Shared margin makes the RWA oracle the blast radius for the whole pool: tokenized equities can back 24/7 perps while their cash markets are shut, and [Ondo Perps](https://www.prnewswire.com/news-releases/ondo-perps-launches-first-equity-perpetuals-platform-with-tokenized-stock-collateral-302819574.html) went live July 7 with tokenized equity collateral at up to 20x. [Phoenix’s market schema](https://docs.phoenix.trade/api/exchange/get-market) already shows where that risk sits: `isAfterHours`, `afterHoursRadius`, and separate execution/mark-price bands.

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