> ## Documentation Index
> Fetch the complete documentation index at: https://injectivelabs-docs-tokenization-section.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# iAssets

> Synthetic real-world asset derivatives on Injective: how iAssets work, what markets are available, how prices are sourced, and how to trade them.

iAssets are synthetic perpetual futures contracts that give traders price exposure to real-world
assets, including equities, commodities, and FX pairs, without requiring custody of the underlying.
Unlike permissioned native tokens, iAssets carry no direct on-chain representation of the underlying
instrument. Collateral is posted in USDT or other supported stablecoins, positions are cash-settled,
and price exposure is delivered through Injective's decentralized oracle infrastructure.

iAssets trade through Injective's native derivatives engine under exactly the same mechanics as
crypto perpetual futures: margin-based positions, funding rates, an orderbook (or RFQ for
supported front-ends), and 24/7 continuous trading even when the underlying market is closed.

***

## How iAssets Work

### Price Feed

Each iAsset market is anchored to a decentralized oracle price feed sourced via Pyth. This price determines:

* The mark price used for margin and liquidation calculations
* Funding rate direction and magnitude
* Settlement value when a position is closed

Price feed hours vary by asset class:

| Asset Class                   | Price Feed Hours                                         | Trading Hours |
| ----------------------------- | -------------------------------------------------------- | ------------- |
| iAssets (Equities, supported) | 24/5 via SEDA aggregation (pre-market through overnight) | 24/7          |
| iAssets (Equities, other)     | Regular market hours only                                | 24/7          |
| iAssets (FX / Commodities)    | Sunday 6PM ET to Friday 5PM ET                           | 24/7          |

iAssets continue trading 24/7 on Injective even when the mark price is not updating. Outside of active feed hours, the mark price is held constant, which means PnL does not shift and liquidation is virtually impossible until the next price update cycle resumes.

### Settlement

iAssets are cash-settled perpetuals with no physical delivery of shares, commodities, or
currency. When you close a position, the PnL is settled in USDT based on the mark price at the
time of close.

### Funding Rate

Like all perpetual futures on Injective, iAssets accrue a funding rate to keep the perpetual price
anchored to the oracle price. When the perpetual trades at a premium to the oracle price, long
positions pay short positions, and vice versa.

***

## Available Markets

iAsset markets cover three primary categories:

| Category        | Examples                                       |
| --------------- | ---------------------------------------------- |
| **Equities**    | Major US and international equity exposures    |
| **Commodities** | Gold, silver, crude oil, and other commodities |
| **FX**          | Major currency pairs                           |

The full current list of active iAsset markets is available on the Injective exchange.

***

## Trading iAssets

### Differences from Crypto Perpetuals

iAssets trade identically to crypto perpetuals on Injective, with one key distinction: the
underlying price source. For crypto markets, the oracle is typically sourced from spot DEX prices.
For iAssets, the oracle relies on off-chain financial data providers. This means:

* **No spot arbitrage**: There is no on-chain spot market for the underlying to hedge against.
  Arbitrage is purely between the iAsset perpetual price and the oracle price, not the physical asset.
* **Oracle dependency**: Outside of active feed hours, the mark price is held constant by design. If an unplanned outage occurs during market hours, positions remain open but no new funding accrues until the feed resumes.
* **Extended hours**: iAssets trade 24/7 but price exposure is limited to active feed windows (see the price feed table above). Outside those windows, PnL does not shift.

### Margin and Leverage

Margin is posted in USDT or other supported stablecoins. Leverage varies by market (typically 25x for equities, 50x for commodities, 100x for FX).
See [Margin trading](/trading/margin-trading) for how cross- and isolated-margin work.

### Fees

iAssets are subject to the same maker/taker fee schedule as other Injective derivative markets.
See [Fees](/trading/fees).

***

## iAssets vs. Permissioned Native Assets

|                           | iAssets                        | Permissioned Native Assets                         |
| ------------------------- | ------------------------------ | -------------------------------------------------- |
| **What it represents**    | Synthetic price exposure       | On-chain token representation of an RWA            |
| **Custody of underlying** | None                           | Depends on issuer structure                        |
| **Collateral**            | USDT margin                    | Asset-specific                                     |
| **Settlement**            | Cash (USDT)                    | Token-denominated                                  |
| **Transfer restrictions** | None                           | Enforced by Permissions module                     |
| **Compliance controls**   | None                           | Whitelist, blacklist, freeze, custom Wasm hook     |
| **Best for**              | Traders seeking price exposure | Issuers requiring regulated, tokenized instruments |

***

## Further Reading

* [Permissioned Assets](/defi/tokenization/permissioned-assets): for tokenizing RWAs with compliance controls
* [Perpetual Markets](/trading/perpetual-markets): how perpetual futures work on Injective
* [Funding Rates](/trading/funding-rates)
* [Margin Trading](/trading/margin-trading)
* [Oracle Feed Sources](/trading/oracle-feed-sources)