Market & Instrument#
Instrument Identification#
Onchain uses separate identifiers for tradable products and tokens. An assetId identifies a market instrument, while a tokenId identifies an underlying token.
| Field | Description |
|---|---|
marketType | Identifies the market category. Supported values are spot for spot markets and perps for perpetual markets. |
assetId | The unique identifier of a tradable instrument, such as a perpetual contract or spot trading pair. It is not a token identifier. |
tokenId | The unique identifier of a token used as the base token, quote token, settlement token, or fee token. |
Spot Markets#
Onchain spot trading exchanges supported crypto assets directly. Each order, amendment, cancellation, and fill is submitted as an Onchain transaction and verified by network nodes. The resulting balances and fills are recorded in the Onchain ledger.
Each spot market defines a tick size, minimum trade amount, and minimum and maximum order value. Invalid orders are rejected. A user may still sell the full available token balance when the resulting order is below the normal minimum.
Perpetual Markets#
Onchain perpetual futures provide long and short exposure without an expiry date. Funding payments help align the contract price with its index price. Every order and position update is processed as an Onchain transaction.
Each contract also defines a tick size, minimum trade amount, minimum and maximum order value, and open-interest limits at platform and account level. Orders that increase exposure must satisfy these constraints. Orders that fully close a position remain available even when the resulting value is below the normal minimum.