> For the complete documentation index, see [llms.txt](https://docs.lighter.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.lighter.xyz/trading/real-world-assets-rwas.md).

# Real World Assets (RWAs)

RWAs are tradeable 24/7 and include commodities, equities, and fixed income markets. The Experimental Liquidity Provider (XLP) previously served as the primary liquidity provider for these markets. The Lighter Liquidity Provider (LLP) now manages liquidity and handles liquidations. RWAs are subject to liquidations in the same manner as all other markets on the exchange.

#### Leverage

Leverage does not change outside trading hours. A 10× long position on Gold (XAU) remains unchanged, and there is no requirement to reduce exposure. However, price volatility may increase at market open.

#### Pricing

Outside the underlying's trading hours, external prices can become stale and pricing switches to the price derived from the order book. Markets with an enabled price cap limit that internal price relative to the last oracle price. See [Internal Pricing Mechanism](/trading/internal-pricing-mechanism.md) for the methodology and cap exceptions.

#### Market structure

Most RWA markets support both isolated and cross margin. H100, GEV and TUR30 are isolated-only (`market_config.market_margin_mode = 1`). Check `market_margin_mode` in `orderBookDetails` for the current setting.


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