# Nova Markets Docs

> How Nova works: trading Hyperliquid and Nova markets, providing liquidity to the Conviction Pool, and the Conviction Drops that decide what lists next.

Every page of the documentation is available as Markdown at the addresses below. The complete text of all of them in one file is at https://docs.nova.markets/llms-full.txt, which is short enough to read whole.

## Introduction

- [What is Nova?](https://docs.nova.markets/what-nova.md): Nova is the perpetuals exchange reshaping market formation for Hyperliquid. Nova introduces Conviction Markets, the market formation primitive on the House of All Finance. Decide what lists next on Hyperliquid and earn from every market, forever.
- [What is Conviction Markets?](https://docs.nova.markets/what-conviction-markets.md): Nova introduces Conviction Markets, the new primitive for market formation, where aligned incentives accelerate liquid listings by rewarding traders and LPs with lifetime fee sharing from all listed markets.
- [Quick Start](https://docs.nova.markets/quick-start.md): Earn Conviction Points and use them to earn direct fee sharing from all of Nova’s markets and decide what lists next.

## Conviction Markets

- [Conviction Tokens](https://docs.nova.markets/revshare.md): The token that gives holders a lifetime share of each market’s fees. Every listed market has one.
- [Conviction Drops](https://docs.nova.markets/conviction.md): Conviction Markets is the new primitive for market formation. You earn Conviction Points, spend them on the proposed markets you believe in, and receive Conviction Tokens, a lifetime share of each listed market's fees, at the Drop.
- [Conviction Points](https://docs.nova.markets/points.md): Earned by trading and by providing liquidity to the Conviction Pool, and yours until you use them. Spend on Conviction Drops and receive Conviction Tokens.
- [Propose a Market](https://docs.nova.markets/propose.md): List your market on Hyperliquid and earn a 10% revenue share, forever.
- [Referrals](https://docs.nova.markets/referrals.md): Refer users and earn direct fee sharing from their trades and boosted Conviction Points.

## Trading

- [Placing a trade](https://docs.nova.markets/trade.md): Trade any market on Nova’s Trading Terminal and earn Conviction Points.
- [Deposits and transfers](https://docs.nova.markets/get-started.md): Four operations, all from the same panel.
- [Fees and funding](https://docs.nova.markets/fees.md): What a trade costs, on both kinds of market, and the one fee that can pay you.

## Earn

- [Conviction Pool](https://docs.nova.markets/conviction-pool.md): Deposit on the Conviction Pool and earn direct fee share from all Nova’s Markets and earn Conviction Points.
- [NLP Vault](https://docs.nova.markets/nlp-vault.md): Market making on the markets mature enough to be listed on Hyperliquid. Your USDC is used to quote both sides of those books.

## How it actually works

- [Pricing and oracles](https://docs.nova.markets/pricing.md): How the Pricing and Oracle feeds for Nova’s markets work.
- [Pool mechanics](https://docs.nova.markets/pool-mechanics.md): One Conviction Pool behind every market: what that means precisely, and why deposits move on epochs.
- [Nova Smart Contracts](https://docs.nova.markets/contracts.md): The technology Nova is built on, the contracts behind it, and who controls them.
- [Markets and parameters](https://docs.nova.markets/markets.md): The markets listed on Nova, the settings each one trades with, and where each trading fee goes. Everything in the tables is read from the chain.

## Reference

- [FAQ](https://docs.nova.markets/faq.md)
- [Glossary](https://docs.nova.markets/glossary.md): Every keyword in these docs, one line each. When a page uses a term, this is what it means.
- [Risks and disclaimers](https://docs.nova.markets/risks.md)

## Optional

- [Complete text of the docs](https://docs.nova.markets/llms-full.txt): every page above in one file, glossary first