Bitcoin, Samsung Electronics, Brent crude and a DRAM price index don’t normally appear on the same screen. A trader used to separate accounts for crypto, shares and commodities will find that unusual, and it’s one reason on-chain perpetual exchanges have started publishing long market directories. Each row looks much like the next, but the rows can describe very different risks.
Canborsa’s directory is a useful example because it shows, in one table, how widely terms can differ inside a single exchange. This guide explains how to read a list like that and what to check before treating two markets as comparable.
What the 86 markets are
The list of stock, gold and crypto perpetuals on Canborsa has 86 entries in five groups:
- Crypto: 52. From Bitcoin and Ethereum down to smaller tokens such as Venice Token.
- US Equity: 21. Includes NVIDIA, Tesla, Apple, Amazon, Microsoft and Coinbase.
- Asian Equity: 5. Alibaba, ChangXin Memory Technologies, SK hynix, Samsung Electronics and TSMC.
- Commodities: 4. Gold, silver, Brent crude and WTI crude.
- Indices: 4. S&P 500, Nasdaq 100, the DRAM Price Index and the iShares MSCI South Korea ETF.
The labels are a starting point. The Indices group includes an ETF and a memory-chip price index, and neither behaves much like the S&P 500. Names such as SpaceX (SPCX) and Cerebras Systems (CBRS) sit under US Equity, even though the site elsewhere mentions pre-IPO names and doesn’t mark which rows it means. Check what a market tracks, not just its group.
Reading the columns
The table has nine columns: market, price, 24-hour move, trend, 24-hour range, seven-day move, maximum leverage, venues and pages. Live figures change constantly, so the static columns are often the more useful ones when you are filtering.
Each row’s pages column links to separate views for price, chart, buying, shorting and derivatives, so you can go from a list to the contract details quickly.
What the leverage column tells you
Maximum leverage across the table runs from 3x to 30x. S&P 500 has the 30x limit. Bitcoin and Ethereum are at 25x. Gold, silver, Solana, XRP, NVIDIA and Tesla are at 20x. AMD, Coinbase, TSMC and Dogecoin are at 10x, ChangXin is at 5x, and tokens such as Venice Token, Aerodrome Finance and Grass are at 3x.
An exchange’s limit usually reflects its assessment of liquidity and price risk, so the column works as a rough risk signal. A lower cap often points to a thinner or jumpier market. It says nothing about what is sensible for your own position, however.
Here is an illustrative example of the same 2% adverse move, before fees and funding, at different leverage settings:
- At 3x, about 6% of margin.
- At 5x, about 10%.
- At 10x, about 20%.
- At 20x, about 40%.
- At 30x, about 60%.
A 2% day is ordinary for many of these markets. Fees also scale with position size rather than margin. At the site’s listed 0.055% per side, a $2,000 position costs about $1.10 to open and another $1.10 to close, or about $2.20 in total.
What the venues column tells you
Each row shows a figure such as 27/31 for Bitcoin, 25/31 for gold, 11/31 for TSMC and 3/31 for SK hynix. The page describes the table as showing the other perp DEXes that list each market, so this appears to count listings out of 31 tracked venues.
The practical reading:
- A high count means more places to compare funding, fees and prices, and a better chance of noticing when one venue looks out of line.
- A low count means fewer alternatives, and possibly fewer market makers quoting that name on-chain.
- A count isn’t depth. It tells you how many venues list a market. It doesn’t tell you how much you can trade on any of them without moving the price.
Why a stock perp isn’t a share
Equity rows deserve particular care. A perpetual tracks price and gives no ownership, so there are no voting rights and no claim on the company. Check how each venue treats dividends and corporate actions, since they can change the underlying price.
Timing is the larger difference. A perp can trade while the stock’s home exchange is closed, and the market it tracks works on its own calendar. Apple’s reference price rests during the US night. Samsung’s and TSMC’s rest on Asian holidays. Earnings often land outside regular hours. In those periods, the perp is largely finding its own price, and it may be some distance from the next official open.
The same issue appears across categories. Crypto’s underlying trades all the time, so its reference stays live. Oil and metals sit between the two, with long weekday sessions and quieter weekends.
A routine for filtering a long list
A directory is most useful with a set order of questions:
- What does this market reference, and when is that reference live?
- What is the maximum leverage, and how much lower would I actually go?
- How many other venues list it, and how do their terms compare?
- What does funding cost at my expected holding period?
- What did the chart do during the last period when the underlying market was closed?
Risks that apply across the table
- Liquidation. Higher leverage brings the liquidation price closer, and brief wicks can trigger it.
- Funding. Canborsa’s gold, silver and XRP pages list hourly funding on notional value, and the rate can move against you. Small tokens and stock perps may see more extreme readings.
- Thin hours. Closed-market periods and small listings can mean wide spreads and sudden gaps at reopening.
- Infrastructure. Smart contract faults, oracle errors and stablecoin problems can hit any market on an on-chain venue.
- Legal availability. Rules on leveraged derivatives vary by country, and share-linked products often attract tighter rules, so check before signing up.
A long market list makes more things possible to trade. It doesn’t make any of them less risky.
This article is for educational purposes only and is not financial advice. Leveraged derivatives carry a high risk of loss.
