# One account, more than crypto

Cross-Asset Desk Research; Updated 24 September 2026; Terms read 18 September 2026

Perpetual contracts on gold, crude oil, currencies and listed shares against stablecoin collateral — which venues list them, when those markets are open, and what a round trip costs.

Metals, energy, currencies and listed shares now trade as perpetual contracts against stablecoin
collateral, on the same venues as BTC. What differs between them is not whether the market exists but
when it is open, what it costs to hold, and who holds the collateral while it is. The trading terms of
every venue on this page are read here; the one market they all share is measured rather than reported.

One line decides who is scored. A venue joins the register when its own documentation lists at least
four asset classes that are not crypto — metals, energy, currencies, equities, indices, pre-listing
contracts, fixed income — and when it runs a resting order book this desk can read. Six venues clear
both. edgeX, ApeX Omni and Paradex document three classes apiece and dYdX one, so this desk goes on
reading them, names them under the tables they used to stand in, and gives none of them a place or a
mark.

## What trades on each venue beyond crypto

A venue can list gold and still be shut when you want to trade it. This table pairs what each venue lists
with when those markets are open, taken from its own documentation rather than from a marketing page. It
also shows the register being applied: every row below carries four or more classes outside crypto.

| Venue | Perp markets | Asset classes listed | When the non-crypto markets are open |
|---|---|---|---|
| Lighter | 214 | crypto, stocks, FX, commodities, indices, pre-IPO, bonds | Real-world assets stated as 24/7; no venue-wide hours page |
| Extended | 325 | crypto, stocks, FX, commodities, indices, pre-IPO | Order-book real-world assets 24/7; Prime markets 24/5 or session-bound |
| Aster | 578 | crypto, stocks, FX, commodities, indices, pre-IPO | not stated in the documentation we read |
| Hyperliquid | 324 | crypto, stocks, FX, commodities, indices | not stated in the documentation we read |
| EVEDEX | 52 | crypto, commodities, FX, stocks, indices, pre-IPO | All markets 24/7, shares and commodities included |
| Aevo | 102 | crypto, stocks, commodities, FX, pre-IPO | not stated in the documentation we read |

Asset classes and market counts from each venue's documentation and trading terms, read on
18 September 2026. The rule for who appears at all: four or more asset classes outside crypto in a
venue's own documentation, which is what puts six venues on this table and leaves edgeX, ApeX Omni,
Paradex and dYdX off it at three classes or fewer. Hours come from wherever a venue states them, which
for several is a real-world-asset page rather than an hours page; "not stated" means we found no such
line anywhere, which is not the same as continuous trading. Oracle-priced venues are listed on the
[Ostium alternatives](/ostium-alternatives) page with their own hours.

## Venue scores on 18 September 2026

Six venues are on the register, and the five criteria are weighted for a portfolio that is not only
crypto: what one account reaches carries 32 of the 100, the cost of getting in and out 28, custody of
the margin 18. The book behind the quote takes 10, the smallest share of the five, because it is read
on BTC — the one market every venue here lists, and no guide at all to the gold or equity book beside it.

| # | Venue | Score of 100 | Points by criterion | Maker / taker | Perp markets | Open interest | Venue type |
|---|---|---|---|---|---|---|---|
| 1 | Lighter | 90 | Reach 9.2 · In and out 10.0 · Margin 10.0 · Standing 7.0 · Book 6.4 | 0% / 0% | 214 | $585.4 million | Hybrid, ZK-proven |
| 2 | Extended | 85 | Reach 9.6 · In and out 8.5 · Margin 7.0 · Standing 10.0 · Book 5.7 | 0% / 0.025% | 325 | $84.0 million | Hybrid |
| 3 | Aster | 82 | Reach 10.0 · In and out 7.0 · Margin 7.0 · Standing 10.0 · Book 6.3 | 0% / 0.040% | 578 | $1.4 billion | Own layer 1, operator-run |
| 4 | Hyperliquid | 76 | Reach 9.6 · In and out 6.5 · Margin 7.0 · Standing 7.0 · Book 6.0 | 0.015% / 0.045% | 324 | $8.7 billion | On-chain order book |
| 5 | EVEDEX | 67 | Reach 7.8 · In and out 6.5 · Margin 5.0 · Standing 7.0 · Book 6.6 | 0.015% / 0.045% | 52 | $704.9 million | Hybrid |
| 6 | Aevo | 58 | Reach 8.5 · In and out 3.0 · Margin 7.0 · Standing 4.0 · Book 5.2 | 0.050% / 0.080% | 102 | $12.8 million | Hybrid |

One formula for the whole site: What one account reaches 32 · Cost of getting in and out 28 · Custody of the margin 18 · How the venue has held up 12 · The book behind the quote 10. Version 1.1 of the weights, fixed 23 September 2026 and the sheet recomputed after. Rubric and arithmetic: https://gerhardandlinger.net/method

Open interest is a return the venue makes about itself, published by CoinMarketCap on 22 September 2026; market counts come from each venue's own documentation.

