Markets
In one paragraph: Trion markets let you take a financial position on the price of a compute resource, such as an hour of H100 GPU time or a megawatt-hour of power. You never receive or deliver the resource. Every contract is settled in collateral against a published benchmark index, so a Trion position is price exposure, not a rental agreement.
What a contract is
Each market defines one unit and one contract (CT). One CT is one unit of the resource, priced in dollars per unit. The notional value of a position is simply quantity × price.
| Market | What the price measures | Unit | 1 CT | Perp price tick |
|---|---|---|---|---|
| CMPT | Rental cost of one H100 GPU for one hour | $/H100-hr | 1 H100-hr | $0.001 |
| DRAM | Memory price | $/GB | 1 GB | $0.01 |
| NAND | Flash storage price | $/GB | 1 GB | $0.001 |
| GRID | Wholesale power price | $/MWh | 1 MWh | $0.10 |
| HASH | Bitcoin hashrate rental | $/PH/s/day | 1 PH/s/day | $0.01 |
| DPIN | Basket index of decentralized-infrastructure prices | index points | 1 point | $0.01 |
| TOKN | LLM token price | $/Mtok | 1 Mtok | Disabled |
Example (hypothetical): CMPT index at $2.60. Buying 100 CT gives $260 of exposure. If the index moves to $2.86, a long gains about $26 before fees and funding; a short loses the same.
Why TOKN is disabled
TOKN has a research parameter row but no qualified live price source. The architecture record requires at least 90 days of live sampling before it can even be reconsidered, and the deployment script hard-codes enabled = false with an UNAPPROVED risk hash. No perp or option can be created on it.
Two product families
- Perpetuals — no expiry, leveraged, hourly funding, can be liquidated. See Perpetuals.
- Capped options — fixed expiry, buyer pays a premium up front, payout is capped, buyer can never be liquidated. See Options.
Both use the same market identity and the same index, but they are separate contracts with separate collateral. There is no cross-margin between them.
Market identity is more than a ticker
A market is identified by a hash of its symbol, methodology, unit, multiplier and fixing method. Two things called "CMPT" with different methodology are different markets and never share positions or claims. The DRAM basket composition (DDR5-only versus DDR4/DDR5) is flagged in the spec as still needing an explicit methodology hash.
Where markets actually exist today
CMPT is the only V2 market on Robinhood Chain (4663). Its capped options are live with USDG collateral from the activation time on the status page; its perpetual modules are deployed but not listed. GRID, DRAM, NAND, HASH and DPIN have no V2 contracts on 4663, and TOKN derivatives are disabled by construction. The table above describes the contract design for every market; only the CMPT row is tradeable, and only as options. The status page is the single list of what is live.
CMPT's recipe is six named venues (Vast.ai, RunPod, SF Compute, Lium, DataCrunch, Shadeform) combined as a trimmed weighted geometric mean; Akash executed leases are published as a weight-0 reference. The desk shows each constituent's latest print next to the composite. Unit, weights, smoothing and trimming are in the methodology factsheet.
Values and timestamps are dynamic. This page intentionally quotes no prices; read the live index on the desk or from GET https://api.trion.market/v1/oracle/v1/quote/CMPT.
Risk and status caveats
- CMPT is built from published offers and marketplace asks, not an executed-trade tape, and can lag a fast repricing. It is not your GPU bill. See Prices and the risk disclosures.
- Perp leverage limits, position caps and backstop funding for every market are candidate values; the perp is not listed on any market.
- Liquidity is user-provided. There is no house market maker.
Source trail: docs/spec/V2_ARCHITECTURE.md §2.2, §6.1, §6.3; overdrive/shared/v2/MarketRegistryV2.sol; overdrive/perps/script/DeployV2.s.sol (_marketConfig, TOKN branch); overdrive/deployments/v2/4663.json, 4663.perps.json; overdrive/deployments/v2/reviewed/4663.options-launch.json (sourceIds, weightsPpm); overdrive/exchange/oracle/src/index/cmpt.ts (CMPT_VENUES, CMPT_REFERENCE_VENUES); overdrive/exchange/matcher/src/server.ts (/v1/oracle/*).
Repository-owned documentation · September 2026 · Educational material, not investment advice and not an audit.