, WTI and the equities from AAPL to TSLA, and Binance, Bybit and OKX for SPY and QQQ. Stork also supplies the feeds listed above for SPCX, MU, CRCL, INTC, HOOD, AMD and MSTR. These venues trade around the clock, so outside cash-market hours the prices come from continuous trading on those venues rather than from a frozen close. | Price | Role in the RWA markets | | ---------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Stork exchange index (`_IDX`) | The reference for funding and the index component of Reya's mark, both during and outside regular market hours. | | Stork external actual mark (`_MK`) | Aggregate of the venues' actual mark prices. An external input to Reya's native mark, and the on-chain bound for it. It is not an order-book midpoint aggregate. | | Reya native mark | Reya's own valuation price, computed from the index, the external mark and Reya's order book. The external Stork mark is not automatically the final Reya mark. | Reya's native mark is the median of up to three inputs: the order book's impact price, the index plus a smoothed book premium, and the external mark. Taking the median limits the effect of a single outlying input. **On-chain checks.** Each mark pushed on-chain must be within **5%** of the external mark (`_MK`), which is already quoted in USDC, so no `USDCUSD` conversion applies. The on-chain mark must have been refreshed within the last **60 seconds**; if it's older, fills and liquidations in that market revert until a fresh mark lands. Fills settle only within **5%** of the mark; a fill outside that band comes back as a [trade bust](/developers/executions-and-settlement/trade-busts.md). These protections limit isolated errors. They do not stop a move that reaches the index and the external mark together, because both draw on the same venues. Such a move may be a genuine market move, a scheduled corporate action (see [Corporate actions](#corporate-actions)) or a shared upstream error. The [mark](/developers/pricing-and-funding/mark-price.md) and [funding](/developers/pricing-and-funding/funding.md) guides explain the calculations. Their worked-example parameters are illustrative; use the reported mark price and funding rate in your integration. ## Order-entry settings Price ticks are in rUSD per quantity unit. Quantity steps and minimums are in the quantity units listed above. | Market | Price tick | Quantity step | Minimum order quantity | | ------ | ---------: | ------------: | ---------------------: | | XAU | 0.01 | 0.0001 | 0.0025 | | XAG | 0.0001 | 0.01 | 0.15 | | AAPL | 0.01 | 0.001 | 0.03 | | MSFT | 0.01 | 0.0001 | 0.02 | | GOOGL | 0.01 | 0.0001 | 0.03 | | AMZN | 0.01 | 0.001 | 0.04 | | NVDA | 0.01 | 0.001 | 0.04 | | META | 0.01 | 0.0001 | 0.015 | | TSLA | 0.01 | 0.0001 | 0.03 | | SPY | 0.01 | 0.0001 | 0.015 | | QQQ | 0.01 | 0.0001 | 0.015 | | WTI | 0.001 | 0.001 | 0.1 | | SPCX | 0.01 | 0.001 | 0.07 | | MU | 0.01 | 0.0001 | 0.012 | | CRCL | 0.001 | 0.01 | 0.13 | | INTC | 0.001 | 0.01 | 0.11 | | HOOD | 0.001 | 0.01 | 0.1 | | AMD | 0.01 | 0.0001 | 0.018 | | MSTR | 0.01 | 0.001 | 0.07 | The minimum order quantity is a separate constraint from the quantity step; read both from the market definition before submitting orders. Most equities and ETFs above trade in one-cent ticks, like the cash market; CRCL, INTC and HOOD use a 0.001 tick. A market's tick can change, so read it from the API. ## Funding Funding on every RWA market is bounded at **±3% per day**, the same bound Reya uses for its crypto perp markets on mainnet (the funding guide's worked example uses an illustrative cap); it is a limit, not the expected rate. Funding keeps accruing while the underlying market is closed, including weekends and holidays, with the same formula and index. Closed cash markets don't pause funding or set it to zero. See the [funding guide](/developers/pricing-and-funding/funding.md) for how the rate is computed and accrued, and read the live `fundingRate` from the market-summary endpoints. ### Margin, limits and fees Reya uses [portfolio margin](/developers/risk/margin-system.md). Read each market's margin parameters, maximum leverage and market-wide `oiCap` from `GET /v2/perpMarketDefinitions`; these can change as markets mature. Margin requirements and maximum leverage currently don't change at weekends or outside cash-market hours. [Fees](/developers/reference/fees.md) depend on the account's effective tier. ## Trading hours **Open 24/7, including underlying-market closures**, though trading can be interrupted. Cash-market opening hours don't determine whether a Reya RWA market is open. If funding-rate updates stop (a feed or infrastructure outage, not a cash-market closure), see the [funding outage rules](/developers/pricing-and-funding/funding.md#funding-freshness-and-outages). ## Corporate actions Equity and ETF perpetuals aim to track the listed share price, but the perpetual price can differ from it. Positions don't receive dividends, voting rights or other shareholder entitlements. Reya aims to handle corporate actions by settling and relaunching the affected market: | Event | Treatment | | -------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------ | | Stock split, reverse split or spin-off | The market is settled before the effective date where practicable and relaunched as a new market after the event. | | Regular cash dividend | No adjustment and no dividend is paid. The ex-dividend price drop is reflected in the index and mark prices, and positions bear that move. | | Special dividend | Handled per event; the announcement gives the treatment. | | Merger, acquisition or delisting | The market is settled before the effective date where practicable and either relaunched with adjusted terms or kept closed. | **Settlement and relaunch.** When a market is settled, its open positions are closed. If Reya relaunches it, the market reopens under a new market ID and symbol; positions and orders are not carried over. Each event's announcement gives the timing and the settlement price. Reya aims to announce these in advance; unscheduled events may not allow advance notice. Read the new market ID and symbol from `GET /v2/perpMarketDefinitions`. ## Using these specifications Get the effective symbols, market IDs, status, order increments, margins, leverage and `oiCap` from `GET /v2/perpMarketDefinitions`, and the current `oraclePrice` (see [Oracle & Index Prices](/developers/pricing-and-funding/oracle-and-index-prices.md#reading-prices)), `markPrice` and `fundingRate` from the market-summary endpoints and streams. See [Markets & Assets](/developers/reference/markets-and-assets.md) for the public data sources. Don't hard-code values from this page.