> 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/trading/overview.md). # Trading overview Exliquid provides a native central-limit order book for perpetual-market trading. The trading model connects matching, balances, positions, prices, funding, margin and liquidation so users and integrations observe one consistent market state. ## Core trading concepts ### Orders and matching Orders rest on a central-limit order book and are matched using deterministic price-time priority. Order behavior, cancellation and fills are described in [Order book and matching](/docs/trading/order-book-and-matching.md). ### Accounts and balances Accounts hold simulated collateral and reflect reservations, fees, realized PnL, funding and other trading effects. See [Accounts and balances](/docs/trading/accounts-and-balances.md). ### Positions Perpetual fills create or modify long and short positions. Position views include quantity, entry price and PnL-related state. See [Positions](/docs/trading/positions.md). ### Prices Exliquid distinguishes external reference pricing from the mark price used for risk. The last trade is not automatically the liquidation reference. See [Oracle, index price and mark price](/docs/trading/oracle-index-mark-price.md). ### Funding and margin Perpetual positions are subject to funding and margin requirements. Risk-increasing actions must satisfy the applicable margin rules. See [Funding and margin](/docs/trading/funding-and-margin.md). ### Liquidation and loss handling When an account no longer satisfies maintenance requirements, the protocol can reduce risk through an automatic liquidation path. See [Liquidation and risk](/docs/trading/liquidation-and-risk.md). ## Product boundary The current supported trading model is centered on perpetual markets using simulated collateral. Spot trading, prediction markets, real-asset deposits/withdrawals and cross-chain settlement are not part of the current public product contract. ## For API users Trading concepts on these pages describe behavior. Exact request/response fields and currently supported actions belong to the versioned [REST API](/docs/developers/rest-api.md), [WebSocket](/docs/developers/websocket.md) and [SDK](/docs/developers/sdk.md) documentation. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://exliquid.gitbook.io/docs/trading/overview.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.