> For the complete documentation index, see [llms.txt](https://hertzflow.gitbook.io/hertzflow-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hertzflow.gitbook.io/hertzflow-docs/trade-on-hertzflow/market-structure.md).

# Market Structure

## Universal Market Access

HertzFlow gives you access to perpetual markets across multiple asset classes — crypto, forex, commodities, equities, and indices — all from a single interface. Every market is powered by multi-oracle validated pricing, so you always trade at fair, real-time prices.

Each market displays key data at a glance:

| Data Point                    | What It Tells You                                          |
| ----------------------------- | ---------------------------------------------------------- |
| **Mark Price**                | Current oracle-validated price with 24h change             |
| **24h High / Low**            | Price range over the last 24 hours                         |
| **Available Liquidity (L/S)** | How much capacity remains for new long and short positions |
| **Open Interest (L/S)**       | Total notional value of active positions per side          |
| **1h Net Rate (L/S)**         | Combined funding + borrow rate per hour                    |

## Leverage Limits

Maximum leverage is configured **per market** and depends on the asset's volatility and the mode you trade in. Lower-volatility assets and Normal mode use lower caps; Hyper Lev unlocks a higher, narrower range on supported markets.

| Asset Class            | Max Leverage | Why                                              |
| ---------------------- | ------------ | ------------------------------------------------ |
| **Forex (FX)**         | 200x         | Lowest volatility among supported classes        |
| **ETH / BNB / SOL**    | 200x         | Major cryptocurrencies with deep liquidity       |
| **Altcoins**           | 200x         | Higher volatility requires tighter risk controls |
| **Commodities**        | 200x         | Moderate volatility, well-established oracles    |
| **Equities & Indices** | 200x         | Follows traditional market risk standards        |

**Example:** With 100 USDT collateral and 200x leverage on ETH, you control a $20,000 position.

## Market Hours

Crypto and forex trade around the clock. Real-world asset markets follow their traditional trading schedules:

| Asset Type                  | Trading Schedule               | Notes                                                       |
| --------------------------- | ------------------------------ | ----------------------------------------------------------- |
| **Cryptocurrencies**        | 24/7                           | Always open                                                 |
| **Foreign Exchange**        | Sun 5:00 PM – Fri 5:00 PM ET   | Generally open during U.S. public holidays                  |
| **Precious Metals**         | Sun 5:00 PM – Fri 5:00 PM ET   | Gold and silver observe CME holiday closures                |
| **Commodities**             | Sun 6:00 PM – Fri 5:00 PM ET   | Daily maintenance pause 5:00–6:00 PM ET; CME holidays apply |
| **U.S. Indices (SPY, QQQ)** | Weekdays, 9:30 AM – 4:00 PM ET | Closed on weekends and NYSE holidays                        |
| **U.S. Equities**           | Weekdays, 9:30 AM – 4:00 PM ET | Closed on weekends and NYSE holidays                        |

**When a market is closed:**

* You cannot open, close, edit, or cancel positions
* Your existing positions stay open — they are not affected
* Active TP/SL orders resume monitoring when the market reopens

{% hint style="warning" %}
**Gap risk:** When a market reopens, the price may gap significantly from the last closing price. If the opening price moves past your liquidation price or TP/SL trigger, your position will be settled at the reopening price — not your trigger price. This is inherent to markets with trading hours. Consider closing positions before market close or maintaining a wider margin buffer to account for overnight or weekend gaps.
{% endhint %}

{% hint style="info" %}
Markets with a red dot in the interface indicate **Market Closed** status.
{% endhint %}

*The schedule above reflects our testnet standard and may be adjusted in later phases based on liquidity conditions and operational considerations.*


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