Every market you can trade on Polymarket Perps

Bitcoin at three in the morning is unremarkable. NVIDIA at three in the morning, on a Saturday, at 10x, against a price feed that never closes — that is the part worth looking at twice.

Every listed market

The leverage ceiling, the maintenance margin rate that ceiling implies and what funding is costing right now: Polymarket publishes those three in three different places. Choosing between NVDA and BTC is choosing between all three at once.source↗

The four asset classes

Polymarket groups every instrument into one of four categories, and the split is lopsided: this is an equities venue with a crypto book attached, not the other way round.source↗

• ▸Stocks — 24. The megacaps, the semiconductor complex, the crypto-adjacent listings and SpaceX. See a representative market.
• ▸Crypto — 9. The four majors plus Hyperliquid at the top ceiling; the smaller tokens below it. See a representative market.
• ▸Commodities — 3. Gold, silver and WTI crude — all three at the top leverage ceiling. See a representative market.
• ▸Indices — 3. The S&P 500 and the Nasdaq 100, plus a DRAM contract that is not an equity index at all. See a representative market.

The category label is not cosmetic. It decides the funding scale — crypto markets run at 1.0 and everything else at 0.5, which halves the premium term on stocks, commodities and indices before it is ever charged.source↗ The funding page works through what that does to carry.

DRAM is filed as an index and it is not an equity index. It is a memory-price contract in the same bucket as the S&P 500 — reasonable taxonomy for an exchange, confusing for a filter button.source↗

The instruments endpoint also lists SK Hynix twice, under two symbols. So 39 listed instruments is 38 distinct underlyings. The table shows both.source↗

Which markets get 20x

10 of the 39 listed markets carry the 20x ceiling.

The pattern is liquidity, not sentiment. The markets that get the top ceiling are the ones with the deepest external price discovery — assets you can hedge in size somewhere else at four in the morning. Individual stocks do not qualify, however large the company: Apple and NVIDIA sit at the same 10x as SanDisk.

The arithmetic at every leverage setting is on the leverage page, and the calculator will price a specific position.

The risk-tier ladder

The headline ceiling only applies while your position is small. Every market carries a ladder of risk tiers that lowers the cap as notional grows, and the cap applies to the whole position — not to the slice above the threshold.source↗

Work an example. You are long just under $250K of Bitcoin at 20x, so the position needs a shade under $12,500 of initial margin. You want to add. The moment it reaches $250K the ladder’s second rung applies, the cap drops to 10x, and the requirement on the notional you already hold becomes $25,000 — 2 times as much margin, for exposure you have not increased yet.

IM = Notional / Leverage
Cap = riskTier(Notional).maxLeverage        applied to the WHOLE notional
WorstCaseSize = max(|Position + OpenBuys|, |Position − OpenSells|)

Polymarket does not partially fill you into this. Submit the order with your leverage still set above the new cap and it is rejected outright with invalid_leverage. Lower the setting first, accept the larger margin requirement, then size up.source↗

The ladder is not a tax bracket. Cross a rung and the new cap reprices everything you were already holding.

What is the same everywhere

Four parameters do not vary across the 39 markets at all. Learn them on one market and they hold on every other.source↗

The $10 floor is the one that changes who this product is for. A $10 position at 10x is $1 of margin, so the barrier to holding a leveraged view on ASML is a coffee — and the taker fee on it rounds to nothing, which is exactly the wrong lesson to take into a position a hundred times larger.

Notional ceilings do vary: the 20x markets accept up to $1M in a single market order against $500K on a stock, with limit orders allowed five times either figure.source↗

And every one of them keeps matching around the clock. Sessions change which external feeds build the index price and nothing else — not funding, not margin, not liquidation triggers.source↗ What a Saturday NVIDIA price actually is, is its own page.

The semiconductor cluster

10 of the 24 listed stocks are semiconductor names: NVIDIA, AMD, Micron, Broadcom, TSMC, ASML, Arm, Qualcomm, Intel, SanDisk. That is coverage, not an accident of listing order.

ASML, SK Hynix, Micron, SanDisk and a DRAM contract on one venue is the closest thing here to a reason to use this product rather than a crypto exchange: the memory cycle becomes a trade, dollar-denominated, at two in the morning. Whether it is worth trading at 10x is a separate question, and the answer is usually no.