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

# Markets

> Understand the market types and labels you will see while exploring and trading on Leap.

Leap is designed around one market-discovery flow rather than separate products for every asset type.

From Explore, you can browse the markets currently supported by the platform and move directly into the relevant trading view.

## Spot

A **spot** trade exchanges one asset for another at the current market.

There is no perpetual funding and no liquidation from leverage in a normal unleveraged spot purchase.

## Perpetuals

A **perpetual** is a derivative with no expiry date.

You can go long or short and use leverage, but perpetual positions also introduce:

* margin requirements
* liquidation risk
* funding payments
* leverage-specific position sizing

If you are new to perpetuals, start with the **Trading** section before opening a position.

## Hyperliquid markets

Leap is built around Hyperliquid market infrastructure.

The Explore screen can identify markets sourced through Hyperliquid and shows relevant information such as price, volume, open interest/value, and maximum leverage.

## Extended markets

The **Extended markets** filter groups additional supported markets available through Leap's broader market experience.

Leap's product direction is to bring crypto alongside supported stocks, indices, and other real-world market exposure into one interface as those markets are available.

## Market data changes continuously

Figures such as price, 24-hour change, volume, open interest, and market counts are live data.

Documentation examples may therefore look different from the numbers you see in your account.

## Maximum leverage is market-specific

Different markets support different leverage limits.

You can see the relevant limit in the market information shown by Leap.

A higher available maximum does not mean the market should be traded at that leverage.

## Additional venues

Leap plans to expand available markets, including markets through **Variational** soon after launch. Availability depends on the live product. Check **Explore** for the markets and venues currently offered.