TCGX, a trading-card index perpetual

Index price

$1,332.84

Mark price

$1,333.12

24h change

+0.03%

Funding rate (1h, projected)

0.0009%

Next funding

2026-09-30 19:00 UTC

Max leverage

6x

Execution mode

RFQ

Updated 2026-09-30 18:17 UTC from the N1 exchange API.

TCGX is an index for trading-card market exposure. Its oracle combines price observations from a basket of cards into one reference level, and N1 Exchange lists a perpetual future on that level.

You take a long or short position on the basket's price. You do not buy, receive or deliver any cards. The index is not the price of a single card, and it is not an offer to trade physical cards.

TCGX is the first of N1's Discovery Markets, perpetuals on assets and sectors that are hard to trade elsewhere.

The basket holds 160 selected card variants from four games. A variant is one card, set, printing, condition and language.

Each game's weight is shared equally among its cards. Cards are chosen for usable price history, recent observations and prices that can be checked. Limits on cards from one set keep a narrow collection from dominating a game.

Each card's price is compared with its own reference price as a relative move, so cheap and expensive cards count on the same scale. A clipped average limits how far one unusual observation can move the index, and prices are checked for recency and consistency before they count.

Read the full TCGX index methodology.

• Go long if you expect card prices across the basket to rise.
• Go short if you expect them to fall, which is hard to do with physical cards.
• Hedge a collection: a short position gains if the basket falls, which can offset a drop in the cards you hold.

TCGX is an RFQ market. You request a quote in the N1 app and makers answer with a price for your size. Funding is calculated every hour from the gap between the mark and index prices.

• Card markets are thin. Price observations can be sparse, stale or distorted, and a recent update does not prove a card sold at that price.
• The index is not your cards. A single card can move very differently from the basket, so a hedge is only as good as the match.
• Liquidity may be limited: wider spreads, smaller fills or no fill. A displayed index level does not guarantee an exit price.
• Funding can become expensive when the market price differs from the index. See how funding rates work.
• Leverage magnifies losses. A price gap can move an account toward liquidation before you can exit.
• TCGX launched with tight exposure limits. If the data no longer support a reliable index, new risk may be restricted or trading paused. A pause does not close positions.

N1 monitors observations for unusual patterns and possible manipulation, and tells traders about material methodology changes.

What is TCGX?

TCGX is a trading-card index on N1. It combines the prices of 160 card variants from four games into one level, and you can trade a perpetual future on that level, long or short.

Which cards are in the index?

The basket holds 160 selected variants: 80 from Magic: The Gathering, 48 from Pokémon, 16 from One Piece Card Game and 16 from Disney Lorcana. N1 does not publish the full card list, because it could make the index easier to target.

Does TCGX follow Pokémon card prices?

In part. Pokémon cards carry 45% of the index weight. The rest comes from Magic: The Gathering, One Piece Card Game and Disney Lorcana, so TCGX follows the wider card market, not Pokémon alone.

How is the index price calculated?

Each card's price is compared with its own reference price as a relative move. A clipped average across the basket, weighted by game, sets the index level, so one unusual price has limited influence. An update can be withheld when the data do not support a reliable value.