Actually it is degrees out of 720. The cam spins half the speed of the engine, because the piston must go down for intake, up for compression, down for combustion, and up for exhaust. Typical aftermarket turbocharged cams have something like 272* of duration, but if that was out of 360* that would mean that the valve was open for three out of four of those events, and that there would be ~180* of overlap between the intake and exhaust, and you would not build any compression like that. They rate it for crankshaft degrees, not cam degrees.