> For the complete documentation index, see [llms.txt](https://docs.megatao.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.megatao.com/core/alpha-tokens.md).

# Alpha Tokens

Alpha tokens are the native tokens of Bittensor subnets. Each subnet on the Bittensor network has a tradeable token whose price fluctuates based on subnet demand, performance, and market sentiment.

MegaTAO enables perpetual futures trading on these tokens. You deposit TAO as collateral and take leveraged positions on Alpha token price movements.

## Supported Markets

MegaTAO supports perpetual futures on 12 Alpha tokens:

| Market    | Subnet |
| --------- | ------ |
| CHUTES    | SN64   |
| LIUM      | SN51   |
| RIDGES    | SN62   |
| TARGON    | SN4    |
| VANTA     | SN8    |
| AFFINE    | SN120  |
| TEMPLAR   | SN3    |
| SCORE     | SN44   |
| IOTA      | SN9    |
| GRADIENTS | SN56   |
| HIPPIUS   | SN75   |
| BITMIND   | SN34   |

All markets share the same parameters:

| Parameter          | Value      |
| ------------------ | ---------- |
| Max Leverage       | 5x         |
| Maintenance Margin | 10%        |
| Trading Fee        | 0.25%      |
| Collateral         | Native TAO |

## Pricing

Alpha token prices are derived from on-chain pool reserves using a dedicated price oracle contract. The oracle reads directly from Bittensor's Alpha token precompile, ensuring prices reflect actual on-chain liquidity. No off-chain price feeds are used.

## One position per market

Each trader can hold at most one position per market at a time. Position IDs are deterministically derived from the trader address and market address.