TCGX is a perpetual market based on the Trading Card Game Index, which tracks a curated selection of collectible cards across games such as Magic: The Gathering, Pokémon, One Piece, and Disney Lorcana. You can go long or short on changes in the index. A TCGX position does not give you ownership of any cards.
TCGX carries a DISC label because it is a Discovery Market. Discovery Markets cover novel assets that may have limited liquidity, trading caps, and other market-specific conditions. Review these conditions before trading.
Trade TCGX
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Go to app.n1.xyz/perps and search for TCGX.
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Open the market and review the DISC label, OI cap, indicative order book, and chart.
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Choose Buy / Long or Sell / Short, enter your size, and review the estimated price, slippage, fees, margin, and liquidation price.
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Submit the order. TCGX uses request for quote (RFQ): N1 requests a live quote for your order, and the order does not execute against the indicative order book.
Read the indicative order book
The TCGX order book is a reference view of pricing and liquidity. Its levels are modeled and are not executable orders.
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Hover a price level to see the cumulative size, average price, and distance from the mid price.
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Select Check size estimate to request a current indicative estimate for that cumulative size.
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Check Last quoted to see when the displayed depth was sampled.
Understand the OI cap
TCGX has a market-wide open interest cap of $100K. The market header shows two separate figures:
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Open Interest is the total value of open long and short positions, with both sides counted at the index price. This is how open interest is shown on every market.
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OI cap shows one side of the market's open interest at the index price against the fixed $100K cap. Because it counts only one side, it is half of the Open Interest figure.
The cap warning in the trade ticket uses a separate, conservative exposure estimate that counts both sides of open interest, including the liquidity provider, so it may be higher than actual customer exposure. Pending requests are not included. N1 can stop adding exposure at a lower soft threshold before the hard cap is reached.
If your order brings TCGX close to or beyond the cap, the trade ticket shows a warning and the order may fail. The warning does not block you from submitting, and available room under the displayed cap does not guarantee a fill.
What to expect
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Indicative depth and size estimates can change or expire before you submit. The final RFQ price can differ.
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Discovery Markets may have thinner liquidity and wider price movement than established markets. A tighter maximum slippage protects your price but can make a fill less likely.
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The index constituents may change as cards are added or removed. TCGX does not represent every trading card or sale.
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TCGX is still a perpetual market: margin, liquidation, funding, and trading fees apply as they do to other perps.