> The index of every page is at https://docs.nova.markets/llms.txt. The complete documentation in one file is at https://docs.nova.markets/llms-full.txt.

# Markets and parameters

Address: https://docs.nova.markets/#/markets
Section: How it actually works

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.

## Listed markets

The trading contract holds 453 pair entries. A pair can be traded only when its open-interest cap is above zero. Markets listed today: 1.

### HYPE/USD

- **Leverage:** 1.1× to 200×
- **Trading fee, each side:** 0.04% (4 bps)
- **Minimum position:** $200
- **Open-interest cap:** 1,500,000 USDC
- **Fixed spread:** None
- **Liquidation threshold:** 90% up to 25×, falling to 75% at 60× and above

The trading fee is charged when a position opens and again when it closes. Price impact and holding fees are explained in [Fees and funding](https://docs.nova.markets/fees.md).

## Where each trading fee goes

The trading contract splits every trading fee the same way on every market.

| Recipient | Share of each trading fee |
| --- | --- |
| **Nova treasury** | 82.5% |
| **Conviction Pool depositors** | 15% |
| **Referrer** | 2.5% |

When a trade has no referrer, that 2.5% is shared between the other recipients in the same proportions: 84.6% to the treasury and 15.4% to the pool.

This is the split the contracts enforce. Conviction Token payouts are computed offchain on top of it, from Nova’s treasury share.