> For the complete documentation index, see [llms.txt](https://exliquid.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://exliquid.gitbook.io/docs/start-here/overview.md).

# What is Exliquid?

Exliquid is a trading application chain designed around a native central-limit order book and a shared market state.

Instead of treating matching, balances, positions and risk as separate systems that later reconcile with one another, Exliquid executes these trading rules as one network-level state transition.

## What the product provides

The current trading model includes:

* native order-book trading with deterministic price-time priority;
* account and simulated-collateral balances;
* perpetual positions and PnL;
* index and mark-price based risk evaluation;
* funding and margin management;
* protocol-driven liquidation and loss-handling paths;
* REST, WebSocket and SDK integration surfaces;
* transaction, market and account data suitable for user applications and bots.

## Why a trading application chain?

Trading systems need consistent answers to questions such as:

1. Which signed action was ordered first?
2. Which resting orders did it match?
3. How did balances and positions change?
4. Which price and margin rules applied?
5. When is a result final enough for a client to act on?

Exliquid makes these outcomes part of one shared trading state instead of relying on a private matching engine plus a separate settlement database.

## Who should read this documentation?

### Traders and market makers

Use the [Trading](/docs/trading/overview.md) section to understand order behavior, margin, prices, funding and liquidation.

### Integration developers

Use the [Developers](/docs/developers/overview.md) section to build trading applications, bots, analytics services or account tools with the SDK, REST API and WebSocket feeds.

### Technical evaluators

Use the [Architecture overview](/docs/architecture/overview.md) for a product-level view of how client actions, native execution and data access fit together.

## Current boundary

The current network line uses simulated assets and permissioned validators. It is intended for engineering validation and public-testnet preparation.

It is not currently a real-asset mainnet, custodial exchange, cross-chain bridge or permissionless validator network.


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