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.

Example (hypothetical): CMPT-USD perp index at $2.60. Buying 100 CT gives $260 of exposure. If the index moves to $2.86, a long gains about $26; a short loses the same. (Beta fees are 0 % and funding is off.)

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 (1x–20x sizing leverage in 0.1 steps, with tiered margin), can be liquidated. Funding is off for the beta. The CMPT-USD perpetual is in open beta, open to everyone at app.trion.market. See Perpetuals.
• Capped options — fixed expiry, buyer pays a premium up front, payout is capped, buyer can never be liquidated. See Options.

The two families share the same underlying (one H100 GPU-hour) but not the same index: the options settle on the six-venue CMPT options index (trion-cmpt-v1); the perpetual marks to the ten-venue CMPT-USD perp index (trion-cmpt-v2-linked), with mark = index and funding off in the beta. 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 underlying with V2 contracts on Robinhood Chain (4663). Its capped options are live with USDG collateral from the activation time on the status page. The CMPT-USD perpetual is deployed (PerpetualV2, OrdersV2, CloseoutRouterV2; no ADL queue, no backstop vault) and is in open beta, open to everyone. 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 two CMPT rows are tradeable — the options live, the perpetual in open beta. The status page is the single list of what is live.

Two CMPT indices. The options index 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. Unit, weights, smoothing and trimming are in the methodology factsheet. The CMPT-USD perp index recipe is ten venues (RunPod, DataCrunch, Lium, Shadeform, Lambda, Nebius, Crusoe, Hyperstack, Voltage Park, and Akash executed leases as a constituent) combined as an equal-weight geometric mean after trimming the top and bottom 20 %, chain-linked and glided at up to 2 %/h, published about once a minute with an evidence root. Its recipe is on the perp index page. The desk shows each constituent's latest print next to the composite.

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

• Both CMPT indices are built mostly from published offers and marketplace asks, not an executed-trade tape (Akash executed leases are the only executed source, and only in the perp index), and can lag a fast repricing. Neither is your GPU bill. See Prices and the risk disclosures.
• The CMPT-USD perpetual is an open beta. Choose sizing leverage from 1x to 20x in 0.1 steps. New open interest across all users is admitted up to $500, with an on-chain hard cap of $1,000 and a $2,000 notional cap per account. Caps may change. Fees are 0% and funding is off. Trion’s matcher settles trades and Trion’s keeper liquidates into Trion’s receiver; no ADL or backstop vault is deployed. At 20x, about a 1.5% adverse move from entry can bring the position to maintenance and trigger liquidation. Gaps can liquidate at worse prices. If the index feed degrades, new risk pauses and liquidations wait for a fresh normal price. See Margin and liquidation for the marginal tiers. Perp parameters for every other market are candidate values; no other perp is deployed.
• Liquidity comes from resting orders. Trion's market maker participates in the perp book but guarantees no depth, continuous quotes or exits.

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 (market CMPT-USD: PerpetualV2, OrdersV2, CloseoutRouterV2); overdrive/deployments/v2/reviewed/4663.options-launch.json (sourceIds, weightsPpm); overdrive/exchange/oracle/src/index/cmpt.ts (CMPT_VENUES, CMPT_REFERENCE_VENUES); overdrive/exchange/oracle/src/index/linked.ts (computeLinkedIndex, computeTrimmedGeo); overdrive/exchange/oracle/policy/4663.cmpt-usd.v2.policy.json (ten sources, markSource: "index"); overdrive/exchange/matcher/src/server.ts (/v1/oracle/*).

Repository-owned documentation · October 2026 · Educational material, not investment advice and not an audit.