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

# Market Specs

> Leverage, underlying references, price bounds, and margin modes for commodity and equity perps

For open interest caps and the full live parameter set, see [Market Parameters](/phoenix/market-parameters).

## Commodity Perps

| Market | Leverage | Closed-Period Price Bound | Underlying | Margin   |
| :----- | :------- | :------------------------ | :--------- | :------- |
| GOLD   | 25x      | 4%                        | XAU/USD    | Isolated |
| SILVER | 25x      | 4%                        | XAG/USD    | Isolated |
| COPPER | 20x      | 5%                        | HG/USD     | Isolated |
| WTIOIL | 20x      | 5%                        | M6/USD     | Isolated |

## Equity Perps

| Market | Leverage | Closed-Period Price Bound | Underlying | Margin   |
| :----- | :------- | :------------------------ | :--------- | :------- |
| AAPL   | 20x      | 5%                        | AAPL/USD   | Isolated |
| AMD    | 10x      | 10%                       | AMD/USD    | Cross    |
| AMZN   | 20x      | 5%                        | AMZN/USD   | Cross    |
| CRWV   | 10x      | 10%                       | CRWV/USD   | Cross    |
| GOOGL  | 20x      | 5%                        | GOOGL/USD  | Cross    |
| INTC   | 10x      | 10%                       | INTC/USD   | Cross    |
| META   | 20x      | 5%                        | META/USD   | Cross    |
| MSFT   | 20x      | 5%                        | MSFT/USD   | Cross    |
| MU     | 15x      | 6.67%                     | MU/USD     | Cross    |
| NVDA   | 20x      | 5%                        | NVDA/USD   | Isolated |
| SNDK   | 15x      | 6.67%                     | SNDK/USD   | Cross    |
| SPCX   | 15x      | 6.67%                     | SPCX/USD   | Isolated |
| TSLA   | 20x      | 5%                        | TSLA/USD   | Cross    |