> For the complete documentation index, see [llms.txt](https://blackboard-fi.gitbook.io/blackboard-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://blackboard-fi.gitbook.io/blackboard-docs/getting-started/what-you-can-trade.md).

# What You Can Trade

Blackboard gives you five products in one account, one wallet, one portfolio. Each product has a different payoff structure and a different risk profile. Know the difference before you enter.

| Product                          | What you trade                                       | Payoff                               | Maximum loss                     |
| -------------------------------- | ---------------------------------------------------- | ------------------------------------ | -------------------------------- |
| **Perpetual Futures**            | Prices of crypto, equities, indices, FX, commodities | Directional position with leverage   | Full posted margin (liquidation) |
| **Prediction Markets**           | Outcomes of real-world events                        | YES/NO shares, settle at $1 or $0    | Full amount paid                 |
| **Options**                      | Crypto price outcomes                                | Up/Down shares, settle at 100c or 0c | Full amount paid                 |
| **Spot Trading** *(coming soon)* | The on-chain token itself                            | Buy and sell spread                  | Decline in token price           |
| **Trading Cards**                | Tokenized physical collectible cards                 | Spot buy and sell spread             | Decline in card price            |

## Perpetual Futures

Derivatives with no expiry date. You can take a **long** position on rising prices or a **short** position on falling prices.

* **Assets**: 400+ crypto markets via Aster, plus HIP-3 real-world asset markets on Hyperliquid (equities, indices, FX, commodities) priced by on-chain oracle
* **Leverage**: a larger position against your collateral. It amplifies gains and losses equally
* **Funding rate**: a periodic fee that keeps the perp price converging to spot. Crypto markets default to 8-hour intervals but can vary per market; HIP-3 markets settle every 8 hours
* **Coming soon**: a 1000X market powered by AARK
* **Liquidation**: your position closes automatically when the margin ratio falls below the maintenance level

{% hint style="warning" %}
Leveraged products can lose your entire principal. Start with low leverage and set a stop loss alongside every position.
{% endhint %}

Details: [Perpetual Futures Trading](/blackboard-docs/trade/perpetual-trading.md) · [Margin & Leverage](/blackboard-docs/trade/margin-and-leverage.md) · [Funding Rates](/blackboard-docs/trade/funding-rates.md) · [Liquidation](/blackboard-docs/trade/liquidations.md)

## Prediction Markets

Prediction markets are markets where you trade on the outcomes of real-world events. On Blackboard, you can participate in events spanning crypto, politics, economics, sports, and more.

* **YES / NO**: you buy shares in whether an event resolves true or false
* **Price is probability**: YES at $0.65 means the market prices a 65% chance. YES and NO prices always sum to $1.00
* **Settlement**: once the outcome resolves, the correct side pays $1.00 and the other pays $0.00
* **Trade before resolution**: you do not have to wait for the outcome. Sell your shares when the price moves in your favor

Details: [Prediction Markets](/blackboard-docs/trade/prediction-market.md)

## Options

Defined-risk option positions on crypto prices. Like prediction markets, options settle through Polymarket and are collateralized in pUSD. The lineup spans the full range of Polymarket option products; short rolling Up/Down windows are one example.

* **Direction**: buy the Up token or the Down token
* **Pricing**: 0 to 100c. Winning shares settle at 100c, losing shares at 0c
* **No leverage, no liquidation**. Your maximum loss is fixed at entry as the amount you paid

## Spot Trading *(coming soon)*

Buy and sell on-chain tokens as spot. You own the token itself rather than a derivative on it, so there is no leverage and no liquidation. Assets are held in the multichain wallet built into the terminal. Tokenized global equities and Pre-IPO names are part of the same lineup.

* **What you trade**: on-chain tokens across EVM chains and Solana
* **How you trade**: buy, sell, or swap between the assets you hold
* **Move**: send funds into perpetuals collateral in a few taps
* **Coming soon**: Tokenized Equity, covering global equities and Pre-IPO names

## Trading Cards

Graded physical collectible cards traded as on-chain spot assets.

* **Tokenization**: CollectorCrypt vaults the physical card and issues an on-chain token backed 1:1
* **Custody**: the tokenized card sits in your self-custodial wallet next to your crypto
* **Trading**: settles on-chain in seconds, with no shipping and no escrow

Details: [Trading Cards](/blackboard-docs/trade/trading-cards.md)

## Where to Start

| What you want to do                                      | Product            |
| -------------------------------------------------------- | ------------------ |
| Take a leveraged directional bet on an asset price       | Perpetual Futures  |
| Trade real-world events such as elections, rates, sports | Prediction Markets |
| Trade with your downside capped in advance               | Options            |
| Simply hold and swap tokens                              | Spot Trading       |
| Hold collectibles as on-chain assets                     | Trading Cards      |

## Next Steps

* [Quick Start](/blackboard-docs/getting-started/quick-start.md): account creation through deposit
* [Your First Trade](/blackboard-docs/getting-started/first-trade.md): place a real order
* [Trading Overview](/blackboard-docs/trade/terminal-overview.md): how the terminal is structured
* [Fees](/blackboard-docs/resources/fees.md): fee schedule by product