> ## Documentation Index
> Fetch the complete documentation index at: https://docs.numofx.com/llms.txt
> Use this file to discover all available pages before exploring further.

# FAQ

> Short answers to common questions about trading on Numo

> **What can I trade?**
>
> `cNGN-USDC` spot, and a cash-settled cNGN future for each listed expiry, currently
> `USDC-cNGN-30NOV26`. See [Market specs](/markets/market-specs).

> **What is cNGN?**
>
> A naira stablecoin on Base. 1 cNGN redeems for 1 Nigerian naira.

> **Which way is each market quoted?**
>
> Spot is quoted in USDC per cNGN, about `0.00073`, and sized in cNGN. The future is quoted in cNGN
> per USDC, about `1380`, and sized in USDC of notional. A long future is long USDC and gains when
> the naira weakens.

> **How do I open an account?**
>
> Make a [deposit](/api-reference/endpoint/deposits) with `subaccount_id` `0`. The venue opens a
> subaccount, funds it and pays the gas. See [Subaccounts](/subaccounts).

> **Do I pay gas?**
>
> No. The venue submits deposits, withdrawals and fills on chain and pays the gas. For USDC, you can
> also [sign a permit](/api-reference/endpoint/deposits#or-sign-a-permit-instead) instead of approving
> on chain.

> **What can I use as collateral?**
>
> USDC and cNGN. USDC counts at par. cNGN counts at half its value at the index. See
> [Collateral](/collateral).

> **How much leverage can I use?**
>
> Up to 4x on futures. Initial margin is 25% of notional, and maintenance margin is 15%. See
> [Margin math](/risk/margin-math).

> **Is there a funding rate?**
>
> No. The future is a dated contract. Gains and losses settle through
> [variation margin](/futures#variation-margin), and the position closes out at expiry.

> **Why did I pay the taker fee on a resting order?**
>
> The taker is the order created later, not the one that rested longer. Set `post_only` to make sure
> you are always the maker. See [Fees](/matching/fees).

> **Why isn't my order filling?**
>
> Common reasons:
>
> * Its only counterparty is your own subaccount. See [Self-trade prevention](/matching/self-trade-prevention).
> * Its `worst_fee` is lower than the fee. See [Fees](/matching/fees#the-worstfee-bound).
> * On a future, the index is stale or the price is outside the [fill band](/futures#the-fill-band).
> * On a future, your account is short of margin. See
>   [Pre-trade margin check](/risk/margin-math#pre-trade-margin-check).

> **Are there market orders?**
>
> No. Every order is a limit order. To trade at once, price through the other side of the book. See
> [Order types](/matching/order-types).

> **What happens if my account falls below maintenance margin?**
>
> It can be liquidated through an on-chain auction. See [Liquidation](/risk/liquidation).

> **Can I trade from a hot key?**
>
> Yes, for orders. Register a session key on chain. Deposits and withdrawals must be signed by the
> owner. See [Session keys](/signing#session-keys).

> **Where do I find the API reference?**
>
> In the **API** tab. To connect these docs to an AI tool, see [Installation](/cli/installation) in the **CLI** tab.


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