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

# Markets & symbols

> Native Hyperliquid perps, the 7 builder dexes, and symbol-format conventions.

Hyperliquid hosts two layers of perpetual markets: the **native** L1 perps (BTC, ETH, SOL, HYPE, etc.) and **builder dexes** — independent perp exchanges built on top of Hyperliquid with their own collateral tokens and listings.

## The 7 builder dexes

| Dex      | What it trades               | Collateral | Example symbols                        |
| -------- | ---------------------------- | ---------- | -------------------------------------- |
| *(none)* | Native HL perps              | USDC       | `BTC`, `ETH`, `SOL`, `HYPE`            |
| `xyz`    | Commodities, stocks, indices | USDC       | `xyz:GOLD`, `xyz:SILVER`, `xyz:TSLA`   |
| `flx`    | Perps                        | USDH       | `flx:BTC`, `flx:ETH`                   |
| `vntl`   | Perps                        | USDH       | `vntl:ANTHROPIC`, `vntl:BTC`           |
| `hyna`   | Perps                        | USDE       | `hyna:SOL`, `hyna:BTC`                 |
| `km`     | Energy & commodities         | USDH       | `km:OIL`, `km:NATGAS`, `km:WHEAT`      |
| `abcd`   | Misc                         | USDC       | `abcd:BITCOIN`                         |
| `cash`   | Stocks & equities            | USDT0      | `cash:TSLA`, `cash:AAPL`, `cash:GOOGL` |

## Symbol format

* **Native symbols:** just the ticker — `BTC`, `ETH`, `SOL`.
* **Builder dex symbols:** `prefix:TICKER` — `xyz:SILVER`, `cash:TSLA`, `km:OIL`.

The prefix is always lowercase; the ticker is always uppercase. This convention matches Hyperliquid's L1 storage format and is what the API expects in path / query params.

<Note>
  Discover all available symbols with the `list_markets` tool (or `GET /pulse/market-overview`). Optionally pass a `dex` filter to narrow results to one venue.
</Note>

## Asset classes

Internally we tag every coin with an asset class. You usually don't need to think about this, but it surfaces in HIP-4 contexts:

| Class                | Format                          | Example               |
| -------------------- | ------------------------------- | --------------------- |
| `perp`               | bare ticker (native HL perp)    | `BTC`, `HYPE`         |
| `hip3-perp`          | `dex:TICKER` (builder-deployed) | `xyz:BTC`, `flx:TSLA` |
| `spot-canonical`     | `X/Y` named spot pair           | `PURR/USDC`           |
| `spot-non-canonical` | `@N` spot index                 | `@1`, `@22`           |
| `outcome`            | `#<encoding>` HIP-4 side token  | `#90`, `#211`         |

## Cross-market and synonyms

The same underlying exposure can appear under different tickers on different venues. For cross-market questions, use the canonical asset, not the venue symbol — see [cross-market assets](/concepts/cross-market-assets) for the full model.

## Funding rates

Funding fields (`fundingRate` on `market_price`, etc.) are **raw hourly decimal rates** from Hyperliquid, not annualized percentages:

* Hourly funding % = `fundingRate * 100`
* Annualized APR % = `fundingRate * 24 * 365 * 100`

Example: `fundingRate: 0.00000625` = 0.000625% hourly = \~5.475% APR.