## Desk figures

- **Venues read:** 16 — order-book and oracle-priced, 6 of them scored
- **Markets listed:** 1,595 — crypto, metals, energy, currencies, indices, shares and pre-IPO contracts on the scored venues
- **Hours in the documents:** 5 venues — say when their non-crypto markets are open — three of the six on the register, plus the two oracle-priced venues that publish a session for every class
- **BTC orders within 10 bps:** $70.8 million — added across the 6 scored books, each the middle reading of a poll put to every book every 10 minutes — answered 28 times on three of them, 27 on Aster, 17 on Extended and on Lighter

Markets, asset classes and trading hours are read from each venue's own documentation and trading terms on 18 September 2026. Depth is not a reported figure: the BTC perpetual order book of every scored venue was read every ten minutes in one sitting on 20 September 2026, and the tables print the middle reading. No account was opened and no order was sent to take it.

## Why the hours matter more than the list

A perpetual on gold does not close because the metal stops trading — it closes because the venue
decides to stop quoting it. Oracle-priced venues follow the underlying session: Ostium's documentation
puts stocks at 9:30 to 16:00 ET on weekdays and commodities from Sunday evening to Friday evening, and
queues orders outside those windows ([Ostium market reference](https://docs.ostium.com/traders/reference/markets), checked 18 September 2026).
gTrade says the same in plainer words and warns that stop losses cannot be guaranteed across a closed
market ([gTrade documentation](https://docs.gains.trade/gtrade-leveraged-trading/asset-classes/forex), checked 18 September 2026).

Others keep quoting through the weekend, though rarely across the whole board. EVEDEX states that all
52 of its markets trade 24/7, shares and commodities included (18 September 2026,
EVEDEX documentation). Lighter says it of its real-world assets
([Lighter docs](https://docs.lighter.xyz/trading/real-world-assets-rwas.md), checked 18 September 2026), and Extended of the ones that sit on its order
book rather than behind a quote request. Aster, Hyperliquid and Aevo say nothing on hours anywhere we
read. That matters to anyone who wants to cut a gold or equity position on a Sunday — and it raises
the question of who is on the other side of the quote when the cash market is shut.

## Rankings, comparisons and guides

**By asset**

- [Trade gold with crypto](https://gerhardandlinger.net/trade-gold-with-crypto) — XAUT perpetuals, leverage ladders and when the market is open
- [Oil perpetuals](https://gerhardandlinger.net/oil-perpetuals) — WTI contracts against USDT, and the session behind them
- [Stock perpetuals](https://gerhardandlinger.net/stock-perpetuals) — shares and index proxies without a brokerage account
- [USDT-margined FX perpetuals](https://gerhardandlinger.net/usdt-margined-fx-perpetuals) — EUR/USD and USD/JPY quoted against stablecoin collateral

**Rankings and comparisons**

- [Forex and crypto trading on one account](https://gerhardandlinger.net/forex-and-crypto-trading) — the full ranking of multi-asset venues
- [Ostium alternatives](https://gerhardandlinger.net/ostium-alternatives) — order-book venues for traders leaving an oracle-priced one
- [Multi-asset fees compared](https://gerhardandlinger.net/multi-asset-perpetual-fees) — what a $10,000 round trip costs, venue by venue
- [EVEDEX vs Ostium](https://gerhardandlinger.net/evedex-vs-ostium) — continuous quotes against session-bound ones
- [Extended vs Aster](https://gerhardandlinger.net/extended-vs-aster) — two wide market lists, different chains

**Method and guides**

- [What is a USDT-margined gold perpetual](https://gerhardandlinger.net/usdt-margined-gold-perpetuals) — what you own, what you do not, and how funding works
- [How we rate](https://gerhardandlinger.net/method) — five criteria, weights and formulas on a 0-100 scale
- [About this desk](https://gerhardandlinger.net/about) — who writes here and where the numbers come from

Corrections: desk@gerhardandlinger.net. Every figure on this site carries the date it was read.

— Cross-Asset Desk Research. Edition of 24 September 2026.

This desk is paid to publish, and a venue covered here may be the party that paid.