Markets and execution venues

Novrinex lists perpetual contracts under canonical symbols such as BTC-PERP, GOLD-PERP, and NVDA-PERP. The catalogue spans crypto, equities, commodities, indices, exchange-traded funds, and foreign exchange.

Each symbol has one active execution route. Novrinex selects that route from its market registry. Traders do not choose a venue during order entry.

Current venue map

Route	Typical products	Execution	Capital and settlement
Orderly	Crypto and selected macro perpetuals	Central limit order book	Pre-funded, user-attributable market account
Hyperliquid	Equity and index perpetuals available through its builder markets	Central limit order book	User-controlled Hyperliquid account
Ostium	Commodities, indices, FX, and equities	Oracle-priced contract execution	Per-position USDC collateral from the user’s Arbitrum wallet

The catalogue changes as listings open, close, or fail Novrinex controls. The terminal is the source for current availability. A product name in this documentation is an example, not a commitment that the market will remain listed.

Order-book markets

Order-book markets match bids and offers. The book determines executable depth and price impact. A displayed last price may not be available for the requested size.

These markets can support resting Limit and Stop Market orders where the active route exposes them. The order ticket calculates market-order impact from current book depth and applies the selected slippage limit.

Oracle-priced markets

Oracle-priced markets execute against a contract using an external reference price and route-specific spread, fee, and market-state rules. They do not expose the same resting order book as an order-book market.

Market availability follows the price source and contract rules. Equity, index, commodity, and FX markets may close for sessions, holidays, or price-feed interruptions. A quoted reference price can remain visible while new execution is unavailable.

Contract terms

Every listing defines its own:

contract symbol and underlying reference;
price tick, size step, and minimum order;
collateral asset and capital location;
isolated or cross-margin support;
maximum leverage and position limits;
maker, taker, spread, oracle, or route fees;
funding or rollover calculation;
mark price and liquidation rules;
trading schedule and closure policy;
supported order and protection types.

Do not transfer assumptions from one market to another. Two contracts that reference the same underlying can have different prices, funding, liquidity, session rules, and liquidation behavior.

Market status

Novrinex checks public market data and private account readiness separately. New orders can be disabled because of:

a scheduled market closure;
stale or missing reference prices;
excessive price deviation;
unavailable account or margin data;
an unhealthy execution route;
missing trading authorization;
account, product, or jurisdiction restrictions;
a Novrinex or venue risk control.

The order ticket gives the current reason when it cannot accept an order. Existing positions remain subject to the venue’s margin and liquidation rules during a Novrinex outage.

Routing policy

Novrinex currently assigns one preferred route to each canonical market. Candidate routes remain disabled until market data, capital synchronization, account eligibility, order submission, cancellation, and reconciliation pass a controlled rollout.

Novrinex does not automatically fail an uncertain order over to another venue. If the first route may have received the command, the exchange resolves that command using the same client order identifier before any replacement can be considered.

Settlement and records

External venue or onchain state is authoritative for current balances, positions, orders, and fills. Novrinex maintains a normalized operational record for display, support, verified performance, and product attribution.

The roadmap describes when Novrinex-operated markets begin to replace external matching and settlement for core products.