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

# Markets

> Listed perpetual markets and trading parameters

Polymarket Perps markets track underlying assets across indices, commodities,
crypto assets, and equities. Each market has its own trading parameters.

## Instruments

Perps markets are represented by instruments, which are the listed perpetual
contracts available to trade.

Each instrument also includes details that shape how it trades:

* Underlying asset
* Collateral and quote asset
* Price and quantity precision
* Tick size
* Minimum order size
* Risk tiers and leverage caps
* Mark, index, and funding configuration

> [!NOTE]
>
> Market parameters can change as markets evolve. Builders should read live
> instrument details from [Market Data](/perps/market-data#fetch-instruments)
> before submitting orders.

## Price Feeds

Each market tracks an underlying market through external price feeds. Those
feeds drive the [Index Price](/perps/learn-about-trading/index-price), and the Index Price helps anchor the [Mark Price](/perps/learn-about-trading/mark-price).


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