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

# Markets & Contract Specs

> Every perpetual future on Intention is specified by symbol, contract size, tick size, lot size, minimum order, and a risk-limit ladder of maximum leverage.

Intention Exchange lists USDC-margined perpetual futures on crypto majors, mid-caps, and long-tail assets, plus pre-market contracts for newly launched tokens. Every market has a deterministic, on-chain specification — traders and integrators can fetch the full contract list and its parameters directly from the chain.

## What a contract looks like

Each perpetual future is uniquely identified by a symbol (for example, `BTCUSDT`). Its contract specification includes:

| Field                  | Meaning                                                                                            |
| ---------------------- | -------------------------------------------------------------------------------------------------- |
| Symbol                 | On-chain identifier, usually `BASEQUOTE`                                                           |
| Contract multiplier    | Number of base units represented by one contract (e.g. `1000PEPE` = 1,000 PEPE per contract)       |
| Tick size              | Smallest allowable price increment                                                                 |
| Lot size               | Smallest allowable quantity increment                                                              |
| Minimum notional       | Minimum order value required to place an order                                                     |
| Maximum order size     | Largest quantity allowed in a single order                                                         |
| Max leverage (tier 1)  | Highest leverage available at small position sizes                                                 |
| Mark/index components  | The spot venues aggregated into the [index price](/trading/index-price)                            |
| Fee group              | Determines maker/taker schedule (see [Fees](/trading/fees))                                        |
| Funding parameters     | Interest rate `I`, funding rate caps, premium smoothing                                            |
| Liquidation parameters | Risk-limit tiers, maintenance margin rates                                                         |
| Trigger-protect        | Deviation threshold that switches stop orders from last price to [mark price](/trading/mark-price) |

Unknown values for a specific listing are marked **TBD by listing** — each new contract is parameterized at list time by the risk team and can be updated by governance afterwards.

## Symbol conventions

Intention uses a suffix-based symbol convention, similar to major CEXs:

* `BTCUSDT`, `ETHUSDT`, `SOLUSDT` — standard USDT-denominated perpetuals
* `BTCPERP`, `ETHPERP` — alternative aliases for some majors
* `BTC-26DEC25`, `ETH-27MAR26` — dated futures variants
* `1000PEPEUSDT`, `1000000BABYDOGEUSDT` — contracts with non-unit multipliers for small-denomination tokens

A contract's multiplier is baked into index-price calculation so that all downstream math (funding, margin, PnL) uses the contract-scale price, not the raw spot price.

## Tick size and lot size

Price ticks and quantity lots bound the grid on which orders can exist. Orders that do not conform to a symbol's tick or lot size are rejected at intake. The matching engine rounds computed values (for example, Scale-order prices) toward the grid using the rules in [Precision](/trading/precision).

## Leverage tiers

Maximum leverage depends on position size. As your position grows, the risk-limit ladder steps down the allowed leverage and steps up the maintenance margin rate. See [Leverage](/trading/leverage) for the full specification and a worked example.

## Listing lifecycle

New contracts go through three phases:

<Steps>
  <Step title="Pre-configuration">
    The risk team configures index components, fee group, leverage tiers, and funding caps at least 30 minutes before listing.
  </Step>

  <Step title="Pre-listing price generation">
    Starting at least 10 minutes before listing, the chain generates a stable index price for the symbol from external spot venues to validate data-source health.
  </Step>

  <Step title="Live trading">
    The contract opens for trading with the pre-validated index. Pre-market and Innovation-Zone contracts start in fee group 6 and automatically move to their target group after a review period.
  </Step>
</Steps>

<Note>
  Contract specifications can be queried directly from the chain or through the public REST API. The canonical source is always the on-chain listing record.
</Note>