> ## 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.

# Market specs

> Contract specifications for cNGN-USDC spot and the cNGN future

Numo lists two markets: `cNGN-USDC` spot and one cNGN future per expiry, currently
`USDC-cNGN-30NOV26`. Read the live values from [`GET /v1/markets`](/api-reference/endpoint/get)
rather than hard-coding them.

## Specs

| | `cNGN-USDC` | `USDC-cNGN-30NOV26` |
| - | - | - |
| Type | Spot | Cash-settled dated future |
| Base / quote | cNGN / USDC | USDC / cNGN |
| Price unit | USDC per cNGN | cNGN per USDC |
| Size unit | cNGN | USDC of notional |
| Contract size | — | 1,000 USDC |
| Minimum size | 1 cNGN | 1 USDC |
| Size step | 1 cNGN | 1 USDC |
| Tick size | 1e-18 | 1e-18 |
| Taker fee | 25 bps | 25 bps of notional |
| Maker fee | 0 | 0 |
| Margin | Fully funded | 25% initial, 15% maintenance |
| Settlement | Each fill, on chain | Cash, at expiry |

## Futures dates

| | Value |
| - | - |
| Expiry | 2026-11-30 14:00 UTC (`expiry_timestamp` 1796047200) |
| Last trade | 2026-11-30 13:00 UTC, one hour before expiry |
| Settlement price | Time-weighted average of the [index](/markets/index-price) over the last hour |
| Settled in | cNGN and USDC, through [variation margin](/futures#variation-margin) |

A new series gets a new identifier, `USDC-cNGN-<DDMONYY>`, and its own expiry.

> [!NOTE]
>
> `future.last_trade_time` is when the series stops trading. The top-level `last_trade_timestamp`
> on `GET /v1/markets` is something else: the time of the market's most recent fill.

## Signing scales

| | `cNGN-USDC` | `USDC-cNGN-30NOV26` |
| - | - | - |
| `amount_scale` | 1e18 | 1e15 (1 USDC of notional) |
| `limitPrice` | price × 1e18 | price × 1e18 |

See [Authentication and signing](/signing).

## Trading hours

Both markets trade around the clock. A future stops at its `last_trade_time`, and the matcher
pauses while the index is stale or the MarginEngine is paused.


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.